Page:United States Statutes at Large Volume 98 Part 1.djvu/713

 PUBLIC LAW 98-369—JULY 18, 1984

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(A) Section 7482(b)(1) (relating to venue for review of Tax Court decisions) is amended by striking out subparagraph (D) and by redesignating subparagraphs (E) and (F) as subparagraphs (D) and (E), respectively. (B) The table of sections for part IV of subchapter C of chapter 76 is amended by striking out the item relating to section 7477.

98 STAT. 665 26 USC 7482.

- (f) TRANSFERS TO AVOID INCOME TAX.—

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26 USC 1492.

(2) CONFORMING AMENDMENT.—Subsection (b) of section 1494

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(1) IN GENERAL.—Section 1492 (relating to nontaxable transfers) is amended— (A) by striking out paragraphs (2) and (3) and by inserting in lieu thereof— "(2) To a transfer— "(A) described in section 367, or "(B) not described in section 367 but with respect to which the taxpayer elects (before the transfer) the application of principles similar to the principles of section 367, or", and (B) by redesignating paragraph (4) as paragraph (3).

26 USC 1494.

(relating to abatement or refund) is amended to read as follows: "(b) ABATEMENT OR REFUND.—Under regulations prescribed by the Secretary, the tax may be abated, remitted, or refunded if the taxpayer, after the transfer, elects the application of principles similar to the principles of section 367." (g) EFFECTIVE DATES.— 26 USC 367 note'. (1) IN GENERAL.—The amendments made by this section shall apply to transfers or exchanges after December 31, 1984, in taxable years ending after such date. i*

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(2) SPECIAL RULE FOR CERTAIN TRANSFERS OF INTANGIBLES.—

(A) IN GENERAL.—If, after June 6, 1984, and before January 1, 1985, a United States person transfers any intangible property (within the meaning of section 936(h)(3)(B) of the Internal Revenue Code of 1954) to a foreign corporation or in a transfer described in section 1491, such transfer shall be treated for purposes of sections 367(a), 1492(2), and Ante, p. 662. 1494(b) of such Code as pursuant to a plan having as 1 of its -Supra. principal purposes the avoidance of Federal income tax. (B) WAIVER.—Subject to such terms and conditions as the -: J c Secretary of the Treasury or his delegate may prescribe, the Secretary may waive the application of subparagraph (A) with respect to any transfer. (3) RuuNG REQUEST BEFORE MARCH 1, 1984.—The amendments made by this section (and the provisions of paragraph (2) of this subsection) shall not apply to any transfer or exchange of property described in a request filed before March 1, 1984, under section 367(a), 1492(2), or 1494(b) of the Internal Revenue Code of 1954 (as in effect before such amendments). PART IV—MISCELLANEOUS FOREIGN CORPORATE PROVISIONS

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SEC. 132. AMENDMENTS RELATED TO FOREIGN PERSONAL HOLDING COMPANIES. (a) ATTRIBUTION FROM FAMILY MEMBERS AND PARTNERSHIPS.—

Section 554 (relating to stock ownership) is amended by adding at the end thereof the following new subsection:

26 USC 554.

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