{"data":{"id":"us-mt/15-30-3301","jurisdiction":"us-mt","citation":"15-30-3301","heading":"Definition of small business corporation.","body":"(1) Except as provided in subsection (2), the term \"small business corporation\" is synonymous with \"S. corporation\" as defined in 15-30-2101 and means a corporation for which a valid election under section 1362 of the Internal Revenue Code (26 U.S.C. 1362) is in effect.\n(2) A corporation that would otherwise be a small business corporation may continue to be subject to the taxes imposed by Title 15, chapter 31, if all of the following conditions are met:\n(a) on December 31, 1991, the corporation was doing business in Montana and had a valid subchapter S. corporation election but had not elected to be taxed as a Montana small business corporation;\n(b) after December 31, 1991, the corporation has not filed as a Montana small business corporation; and\n(c) the corporation files a corporate income tax return, as required by 15-31-111, reporting all income or loss as determined under Title 15, chapter 31, and attaches a copy of the federal subchapter S. corporate tax return.","path":["TITLE 15. TAXATION","CHAPTER 30. INDIVIDUAL INCOME TAX","Part 33. Small Business and Pass-Through Entities"],"source_url":"https://mca.legmt.gov/bills/mca/title_0150/chapter_0300/part_0330/section_0010/0150-0300-0330-0010.html","current_through":"Montana Code Annotated 2025","vintage":"","retrieved_at":"2026-09-14T04:47:21Z","sha256":"677b4e4b8bf8653a8979bc8ddefcadd4b7929233d54f98085a81503c8f3b509e","source_id":"us-mt","stale":false,"prev":"us-mt/15-30-3114","next":"us-mt/15-30-3302"},"notice":"GroundRules: Original legal text. Not legal advice."}