Page:United States Statutes at Large Volume 95.djvu/252

 95 STAT. 226

Post, p. 246. 26 USC 381.

PUBLIC LAW 97-34—AUG. 13, 1981 (B) by striking out "6" and inserting in lieu thereof "14". SEC. 208. CARRYOVER OF RECOVERY ATTRIBUTE IN SECTION 381 TRANSACTIONS. Subsection (c) of section 381 is amended by adding at the end thereof the following new paragraph: "(28) METHOD OF COMPUTING RECOVERY ALLOWANCE FOR RECOV-

Ante, p. 203.

26 USC 168

ERY PROPERTY.—The acquiring corporation shall be treated as the distributor or transferor corporation for purposes of computing the deduction allowable under section 168(a) on property acquired in a distribution or transfer with respect to so much of the basis in the hands of the acquiring corporation as does not exceed the adjusted basis in the hands of the distributor or transferor corporation." SEC. 209. EFFECTIVE DATES. (a) GENERAL RULE.—Except as otherwise provided in this section, the amendments made by this subtitle shall apply to property placed in service after December 31, 1980, in taxable years ending after such date. (b) SPECIAL RULE FOR R R B PROPERTY.—The amendment made by subsection (c) of section 203 shall take effect on January 1, 1981, and shall apply with respect to taxable years ending after such date. (c) SPECIAL RULE FOR CARRYOVERS.—

94 Stat. 3464. 26 USC 172.

(1)(A) Except as provided in subparagraph (B), the amendments made by subsections (a) and (b) of section 207 shall apply to net operating losses in taxable years ending after December 31, 1975. (B) The amendments made by subparagraph (B)(i) of section 207(a)(2) shall take effect as if they had been included in the amendments made by section 1(a) of Public Law 96-595; except \^Y^Q^ ^jjg amendments made by such subparagraph shall apply only to net operating losses in taxable years ending after December 31, 1972. (2)(A) The amendments made by subsection (c)(1) of section 207 shall apply to unused credit years ending after December 31, 1973. (B) The amendment made by subsection (c)(2) of section 207 shall apply to unused credit years beginning after December 31, 1976. (C) The amendments m a d e by subsection (c)(3) of section 207 shall apply to u n u s e d credit year s e n d i n g after September 30, 1980.

26 USC 168 "ot®-

(d) SPECIAL RULE FOR P U B L I C U T I L I T I E S. — (1) TRANSITIONAL RULE FOR NORMALIZATION REQUIREMENTS.—If,

by the terms of the applicable rate order last entered before the date of the enactment of this Act by a regulatory commission having appropriate jurisdiction, a regulated public utility would (but for this provision) fail to meet the requirements of section 168(e)(3) of the Internal Revenue Code of 1954 with respect to roperty because, for an accounting period ending after Decemer 31, 1980, such public utility used a method of accounting other than a normalization method of accounting, such regulated public utility shall not fail to meet such requirements if, by the terms of its first rate order determining cost of service with respect to such property which becomes effective after the date of the enactment of this Act and on or before January 1, 1983, such regulated public utility uses a normalization method of account-

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