Page:United States Statutes at Large Volume 96 Part 2.djvu/364

 96 STAT. 1726

PUBLIC LAW 97-362—OCT. 25, 1982

Public Law 97-362 97th Congress An Act Oct. 25, 1982 [H.R. 47171

To reduce the amount of LIFO recapture in the case of certain plans of Hquidation adopted during 1982, to make adjustments in the net operating loss carryback and carryforward rules for the Federal National Mortgage Association, and for other purposes.

Miscellaneous

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

Revenue Act of 1982.

SECTION 1. SHORT TITLE; AMENDMENT OF 1954 CODE.

26 USC 1 note.

26 USC 1 et seq.

(a) SHORT TITLE.—This Act may be cited as the "Miscellaneous Revenue Act of 1982". (h) AMENDMENT OF 1954 CODE.—Except as otherwise expressly provided, whenever in this Act an amendment or repeal is expressed in terms of an amendment to, or repeal of, a section or other provision, the reference shall be considered to be made to a section or Other provision of the Internal Revenue Code of 1954.

TITLE I—TAX PROVISIONS SEC. 101. REDUCTION OF LIFO RECAPTURE AMOUNT WITH RESPECT TO CERTAIN PLANS OF LIQUIDATION ADOPTED DURING 1982.

26 USC 336 and note, 337, 453. 26 USC 336 note.

Subsection (b) of section 403 of the Crude Oil Windfall Profit Tax Act of 1980 (relating to effective date for recognition of gain on certain dispositions of LIFO inventories) is amended by adding at the end thereof the following new paragraph: "(4) P L A N S OF LIQUIDATION ADOPTED DURING 1982.— "(A) IN GENERAL.—If—

"(i) a corporation adopts a plan of liquidation during 1982, and "(ii) such liquidation is completed before January 1, 1984, then the LIFO recapture amount taken into account with respect to such liquidation under the amendments made by paragraphs (1) and (2) shall be reduced (but not below zero) by $1,000,000. "(B) MORE THAN i PLAN OF LIQUIDATION.—If a corporation

(or group of corporations treated as 1 corporation under subparagraph (C)) has more than 1 liquidation which qualifies under subparagraph (A), the dollar amount under such subparagraph shall apply to all such liquidations in the order in which the distributions, sales, and exchanges occur until such dollar amount is used up. "(C) APPLICATION TO MEMBERS OF CONTROLLED GROUP.—

"(i) IN GENERAL.—For purposes of this paragraph, all corporations which are competent members of the same controlled group of corporations at any time after December 31, 1981, and before January 1, 1984, shall be treated as 1 corporation.

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