Page:United States Statutes at Large Volume 100 Part 3.djvu/850

 100 STAT. 2658

PUBLIC LAW 99-514—OCT. 22, 1986

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(6) Sections 4940(c)(5), 4942(D(2)(A), and 7871(a)(4) are each amended by striking out "(relating to interest on certain governmental obligations)" and inserting in lieu thereof "(relating to State and local bonds)". (7) Paragraph (2) of section 7871(c) (relating to no exemption for certain private activity bonds) is amended to read as follows: "(2) N o EXEMPTION FOR PRIVATE ACTIVITY BONDS.—Subsection

(a) of section 103 shall not apply to any private activity bond (as defined in section 141(a)) issued by an Indian tribal government (or subdivision thereof)." (8) Sections 22(e)(2), 32(c) and (d), 86(c)(3), 152(a)(9), 153(5), 194(b)(1), 1398(d)(2), 3402(f), and 6362(f)(5) are each amended by striking out "section 143" each place it appears and inserting in lieu thereof "section 7703". (9) Sections 105(d)(5)(C) and 879(c)(3) are each amended by striking out "section 143(a)" and inserting in lieu thereof "section 7703(a)". (10) Section 2(c) is amended by striking out "section 143(b)" and inserting in lieu thereof "section 7703(b)". SEC. 1302. TREATMENT OF SECTION 501(c)(3) BONDS.

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Nothing in the treatment of section 501(c)(3) bonds as private activity bonds under the amendments made by this title shall be construed as indicating how section 501(c)(3) bonds will be treated in future legislation, and any change in future legislation applicable to private activity bonds shall apply to section 501(c)(3) bonds only if expressly provided in such legislation. SEC. 1303. REPEAL OF PROVISIONS RELATING TO GENERAL STOCK OWNERSHIP CORPORATIONS.

(a) IN GENERAL.—Subchapter U of chapter 1 (relating to general stock ownership corporation) is hereby repealed. (b) TECHNICAL AND CONFORMING AMENDMENTS.—

(1) Paragraph (1) of section 172(b) (relating to net operating loss carrybacks and carryovers) is amended by striking out subparagraph (J) and by redesignating subparagraph (K) as subparagraph (J). (2) Paragraphs (2) and (4) of section 172(k) are each amended by striking out "subsection (b)(l)(K)" and inserting in lieu thereof "subsection (b)(l)(J)". (3) Subsection (a) of section 1016 (relating to adjustments to basis) is amended by striking out paragraph (22) and by redesignating paragraphs (23) through (27) as paragraphs (22) through (26), respectively. (4) Subsection (r) of section 3402 (relating to extension of withholding to GSOC distribution) is hereby repealed. (5) Section 6039B (relating to return of general stock ownership corporation) is hereby repealed, i (c) CLERICAL AMENDMENTS.—

(1) The table of subchapters for chapter 1 is amended by striking out the item relating to subchapter U. (2) The table of sections for subpart A of part III of subchapter A of chapter 61 is amended by striking out the item relating to section 6039B.

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