Page:United States Statutes at Large Volume 119.djvu/2650

 119 STAT. 2632

26 USC 409A note. 26 USC 1092.

26 USC 26 note.

PUBLIC LAW 109–135—DEC. 21, 2005

Code shall be treated as not having violated such requirements if such plan comes into conformance with such requirements during such limited period as the Secretary may specify in such guidance. (4) Subsection (f) of section 885 of the American Jobs Creation Act of 2004 is amended by striking ‘‘December 31, 2004’’ the first place it appears and inserting ‘‘January 1, 2005’’. (ii) AMENDMENT RELATED TO SECTION 888 OF THE ACT.—Paragraph (2) of section 1092(a) is amended by striking the last sentence and adding at the end the following new subparagraph: ‘‘(C) REGULATIONS.—The Secretary shall prescribe such regulations or other guidance as may be necessary or appropriate to carry out the purposes of this paragraph. Such regulations or other guidance may specify the proper methods for clearly identifying a straddle as an identified straddle (and for identifying the positions comprising such straddle), the rules for the application of this section to a taxpayer which fails to comply with those identification requirements, and the ordering rules in cases where a taxpayer disposes (or otherwise ceases to be the holder) of any part of any position which is part of an identified straddle.’’. (jj) AMENDMENTS RELATED TO SECTION 898 OF THE ACT.— (1) Paragraph (3) of section 361(b) is amended by inserting ‘‘(reduced by the amount of the liabilities assumed (within the meaning of section 357(c)))’’ before the period at the end. (2) Paragraph (1) of section 357(d) is amended by inserting ‘‘section 361(b)(3),’’ after ‘‘section 358(h),’’. (kk) AMENDMENT RELATED TO SECTION 899 OF THE ACT.— Subparagraph (A) of section 351(g)(3) is amended by adding at the end the following: ‘‘If there is not a real and meaningful likelihood that dividends beyond any limitation or preference will actually be paid, the possibility of such payments will be disregarded in determining whether stock is limited and preferred as to dividends.’’. (ll) AMENDMENT RELATED TO SECTION 902 OF THE ACT.—Paragraph (1) of section 709(b) is amended by striking ‘‘taxpayer’’ both places it appears and inserting ‘‘partnership’’. (mm) AMENDMENTS RELATED TO SECTION 907 OF THE ACT.— Clause (ii) of section 274(e)(2)(B) is amended— (1) in subclause (I), by inserting ‘‘or a related party to the taxpayer’’ after ‘‘the taxpayer’’, (2) in subclause (II), by inserting ‘‘(or such related party)’’ after ‘‘the taxpayer’’, and (3) by adding at the end the following new flush sentence: ‘‘For purposes of this clause, a person is a related party with respect to another person if such person bears a relationship to such other person described in section 267(b) or 707(b).’’. (nn) EFFECTIVE DATE.—The amendments made by this section shall take effect as if included in the provisions of the American Jobs Creation Act of 2004 to which they relate. SEC. 404. AMENDMENTS RELATED TO THE WORKING FAMILIES TAX RELIEF ACT OF 2004.

(a) AMENDMENT RELATED TO SECTION 201 OF THE ACT.—Subsection (e) of section 152 is amended to read as follows:

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