Page:United States Statutes at Large Volume 90 Part 1.djvu/419

 PUBLIC LAW 94-267—APR. 15, 1976

90 STAT. 369

(ii) such deficiency may be assessed before the expiration of such 3-year period notwithstanding the provisions of section 6212(c) of such Code or the provisions of any 26 USC 6212. other law or rule of law which would otherwise prevent such assessment. (2)

ROLLOVER CONTRIBUTION FOR CERTAIN PROPERTY SOLD.—

Sections 402(a)(5)(C) and 403(a)(4)(C) of the Internal Revenue Code of 1954 (relating to the requirement that rollover amount must consist of property received in a distribution) shall not apply with respect to that portion of the property received in a payment described in section 402(a)(5)(A) (other than a payment described in section 402(a)(5)(A) as in effect on the day before the date of the enactment of this Act) or 403(a)(4) (A) (other than a payment described in section 403(a)(4)(A) as in effect on the day before the date of the enactment of this Act) of such Code which is sold or exchanged by the employee on or before the date of the enactment of this Act, if the employee transfers an amount of cash equal to the proceeds received from the sale or exchange of such property in excess of the amount considered contributed by the employee (within the meaning of section 402(a)(4)(D)(i) of such Code). (3) NoNRECOGNiTioN OF GAIN O LOSS.—For purposes of the R Internal Revenue Code of 1954, no gain or loss shall be recognized with respect to the sale or exchange of property described in paragraph (2) if the proceeds of such sale or exchange are transferred by an employee in accordance with this subsection and the applicable provisions of section 402(a)(5) or 40^ (a)(4) of such Code. (e) EFFECTIVE DATE.—The amendments made by this Act shall apply with respect to payments made to an employee on or after July 4, 1974. Approved April 15, 1976.

LEGISLATIVE HISTORY: HOUSE REPORT No. 94-1020 (Coram, on Ways and Means). CONGRESSIONAL RECORD, Vol. 122 (1976): Apr. 13, considered and passed House. Apr. 14, considered and passed Senate.

26 USC 402, 403. ^

-Ante, p. 366. ';. '"

26 USC 401 note,

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