Page:United States Statutes at Large Volume 124.djvu/3578

 124 STAT. 3552 PUBLIC LAW 111–325—DEC. 22, 2010 ‘‘(ii) AUTHORITY TO SHORTEN REQUIRED HOLDING PERIOD WITH RESPECT TO OTHER COMPANIES.—’’. (b) CONFORMING AMENDMENT.—Clause (ii) of section 852(b)(4)(E), as amended by subsection (a), is amended by inserting ‘‘(other than a company described in clause (i))’’ after ‘‘regulated investment company’’. (c) EFFECTIVE DATE.—The amendments made by this section shall apply to losses incurred on shares of stock for which the taxpayer’s holding period begins after the date of the enactment of this Act. TITLE IV—MODIFICATIONS RELATED TO EXCISE TAX APPLICABLE TO REG- ULATED INVESTMENT COMPANIES SEC. 401. EXCISE TAX EXEMPTION FOR CERTAIN REGULATED INVEST- MENT COMPANIES OWNED BY TAX EXEMPT ENTITIES. (a) IN GENERAL.—Subsection (f) of section 4982 is amended— (1) by striking ‘‘either’’ in the matter preceding paragraph (1), (2) by striking ‘‘or’’ at the end of paragraph (1), (3) by striking the period at the end of paragraph (2), and (4) by inserting after paragraph (2) the following new para- graphs: ‘‘(3) any other tax-exempt entity whose ownership of bene- ficial interests in the company would not preclude the applica- tion of section 817(h)(4), or ‘‘(4) another regulated investment company described in this subsection.’’. (b) EFFECTIVE DATE.—The amendment made by this section shall apply to calendar years beginning after the date of the enact- ment of this Act. SEC. 402. DEFERRAL OF CERTAIN GAINS AND LOSSES OF REGULATED INVESTMENT COMPANIES FOR EXCISE TAX PURPOSES. (a) IN GENERAL.—Subsection (e) of section 4982 is amended by striking paragraphs (5) and (6) and inserting the following new paragraphs: ‘‘(5) TREATMENT OF SPECIFIED GAINS AND LOSSES AFTER OCTOBER 31 OF CALENDAR YEAR.— ‘‘(A) IN GENERAL.—Any specified gain or specified loss which (but for this paragraph) would be properly taken into account for the portion of the calendar year after October 31 shall be treated as arising on January 1 of the following calendar year. ‘‘(B) SPECIFIED GAINS AND LOSSES.—For purposes of this paragraph— ‘‘(i) SPECIFIED GAIN.—The term ‘specified gain’ means ordinary gain from the sale, exchange, or other disposition of property (including the termination of a position with respect to such property). Such term shall include any foreign currency gain attributable to a section 988 transaction (within the meaning of 26 USC 4982 note. 26 USC 852 note. 26 USC 852.