Page:United States Statutes at Large Volume 94 Part 1.djvu/271

 PUBLIC LAW 96-222—APR. 1, 1980 (B) Paragraph (1) of section 1255(a) is amended by striking out all after subparagraph (B)(i) and inserting in lieu thereof the following: "(ii) the adjusted basis of such property, shall be treated as ordinary income. Such gain shall be recognized notwithstanding any other provision of this subtitle, except that this section shall not apply to the extent such gain is recognized as ordinary income under any other provision of this part." (C) Subsection (a)(9) of section 126 (relating to certain costsharing payments) is amended by inserting "or his delegate" after "Secretary of the Treasury. (D) Paragraph (2) of section 1255(b) (relating to special rules applicable to gain from disposition of section 126 property) is amended by striking out "(2)" and inserting in lieu thereof "(2) for purposes of sections 163(d), 170(e), 341(e)(12), 453(d)(4)(B), and 751(c),". (E) Paragraph (10) of section 126(a) (relating to certain cost-sharing payments) is amended by striking out "Any State program" and inserting in lieu thereof "Any program of a State, possession of the United States, a political subdivision of any of the foregoing, or the District of Columbia", (b) EFFECTIVE D A T E S. —

94 STAT. 221 26 USC 1255.

26 USC 126. 26 USC 1255.

26 USC 126.

26 USC 7456

(1) SPECIAL EFFECTIVE DATE FOR SUBSECTION (a)(1).—The ^°^^amendments made by subsection (a)(1) shall take effect on the date of the enactment of this Act. (2) GENERAL EFFECTIVE DATE.— For general effective date, see section 201. SEC. 106. AMENDMENTS RELATED TO TITLE VL (a) IN GENERAL.—

Post, p. 228.

(1) Paragraph (1) of section 172(b) (relating to net operating loss 26 USC 172. carrybacks and carryovers) is amended by redesignating the subparagraph (H) added by section 6010^X1) of the Revenue Act of 1978 as subparagraph (l). 92 Stat. 2892. (2) Subsection (a) of section 1016 (relating to adjustments of 26 USC ioi6. basis) is amended by redesignating the paragraph (21) added by section 601(b)(3) of the Revenue Act of 1978 as paragraph (22). (3) Paragraph (3) of section 601fl3) of the Revenue Act of 1978 is amended by striking out "by redesignating paragraph (23) as (22) and by inserting after paragraph (20)" and inserting in lieu thereof "by inserting before paragraph (23)". (4) Subsection (a) of section 1391 (defining general stock owner- 26 USC i39i. ship corporation) is amended— (A) by striking out", and" at the end of paragraph (1) and inserting in lieu thereof a semicolon, (B) by inserting "or" at the end of paragraph (4)(D)(ii), (C) by inserting "and" at the end of paragraph (4)(D)(iii), and (D) by inserting "and" at the end of paragraph (4)(E). (5) Subsection (c) of section 1392 is amended by striking out 26 USC 1392. "WHERE" in the subsection heading and inserting in lieu thereof "WHEN".

(6) Subparagraph (A) of section 172(b)(l) is amended by striking 26 USC 172. out "and {Hr and inserting in lieu thereof ", (H), and (I). (7) Subparagraph (B) of section 1720bXl) is amended by striking out "and (G)^' and inserting in lieu thereof "(G), and (I).

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