Page:United States Statutes at Large Volume 119.djvu/2654

 119 STAT. 2636

26 USC 6038B. 26 USC 961 note.

PUBLIC LAW 109–135—DEC. 21, 2005

adjustments provided by subsections (a) and (b) shall be made to— ‘‘(1) the basis of such stock, and ‘‘(2) the basis of stock in any other controlled foreign corporation by reason of which the United States shareholder is considered under section 958(a)(2) as owning the stock described in paragraph (1), but only for the purposes of determining the amount included under section 951 in the gross income of such United States shareholder (or any other United States shareholder who acquires from any person any portion of the interest of such United States shareholder by reason of which such shareholder was treated as owning such stock, but only to the extent of such portion, and subject to such proof of identity of such interest as the Secretary may prescribe by regulations). The preceding sentence shall not apply with respect to any stock to which a basis adjustment applies under subsection (a) or (b).’’. (c) AMENDMENT RELATED TO SECTION 1144 OF THE ACT.— Subparagraph (B) of section 6038B(a)(1) is amended by inserting ‘‘or’’ at the end. (d) EFFECTIVE DATE.—The amendments made by this section shall take effect as if included in the provisions of the Taxpayer Relief Act of 1997 to which they relate. SEC. 410. AMENDMENT RELATED TO THE OMNIBUS BUDGET RECONCILIATION ACT OF 1990.

26 USC 168 note.

(a) AMENDMENT RELATED TO SECTION 11813 OF THE ACT.— Subclause (I) of section 168(e)(3)(B)(vi) is amended by striking ‘‘if ‘solar and wind’ were substituted for ‘solar’ in clause (i) thereof’’ and inserting ‘‘if ‘solar or wind energy’ were substituted for ‘solar energy’ in clause (i) thereof’’. (b) EFFECTIVE DATE.—The amendment made by this section shall take effect as if included in section 11813 of the Omnibus Budget Reconciliation Act of 1990. SEC. 411. AMENDMENT RELATED TO THE OMNIBUS BUDGET RECONCILIATION ACT OF 1987.

26 USC 1363 note.

(a) AMENDMENT RELATED TO SECTION 10227 OF THE ACT.— Section 1363(d) is amended by adding at the end the following new paragraph: ‘‘(5) SPECIAL RULE.—Sections 1367(a)(2)(D) and 1371(c)(1) shall not apply with respect to any increase in the tax imposed by reason of this subsection.’’. (b) EFFECTIVE DATE.—The amendment made by this section shall take effect as if included in section 10227 of the Omnibus Budget Reconciliation Act of 1987. SEC. 412. CLERICAL CORRECTIONS.

(a) Subparagraph (C) of section 2(b)(2) is amended by striking ‘‘subparagraph (C)’’ and inserting ‘‘subparagraph (B)’’. (b) Paragraph (2) of section 25C(b) is amended by striking ‘‘subsection (c)(3)(B)’’ and inserting ‘‘subsection (c)(2)(B)’’. (c) Subparagraph (E) of section 26(b)(2) is amended by striking ‘‘section 530(d)(3)’’ and inserting ‘‘section 530(d)(4)’’. (d) Subparagraph (A) of section 30B(g)(2) and subparagraph (A) of section 30C(d)(2) are each amended by striking ‘‘regular tax’’ and inserting ‘‘regular tax liability (as defined in section 26(b))’’.

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