Page:United States Statutes at Large Volume 121.djvu/2495

 121 STAT. 2474

26 USC 53 note.

PUBLIC LAW 110–172—DEC. 29, 2007

the taxpayer’s preceding taxable year (as determined before any reduction under subparagraph (B)).’’. (b) EFFECTIVE DATE.—The amendment made by this section shall take effect as if included in the provision of the Tax Relief and Health Care Act of 2006 to which it relates. SEC. 3. AMENDMENTS RELATED TO TITLE XII OF THE PENSION PROTECTION ACT OF 2006.

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26 USC 408.

VerDate Aug 31 2005

07:12 Jan 26, 2009

(a) AMENDMENT RELATED TO SECTION 1201 OF THE ACT.— Subparagraph (D) of section 408(d)(8) is amended by striking ‘‘all amounts distributed from all individual retirement plans were treated as 1 contract under paragraph (2)(A) for purposes of determining the inclusion of such distribution under section 72’’ and inserting ‘‘all amounts in all individual retirement plans of the individual were distributed during such taxable year and all such plans were treated as 1 contract for purposes of determining under section 72 the aggregate amount which would have been so includible’’. (b) AMENDMENT RELATED TO SECTION 1203 OF THE ACT.— Subsection (d) of section 1366 is amended by adding at the end the following new paragraph: ‘‘(4) APPLICATION OF LIMITATION ON CHARITABLE CONTRIBUTIONS.—In the case of any charitable contribution of property to which the second sentence of section 1367(a)(2) applies, paragraph (1) shall not apply to the extent of the excess (if any) of— ‘‘(A) the shareholder’s pro rata share of such contribution, over ‘‘(B) the shareholder’s pro rata share of the adjusted basis of such property.’’. (c) AMENDMENT RELATED TO SECTION 1215 OF THE ACT.—Subclause (I) of section 170(e)(7)(D)(i) is amended by striking ‘‘related’’ and inserting ‘‘substantial and related’’. (d) AMENDMENTS RELATED TO SECTION 1218 OF THE ACT.— (1) Section 2055 is amended by striking subsection (g) and by redesignating subsection (h) as subsection (g). (2) Subsection (e) of section 2522 is amended— (A) by striking paragraphs (2) and (4), (B) by redesignating paragraph (3) as paragraph (2), and (C) by adding at the end of paragraph (2), as so redesignated, the following new subparagraph: ‘‘(C) INITIAL FRACTIONAL CONTRIBUTION.—For purposes of this paragraph, the term ‘initial fractional contribution’ means, with respect to any donor, the first gift of an undivided portion of the donor’s entire interest in any tangible personal property for which a deduction is allowed under subsection (a) or (b).’’. (e) AMENDMENTS RELATED TO SECTION 1219 OF THE ACT.— (1) Paragraph (2) of section 6695A(a) is amended by inserting ‘‘a substantial estate or gift tax valuation understatement (within the meaning of section 6662(g)),’’ before ‘‘or a gross valuation misstatement’’. (2) Paragraph (1) of section 6696(d) is amended by striking ‘‘or under section 6695’’ and inserting ‘‘, section 6695, or 6695A’’.

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