Page:United States Statutes at Large Volume 94 Part 3.djvu/768

 94 STAT. 3412

Ante, p. 3389.

Ante, p. 3394.

PUBLIC LAW 96-589—DEC. 24, 1980 bankruptcy case or similar judicial proceedings commencing before January 1, 1982, then— (A) section 108(b)(2) of the such Code (relating to reduction of tax attributes), as so amended, shall be applied without regard to subparagraphs (A), (B), (C), and (E) thereof, and (B) the basis of any property shall not be reduced under section 1017 of such Code (relating to reduction in basis in connection with discharges of indebtedness), as so amended, below the fair market value of such property on the date the debt is discharged, (b) FOR SECTION 3 (RELATING TO RULES RELATING TO TITLE 11 CASES

Ante, p. 3397. Itse^^ ^^^ ^^^' Ante, p. 3401.

poR INDIVIDUALS).—The amendments made by section 3 shall apply to ^^y bankruptcy case commencing more than 90 days after the date of the enactment of this Act, (c) FOR SECTION 4 (RELATING TO CORPORATE REORGANIZATION PROVISIONS).—

(1) IN GENERAL.—The amendments made by section 4 shall apply to any bankruptcy case or similar judicial proceeding commencing after December 31, 1980. (2) EXCHANGES OF PROPERTY FOR ACCRUED INTEREST.—The

Ante, p. 3405.

amendments made by subsection (e) of section 4 (relating to treatment of property attributable to accrued interest) shall also apply to any exchange— (A) which occurs after December 31, 1980, and (B) which does not occur in a bankruptcy case or similar judicial proceeding (or in a proceeding under the Bankruptcy Act) commenced on or before December 31, 1980. (d) FOR SECTION 5 (RELATING TO MISCELLANEOUS CORPORATE AMENDMENTS).— (1) FOR SUBSECTION (a) (RELATING TO EXEMPTION FROM PERSONAL

HOLDING COMPANY TAX).—The amendments made by subsection (a) of section 5 shall apply to any bankruptcy case or similar judicial proceeding commenced after December 31, 1980. (2) FOR SUBSECTION (b) (RELATING TO REPEAL OF SPECIAL TREATMENT FOR CERTAIN RAILROAD REDEMPTIONS).—The amendments

made by subsection (b) of section 5 shall apply to stock which is issued after December 31, 1980 (other than stock issued pursuant to a plan of reorganization approved on or before that date). (3) FOR SUBSECTION (c) (RELATING TO APPLICATION OP i 2-MONTH

LIQUIDATION RULE).—The amendment made by subsection (c) of section 5 shall apply to any bankruptcy case or similar judicial proceeding commenced after December 31, 1980. (4) FOR SUBSECTION (d) (RELATING TO PERMITTING BANKRUPTCY

ESTATE TO BE SUBCHAPTER s SHAREHOLDER).—The amendment made by subsection (d) of section 5 shall apply to any bankruptcy Case commenced on or after October 1, 1979. (5) FOR SUBSECTION (e) (RELATING TO CERTAIN TRANSFERS TO

CONTROLLED CORPORATIONS).—The amendments made by subsection (e) of section 5 shall apply as provided in subsection (a) of this section. (6) FOR SUBSECTION (f) (RELATING TO EFFECT OF DEBT DISCHARGE ON EARNINGS AND PROFITS).—The amendment made by subsec-

Ante, p. 3407.

tion (f) of section 5 shall apply as provided in subsection (a) of this section. (e) FOR SECTION 6 (RELATING TO CHANGES IN TAX PROCEDURES).— The amendments made by section 6 shall take effect on October 1, 1979, but shall not apply to any proceeding under the Bankruptcy Act commenced before October 1, 1979.

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