Page:Emergency Economic Stabilization Act of 2008.djvu/98

 O:kAYOkAYO08C04.xaxd 1 2 3 4 5 98 paragraph (1) at all times during the period be- ginning on September 6, 2008, and ending on the date of the sale or exchange of the pre- ferred stack. (d) SPECIAL RULE FOR CERTAIN PROPERTY ]NOT 6 HELD ON SEPTEMBER 6, 2008.--The Secretary of the 7 Treasury or the Secretary's delegate may extend the appli- 8 cation of this section to all or a portion of the gain or 9 loss from a sale or exchange in any case where-- 10 (1) an applicable financial institution sells or 11 exchanges applicable preferred stock after Sep- 12 ternbet 6, 2008, which the applicable financial insti- l3 tutian did not hold on such date, but the basis of 14 which in the hands of the applicable financial insti- l5 tutian at the time of the sale or exchange is the 16 same as the basis in the hands of the person which 17 held such stack on such date, or 18 (2) the applicable financial institution is a part- 19 Her in a partnership which-- 20 (A) held such stock on September 6, 2008, 21 and later sold or exchanged such stock, or 22 (B) sold or exchanged such stock during 23 the period described in subsection (b)(2)(B). 24 (e) REGULATORY AUTHORITY. The Secretary of the 25 Treasury or the Secretary's delegate may prescribe such

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