Page:United States Statutes at Large Volume 103 Part 1.djvu/578

 103 STAT. 550 PUBLIC LAW 101-73—AUG. 9, 1989 apply to any transfer before January 1, 1989, to which the amendments made by subsection (b)(2) apply." 26 USC 593. (3) The last sentence of section 593(e)(l) of such Code is amended to read as follows: "This paragraph shall not apply to any transaction to which section 381 applies, or to any distribu- tion to the Federal Savings and Loan Insurance Corporation (or any successor thereof) or the Federal Deposit Insurance Cor- poration in redemption of an interest in an association, if such interest was originally received by any such entity in exchange for assistance provided under a provision of law referred to in section 597(c).". (c) EFFECTIVE DATES. — 26 USC 368 note. (1) SUBSECTION (a)(D.— The amendment made by subsection (a)(l) shall apply to acquisitions on or after May 10, 1989. 26 USC 382 note. (2) SUBSECTION (a)(2). — The amendment made by subsection (a)(2) shall apply to transactions on or after May 10, 1989. 26 USC 597 note. (3) SUBSECTION (a)(3).— (A) IN GENERAL. —The amendments made by subsection (a)(3) shall apply to any amount received or accrued by the financial institution on or after May 10, 1989, except that such amendments shall not apply to transfers on or after such date pursuant to an acquisition to which the amend- ment made by subsection (a)(l) does not apply. (B) INTERIM RULE.—In the case of any payment pursuant to a transaction on or after May 10, 1989, and before the date on which the Secretary of the Treasury (or his dele- gate) takes action in exercise of his regulatory authority under section 597 of the Internal Revenue Code of 1986 (as amended by subsection (a)(3)), the taxpayer may rely on the legislative history for the amendments made by subsection (a)(3) in determining the proper treatment of such payment. 26 USC 597 note. (4) SUBSECTION (b)(D- —The provisions of subsection (b)(l) shall take effect on the date of the enactment of the Tax Reform Act of 1986. 26 USC 597 note. (5) SUBSECTION (b)(2). —The amendment made by subsection (b)(2) shall take effect on the date of the enactment of the Technical and Miscellaneous Revenue Act of 1988. 26 USC 593 note. (6) SUBSECTION (b)(3).— The amendment made by subsection (b)(3) shall take effect on the date of the enactment of this Act. 26 USC 597 note. (7) CLARIFICATION OF PRIOR LAW.— Any reference to the Fed- eral Savings and Loan Insurance Corporation in section 597 of the Internal Revenue Code of 1986 (as in effect on the day before the date of the enactment of this Act) shall be treated as including a reference to the Resolution Trust Corporation and the FSLIC Resolution Fund. SEC. 1402. TAX EXEMPTION FOR RESOLUTION TRUST CORPORATION AND RESOLUTION FUNDING CORPORATION. (a) GENERAL RULE.— Subsection (1) of section 501 of the Internal Revenue Code of 1986 (relating to government corporations exempt 26 USC 501. under subsection (c)(1)) is amended to read as follows: " (1) GOVERNMENT CORPORATIONS EXEMPT UNDER SUBSECTION (c)(1). —For purposes of subsection (c)(D, the following organizations are described in this subsection: "(1) The Centred Liquidity Facility established under title III of the Federal Credit Union Act (12 U.S.C. 1795 et seq.).

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