Page:United States Statutes at Large Volume 94 Part 3.djvu/769

 PUBLIC LAW 96-589—DEC. 24, 1980

94 STAT. 3413

(f) ELECTION TO SUBSTITUTE SEPTEMBER 30, 1979, FOR DECEMBER 31, 1980.— (1) IN GENERAL.—The debtor (or debtors) in a bankruptcy case or similar judicial proceeding may (with the approval of the court) elect to apply subsections (a), (c), and (d) by substituting "September 30, 1979" for "December 31, 1980" each place it appears in such subsections. (2) EFFECT OF ELECTION.—Any election made under paragraph (1) with respect to any proceeding shall apply to all parties to the proceeding. (3) REVOCATION ONLY WITH CONSENT.—Any election under this subsection may be revoked only with the consent of the Secretary of the Treasury or his delegate. (4) TIME AND MANNER OP ELECTION.—Any election under this subsection shall be made at such time, and in such manner, as the Secretary of the Treasury or his delegate may by regulations prescribe. (g) DEFINITIONS.—For purposes of this section— (1) BANKRUPTCY CASE.—The term "bankruptcy case" means any case under title 11 of the United States Code (as recodified by Public Law 95-598). n use loi (2) SIMILAR JUDICIAL PROCEEDING.—The term "similar judicial ^' *^'? proceeding" means a receivership, foreclosure, or similar proceeding in a Federal or State court (as modified by section 368(a)(3)(D) of the Internal Revenue Code of 1954). Ante, p. 3402 Approved December 24, 1980.

LEGISLATIVE HISTORY: HOUSE REPORT: No. 96-833 (Comm. on Ways and Means). SENATE REPORT: No. 96-1035 (Comm. on Finance). CONGRESSIONAL RECORD, Vol. 126 (1980): Mar. 24, considered and passed House. Dec. 13, considered and passed Senate, amended; House agreed to Senate amendments.

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