,,ii  ,calendar ,no4 #dcc #aacth        
,,congress  #b;d ,session  ,h4 ,r4 #ddec
  ,,in ,,the ,,senate ,,of ,,the        
,,united ,,states  ,june #af1           
#bjad,received2 read the first time     
,june #ag1 #bjad,read the second time   
and placed on the calendar  ,,an ,,act  
,to amend the ,internal ,revenue ,code  
of #aihf to make permanent the reduced  
recognition period for built-in gains of
 ,s corporations4  #a4 ,short title     
,this ,act may be cited as the ,s       
,corporation ,permanent ,tax ,relief    
,act of #bjad4  #b4 ,reduced recognition
 period for built-in gains of ,s        
corporations made permanent  7a7 ,in    
general ,paragraph 7#g7 of section      
#acgd7;d7 of the ,internal ,revenue     
,code of #aihf is amended to read as    
follows3  7#g7 ,recognition period  7,a7
 ,in general ,the term recognition      
period means the #e-year period         
beginning with the #ast day of the #ast 
taxable year for which the corporation  
was an ,s corporation4 ,for purposes of 

applying this section to any amount     
includible in income by reason of       
distributions to shareholders pursuant  
to section #eic7;e71 the preceding      
sentence shall be applied without regard
 to the phrase #e-year4  7,b7           
,installment sales ,if an ,s corporation
 sells an asset and reports the income  
from the sale using the installment     
method under section #dec1 the treatment
 of all payments received shall be      
governed by the provisions of this      
paragraph applicable to the taxable year
 in which such sale was made4  4  7b7   
,effective date ,the amendment made by  
this section shall apply to taxable     
years beginning after ,december #ca1    
#bjac4  #c4 ,permanent rule regarding   
basis adjustment to stock of ,s         
corporations making charitable          
contributions of property  7a7 ,in      
general ,section #acfg7;a77#b7 of the   
,internal ,revenue ,code of #aihf is    
amended by striking the last sentence4  
7b7 ,effective date ,the amendment made 

by this section shall apply to          
contributions made in taxable years     
beginning after ,december #ca1 #bjac4   
#d4 ,budgetary effects  7a7 ,statutory  
,pay-,as-,you-,go ,scorecards ,the      
budgetary effects of this ,act shall not
 be entered on either ,,paygo scorecard 
maintained pursuant to section #d7;d7 of
 the ,statutory ,pay-,as-,you-,go ,act  
of #bjaj4  7b7 ,senate ,,paygo          
,scorecards ,the budgetary effects of   
this ,act shall not be entered on any   
,,paygo scorecard maintained for        
purposes of section #bja of ,s4 ,con4   
,res4 #ba 7#aajth ,congress74  ,passed  
the ,house of ,representatives ,june    
#ab1 #bjad4,karen ,l4 ,haas1,clerk      
,june #ag1 #bjad,read the second time   
and placed on the calendar