Page:United States Statutes at Large Volume 116 Part 1.djvu/80

 116 STAT. 54 PUBLIC LAW 107-147—MAR. 9, 2002 26 USC 1233. (3)(A) Section 1233(e)(2) is amended by striking "and" at the end of subparagraph (C), by striking the period and inserting "; and" at the end of subparagraph (D), and inserting after subparagraph (D) the following: "(E) entering into a securities futures contract (as so defined) to sell shall be considered to be a short sale, and the settlement of such contract shall be considered to be the closing of such short sale.". (B) Section 1234B(b) is amended by inserting after "or this section," the following: "or in section 1233,". 26 USC 151 note. (e) EFFECTIVE DATE.— The amendments made by this section shall take effect as if included in the provisions of the Community Renewal Tax Relief Act of 2000 to which they relate. SEC. 413. AMENDMENTS RELATED TO THE TAX RELIEF EXTENSION ACT OF 1999. (a) AMENDMENTS RELATED TO SECTION 545 OF THE ACT.—Section 857(b)(7) is amended— (1) in clause (i) of subparagraph (B), by striking "the amount of which" and inserting "to the extent the amount of the rents", and (2) in subparagraph (C), by striking "if the amount" and inserting "to the extent the amount". 26 USC 857 note. (b) EFFECTIVE DATE. —The amendments made by this section shall take effect as if included in section 545 of the Tax Relief Extension Act of 1999. SEC. 414. AMENDMENTS RELATED TO THE TAXPAYER RELIEF ACT OF 1997. (a) AMENDMENTS RELATED TO SECTION 311 OF THE ACT.— Section 311(e) of the Taxpayer Relief Act of 1997 (Public Law 105- 26 USC 1 note. 34; 111 Stat. 836) is amended— (1) in paragraph (2)(A), by striking "recognized" and inserting "included in gross income", and (2) by adding at the end the following new paragraph: "(5) DISPOSITION OF INTEREST IN PASSIVE ACTIVITY.— Section 469(g)(1)(A) of the Internal Revenue Code of 1986 shall not apply by reason of an election made under paragraph (1).". 26 USC 1 note. (b) EFFECTIVE DATE. —The amendments made by this section shall take effect as if included in section 311 of the Taxpayer ReliefAct of 1997. SEC. 415. AMENDMENT RELATED TO THE BALANCED BUDGET ACT OF 1997. (a) AMENDMENT RELATED TO SECTION 4006 OF THE ACT. — Section 26(b)(2) is amended by striking "and" at the end of subparagraph (P), by striking the period and inserting ", and" at the end of subparagraph (Q), and by adding at the end the following new subparagraph: "(R) section 138(c)(2) (relating to penalty for distributions from Medicare+Choice MSA not used for qualified medical expenses if minimum balance not maintained).". 26 USC 26 note. (b) EFFECTIVE DATE. —The amendment made by this section shall take effect as if included in section 4006 of the Balanced Budget Act of 1997.

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