Page:United States Statutes at Large Volume 78.djvu/99

 78 STAT. ]

PUBLIC LAW 88-272-FEB. 26, 1964

57

"(•2) ExcEFriox.—Paragraph (1) shall not apply to the expenses of any travel outside the United States awav from home if— " (A) such travel does not exceed one week, or " (B) the portion of the time of travel outside the United States away from home which is not attributable to the pursuit of the taxpayer's trade or business of an activity described in section 212 is less than 25 percent of the total time on such travel. " (3) DOMESTIC TRAVEL EXCLUDED.—For purposes of this subsection, travel outside the United States does not include any travel from one point in the United States to another point in the United States." (b) EFFECTIVE DATE.—The amendment made by subsection (a) shall apply with respect to taxable years endhig after December 31, 1962, but only in respect of periods after such date. SEC. 218. ACQUISITION OF STOCK IN EXCHANGE FOR STOCK OF CORPORATION WHICH IS IN CONTROL OF ACQUIRING CORPORATION. (a) DEFINITION OF REORGANIZATION.—Section 368(a)(1)

(relat-

2rusc'2i2!*

26 USC 368.

m^ to definition of reorganization) is amended by inserting after "voting stock" in subparagraph (B) " ( o r in exchange solely for all or a part of the voting stock of a corporation which is in control of the acquiring corporation)". (b)

TECHNICAL AMENDMENTS.—

(1) Section 3 6 8 (a)(2)(C) amended to read as follows:

(relating to special rules)

is

" (C) TRANSFERS OF ASSETS OR STOCK TO SUBSIDIARIES IN CERTAIN PARAGRAPH (1)(A), (1)(B), AND (1)(C) CASES.—A

transaction otherwise qualifying under paragraph (1)(A), (1)(B), or (1)(C) shall not be disqualified by reason of the fact that part or all of the assets or stock which were acquired in the transaction are transferred to a corporation controlled by the corporation acquiring such assets or stock." (2) Section 368(b) (relating to definition of party to a reorganization) is amended by striking out the last two sentences and inserting in lieu thereof the following: " I n the case of a reorganization qualifying under paragraph (1)(B) or (1)(C) of subsection (a), if the stock exchanged for the stock or properties is stock of a corporation which is in control of the acquiring corporation, the terai 'a party to a reorganization' includes the corporation so controlling the acquiring corporation. I n the case of a reorganization qualifying under paragraph (1)(A), (1)(B), or (1)(C) of subsection (a) by reason of paragraph (2)(C) of subsection (a), the term 'a party to a reorganization' includes the corporation controlling the corporation to which the acquired assets or stock are transferred." (c) EFFECTIVE DATP:.—The amendments made by this section shall apply with respect to transactions after December 31, 1963, in taxable years ending after such date. SEC. 219. RETROACTIVE QUALIFICATION OF CERTAIN. UNION-NEGOTIATED MULTIEMPLOYER PENSION PLANS. (a) BwuNxiNG OF PERIOD AS QUALIFIED TRUST.—Section 401 (relating to qualified pension, profit-sharing, and stock bonus plans) is amended by redesignating subsection (i) as subsection (j), and by inserting after subsection (h) the following new subsection: "(i)

CERTAIN

[ ^NION-NEGOTIATED

MULTIEMPLOYER

PENSION

PLANS.—In the case of a trust forming part of a pension plan which

76 Stat. 809. 26 USC 401.

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