Page:United States Statutes at Large Volume 98 Part 1.djvu/945

 PUBLIC LAW 98-369—JULY 18, 1984

98 STAT. 897

(A) occurs by reason of the completion of the TransAlaska Oil Pipeline construction project, and (B) occurred after December 31, 1975, and before January 1, 1980, with respect to participants employed in Alaska, (2) no discrimination prohibited by section 401(a)(4) of such Code occurred with respect to such partial termination, and (3) the plan administrator establishes to the satisfaction of the Secretary of the Treasury or his delegate that the benefits of this section will not accrue to the employers under the plan. SEC. 553, DISTRIBUTION REQUIREMENTS FOR ACCOUNTS AND ANNUITIES OF AN INSURER IN A REHABILITATION PROCEEDING.

26 USC 401 note.

(a) IN GENERAL.—For purposes of sections 401(a)(9), 408(a)(6) and (7), and 408(b)(3) and (4) of the Internal Revenue Code of 1954— Ante, pp. 865, (1) a trust, custodial account, or annuity or other contract ^^'^• forming part of a pension or profit-sharing plan, or a retirement annuity, or (2) a grantor of an individual retirement account or an individual retirement annuity, shall not be treated as failing to meet the requirements of such sections if such account, annuity, or contract was issued by an insurance company which, on March 15, 1984, was a party to a rehabilitation proceeding under the applicable State insurance law. (b) LIMITATION.—Subsection (a) shall apply only during the period during which— (1) the insurance company continues to be a party to the proceeding described in subsection (a), and (2) distributions under the trust, custodial account, or annuity or other contract may not be made by reason of such proceeding. SEC. 554. EXTENSION OF TIME FOR REPAYMENT OF QUALIFIED REFUNDING LOANS.

Paragraph (2) of section 236(c) of the Tax Equity and Fiscal Responsibility Act of 1982 is amended by adding at the end thereof 26 USC 72 note. the following new subparagraph: "(D) SPECIAL RULE FOR NON-KEY EMPLOYEES.—In the case of a non-key employee (within the meaning of section 416(i)(2) of the Internal Revenue Code of 1954), this paragraph shall be applied by substituting 'January 1, 1985' for 'August 14, 1983 each place it appears." SEC. 555. TECHNICAL AMENDMENTS TO THE INCENTIVE STOCK OPTION PROVISIONS. (a) DETERMINATION OF FAIR MARKET VALUE.—

(1) IN GENERAL.—Subsection (c) of section 422A (relating to special rules) is amended by adding at the end thereof of the following new paragraph: "(10) FAIR MARKET VALUE.—For purposes of this section, the fair market value of stock shall be determined without regard to any restriction other than a restriction which, by its terms, will never lapse."

26 USC 422A.

(2) INCENTIVE STOCK OPTION AS AN ITEM OF TAX PREFERENCE.—

Paragraph (10) of section 57(a) (relating to items of tax prefer- 26 USC 57. ence) is amended by adding at the end thereof the following new sentence: "For purposes of this paragraph, the fair market value of a share of stock shall be determined without regard to

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