Page:United States Statutes at Large Volume 90 Part 1.djvu/1562

 90 STAT. 1512

PUBLIC LAW 94-452—OCT. 2, 1976 (c) CLERICAL AMENDMENT. — The table of part s for subchapter O of chapter 1 of such Code is amended by striking out "of 1956".

26 USC 1101

note.

(d) EFFECTIVE D A T E. —

(1) FOR SUBSECTION (a). — The amendments made by subsections (a) and (c) shall take effect on October 1, 1977, with respect to distributions after July 7, 1970, in taxable years ending after July 7, 1970, but only in the case of qualified bank holding corporations (within the meaning of section 1103(b) of the I n t e r n a l Revenue Code of 1954, as amended by subsection (a) of this section). (2)

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26use311 note.

SPECIAL RULE FOR CERTIFYING DISTRIBUTIONS W H I C H HAVE

ALREADY TAKEN PLACE.—For purposes of sections 1101(a)(1)(B), 1 1 0 1 (a)(3)(D), 1 1 0 1 (b)(1)(B), 1 1 0 1 (c)(2)(C), 1101(c)(3) (C), and 1101(e) of the I n t e r n a l Revenue Code of 1954 (as amended by subsection (a) of this section), in the case of any distribution which takes place on or before the 90th day after the date of the enactment of this Act, a certification by the Federal Reserve Board described in any such section shall be treated as made before the distribution (or, in the case of section 1101(e), before the close of the calendar year following the calendar year in which the last distribution occurred) if application for such certification is made before the close of the 90th day after the date of the enactment of this Act. (3) PERIOD OF LIMITATIONS.—If refund or credit of any overpayment of income tax attributable to the amendment made by subsection (a) is prevented a t any time before October 1, 1978, by the operation of any law or rule of law, refund or credit of such overpayment may, nevertheless, be made or allowed if claim therefor is filed before October 1, 1978. (4) FOR SUBSECTION (b). — The amendment made by subsection (b) shall take effect on October 1, 1977, with respect to distributions after December 31, 1975. in taxable years ending after December 31, 1975. SEC. 3. INSTALLMENT PAYMENT OF TAX. (a) INSTALLMENT P A Y M E N T. — Subchapter A of chapter 62 of the

26 USC 6158.

12 USC 1843.

Regulations.

I n t e r n a l Revenue Code of 1954 (relating to place and due date for payment of tax) is amended by a d d i n g at the end thereof the following new section: "SEC. 6158. INSTALLMENT PAYMENT OF TAX ATTRIBUTABLE TO DIVESTITURES PURSUANT TO BANK HOLDING COMPANY ACT AMENDMENTS OF 1970. " (a) ELECTION OF EXTENSION.—If, after July 7, 1970, a qualified bank holding corporation sells bank property or prohibited property, the divestiture of either of which the B o a r d certifies, before such sale, is necessary or a p p r o p r i a t e to effectuate section 4 or the policies of the Bank H o l d i n g Company Act, the tax under chapter 1 attributable to such sale shall, at the election of the taxpayer, be payable in equal annual installments beginning with the due date (determined without e.:tension) for the taxpayer's return of tax under chapter 1 for the taxable year in which the sale occurred and ending with the corresponding date in 1985. If the number of installments determined under the preceding sentence is less than 10, such number shall be increased to 10 equal annual installments which begin as provided in the preceding sentence and which end on the corresponding date 10 years later. A n election under this subsection shall be made at such time and in such manner as the Secretary or his delegate may by regulations prescribe.

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