[Code of Federal Regulations]
[Title 26, Volume 11]
[Revised as of April 1, 2004]
From the U.S. Government Printing Office via GPO Access
[CITE: 26CFR1.1377-0]

[Page 777]
 
                       TITLE 26--INTERNAL REVENUE
 
    CHAPTER I--INTERNAL REVENUE SERVICE, DEPARTMENT OF THE TREASURY 
                               (CONTINUED)
 
PART 1_INCOME TAXES--Table of Contents
 
Sec. 1.1377-0  Table of contents.

    The following table of contents is provided to facilitate the use of 
Sec. Sec. 1.1377-1 through 1.1377-3:

                     Sec. 1.1377-1 Pro rata share.

    (a) Computation of pro rata shares.
    (1) In general.
    (2) Special rules.
    (i) Days on which stock has not been issued.
    (ii) Determining shareholder for day of stock disposition.
    (iii) Shareholder trust conversions.
    (b) Election to terminate year.
    (1) In general.
    (2) Affected shareholders.
    (3) Effect of the terminating election.
    (i) In general.
    (ii) Due date of S corporation return.
    (iii) Taxable year of inclusion by shareholder.
    (iv) S corporation that is a partner in a partnership.
    (4) Determination of whether an S shareholder's entire interest has 
terminated.
    (5) Time and manner of making a terminating election.
    (i) In general.
    (ii) Affected shareholders required to consent.
    (iii) More than one terminating election.
    (c) Examples.

           Sec. 1.1377-2 Post-termination transition period.

    (a) In general.
    (b) Special rules for post-termination transition period.
    (c) Determination defined.
    (d) Date a determination becomes effective.
    (1) Determination under section 1313(a).
    (2) Written agreement.
    (3) Implied agreement.

                     Sec. 1.1377-3 Effective date.

[T.D. 8696, 61 FR 67455, Dec. 23, 1996, as amended by T.D. 8994, 67 FR 
34401, May 14, 2002]