Page:United States Statutes at Large Volume 98 Part 1.djvu/810

 98 STAT. 762

PUBLIC LAW 98-369—JULY 18, 1984 (ii) the adjusted reserves rate. (3) QuAUFiED LIFE INSURANCE COMPANY.—For purposes of this subsection, the term "qualified life insurance company" means any life insurance company which, as of December 31, 1983, had assets of less than $100,000,000 (determined in the same manner as under section 806(b)(3) of such Code). (4) SPECIAL RULES FOR CONTROLLED GROUPS.—For purposes of

Ante, p. 724.

applying the dollar limitations of paragraphs (2) and (3), rules similar to the rules of section 806(d) of such Code shall apply. (5) ELECTIONS.—Any election under paragraph (1) or (2)— (A) shall be made at such time and in such manner as the Secretary of the Treasury may prescribe, and (B) once made, shall be irrevocable. SEC. 217. OTHER SPECIAL RULES.

26 USC 814 note.

Ante, p. 744.

(a) N E W SECTION 8 1 4 TREATED AS CONTINUATION OF SECTION

819A.—For purposes of section 814 of the Internal Revenue Code of 1954 (relating to contiguous country branches of domestic life insurance companies)— (1) any election under section 819A of such Code (as in effect on the day before the date of the enactment of this Act) shall be treated as an election under such section 814, and (2) any reference to a provision of such section 814 shall be treated as including a reference to the corresponding provision of such section 819A.

26 USC 453B

(b) TREATMENT OF ELECTIONS U N D E R SECTION 453B(e)(2).—If a n

note. Ante, p. 755.

election is made under section 453B(e)(2) before January 1, 1984, ^i^h respect to any installment obligation, any income from such obligation shall be treated as attributable to a noninsurance business (as defined in section 806(c)(3) of the Internal Revenue Code of 1954).

Ante, p. 724. 26 USC 806 note.

(c) DETERMINATION OF TENTATIVE LICTI W H E R E CORPORATION MADE CERTAIN ACQUISITIONS IN 1980, 1981, 1982, AND 1983.—If—

(1) a corporation domiciled or having its principal place of business in Alabama, Arkansas, Oklahoma, or Texas acquired the assets of 1 or more insurance companies after 1979 and before April 1, 1983, and (2) the bases of such assets in the hands of the corporation were determined under section 3340t))(2) of the Internal Revenue Code of 1954 or such corporation made an election under section 338 of such Code with respect to such assets, then the tentative LICTI of the corporation holding such assets for taxable years beginning after December 31, 1983, shall, for purposes of determining the amount of the special deductions under section 806 of such Code, be increased by the deduction allowable under chapter 1 of such Code for the amortization of the cost of insurance contracts acquired in such asset acquisition (and any portion of any operations loss deduction attributable to such amortization). 26 USC 845 note.

Ante, p. 757.

26 USC 801 note.

(d) EFFECTIVE D A T E FOR N E W SECTION 8 4 5. —

(1) Subsection (a) of section 845 of the Internal Revenue Code of 1954 (as added by this title) shall apply with respect to any risk reinsured on or after September 27, 1983. (2) Subsection (b) of section 845 of such Code (as so added) shall apply with respect to risks reinsured after December 31, 1984. (e) TREATMENT OF CERTAIN COMPANIES OPERATING BOTH AS S TO C K

AND MUTUAL COMPANY.—If, during the 10-year period ending on

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