Page:United States Statutes at Large Volume 78.djvu/147

 78 STAT. ]

PUBLIC LAW 88-272-FEB. 26, 1964

105

account for such property after the initial acquisition or after completion of the property. '•(g) ADJUSTMENTS TO BASIS.—The Secretary or his delegate shall prescribe such regulations as he may deem necessary to provide for adjustments to the basis of property to reflect gain recognized under fiubsection (a). " (h) APPLICATION OF SECTION.—This section shall apply notwithstanding any other provision of this subtitle." (b) TECHNICAL AMENDMENTS.— (1) SPECIAL RULE FOR CHARITABLE CONTRIBUTIONS.—

1034. (A) The heading of section 170(e) (relating to special rule 76 Stat. 170. 26 USC for charitable contributions of section 1245 property) is amended by striking out "SECTION 1245 PROPERTY" and inserting in lieu thereof "CERTAIN PROPERTY". (B) The text of such section 170(e) is amended by striking out "section 1245(a)" and inserting in lieu thereof "section 1245(a) or 1250(a)". J,l26 USC 1245, ^^^oot

(2) CORPORATE DISTRIBUTIONS OF PROPERTY.—Subsections (b)

and (d) of section 301 (relating to amount distributed) are each amended by striking out "under section 1245(a)" and inserting in lieu thereof "under section 1245(a) or 1250 (a) ". (3) EFFECT ON EARNINGS AND PROFITS.—Paragraph (3) of section 312(c) (relating to adjustments of earnings and profits) is amended by striking out "or under section 1245(a) " and inserting in lieu thereof "or under section 1245(a) or 1250(a)". (4) COLLAPSIBLE CORPORATIONS.—Paragraph (12) of section

341 (e) (relating to collapsible corporations) is amended by striking out "section 1245(a)" and inserting in lieu thereof "sections 1245(a) and 1250(a)". (5) INSTALLMENT OBLIGATIONS I N CERTAIN LIQUIDATIONS.—Sub-

paragraphs (A) and (B) of section 453(d)(4) (relating to distribution of installment obligations in certain corporate liquidations) are each amended by striking out "section 1245(a)" and inserting in lieu thereof "section 1245(a) or 1250(a)". (6) SPECIAL RULE FOR PARTNERSHIPS.—Section 751(c) (relating to definition of "unrealized receivables" for purposes of subchapter K) is amended by striking out " ( a s defined in section 1245(a)(3)) " and inserting in lieu thereof "(as defined in section 1245 (a)(3)) and section 1250 property (as defined in section 1250(c))" and by striking out "to which section 1245(a)" and inserting in lieu thereof "to which section 1245(a) or 1250(a)". (7) The table of sections for part IV of subchapter P of chapter 1 is amended by adding at the end thereof the following: "Sec. 1250. Gain from dispositions of certain depreciable realty."

(c) EFFECTIVE DATE.—The amendments made by this section shall apply to dispositions after December 31, 1963, in taxable years ending after such date. SEC. 232. AVERAGING. (a) GENERAL RULE. — Part I of subchapter Q of chapter 1 is

amended to read as follows: "PART I—INCOME AVERAGING "Sec. "Sec. "Sec. "Sec. "Sec.

1301. Limitation on tax. 1302. Definition of averagable income; related definitions. 1303. Eligible individuals. 1304. Special rules. 1305. Regulations.

26 USC 301.

26 USC 312.

26 USC 341.

26 USC 453.

26 USC 751.

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