Page:United States Statutes at Large Volume 102 Part 4.djvu/783

 PUBLIC LAW 100-647—NOV. 10, 1988

102 STAT. 3753

(2) REPORTS ON FSC PROVISIONS.—

(A) Subsection (a) of section 804 of the Tax Reform Act of 1984 is amended by striking out "shall," and all that follows 26 USC 921 note. through "setting forth" and inserting in lieu thereof "shall, during 1990 and each fourth calendar year thereafter, submit a report to the Congress (using the most recent information available) setting forth", (B) The amendment made by subparagaph (A) shall take Effective date. effect as if included in the amendments made by section 26 USC 921 note. 804(a) of the Tax Reform Act of 1984. SEC. 6253. REPEAL OP SECRETARIAL AUTHORITY TO PRESCRIBE CLASS LIVES.

Paragraph (1) of section 168(i) of the 1986 Code is amended to read as follows: "(1) CLASS LIFE.—Except as provided in this section, the term 'class life' means the cleiss life (if any) which would be applicable with respect to any property as of January 1, 1986, under subsection (m) of section 167 (determined without regard to paragraph (4) and as if the taxpayer had made an election under such subsection). The Secretary, through an office established in the Treasury, shall monitor and analyze actual experience with respect to all depreciable assets." SEC. 6254. AMENDMENTS RELATED TO CRUDE OIL WINDFALL PROFIT TAX ACT OF 1980.

26 USC 4997 note.

The reporting requirements of section 4997 of former chapter 45 of subtitle D of the Internal Revenue (Dode of 1986, and the related regulations thereunder, are repealed: Provided, That this repeal is effective only for crude oil removed after December 31, 1987, for which no tax is due or withheld under former chapter 45 of subtitle D of the Internal Revenue C!ode of 1986.

Subtitle L—Provisions Relating to Corporations and Personal Holding Companies SEC. 6276. AUTHORITY TO PAY REFUNDS TO CERTAIN FIDUCIARIES OF INSOLVENT MEMBERS OF AFFILIATED GROUPS.

Section 6402 of the 1986 (Dode (relating to authority to make credits or refunds) is amended by adding at the end thereof the following new subsection: "(i) REFUNDS TO CERTAIN FIDUCIARIES OF INSOLVENT MEMBERS OF AFFILIATED GROUPS.—Notwithstanding any other provision of law,

in the case of an insolvent corporation which is a member of an affiliated group of corporations filing a consolidated return for any taxable year and which is subject to a statutory or court-appointed fiduciary, the Secretary may by regulation provide that any refund for such taxable year may be paid on behalf of such insolvent corporation to such fiduciary to the extent that the Secretary determines that the refund is attributable to losses or credits of such insolvent corporation." SEC. 6277. APPLICATION OF NET OPERATING LOSS LIMITATIONS TO BANKRUPTCY REORGANIZATIONS. (a)

TIME

FOR

DETERMINING

WHETHER

OWNERSHIP CHANGE

OCCURS.—Section 621(f)(5) of the Tax Reform Act of 1986 is amended

26 USC 382 note.

�