Page:United States Statutes at Large Volume 98 Part 1.djvu/1077

 PUBLIC LAW 98-369—JULY 18, 1984

STAT. 1029

"(4) REFORMATIONS TO COMPLY WITH PARAGRAPH (2).—

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"(A) IN GENERAL.—A deduction shall be allowed under subsection (a) in respect of any qualified reformation (within the meaning of section 2055(e)(3)(B)). Ante, p. 1026. "(B) RULES SIMILAR TO SECTION 2055(e)(3) TO APPLY.—For

purposes of this paragraph, rules similar to the rules of section 2055(e)(3) shall apply." (d) TREATMENT OF CERTAIN CONTINGENCIES UNDER SECTION 664.— Section 664 (relating to charitable remainder trusts) is amended by 26 USC 664. adding at the end thereof the following subsection: "(f) CERTAIN CONTINGENCIES PERMITTED.— "(1) GENERAL RULE.—If a trust would,

but for a qualified contingency, meet the requirements of paragraph (1)(A) or (2)(A) of subsection (d), such trust shall be treated as meeting such requirements.

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"(2) VALUE DETERMINED WITHOUT REGARD TO QUALIFIED CON-

TINGENCY.—For purposes of determining the amount of any charitable contribution (or the actuarial value of any interest), a qualified contingency shall not be taken into account. "(3) QuAUFiED CONTINGENCY.—For purposes of this subsection, the term 'qualified contingency' means any provision of a trust which provides that, upon the happening of a contingency, the payments described in paragraph (1)(A) or (2)(A) of subsection (d) (as the case may be) will terminate not later than such payments would otherwise terminate under the trust." (e) EFFECTIVE DATE.— (1) SUBSECTIONS (a),

26 USC 2055

(b), AND (C).—The amendments made by note. subsections (a), (b), and (c) shall apply to reformations after December 31, 1978; except that such amendments shall not apply to any reformation to which section 2055(e)(3) of the Internal Revenue Code of 1954 (as in effect on the day before the date of the enactment of this Act) applies. For purposes of applying clause (iii) of section 2055(e)(3)(C) of such Code (as amended by this section), the 90th day described in such clause shall be treated as not occurring before the 90th day after the date of the enactment of this Act. (2) SUBSECTION (d).—The amendment made by subsection (d) shall apply to transfers after December 31, 1978. (3) STATUTE OF LIMITATIONS.—

(A) IN GENERAL.—If on the date of the enactment of this Act (or at any time before the date 1 year after such date of enactment), credit or refund of any overpayment of tax attributable to the amendments made by this section is barred by any law or rule of law, such credit or refund of such overpayment may nevertheless be made if claim therefor is filed before the date 1 year after the date of the enactment of this Act. (B) No INTEREST WHERE STATUTE CLOSED ON DATE OF EN-

ACTMENT.—In any case where the making of the credit or refund of the overpayment described in subparagraph (A) is barred on the date of the enactment of this Act, no interest shall be allowed with respect to such overpayment (or any related adjustment) for the period before the date 180 days after the date on which the Secretary of the Treasury (or his delegate) is notified that the reformation has occurred.

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