Page:United States Statutes at Large Volume 104 Part 2.djvu/866

 104 STAT. 1388-458 PUBLIC LAW 101-508 —NOV. 5, 1990 (2) any requirement under such section 6038C(a) to maintain records which were in existence on or after March 20, 1990, (3) any requirement to authorize a corporation to act as a limited Eigent under section 6038C(d)(l) of such Code (as so added) if the time for authorizing such action is after the date of the enactment of this Act, and (4) any summons issued after such date of enactment, without regard to when the taxable year (to which the information, records, authorization, or summons relates) began, 26 USC 482 note. SEC. 11316. STUDY OF SECTION 482. (a) GENERAL RULE.—The Secretary of the Treasury or his delegate shall conduct a study of the application and administration of section 482 of the Internal Revenue Code of 1986. Such study shall include examination of— (1) the effectiveness of the amendments made by this part in increasing levels of compliance with such section 482, (2) use of advanced determination agreements with respect to issues under such section 482, (3) possible legislative or administrative changes to assist the Internal Revenue Service in increasing compliance with such section 482, and (4) coordination of the administration of such section 482 with similar provisions of foreign tax laws and with domestic nontax laws. (b) REPORT.— Not later than March 1, 1992, the Secretary of the Treasury or his delegate shall submit to the Committee on Ways and Means of the House of Representatives and the Committee on Finance of the Senate a report on the study conducted under subsection (a), together with such recommendations as he may deem advisable. SEC. 11317. 10-YEAR PERIOD OF LIMITATION ON COLLECTION AFTER ASSESSMENT. (a) IN GENERAL. —Subsection (a) of section 6502 (relating to collection after assessment) is sunended— (1) by striking "6 years" in paragraph (1) and inserting "10 years", and (2) by striking "6-year period" each place it appears in paragraph (2) and inserting "10-year period. (b) CONFORMING AMENDMENT. —Paragraph (3) of section 6323(g) is amended by striking "6 years" each place it appears and inserting "10 years". 26 USC 6323 (c) EFFECTIVE DATE.—The amendments made by this section shall note. apply to— (1) taxes assessed after the date of the enactment of this Act, and (2) taxes assessed on or before such date if the period specified in section 6502 of the Internal Revenue Code of 1986 (determined without regard to the amendments made by subsection (a)) for collection of such taxes has not expired as of such date. SEC. 11318. RETURN REQUIREMENT WHERE CASH RECEIVED IN TRADE OR BUSINESS. (a) CERTAIN MONETARY INSTRUMENTS TREATED AS CASH. —Subsection (d) of section 60501 (relating to returns relating to cash received in trade or business) is amended to read as follows:

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