Page:United States Statutes at Large Volume 112 Part 1.djvu/819

 PUBLIC LAW 105-206-^ULY 22, 1998 112 STAT. 793 (2) Subsection (d) of section 221 of the 1986 Code is amended by adding at the end the following new sentence: "Such 60 months shall be determined in the manner prescribed by the Secretary in the case of multiple loans which are refinanced by, or serviced as, a single loan and in the case of loans incurred before the date of the enactment of this section.". (c) AMENDMENTS RELATED TO SECTION 211 OF 1997 ACT. — (1) Paragraph (3) of section 135(c) of the 1986 Code is amended to read as follows: "(3) ELIGIBLE EDUCATIONAL INSTITUTION. — The term 'eligible educational institution' has the meaning given such term by section 529(e)(5). ". (2) Subparagraph (A) of section 529(c)(3) of the 1986 Code is amended by striking "section 72(b)" and inserting "section 72". (3) Paragraph (2) of section 529(e) of the 1986 Code is amended to read as follows: "(2) MEMBER OF FAMILY.— The term 'member of the family' means, with respect to any designated beneficiary— "(A) the spouse of such beneficiary; "(B) an individual who bears a relationship to such beneficiary which is described in paragraphs (1) through (8) of section 152(a); and "(C) the spouse of any individual described in subparagraph (B).". (d) AMENDMENTS RELATED TO SECTION 213 OF 1997 ACT. — (1) Section 530(b)(1) of the 1986 Code (defining education individual retirement account) is amended by inserting "an individual who is" before "the designated beneficiary" in the material preceding subparagraph (A). (2)(A) Section 530(b)(1)(E) of the 1986 Code (defining education individual retirement account) is amended to read as follows: "(E) Except as provided in subsection (d)(7), any balance to the credit of the designated beneficiary on the date on which the beneficiary attains age 30 shall be distributed within 30 days after such date to the beneficiary or, if the beneficiary dies before attaining age 30, shall be distributed within 30 days after the date of death of such beneficiary.". (B) Paragraph (7) of section 530(d) of the 1986 Code is amended by inserting at the end the following new sentence: "In applying the preceding sentence, members of the family (as so defined) of the designated beneficiary shall be treated in the same manner as the spouse under such paragraph (8).". (C) Subsection (d) of section 530 of the 1986 Code is amended by adding at the end the following new paragraph: " (8) DEEMED DISTRIBUTION ON REQUIRED DISTRIBUTION DATE.— In any case in which a distribution is required under subsection (b)(1)(E), any balance to the credit of a designated beneficiary as of the close of the 30-day period referred to in such subsection for making such distribution shall be deemed distributed at the close of such period.". (3)(A) Paragraph (1) of section 530(d) of the 1986 Code is amended by striking "section 72(b)" and inserting "section 72".

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