Page:United States Statutes at Large Volume 101 Part 2.djvu/1229

 PUBLIC LAW 100-203—DEC. 22, 1987

101 STAT. 1330-435

"(D) with respect to which the executor elects the application of this section. Subparagraph (C) shall not apply if the decedent died on or before October 22, 1986. "(2) CERTAIN ASSETS HELD BY SPOUSE.—For purposes of paragraph (1)(C), any employer security which would have been includible in the gross estate of the spouse of a decedent during any period if the spouse had died during such period shall be treated as includible in the gross estate of the decedent during such period. "(3) PERIODS DURING WHICH DECEDENT NOT AT RISK.—For purposes of paragraph (I)(C), employer securities shall not be treated as includible in the gross estate of the decedent during any period described in section 246(c)(4). "(e) WRITTEN STATEMENT REQUIRED.—

"(1) IN GENERAL.—No deduction shall be allowed under subsection (a) unless the executor of the estate of the decedent files with the Secretary the statement described in paragraph (2). "(2) STATEMENT.—A statement is described in this paragraph if it is a verified written statement— "(A) which is made by— "(i) the employer whose employees are covered by the employee stock ownership plan, or "(ii) any authorized officer of the eligible workerowned cooperative, and \.j^^.i "(B) which— ,,. "(i) acknowledges that the sale of employer securities to the plan or cooperative is a sale to which sections 4978A and 4979A apply, and ?::'r.^ "(ii) certifies— "(I) the net sale amount for purposes of subsection (c)(D, and "(II) the amount of assets which are not transferred assets for purposes of subsection (c)(2). "(f) OTHER DEFINITIONS AND SPECIAL RULES.—For purposes of this section— "(1) EMPLOYER SECURITIES.—The term 'employer securities' has the meaning given such term by section 409(1). "(2) EMPLOYEE STOCK OWNERSHIP PLAN.—The term 'employee stock ownership plan' means— "(A) a tax credit employee stock ownership plan (within the meaning of section 409(a)), or "(B) a plan described in section 4975(e)(7). "(3) EuGiBLE WORKER-OWNED COOPERATIVE.—The term 'eligible worker-owned cooperative' has the meaning given such term by section 1042(c). "(4) EMPLOYER.—Except to the extent provided in regulations, the term 'employer' includes any person treated as an employer under subsections (b), (c), (m), and (o) of section 414. "(g) TERMINATION.—This section shall not apply to any sale after December 31, 1991." (b) EFFECTIVE DATES.— 26 USC 2057 (1) IN GENERAL.—Except as provided in this subsection, the note. amendments made by this section shall apply to sales after February 26, 1987.

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