S CORPORATIONS ELIGIBLE FOR RULES APPLICABLE TO REAL PROPERTY SUBDIVIDED FOR SALE BY NONCORPORATE TAXPAYERS.

SEC. 1314. S CORPORATIONS ELIGIBLE FOR RULES APPLICABLE TO REAL PROPERTY SUBDIVIDED FOR SALE BY NONCORPORATE TAXPAYERS. (a) In General.— Subsection (a) of section 1237 (relating to real property subdivided for sale) is amended by striking “other than a corporation” in the material preceding paragraph (1) and inserting “other than a C corporation”. (b) Conforming Amendment.— Subparagraph (A) of section 1237(a)(2) is amended by inserting “an S corporation which included the taxpayer as a shareholder,” after “controlled by the taxpayer,”.