Page:United States Statutes at Large Volume 90 Part 1.djvu/1564

 90 STAT. 1514

PUBLIC LAW 94-452—OCT. 2, 1976 "(2) Period of limitation.—For extension of the period of limitation in the case of an extension under this section, see section 6503(i)." (b) E X T E N S I O N OF T I M E FOR COLLECTION OF TAX.—Section 6503 of

26 USC 6503.

such Code (relating to suspension of r u n n i n g of period of limitation) is amended by redesignating subsection (i) as subsection (j) and by inserting after subsection (li) the following new subsection: " (i) EXTENSION OF T I M E FOR COLLECTING T A X ATTRIBUTABLE TO DIVESTITURES P U R S U A N T TO B A N K HOLDING COMPANY ACT A M E N D -

12 USC 1841 note.

MENTS OF 1970.—The r u n n i n g of the period of limitations for collection of the tax attributable to a sale with respect to which the taxpayer makes an election under section 6158(a) shall be suspended for the period during which there are any unpaid installments of such tax. " (c) T E C H N I C A L AMENDMENTS. —

26 USC 6151 26 USC 6601.

26 USC 1101

note.

26 USC 368. 12 USC 1841. 12 USC 351.

26 USC 6158 note.

(1) The table of sections for subchapter A of chapter 62 of such Code is amended by a d d i n g a t the end thereof the following new" item: "Sec. 6158. Installment payment of tax attributable to divestitures pursuant to Bank Holding Company Act Amendments of 1970." (2) Subsection (a) of section 6151 of such Code (relating to time and place for p a y i n g tax shown on returns) is amended by striking out "section," and inserting in lieu thereof "subchapter,". (3) Paragraph (2) of section 6601(b) of such Code (relating to interest) is amended— (A) by striking out " o r 6 1 5 6 (a) " and inserting i n lieu thereof ", 6156(a), or 6 1 5 8 (a) ", (B) by striking out " o r 6 1 5 6 (b) " and inserting in lieu thereof ", 6156(b), or 6158 (a) "; and (C) by inserting at the end thereof the following new sentence: " For purposes of subparagraph (A), section 6158(a) shall be treated as providing that the date prescribed for payment of each installment shall not be later than the date prescribed for payment of the 1985 installment." (d) APPLICABILITY TO CERTAIN SUCCESSOR CORPORATIONS.—If, after

July 7, 1970, and before August 1, 1974— (1) a corporation acquires substantially all of the properties of a qualified bank holding corporation (as defined in section 1103(b) of the I n t e r n a l Revenue Code of 1954) in a transaction described in sections 368(a)(1)(A) and 368 (a)(2)(D), and (2) the acquiring corporation (or a corporation in control of the acquiring corporation) acquires beneficial interests in shares described in section 2(g)(2) of the B a n k H o l d i n g Company Act (as defined in section 1103(a)(2) of the I n t e r n a l Revenue Code of 1954) in a transaction to which section 351 applies, then, the acquiring corporation (or a corporation which is in control (within the meaning of section 2(a)(2) of such Act) of the acquiring corporation or a subsidiary (within the meaning of section 2 (d) of such Act) of the corporation so in control) shall be treated as a qualified bank holding corporation for purposes of section 1103 (b) and 6158 of the I n t e r n a l Revenue Code of 1954 and the shares described in such section 2(g)(2) shall be considered property which is acquired by such corporation, for purposes of section 1101(c)(1) (A) (iii) of the Internal Revenue Code of 1954, after July 7, 1970. (e) EFFECTIVE D A T E S. —

�