Page:United States Statutes at Large Volume 100 Part 3.djvu/1089

 PUBLIC LAW 99-514—OCT. 22, 1986

100 STAT. 2897

(iii) by adding at the end thereof the following new subsection: "(b) NOMINEE REPORTING.—Any person who holds an interest in an estate or trust as a nominee for another person— "(1) shall furnish to the estate or trust, in the manner prescribed by the Secretary, the name and address of such other person, and any other information for the taxable year as the - Secretary may by form and regulations prescribe, and "(2) shall furnish in the manner prescribed by the Secretary to such other person the information provided by the estate or trust under subsection (a)." (B) EFFECTIVE DATE.—The amendments made by this paragraph shall apply to taxable years of estates and trusts beginning after the date of the enactment of this Act. (e) AMENDMENT RELATED TO SECTION 734 OF THE ACT.—Subsection

(a) of section 201 of the Land and Water Conservation Fund Act of 1965 (16 U.S.C. 4601-11) is amended by striking out "section 209(fK5) of the Highway Revenue Act of 1956 and inserting in lieu thereof "section 9503(c)(4)(B) of the Internal Revenue Code of 1954". (f) AMENDMENT RELATED TO SECTION 735 OF THE ACT.—The table of sections for part I of subchapter A of chapter 32 is amended by striking out "guzzlers" and inserting in lieu thereof "guzzler'. (g) AMENDMENT OF SECTION 1248.— (1) IN GENERAL.—Subsection (g) of section 1248 (relating to exceptions) is amended by inserting "or" at the end of paraqr graph (1), by striking out paragraph (2), and by redesignating paragraph (3) as paragraph (2). (2) EFFECTIVE DATE.—The amendment made by paragraph (1) shall apply to exchanges after March 1, 1986. (3) TRANSITIONAL RULE.—An exchange shall be treated as occurring on or before March 1, 1986, if— (A) on or before such date, the taxpayer adopts a plan of reorganization to which section 356 applies, and (B) such plan or reorganization is implemented and dis1^.. tributions pursuant to such plan are completed on or before the date of enactment of this Act. SEC. 1876. AMENDMENTS RELATED TO TITLE VIII OF THE ACT.

(a) TREATMENT OF SECTION 923(a)(2) NON-EXEMPT INCOME.— (1) Paragraph (6) of section 927(d) (defining section 923(a)(2) non-exempt income) is amended by adding at the end thereof the following new sentence: "Such term shall not include any income which is effectively connected with the conduct of a ,. trade or business within the United States (determined without regard to this subpart)." (2) Paragraph (6) of section 1248(d) (relating to foreign trade income) is amended to read as follows: "(6) FOREIGN TRADE INCOME.—Earnings and profits of the

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foreign corporation attributable to foreign trade income of a FSC other than foreign trade income which— "(A) is section 923(a)(2) non-exempt income (within the meaning of section 927(d)(6)), or "(B) would not (but for section 923(a)(4)) be treated as exempt foreign trade income. For purposes of the preceding sentence, the terms 'foreign trade income' and 'exempt foreign trade income' have the respective meanings given such terms by section 923."

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