Page:United States Statutes at Large Volume 102 Part 4.djvu/480

 102 STAT. 3450

PUBLIC LAW 100-647—NOV. 10, 1988 "(i) DEPOSIT MAY NOT BE FEDERALLY INSURED.—No

Banks and banking.

26 USC 451 note.

26 USC 165 note.

election may be made under subparagraph (A) with respect to any loss on a deposit in a qualified financial institution if part or all of such deposit is insured under Federal law. "(ii) DOLLAR UMiTATiON.—With respect to each financial institution, the aggregate amount of losses attributable to deposits in such financial institution to which an election under subparagraph (A) may be made by the taxpayer for any taxable year shall not exceed $20,000 ($10,000 in the case of a separate return by a married in<Uvidual). The limitation of the preceding sentence shall be reduced by the amount of any insurance proceeds under any State law which can reasonably be expected to be received with respect to losses on deposits in such institution. "(6) ELECTION.—Any election by the taxpayer under this subsection for any taxable year— "(A) shall apply to all losses for such taxable year of the taxpayer on deposits in the institution with respect to which such election was made, and "(B) may be revoked only with the consent of the Secretary.'(2) Paragraph (1) of section 905(c) of the Reform Act is amended to read as follows: "(1) IN GENERAL.—The amendment made by subsection (a) shall apply to taxable years beginning after December 31, 1981, and, except as provided in paragraph (2), the amendment made by subsection (b) shall apply to taxable years beginning sifter December 31, 1982." (3) The subsection (f) of section 451 of the 1986 Code which was added by section 905(b) of the 1986 Reform Act is redesignated as subsection (g). (4) If on the date of the enactment of this Act (or at any time before the date 1 year after such date of enactment) credit or refund of any overpayment of tax attributable to amendments made by section 905 of the Reform Act or by this subsection (or the assessment of any underpayment of tax so attributable) is barred by any law or rule of law— (A) credit or refund of any such overpayment may nevertheless be made if claim therefore is filed before the date 1 year after such date of enactment, and (B) assessment of any such underpayment may nevertheless be made if made before the date 1 year after such date of enactment. SEC. 1010. AMENDMENTS RELATED TO TITLE X OF THE REFORM ACT. (a) AMENDMENTS RELATED TO SECTION 1011 OF THE REFORM ACT.—

26 USC 801 note.

(1) Paragraph (1) of section 813(a) of the 1986 Code (relating to foreign life insurance companies) is amended by striking out "the special life insurance company deduction and". (2) Paragraph (1) of section 1011(d) of the Reform Act is amended— (A) by striking out "any bond" and inserting in lieu thereof "any market discount bond (as defined in section 1278 of the Internal Revenue Code of 1986)",

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