delete PART 18—TEMPORARY INCOME TAX REGULATIONS UNDER THE SUBCHAPTER S REVISION ACT OF 1982
1982 temporary regulations governing Subchapter S corporation tax election procedures, including post-termination distribution treatment, conversion of prior elections, special rules for qualified oil corporations, and discretionary IRS authority to invalidate elections for missing additional information.
Entrenches needless compliance costs and bureaucratic complexity for small businesses while granting IRS arbitrary discretion to invalidate elections; these obsolete transition rules from 1982 provide no public benefit and exemplify the problem of incomprehensible, permanent 'temporary' regulations that persist for decades.