Page:United States Statutes at Large Volume 96 Part 1.djvu/532

 96 STAT. 490

PUBLIC LAW 97-248—SEPT. 3, 1982 (A) the r e is, on July 22, 1982, a binding contract to acquire control (within the m e a n i n g of section 368(c) of such Code) of any financial institution, (B) the approval of one or more regulatory a u t h o r i t i e s is required in order to complete such acquisition, and (C) within 90 days after the date of the final approval of the last such regulatory authority g r a n t i n g final approval, a plan of complete liquidation of such financial institution is adopted, the n the purchasing corporation may elect not to have the amendments m a d e by this section apply to the acquisition pursuant to such contract. Subpart C—Miscellaneous Provisions SEC. 225. CLARI^MCATION OF SECTION 368(a)(1)(F).

26 USC 368. 26 USC 368 note.

(a) GENERAL RULE. — Subparagraph (F) of section 368(a)( 1) (defining reorganization) is amended by inserting "of one corporation" after "place of organization". (b) EFFECTIVE D A T E. — (1) IN GENERAL.—Except as provided in paragraph (2), the amendment made by subsection (a) shall apply with respect to transactions occurring after August 31, 1982. (2) P L A N S

ADOPTED ON OR BEFORE

AUGUST

SI,

1982.—The

amendment m a d e by subsection (a) shall not apply with respect to plans of reorganization adopted on or before August 31, 1982, but only if the transaction occurs before January 1, 1983. SEC. 226. AMENDMENTS RELATING TO BAILOUTS THROUGH USE OF HOLDING COMPANIES. (a) AMENDMENTS TO SECTION 304.— (1) COORDINATION OF SECTIONS 304 AND 351.—

26 USC 304.

(A) Subsection (b) of section 304 (relating to special rules for application of subsection (a)) is amended by adding a t the end thereof the following new p a r a g a p h: "(3) COORDINATION WITH SECTION 3 5 1. — "(A) PROPERTY TREATED AS RECEIVED IN REDEMPTION.—

Except as otherwise provided in this paragraph, subsection (a) (and not part III) shall apply to any property received in a distribution described in subsection (a). "(B) CERTAIN ASSUMPTIONS OF LIABILITY, ETC.—

"(i) IN GENERAL.—Subsection (a) shall not apply to any liability— "(I) assumed by the acquiring corporation, or "(II) to which the stock is subject, if such liability was incurred by the transferor to acquire the stock. For purposes of the preceding sentence, the term 'stock' means stock referred to in paragraph (1)(B) or (2)(A) of subsection (a).

"Stock."

"(ii) EXTENSION OF OBLIGATIONS, ETC.—For

purposes

of clause (i), a n extension, renewal, or refinancing of a liability which meets the requirements of clause (i) shall be treated as meeting such requirements. "(C) DISTRIBUTIONS INCIDENT TO FORMATION O F BANK HOLDING COMPANIES.—If—

,

"(i) pursuant to a plan, control of a b a n k is acquired and within 2 years after the date on which such control

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