Page:United States Statutes at Large Volume 98 Part 1.djvu/1014

 98 STAT. 966

PUBLIC LAW 98-369—JULY 18, 1984 (3) PENALTY FOR FAILURE TO PROVIDE INFORMATION.—Section

97 Stat. 381. 26 USC 6678. Ante, p. 965.

6678(a)(3) (relating to failure to furnish certain statements) is amended by striking out "or" at the end of subparagraph (D), by inserting ' or" at the end of subparagraph (E), and by adding after subparagraph (E) the following new subparagraph: "(F) section 6031(b), 6034A, or 6037(b) (relating to statements furnished by certain pass-thru entities),". (4) CONFORMING AMENDMENT.—The table of sections for subpart A of III of subchapter A of chapter 61 is amended by adding after the item relating to section 6034 the following new item:

26 USC 6034A note.

(5) EFFECTIVE DATE.—The amendments made by this subsection shall apply to taxable years beginning after December 31, 1984.

"Sec. 6034A. Information to beneficiaries of estates and trusts."

26 USC 31 note.

SEC. 715. EFFECTIVE DATE.

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26 USC 1 note.

Any amendment made by this subtitle shall take effect as if included in the provision of the Tax Equity and Fiscal Responsibility Act of 1982 to which such amendment relates.

Subtitle B—Amendments Related to Subchapter S Revision Act of 1982; Etc. SEC. 721. TECHNICAL CORRECTIONS OF SUBCHAPTER S REVISION ACT OF 1982. (a) LIMITATION ON RECOGNITION OF GAIN IN THE CASE OF CERTAIN DISTRIBUTIONS.—

26 USC 1363.

(1) Section 1363 (relating to effect of election on corporation) is amended by adding at the end thereof the following new subsection: "(e) SUBSECTION (d) NOT TO APPLY TO COMPLETE LIQUIDATIONS AND

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REORGANIZATIONS.—Subsection (d) shall not apply to any distribution— "(1) of property in complete liquidation of the corporation, or "(2) to the extent it consists of property permitted by section 354, 355, or 356 to be received without the recognition of gain." (2) Subsection (d) of section 1363 is amended by striking out "If" and inserting in lieu thereof "Except as provided in subsection (e), i f. (b) COORDINATION WITH RULES RELATING TO INCOME FROM DISCHARGE OF INDEBTEDNESS.—

26 USC 108.

(1) Paragraph (2) of section 1363(c) (relating to elections of the S corporation) is amended by striking out subparagraph (A) and by redesignating subparagraphs (B), (C), and (D) as subparagraphs (A), (B), and (C), respectively. (2) Subsection (d) of section 108 (relating to income from discharge of indebtedness) is amended by redesignating paragraphs (7), (8), and (9) as paragraphs (8), (9), and (10), respectively, by striking out paragraph (6), and by inserting after paragraph (5) the following new paragraphs: "(6) SUBSECTIONS (a), (b), AND ( O TO BE APPLIED AT PARTNER

LEVEL.—In the case of a partnership, subsections (a), (b), and (c) shall be applied at the partner level. "(7) SPECIAL RULES FOR S CORPORATION.—

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