Page:United States Statutes at Large Volume 121.djvu/2499

 121 STAT. 2478

PUBLIC LAW 110–172—DEC. 29, 2007 in applying subparagraph (B) the adjustments under part VI of subchapter A shall be taken into account.’’. (d) EFFECTIVE DATE.— (1) IN GENERAL.—Except as otherwise provided in this subsection, the amendments made by this section shall take effect as if included in the provisions of the Tax Increase Prevention and Reconciliation Act of 2005 to which they relate. (2) MODIFICATION OF ACTIVE BUSINESS DEFINITION UNDER SECTION 355.— (A) IN GENERAL.—Except as otherwise provided in this paragraph, the amendments made by subsection (b) shall apply to distributions made after May 17, 2006. (B) TRANSITION RULE.—The amendments made by subsection (b) shall not apply to any distribution pursuant to a transaction which is— (i) made pursuant to an agreement which was binding on May 17, 2006, and at all times thereafter, (ii) described in a ruling request submitted to the Internal Revenue Service on or before such date, or (iii) described on or before such date in a public announcement or in a filing with the Securities and Exchange Commission. (C) ELECTION OUT OF TRANSITION RULE.—Subparagraph (B) shall not apply if the distributing corporation elects not to have such subparagraph apply to distributions of such corporation. Any such election, once made, shall be irrevocable. (D) SPECIAL RULE FOR CERTAIN PRE-ENACTMENT DISTRIBUTIONS.—For purposes of determining the continued qualification under section 355(b)(2)(A) of the Internal Revenue Code of 1986 of distributions made on or before May 17, 2006, as a result of an acquisition, disposition, or other restructuring after such date, such distribution shall be treated as made on the date of such acquisition, disposition, or restructuring for purposes of applying subparagraphs (A) through (C) of this paragraph. The preceding sentence shall only apply with respect to the corporation that undertakes such acquisition, disposition, or other restructuring, and only if such application results in continued qualification under section 355(b)(2)(A) of such Code. (3) AMENDMENT RELATED TO SECTION 515 OF THE ACT.— The amendment made by subsection (c) shall apply to taxable years beginning after December 31, 2006.

Applicability. 26 USC 355 note.

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AMENDMENTS RELATED TO THE SAFE, ACCOUNTABLE, FLEXIBLE, EFFICIENT TRANSPORTATION EQUITY ACT: A LEGACY FOR USERS.

(a) AMENDMENTS RELATED TO SECTION 11113 OF THE ACT.— (1) Paragraph (3) of section 6427(i) is amended— (A) by inserting ‘‘or under subsection (e)(2) by any person with respect to an alternative fuel (as defined in section 6426(d)(2))’’ after ‘‘section 6426’’ in subparagraph (A), (B) by inserting ‘‘or (e)(2)’’ after ‘‘subsection (e)(1)’’ in subparagraphs (A)(i) and (B), and

26 USC 6427.

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