Page:United States Statutes at Large Volume 90 Part 2.djvu/432

 90 STAT. 1900

PUBLIC LAW 94-455—OCT. 4, 1976 "(5) STOCK ACQUIRED THROUGH FORECLOSURE BY LENDING INSTI-

26 USC 216 note.

26 USC 451.

TUTION.—If a bank or other lending institution acquires by foreclosure (or by instrument in lieu of foreclosure) the stock of a tenant-stockholder, and a lease or the right to occupy an apartment or house to which such stock is appurtenant, such bank or other lending institution shall be treated as a tenant-stockholder for a period not to exceed three years from the date of acquisition. The preceding sentence shall apply even though, by agreement with the cooperative housing corporation, the banK (or other lending institution) or its nominee may not occupy the house or apartment without the prior approval of such corporation." (2) The amendment made by paragraph (1) shall apply to stock acquired by banks or other lending institutions after the date of the enactment of this Act. SEC. 2102. TREATMENT OF CERTAIN DISASTER PAYMENTS. (a) GENERAL RULE.—Subsection (d) of section 451 (relating to

special rule for crop insurance proceeds) is amended by inserting after the first sentence the following new sentence: "For purposes of the preceding sentence, payments received under the Agricultural Act of 1949, as amended, as a result of (1) destruction or damage to crops caused by drought, flood, or any other natural disaster, or (2) the inability to plant crops because of such a natural disaster shall be treated as insurance proceeds received as a result of destruction or damage to crops." (b) TECHNICAL AMENDMENT.^—The subsection heading for such subsection (d) is amended by striking out "Proceeds" and inserting in lieu thereof "Proceeds or Disaster Payments". 26 USC 451 (c) EFFECTIVE DATE.—The amendments made by this section shall noteapply to payments received after December 31, 1973, in taxable years ending after such date. 26 USC 165 SEC. 2103. TAX TREATMENT OF CERTAIN 1972 DISASTER LOSSES. ""**• (a) APPLICATION OF SECTION.—This section shall apply to any individual— (1) who was allowed a deduction under section 165 of the Internal Revenue Code of 1954 (relating to losses) for a loss attributable to a disaster occurring during calendar year 1972 which was determined by the President, under section 102 of the 42 USC 4402. Disaster Relief Act of 1970, to warrant disaster assistance by the Federal Government, (2) who in connection with such disaster— (A) received income in the form of cancellation of a disas15 USC 636. ter loan under section 7 of the Small Business Act or an emergency loan under subtitle C of the Consolidated Farm 75 Stat. 311. and Rural Development Act, or (B) received income in the form of compensation (not taken into account in computing the amount of the deduction) for such loss in settlement of any claim of the taxpayer against a person for that person's liability in tort for the damage or destruction of that taxpayer's property in connection with the disaster, and "•'• (3) who elects (at such time and in such manner as the Secre—•• tary of the Treasury or his delegate may by regulations prescribe) to take the benefits of this section, (b) EFFECT OF ELECTION.—In the case of any individual to whom this section applies^
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