Page:United States Statutes at Large Volume 90 Part 2.djvu/328

 90 STAT. 1796

PUBLIC LAW 94-455—OCT. 4, 1976

26 USC 374.

(B) Section 374(b) is amended to read as follows: «(b)

BASIS.—

" (1) RAILROAD CORPORATIONS.—If the property of a r a i l r o a d

-

S?:

\

•" t ^ ^
 * > i

ls >*

s'-

''

'

Ante, p. 295. 26 USC 1232.

corporation, as defined in section 7 7 (m) of the B a n k r u p t c y Act (11 U.S.C. 205 (m)), was acquired after December 31, 1938, in pursuance of an order of the court having jurisdiction of such corporation— " (A) in a receivership proceeding, or " (B) in a proceeding under section 77 of the B a n k r u p t c y Act, and the acquiring corporation is a railroad corporation (as defined in section 77(m) of the B a n k r u p t c y Act) organized or made use of to effectuate a plan of reorganization approved by the court in such proceeding, the basis shall be the same as i t would be in the hands of the railroad corporation whose property was so acquired, increased in the amount of gain recognized under subsection (a)(2) to the transferor on such transfer. " (2) PROPERTY ACQUIRED BY STREET, SUBURBAN, OR INTERURBAN ELECTRIC RAILWAY CORPORATION.—If the property of any street, suburban, or interurban electric railway corporation engaged as a common carrier in the transportation of persons or property in interstate commerce was acquired after December 31, 1934, in pursuance of an order of the court having jurisdiction of such corporation in a proceeding under section 77 of the B a n k r u p t c y Act (11 U.S.C. 501 and following), and the acquiring corporation is a street, suburban, or interurban electric railway engaged as a common carrier in the transportation of persons o r property in interstate commerce, organized or made use of to effectuate a plan of reorganization approved by the court in such proceeding, then, notwithstanding the provisions of section 270 of the Bankruptcy Act (11 U.S.C. 670), the basis shall be the same as it would be in the hands of the corporation whose property was so acquired." (C) Section 374(c)(3) is amended by striking out "subsection (b) " and inserting in lieu thereof "subsection (b) (1)". (D) Section 1232(b)(2) is amended by striking out "section 371, 373, or 374" and inserting in lieu thereof "section 371 or 374". (E) The table of sections for part IV of subchapter C of chapter 1 is amended by striking out the item relating to section 373. (15)

AMENDMENT CONFORMING TO REPEAL o r

SECTIONS 391

THROUGH 39 5.—The table of part s for subchapter C of chapter 1 is amended by striking out the item relating to part VII. (16) AMENDMENT CONFORMING TO THE AMENDMENTS OF SECTION

26 USC 381.

481.—Section 381(c) is amended by striking out paragraph ( 2 1). (17) AMENDMENT CONFORMING TO THE AMENDMENTS OF SECTION

545.—Section 381(c) (15) is amended by striking out "subsections (b)(7) and (c) " and inserting in lieu thereof "subsection (c) ". (18) AMENDMENT CONFORMING TO THE REPEAL OF SECTION 583.—

The table of sections for part I of subchapter H of chapter 1 is amended by striking out the item relating to section 583. (19) AMENDMENT CONFORMING TO THE REPEAL OF SECTION 592.—

.?v;;„,r

The table of sections for part II of subchapter H of chapter 1 is amended by striking out the item relating to section 592.

�