Page:United States Statutes at Large Volume 102 Part 4.djvu/614

 102 STAT. 3584

PUBLIC LAW 100-647—NOV. 10, 1988 (1) Subsection (c) of section 425 of the 1986 Code is amended by adding at the end thereof the following new paragraph: "(4) TRANSFERS BETWEEN SPOUSES OR INCIDENT TO DIVORCE.—In

the case of any transfer described in subsection (a) of section 1041— "(A) such transfer shall not be treated as a disposition for purposes of this part, and "(B) the same tax treatment under this part with respect to the transferred property shall apply to the transferee as would have applied to the transferor." (2) Paragraph (1) of section 425(c) of the 1986 Code is amended by striking out "paragraph (2) and (3)" and inserting in lieu thereof "paragraphs (2), (3), and (4)". (3) Effective with respect to transfers after June 21, 1988, subsection (d) of section 1041 of the 1986 Code is amended— (A) by striking out "Paragraph (1) of subsection (a)" and inserting in lieu thereof "Subsection (a)", and (B) by striking out "the spouse" and inserting in lieu thereof "the spouse (or former spouse)". (m) AMENDMENTS RELATED TO SECTION 1866 OF THE REFORM ACT.—

26 USC 103 note.

26 USC 103 note.

(1) Section 1866 of the Reform Act is amended by striking out "obligation issued to refund" and inserting in lieu thereof "obligation (or series of obligations) issued to refund". (2)(A) Paragraph (1) of section 1866 of the Reform Act is amended to read as follows: "(1) the average maturity of the issue of which the refunding obligation is a part does not exceed the average maturity of the obligations to be refunded by such issue,". (B) Section 1866 of the Reform Act is amended by adding at the end thereof the following new sentence: "For purposes of paragraph (1), average maturity shall be determined in accordance with subsection (b)(14)(B)(i) of such Code." (3) Paragraph (4) of section 1866 of the Reform Act is amended by striking out "30 days" and inserting in lieu thereof "90 days". (4) Section 1866 of the Reform Act is amended by adding "and" at the end of paragraph (2), by striking out paragraph (3), and by redesignating paragraph (4) as paragraph (3). (5) A refunding obligation issued before July 1, 1987, shall be treated as meeting the requirement of paragraph (1) of section 1866 of the Reform Act if such obligation met the requirement of such paragraph as enacted by the Reform Act. (n) AMENDMENTS RELATED TO SECTION 1869 OF THE REFORM ACT.—

26 USC 103 "°t^

(1) Clause (ii) of section 1869(c)(3)(A) of the Reform Act is amended by striking out "pursuant to the exercise of eminent domain" and inserting in lieu thereof "(by a governmental unit having the power to exercise eminent domain)". (2) Subparagraph (C) of section 1869(c)(3) of the Reform Act is amended by inserting "(or similar issues)" after "resulting from the issue", (o) AMENDMENTS RELATED TO SECTION 1875 OF THE REFORM ACT.—

(1) Clause (ii) of section 6230(a)(2)(A) of the 1986 Code is amended by striking out "nonpartnership items" and inserting in lieu thereof "nonpartnership items (other than by reason of section 6231(b)(l)(C))".

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