Page:United States Statutes at Large Volume 112 Part 1.djvu/844

 112 STAT. 818 PUBLIC LAW 105-206-^JULY 22, 1998 shareholder (as defined in section 951(b)) who is not exempt from tax under this chapter.". (2) Section 1298(a)(2)(B) of the 1986 Code is amended by adding at the end the following new sentence: "Section 1297(e) shall not apply in determining whether a corporation is a passive foreign investment company for purposes of this subparagraph.". (c) AMENDMENTS RELATED TO SECTION 1122 OF 1997 ACT. — (1) Section 672(f)(3)(B) of the 1986 Code is amended by striking "section 1296" and inserting "section 1297". (2) Paragraph (1) of section 1291(d) of the 1986 Code is amended by adding at the end the following new sentence: "In the case of stock which is marked to market under section 475 or any other provision of this chapter, this section shall not apply, except that rules similar to the rules of section 1296(j) shall apply.". (3) Subsection (d) of section 1296 of the 1986 Code is amended by adding at the end the following new sentence: "In the case of a regulated investment company which elected to mark to market the stock held by such company as of the last day of the taxable year preceding such company's first taxable year for which such company elects the application of this section, the amount referred to in paragraph (1) shall include amounts included in gross income under such mark to market with respect to such stock for prior taxable years.". (d) AMENDMENT RELATED TO SECTION 1123 OF 1997 ACT. — Subsection (e) of section 1297 of the 1986 Code added by section 1123 of the 1997 Act is redesignated as subsection (f). (e) AMENDMENTS RELATED TO SECTION 1131 OF 1997 ACT.— (1) Section 991 of the 1986 Code is amended by striking "except for the tax imposed by chapter 5". (2) Section 6013 of the 1986 Code is amended by striking "chapters 1 and 5" each place it appears in paragraphs (1)(A) and (5) of subsection (g) and in subsection (h)(1) and inserting "chapter 1". (f) AMENDMENT RELATED TO SECTION 1142 OF 1997 ACT. — (1) Paragraph (2) of section 6038(a) of the 1986 Code is amended by striking "by regulations". (2) Paragraph (3) of section 6038(a) of the 1986 Code is amended by striking "such information" and all that follows through the period and inserting "the Secretary has prescribed the furnishing of such information on or before the first day of such annual accounting period.". (3) Paragraph (4) of section 6038(e) of the 1986 Code is amended by striking "corporation" and inserting "foreign business entity" each place it appears. (g) AMENDMENT RELATED TO SECTION 1144 OF 1997 ACT. — 26 USC 6038B. Paragraphs (1) and (2) of section 1144(c) of the 1997 Act are each amended by striking "6038B(b)" and inserting "6038B(c) (as redesignated by subsection (b))". SEC. 6012. AMENDMENTS RELATED TO TITLE XII OF 1997 ACT. (a) AMENDMENT RELATED TO SECTION 1204 OF 1997 ACT. — The last sentence of section 162(a) of the 1986 Code is amended by striking "investigate" and all that follows and inserting "investigate or prosecute, or provide support services for the investigation or prosecution of, a Federal crime.".

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