Page:United States Statutes at Large Volume 102 Part 4.djvu/399

 PUBLIC LAW 100-647—NOV. 10, 1988

102 STAT. 3369

are used shall be determined on the basis of the order in which such percentages are listed in section 46(a) as of the close of the taxable year in which the credit is used. "(3) CREDITS NO LONGER LISTED.—For purposes of this subsection— "(A) the credit allowable by section 40, as in effect on the day before the date of the enactment of the Tax Reform Act of 1984, (relating to expenses of work incentive programs) and the credit allowable by section 41(a), as in effect on the day before the date of the enactment of the Tax Reform Act of 1986, (relating to employee stock ownership credit) shall be treated as referred to in that order after the last paragraph of subsection (b), and "(B) the employee plan percentage (as defined in section 46(a)(2)(E), as in effect on the day before the date of the enactment of the Tax Reform Act of 1984) shall be treated as referred to after section 46(a)(2)." (B) Subparagraph (C) of section 49(c)(5) of the 1986 Code is hereby repealed. (C) The amendments made by this paragraph shall apply to 26 USC 38 note, taxable years beginning after December 31, 1983, and to carrybacks from such years. (f) AMENDMENTS RELATED TO SECTION 212 OF THE REFORM ACT.—

(1) Paragraph (2) of section 212(f) of the Reform Act is amended by striking out so much of such paragraph as precedes subparagraph (A) and insert in lieu thereof the following: "(2) SPECIAL RULE.—In the case of the LTV Corporation, in lieu of the requirements of paragraph (1)—". (2) Subclause (I) of section 212(f)(2)(B)(i) of the Reform Act is amended by striking out "such involvement begins" and inserting in lieu thereof "when the corporation receives the refund". (3) Subsection (g) of section 212 of the Reform Act is amended by adding at the end thereof the following new paragraph: "(3) SPECIAL RULE FOR RESTRUCTURING.—In the case of any corporation, any restructuring shall not limit, increase, or otherwise affect the benefits which would have been available under this section but for such restructuring." (4) Section 212 of the Reform Act is amended by adding at the end thereof the following new subsection: "(h) TENTATIVE REFUNDS.—Rules similar to the rules of section 6425 of the Internal Revenue Code of 1986 shall apply to any overpayment resulting from the application of this section." (5) Subparagraph (B) of section 212(g)(2) of the Reform Act is amended by striking out "determined under" and inserting in lieu thereof "determined for periods before January 1, 1986, under". (6) Section 212(f) of the Reform Act is amended by adding at the end thereof the following new paragraph: "(3) In the case of a qualified corporation, no offset to any refund under this section may be made by reason of any tax imposed by section 4971 of the Internal Revenue Code of 1986 (or any interest or penalty attributable to any such tax), and the date on which any such refund is to be paid shall be determined without regard to such corporation's status under title 11, United States Code."

26 USC 38 note.

(g) AMENDMENT RELATED TO SECTION 213 OF THE REFORM ACT.—

Subparagraph (B) of section 213(e)(2) of the Reform Act is amended

26 USC 38 note.

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