Page:United States Statutes at Large Volume 112 Part 4.djvu/939

 PUBLIC LAW 105-277—OCT. 21, 1998 112 STAT. 2681-910 (1) Paragraph (2) of section 351(c) of the 1986 Code, as amended by section 6010(c) of the 1998 Act, is amended by inserting ", or the fact that the corporation whose stock was distributed issues additional stock," after "dispose of part or all of the distributed stock". (2) Clause (ii) of section 368(a)(2)(H) of the 1986 Code, as amended by section 6010(c) of the 1998 Act, is amended by inserting ", or the fact that the corporation whose stock was distributed issues additional stock," after "dispose of part or all of the distributed stock". (g) PROVISION RELATED TO SECTION 1042 OF 1997 ACT. —Rules 26 USC 833 note. similar to the rules of section 1.1502-75(d)(5) of the Treasury Regulations shall apply with respect to any organization described in section 1042(b) of the 1997 Act. (h) AMENDMENT RELATED TO SECTION 1082 OF 1997 ACT. — Subparagraph (F) of section 172(b)(1) of the 1986 Code is amended by adding at the end the following new clause: "(iv) COORDINATION WITH PARAGRAPH (2). —For purposes of applying paragraph (2), an eligible loss for any taxable year shall be treated in a manner similar to the manner in which a specified liability loss is treated." (i) AMENDMENT RELATED TO SECTION 1084 OF 1997 ACT. — Paragraph (3) of section 264(f) of the 1986 Code is amended by adding at the end the following flush sentence: "If the amount described in subparagraph (A) with respect to any policy or contract does not reasonably approximate its actual value, the amount taken into account under subparagraph (A) shall be the greater of the amount of the insurance company liability or the insurance company reserve with respect to such policy or contract (as determined for purposes of the annual statement approved by the National Association of Insurance Commissioners) or shall be such other amount as is determined by the Secretary." (j) AMENDMENT RELATED TO SECTION 1175 OF 1997 ACT. — Subparagraph (C) of section 954(e)(2) of the 1986 Code is amended by striking "subsection (h)(8)" and inserting "subsection (h)(9)". (k) AMENDMENT RELATED TO SECTION 1205 OF 1997 ACT.— Paragraph (2) of section 6311(d) of the 1986 Code is amended by striking "under such contracts" in the last sentence and inserting "under any such contract for the use of credit, debit, or charge cards for the payment of taxes imposed by subtitle A". (1) EFFECTIVE DATE. —The amendments made by this section 26 USC 86 note, shall take effect as if included in the provisions of the 1997 Act to which they relate. SEC. 4004. AMENDMENTS RELATED TO TAX REFORM ACT OF 1984. (a) IN GENERAL. —Subparagraph (C) of section 172(d)(4) of the 1986 Code is amended to read as follows: "(C) any deduction for casualty or theft losses allowable under paragraph (2) or (3) of section 165(c) shall be treated as attributable to the trade or business:; and". (b) CONFORMING AMENDMENTS.— (1) Paragraph (3) of section 67(b) of the 1986 Code is amended by striking "for losses described in subsection (c)(3) or (d) of section 165" and inserting "for casualty or theft losses

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