Page:United States Statutes at Large Volume 98 Part 1.djvu/644

 98 STAT. 596 ';

PUBLIC LAW 98-369—JULY 18, 1984 "(E) certificates of trust or beneficial interests, or "(F) choses in action. "(3) REQUIREMENT THAT PROPERTY BE IDENTIFIED AND THAT EXCHANGE BE COMPLETED NOT MORE THAN 180 DAYS AFTER TRANS-

FER OF EXCHANGED PROPERTY.—For purposes of this subsection, any property received by the taxpayer shall be treated as property which is not like-kind property if— "(A) such property is not identified as property to be received in the exchange before the day which is 45 days after the date on which the taxpayer transfers the property relinquished in the exchange, or "(B) such property is received after the earlier of— "(i) the day which is 180 days after the date on which the taxpayer transfers the property relinquished in the exchange, or "(ii) the due date (determined with regard to extension) for the transferor's return of the tax imposed by this chapter for the taxable year in which the transfer of the relinquished property occurs." 26 USC 1031

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(b) EFFECTIVE DATES.—

(1) IN GENERAL.—Except as otherwise provided in this subsection, the amendment made by subsection (a) shall apply to transfers made after the date of the enactment of this Act in taxable years ending after such date. (2) BINDING CONTRACT EXCEPTION FOR TRANSFER OF PARTNER-

Ante, p. 595.

SHIP INTERESTS.—Paragraph (2)(D) of section 1031(a) of the Internal Revenue Code of 1954 (as amended by subsection (a)) shall not apply in the case of any exchange pursuant to a binding contract in effect on March 1, 1984, and at all times thereafter before the exchange. (3) REQUIREMENT THAT PROPERTY BE IDENTIFIED WITHIN 45 DAYS AND THAT EXCHANGE BE COMPLETED WITHIN 180 DAYS.—PARA-

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graph (3) of section 1031(a) of the Internal Revenue Code of 1954 (as amended by subsection (a)) shall apply— (A) to transfers after the date of the enactment of this Act, and (B) to transfers on or before such date of enactment if the property to be received in the exchange is not received before January 1, 1987. In the case of any transfer on or before the date of the enactment of this Act which the taxpayer treated as part of a likekind exchange, the period for assessing any deficiency of tax attributable to the amendment made by subsection (a) shall not expire before January 1, 1988. (4) SPECIAL RULE WHERE PROPERTY IDENTIFIED IN BINDING CON-

TRACT.—If the property to be received in the exchange is identified in a binding contract in effect on June 13, 1984, and at all times thereafter before the transfer, paragraph (3) shall be applied— (A) by substituting "January 1, 1989" for "January 1, 1987", and (B) by substituting "January 1, 1990" for "January 1, 1988". (5) SPECIAL RULE FOR LIKE-KIND EXCHANGE OF PARTNERSHIP

INTERESTS.—Paragraph (2)(D) of section 1031(a) of the Internal Revenue Code of 1954 (as amended by subsection (a)) shall not apply to any exchange of an interest as general partner pursu-

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