Page:United States Statutes at Large Volume 90 Part 2.djvu/304

 90 STAT. 1772

26 USC 312.

PUBLIC LAW 94-455—OCT. 4, 1976 the amount of such excess, and (immediately after the distribution) shall be decreased by the amount of such excess. For purposes of paragraph (2), the adjusted basis of the property a t the time of distribution shall be determined without regard to any adjustment under section 1016(a)(2) (relating to adjustment for depreciation, etc.). For purposes of this subsection, a commitment to make, guarantee, or insure a loan shall be treated as the making, guaranteeing, or insuring of a loan." (D) Section 3 1 2 (j)(3) (relating to foreign investment companies), as redesignated by subsection (b) (32)(B)(i), is amended to read as follows: "(3)

PARTIAL LIQUIDATIONS AND REDEMPTIONS.—If a

foreign

investment company (as defined in section 1246) distributes amounts in partial liquidation or in a redemption to which section 302(a) or 303 applies, the part of such distribution which is properly chargeable to earnings and profits shall be a n amount which is not in excess of the ratable share of the earnings and profits of the company accumulated after February 28, 1913, attributable to the stock so redeemed." 26 USC 333.

(44) AMENDMENT o r SECTION 333.—Section 333(a)(1) ( r e l a t i n g

<if. Tier oo

to election as to recognition of gain in certain liquidations) is amended by striking out "on or after June 22, 1954".

26 USC 334.

(45)

AMENDMENT OF SECTION

334.—Section

334(b)(2)(A)

(relating to liquidation of subsidiary) is amended to read as follows: " (A) the distribution is pursuant to a plan of liquidation adopted not more than 2 years after the date of the transaction described in subparagraph (B) (or, in the case of a series of transactions, the date of the last such t r a n s a c t i o n); and". (46) AMENDMENTS OP SECTION 337.—

26 USC 337.

26 USC 342.

(A) Section 337(a) (relating to nonrecognition of gain or loss on certain liquidations) is amended to read as follows: " (a) GENERAL RULE. — I f, within the 12-month period beginning on the date on which a corporation adopts a plan of complete liquidation, all of the assets of the corporation are distributed i n complete liquidation, less assets retained to meet claims, then n o gain or loss shall be recognized to such corporation from the sale or exchange by i t of property within such 12-month period." (B) The first sentence of section 337(d) (relating to certain minority stockholders) is amended by striking out "on or after January 1, 1958". (47) REPEAL OF SECTION 342.—Section 342 ( r e l a t i n g to the

liquidation of certain foreign personal holding companies) is repealed. (48) AMENDMENTS OP SECTION 351.—

26 USC 351

26 USC 351 note.

(A) Section 351 (a^ (relating to transfer to corporation controlled by transfer o r) is amended by striking o u t "(including, in the case of transfers made on or before June 30, 1967, an investment company) ". (B) Section 351(d) (relating to application of June 30, 1967, date) is amended to read as follows: " (d) EXCEPTION.—This section shall not apply to a transfer of property to an investment company." (C) The amendments made by this paragraph shall t a k e effect with respect to transfers of property occurring after the date of the enactment of this Act.

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