Page:United States Statutes at Large Volume 106 Part 4.djvu/297

 PUBLIC LAW 102-486—OCT. 24, 1992 106 STAT. 3033 "(1) had been contributed to the partnership by the distributee partner within 5 years of the distribution, and "(2) is held by such partnership immediately before the distribution, had been distributed by such partnership to another partner. "(c) BASIS RULES. — interest in a partnership shall be increased by the amoiuit of any gain recognized by such partner under subsection (a). Except for purposes of determining the amount recognized under subsection (a), such increase shall be treated as occurring immediately before the distribution. "(2) PARTNERSHIP'S BASIS IN CONTRIBUTED PROPERTY.— Appropriate a4justments shall be made to the adjusted basis or the partnership in the contributed property referred to in subsection (b) to reflect gain recognized under subsection (a). "(d) EXCEPTIONS.— "(1) DISTRIBUTIONS OF PREVIOUSLY CONTRIBUTED PROP- ERTY.—If any portion of the property distributed consists of property which had been contriDuted by the distributee partner to the partnership, such property shall not be taken into account under subsection (a)(l) and shall not be taken into account in determining the amount of the net precontribution gain. If the property distributed consists of an interest in an entity, the preceding sentence shall not applv to the extent that the value of such interest is attributable to property contributed to such entity after such interest had been contributed to the partnership. "(2) COORDINATION WITH SECTION 751.—T his section shall not apply to the extent section 751(b) applies to such distribution." (b) TECHNICAL AMENDMENTS.— (1) Subparagraph (B) of section 704(c)(l) is amended by striking out "is distributed" in the material preceding clause (i) and inserting "is distributed (directly or indirectly)". (2) Subsection (c) of section 731 is amended— (A) by striking "and section 751" and inserting ", section 751", and (B) by inserting before the period at the end thereof the following: ", and section 737 (relating to reco^ition of precontribution gain in case of certain distributions)". (3) The table of sections for subpart B of part II of subchapter K of chapter 1 is amended by adding at the end thereof the following new item: "Sec. 737. Recognition of precontribution gain in case of certain distributions to contributing partner." (c) EFFECTIVE DATE.— The amendments made by this section 26 USC 704 note. shall apply to distributions on or a£teT June 25, 1992. SEC. 1938. DEDUCTION FOR EXPENSES AWAY FROM HOME. (a) IN GENERAL.— Section 162(a) is amended by adding at the end the following new sentence: "For purposes of paragraph (2), the taxpayer shall not be treated as being temporarily away from home during any period of employment if such period exceeds 1 year." (b) EFFECTIVE DATE. — -The amendment made by subsection (a) 26 USC 162 note. shall apply to costs paid or incurred after December 31, 1992.
 * (1) PARTNER'S INTEREST.— The adtjusted basis of a partner's

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