Page:United States Statutes at Large Volume 102 Part 4.djvu/686

 102 STAT. 3656

PUBLIC LAW 100-647—NOV. 10, 1988 reporting requirements as may be necessary to carry out the purposes of this subsection. "(2) TREATMENT OF PUBLICLY OFFERED REGULATED INVESTMENT COMPANIES.—

"(A) IN GENERAL.—Paragraph (1) shall not apply with respect to any publicly offered regulated investment company. "(B) PUBLICLY OFFERED REGULATED INVESTMENT COMPA-

NIES.—For purposes of this subsection— "(i) IN GENERAL.—The term 'publicly offered regulated investment company' means a regulated investment company the shares of which are— "(I) continuously offered pursuant to a public offering (within the meaning of section 4 of the Securities Act of 1933, as amended (15 U.S.C. 77a to 77aa)), "(II) regularly traded on an established securities market, or "(III) held by or for no fewer than 500 persons at all times during the taxable year, "(ii) SECRETARY MAY REDUCE 500 PERSON REQUIRE-

MENT.—The Secretary may by regulation decrease the minimum shareholder requirement of clause (i)(IH) in the case of regulated investment companies which experience a loss of shareholders through net redemptions of their shares. "(3) TREATMENT OF CERTAIN OTHER ENTITIES.—Paragraph (1)

26 USC 67 note.

shall not apply— "(A) with respect to cooperatives and real estate investment trusts, and "(B) except as provided in regulations, with respect to estates and trusts. "(4) TERMINATION.—This subsection shall not apply to any taxable year beginning after December 31, 1989." (b) EFFECTIVE DATE.—The amendment made by subsection (a) shall apply to taxable years beginning after December 31, 1987. SEC. 4012. EXTENSION AND MODIFICATIONS OF PROVISIONS RELATING TO FINANCIAL INSTITUTIONS. (a) 1-YEAR EXTENSION.—

26 USC 368 note. 26 USC 597 note.

(1) REORGANIZATIONS.—Paragraph (1) of section 904(c) of the Reform Act is amended by striking out "December 31, 1988" and inserting in lieu thereof "December 31, 1989". (2) FSLIC FINANCIAL ASSISTANCE.—Paragraph (2)(A) of section 904(c) of the Reform Act is amended by striking out "December 31, 1988" and inserting in lieu thereof "December 31, 1989". (3) N E T OPERATING LOSS RULES.—The last sentence of section 382(1)(5)(F) of the 1986 Code is amended by striking out "December 31, 1988" and inserting in lieu thereof "December 31, 1989". (b) APPLICATION OF CERTAIN PROVISIONS TO BANKS.— (1) SPECIAL RULES FOR REORGANIZATIONS AND NET OPERATING

(A) Section 368(a)(3)(D) of the 1986 Ckxie (as in effect before the amendment made by section 904(a) of the Reform Act) is amended by adding at the end thereof the following new clauses:

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