SECTION 2. BACKGROUND

Internal Revenue Bulletin 2003-23 · 2026-10-03 edition · updated 2026-10-04 · United States

.01 S Corporation Elections . (1) In General . Section 1361(a)(1) of the Internal Revenue Code defines an “S corporation,” with respect to any taxable year, as a small business corporation for which an S corporation election is in effect for that year.

Section 1362(b)(1) provides that a corporation may make an election to be treated

tent provided otherwise in Article II and Article III, the Trustee has the following powers . . ..”

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▸Contents — Internal Revenue Bulletin 2003-23

Internal Revenue Bulletin 2003-23

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