Page:United States Statutes at Large Volume 90 Part 2.djvu/67

 PUBLIC LAW 94-455—OCT. 4, 1976 (b) PARTNERSHIPS.—Section 751(c) (relating to definition of unrealized receivables) is amended by striking out " and farm land (as defined in section 1 2 5 2 (a)) " and inserting in lieu thereof "farm land (as defined in section 1 2 5 2 (a)), and an oil or gas property (described in section 1254)", and by striking out "or 1 2 5 2 (a) " and inserting in lieu thereof "1252(a), or 1254 (a) ".

90 STAT. 1535 26 USC 751.

(c) T E C H N I C A L AMENDMENTS. —

(1) The following provisions are each amended by striking out " o r 1 2 5 2 (a) " and inserting in lieu thereof "1252(a), or 1254 (A) the second sentence of section 170(e)(1); (B) section 301(b)(l)(B) ( i i); (C) section 3 0 1 (d)(2)(B); (D) section 312(c)(3); and (E) section 4 5 3 (d)(4)(B). (2) Section 341(e) (12) is amended by striking out " and 1252 (a) " and inserting in lieu thereof "1252(a), and 1254(a)". (3) Section 163(d)(3)(A) (iii) is amended by striking out "and 1250" and inserting in lieu thereof "1250, and 1254".

26 USC 170. 26 USC 301. 26 USC 312. 26 USC 453. 26 USC 341. 26 USC 163.

(d) CLERICAL AMENDMENT. — The table of sections for part IV of

subchapter P of chapter 1 is amended by adding a t the end thereof the following new item: "Sec. 1254. Gain from disposition of interest in oil or gas property." (e) EFFECTIVE D A T E. — The amendments made by this section shall 26 USC 1254 apply with respect to taxable years ending after December 31, 1975. °°*^SEC. 206. AMENDMENTS TO FARM LOSS RECAPTURE RULES. (a) TERMINATION OF ADDITIONS TO EXCESS DEDUCTIONS ACCOUNT. —

Paragraph (2) of section 1251(b) (relating to additions to excess deductions account) is amended by adding at the end thereof the following new subparagraph: "(E)

26 USC 1251.

TERMINATION OF ADDITIONS. — N o a m o u n t shall be

added to the excess deductions account for any taxable year beginning after December 31, 1975." (b) CERTAIN REORGANIZATIONS.—

(1) Subparagraph (A) of section 1251(b)(5) is amended to read as follows: " (A) CERTAIN CORPORATE TRANSACTIONS.—

" (i) I n the case of a transfer described in subsection (d)(3) to which section 3 7 1 (a), 3 7 4 (a), or 381 applies, the acquiring corporation shall succeed to and take into account as of the close of the day of distribution or transfer, the excess deductions account of the transferor. " (ii) I n the case of a transfer which is described in subsection (d)(3), which is in connection with a reorganization described in section 368(a)(1)(D), and which is not described in clause (i), the transferee corporati(Hi shall be deemed to have an excess deductions account in an amount equal to the amount in the excess deductions account of the transferor. The transferor's excess deductions account shall not be reduced by reason of the preceding sentence." (2) Paragraph (3) of section 1251(b) is amended by a d d i n g a t the end thereof the following: " I n the case of a corporation which has made or received a transfer described in clause (ii) of paragraph (5)(A), subtractions from the excess deductions account shall be determined, in such



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