Page:United States Statutes at Large Volume 98 Part 1.djvu/834

 98 STAT. 786

26 USC 4943 •^o**-

PUBLIC LAW 98-369—JULY 18, 1984 the phrase 'or by a disquaUfled person' in the material preceding subparagraph (A)." (b) EFFECTIVE DATE.—The amendment made by subsection (a) shall apply to acquisitions after the date of the enactment of this Act.

SEC. 311. THE CONDUCTING OF CERTAIN GAMES OF CHANCE NOT TREATED AS UNRELATED TRADE OR BUSINESS. (a) GENERAL RULE.—For purposes of section 513 of the Internal 26 USC 513 note. Revenue Code of 1954 (defining unrelated trade or business), the term "unrelated trade or business" does not include any trade or business which consists of conducting any game of chance if— (1) such game of chance is conducted by a nonprofit organization, (2) the conducting of such game by such organization does not .a,5h»i\ violate any State or local law, and (3) as of October 5, 1983— (A) there was a State law in effect which permitted the conducting of such game of chance by such nonprofit organization, but (B) the conducting of such game of chance by organizations which were not nonprofit organizations would have .KM' violated such law. (b) EFFECTIVE DATE.—Subsection (a) shall apply to games of chance conducted after June 30, 1981, in taxable years ending after such date.

26 USC 4941 note.

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26 USC 507.

SEC. 312. TAX ON SELF-DEALING NOT TO APPLY TO CERTAIN STOCK PURCHASES. (a) GENERAL RULE.—Section 4941 of the Internal Revenue Code of 1954 (relating to taxes on self-dealing) shall not apply to the purchase during 1978 of stock from a private foundation (and to any note issued in connection with such purchase) if— (1) consideration for such purchase equaled or exceeded the fair market value of such stock, (2) the purchaser of such stock did not make any contribution to such foundation at any time during the 5-year period ending on the date of such purchase, (3) the aggregate contributions to such foundation by the purchaser before such date were less than $10,000 and less than 2 percent of the total contributions received by the foundation as of such date, and (4) such purchase was pursuant to the settlement of litigation involving the purchaser. (b) STATUTE OF LIMITATIONS.—If credit or refund of any overpayment of tax resulting from subsection (a) is prevented at any time before the close of the 1-year period beginning on the date of the enactment of this Act by the operation of any law or rule of law, refund or credit of such overpayment may, nevertheless, be made or allowed if claim therefor is filed before the close of such 1-year period. SEC. 313. PERSON CEASES TO BE SUBSTANTIAL CONTRIBUTOR AFTER 10 YEARS WITH NO CONNECTION TO FOUNDATION. (a) GENERAL RULE.—Paragraph (2) of section 507(d) (defining substantial contributor) is amended by adding at the end thereof the following new subparagraph:

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