Page:United States Statutes at Large Volume 101 Part 2.djvu/1212

 101 STAT. 1330-418

v.1^ •v

PUBLIC LAW 100-203—DEC. 22, 1987

0i> made or threatened to make a public tender offer for stock of such corporation, and "(3) such acquisition is pursuant to an offer which was not made on the same terms to all shareholders. For purposes of the preceding sentence, payments made in connection with, or in transactions related to, an acquisition shall be treated as paid in such acquisition. "(c) OTHER DEFINITIONS.—For purposes of this section— "(1) PUBLIC TENDER OFFER.—The term 'public tender offer' means any offer to purchase or otherwise acquire stock or assets If in a corporation if such offer waa or would be required to be -5; filed or registered with any Federal or State agency regulating securities. .fg "(2) RELATED PERSON.—A person is related to another person if the relationship between such persons would result in the disallowance of losses under section 267 or 707(b). "(d) TAX APPLIES WHETHER OR NOT GAIN RECOGNIZED.—The tax

imposed by this section shall apply whether or not the gain referred to in subsection (a) is recognized." (b) DENIAL OF INCOME TAX DEDUCTION FOR GREENMAIL TAX.—

Paragraph (6) of section 275(a) is amended by striking out "and 46" and inserting in lieu thereof "46, and 54". (c) CLERICAL AMENDMENT.—The table of chapters for subtitle E is amended by adding at the end thereof the following new item: 26 USC 5881 "°^-

"CHAPTER 54. GREENMAIL." (d) EFFECTIVE DATE.—The amendments made by this section shall

apply to consideration received after the date of the enactment of this Act in taxable years ending after such date; except that such amendments shall not apply in the case of any acquisition pursuant to a written binding contract in effect on December 15, 1987, and at all times thereafter before the acquisition.

PART IV—FOREIGN TAX PROVISIONS SEC. 10231. DENIAL OF FOREIGN TAX CREDIT FOR TAXES PAID OR ACCRUED TO SOUTH AFRICA. (a) GENERAL RULE.—Paragraph (2) of section 901(j) (relating to denial of foreign tax credit, etc., with respect to certain foreign countries) is amended by adding at the end thereof the following new subparagraph: "(C) SPECIAL RULE FOR SOUTH AFRICA.—

Effective date. Termination ^^'

"(i) IN GENERAL.—In addition to any period during which this subsection would otherwise apply to South Africa, this subsection shall apply to South Africa '\' during the period— "(I) beginning on January 1, 1988, and "(H) ending on the date the Secretary of State •'• •' •' certifies to the Secretary of the Treasury that South Africa meets the requirements of section '• ' i\.- ^ r: 311(a) of the Comprehensive Anti-Apartheid Act of 1986 (as in effect on the date of the enactment of this subparagraph). ^i>:^^-'^i''---~ ••,^ "(ii) SOUTH AFRICA DEFINED.—For purposes of clause (i), the term 'South Africa' has the meaning given to ii •«•?' • such term by paragraph (6) of section 3 of tihe C!omprehensive Anti-Apartheid Act of 1986 (as so in effect)."

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