((a)) ** Old elections** Any election made under section 1372(a) (as in effect before the enactment of the Subchapter S Revision Act of 1982) shall be treated as an election made under section 1362.
((b)) ** References to prior law included** Any references in this title to a provision of this subchapter shall, to the extent not inconsistent with the purposes of this subchapter, include a reference to the corresponding provision as in effect before the enactment of the Subchapter S Revision Act of 1982.
((c)) ** Distributions of undistributed taxable income** If a corporation was an electing small business corporation for the last preenactment year, subsections (f) and (d) of section 1375 (as in effect before the enactment of the Subchapter S Revision Act of 1982) shall continue to apply with respect to distributions of undistributed taxable income for any taxable year beginning before .January 1, 19831983-01-01
((d)) ** Carryforwards** If a corporation was an electing small business corporation for the last preenactment year and is an S corporation for the 1st postenactment year, any carryforward to the 1st postenactment year which arose in a taxable year for which the corporation was an electing small business corporation shall be treated as arising in the 1st postenactment year.
((e)) ** Preenactment and postenactment years defined** For purposes of this subsection—
((1)) ** Last preenactment year** The term “last preenactment year” means the last taxable year of a corporation which begins before .January 1, 19831983-01-01
((2)) ** 1st postenactment year** The term “1st postenactment year” means the 1st taxable year of a corporation which begins after .December 31, 19821982-12-31