Page:United States Statutes at Large Volume 96 Part 1.djvu/523

 PUBLIC LAW 97-248—SEPT. 3, 1982

96 STAT. 481

(8)(A) The heading and table of sections for subpart D of part II of subchapter C of chapter 1 a r e amended to read as follows: " Subpart D—Definition and Special Rule "Sec. 346. Definition and special rule."

(B) The item relating to subpart D in table of subparts for such part II is amended to read a s follows: "Subpart D—Definition and special rule." (f) EFFECTIVE D A T E S. —

26 USC 302 note.

(1) IN GENERAL.—The amendments made by this section shall apply to distributions after August 31, 1982. (2) EXCEPTIONS. — (A) R U L I N G REQUESTS.—The amendments

m a d e by t h i s

section shall not apply to distributions made by any corporation if— (i)(l) on July 22, 1982, the r e was a ruling request by such corporation pending with the I n t e r n a l Revenue Service as to w h e the r such distributions would qualify as a partial liquidation, or (II) within the period beginning on July 12, 1981, and ending on July 22, 1982, the I n t e r n a l Revenue Service g r a n t e d a ruling to such corporation that the distributions would qualify a s a partial liquidation, and (ii) such distributions a r e pursuant to a plan of partial liquidation adopted before October 1, 1982 (or, if later, 90 days after the date on which the I n t e r n a l Revenue Service g r a n t e d a ruling pursuant to the request described in clause (i)(I)). (B) P L A N S ADOPTED BEFORE JULY 23, 1982.—The amend -

m e n t s made by this section shall not apply to distributions made pursuant to a plan of partial liquidation adopted before July 23, 1982. (C) CONTROL ACQUIRED AFTER I 9 8 1 AND BEFORE JULY 23,

1982 —The amendments made by this section shall not apply to distributions made pursuant to a plan of partial liquidation adopted before October 1, 1982, w h e r e control of the corporation making the distributions was acquired after December 31, 1981, and before July 23, 1982. (D) T E N D E R OFFER OR BINDING CONTRACT OUTSTANDING ON JULY 22, 1982.—

(i) IN GENERAL.—The amendments made by this section shall not apply to distributions made by a corporation if— (I) such distributions a r e pursuant to a plan of liquidation adopted before October 1, 1982, and (II) control of such corporation was acquired after July 22, 1982, pursuant to a tender offer or binding contract outstanding on such date. (ii) EXTENSION OF TIME FOR ADOPTING PLAN WHERE ACQUISITION SUBJECT TO FEDERAL REGULATORY

APPROVAL.—If the acquisition described in clause (i)(II) is subject to approval by a Federal regulatory agency, clause (i) shall be applied by substituting for "October 1, 19S2" the date which is 90 days after the date on

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