Page:United States Statutes at Large Volume 124.djvu/3347

 124 STAT. 3321 PUBLIC LAW 111–312—DEC. 17, 2010 SEC. 751. LOOK-THRU TREATMENT OF PAYMENTS BETWEEN RELATED CONTROLLED FOREIGN CORPORATIONS UNDER FOREIGN PERSONAL HOLDING COMPANY RULES. (a) IN GENERAL.—Subparagraph (C) of section 954(c)(6) is amended by striking ‘‘January 1, 2010’’ and inserting ‘‘January 1, 2012’’. (b) EFFECTIVE DATE.—The amendment made by this section shall apply to taxable years of foreign corporations beginning after December 31, 2009, and to taxable years of United States share- holders with or within which any such taxable year of such foreign corporation ends. SEC. 752. BASIS ADJUSTMENT TO STOCK OF S CORPS MAKING CHARI - TABLE CONTRIBUTIONS OF PROPERTY. (a) IN GENERAL.—Paragraph (2) of section 1367(a) is amended by striking ‘‘December 31, 2009’’ and inserting ‘‘December 31, 2011’’. (b) EFFECTIVE DATE.—The amendment made by this section shall apply to contributions made in taxable years beginning after December 31, 2009. SEC. 753. EMPOWERMENT ZONE TAX INCENTIVES. (a) IN GENERAL.—Section 1391 is amended— (1) by striking ‘‘December 31, 2009’’ in subsection (d)(1)(A)(i) and inserting ‘‘December 31, 2011’’; and (2) by striking the last sentence of subsection (h)(2). (b) INCREASED EXCLUSION OF GAIN ON STOCK OF EMPOWERMENT ZONE BUSINESSES.—Subparagraph (C) of section 1202(a)(2) is amended— (1) by striking ‘‘December 31, 2014’’ and inserting ‘‘December 31, 2016’’; and (2) by striking ‘‘2014’’ in the heading and inserting ‘‘2016’’. (c) TREATMENT OF CERTAIN TERMINATION DATES SPECIFIED IN NOMINATIONS.—In the case of a designation of an empowerment zone the nomination for which included a termination date which is contemporaneous with the date specified in subparagraph (A)(i) of section 1391(d)(1) of the Internal Revenue Code of 1986 (as in effect before the enactment of this Act), subparagraph (B) of such section shall not apply with respect to such designation if, after the date of the enactment of this section, the entity which made such nomination amends the nomination to provide for a new termination date in such manner as the Secretary of the Treasury (or the Secretary’s designee) may provide. (d) EFFECTIVE DATE.—The amendments made by this section shall apply to periods after December 31, 2009. SEC. 754. TAX INCENTIVES FOR INVESTMENT IN THE DISTRICT OF COLUMBIA. (a) IN GENERAL.—Subsection (f) of section 1400 is amended by striking ‘‘December 31, 2009’’ each place it appears and inserting ‘‘December 31, 2011’’. (b) TAX-EXEMPT DC EMPOWERMENT ZONE BONDS.—Subsection (b) of section 1400A is amended by striking ‘‘December 31, 2009’’ and inserting ‘‘December 31, 2011’’. (c) ZERO-PERCENT CAPITAL GAINS RATE.— (1) ACQUISITION DATE.—Paragraphs (2)(A)(i), (3)(A), (4)(A)(i), and (4)(B)(i)(I) of section 1400B(b) are each amended by striking ‘‘January 1, 2010’’ and inserting ‘‘January 1, 2012’’. (2) LIMITATION ON PERIOD OF GAINS.— 26 USC 1202 note. 26 USC 1391 note. 26 USC 1367 note. 26 USC 954 note. 26 USC 954.