Page:United States Statutes at Large Volume 124.djvu/1315

 124 STAT. 1289 PUBLIC LAW 111–192—JUNE 25, 2010 ‘‘(ii) ONLY CERTAIN POST-2009 DIVIDENDS AND REDEMPTIONS COUNTED.—For purposes of clause (i), there shall only be taken into account dividends declared, and redemptions occurring, after February 28, 2010. ‘‘(iii) EXCEPTION FOR INTRA-GROUP DIVIDENDS.— Dividends paid by one member of a controlled group (as defined in section 302(d)(3)) to another member of such group shall not be taken into account under clause (i). ‘‘(iv) EXCEPTION FOR CERTAIN REDEMPTIONS.— Redemptions that are made pursuant to a plan main- tained with respect to employees, or that are made on account of the death, disability, or termination of employment of an employee or shareholder, shall not be taken into account under clause (i). ‘‘(v) EXCEPTION FOR CERTAIN PREFERRED STOCK.— ‘‘(I) IN GENERAL.—Dividends and redemptions with respect to applicable preferred stock shall not be taken into account under clause (i) to the extent that dividends accrue with respect to such stock at a specified rate in all events and without regard to the plan sponsor’s income, and interest accrues on any unpaid dividends with respect to such stock. ‘‘(II) APPLICABLE PREFERRED STOCK.—For pur- poses of subclause (I), the term ‘applicable pre- ferred stock’ means preferred stock which was issued before March 1, 2010 (or which was issued after such date and is held by an employee benefit plan subject to the provisions of this title). ‘‘(F) OTHER DEFINITIONS AND RULES.—For purposes of this paragraph— ‘‘(i) PLAN SPONSOR.—The term ‘plan sponsor’ includes any member of the plan sponsor’s controlled group (as defined in section 302(d)(3)). ‘‘(ii) RESTRICTION PERIOD.—The term ‘restriction period’ means, with respect to any election year— ‘‘(I) except as provided in subclause (II), the 3-year period beginning with the election year (or, if later, the first plan year beginning after December 31, 2009), and ‘‘(II) if the plan sponsor elects 15-year amortization for the shortfall amortization base for the election year, the 5-year period beginning with the election year (or, if later, the first plan year beginning after December 31, 2009). ‘‘(iii) ELECTIONS FOR MULTIPLE PLANS.—If a plan sponsor makes elections under paragraph (2)(D) with respect to 2 or more plans, the Secretary of the Treasury shall provide rules for the application of this paragraph to such plans, including rules for the ratable allocation of any installment acceleration amount among such plans on the basis of each plan’s relative reduction in the plan’s shortfall amortization install- ment for the first plan year in the amortization period Definition.