PUBLIC LAW 99-514—OCT. 22, 1986
100 STAT. 2711
tions to which this subparagraph applies shall not exceed $450,000,000. (52) TERMINATION.—This section shall not apply to any bond issued after December 31, 1990. SEC. 1318. DEFINITIONS, ETC., RELATING TO EFFECTIVE DATES AND TRANSITIONAL RULES.
For purposes of this subtitle— (1) 1954 CODE.—The term "1954 Code" means the Internal Revenue Code of 1954 as in effect on the day before the date of the enactment of this Act. (2) 1986 CODE.—The term "1986 Code" means the Internal Revenue Code of 1986 as amended by this Act. (3) BOND.—The term "bond" includes any obligation. (4) ADVANCE REFUND.—A bond shall be treated as issued to advance refund another bond if it is issued more than 90 days before the redemption of the refunded bond. (5) NET PROCEEDS.—The term "net proceeds" has the meaning given such term by section 150(a) of the 1986 Code. (6) CONTINUED APPLICATION OF THE 1954 CODE.—Nothing in
this subtitle shall be construed to exempt any bond from any provision of the 1954 Code by reason of a delay in (or exemption from) the application of any amendment made by subtitle A. (7) TREATMENT AS EXEMPT FACILITY.—Any bond which is treated as an exempt facility bond by section 1316 or 1317 shall not fail to be so treated by reason of subsection (b) of section 142 of the 1986 Code.
TITLE XIV—TRUSTS AND ESTATES; UNEARNED INCOME OF CERTAIN MINOR CHILDREN; GIFT AND ESTATE TAXES; GENERATION-SKIPPING TRANSFER TAX Subtitle A—Income Taxation of Trusts and Estates SEC. 1401. GRANTOR TREATED AS HOLDING ANY POWER OR INTEREST OF GRANTOR'S SPOUSE.
(a) IN GENERAL.—Section 672 (relating to definitions and rules) is amended by adding at the end thereof the following new subsection: "(e) GRANTOR TREATED AS HOLDING ANY POWER OR INTEREST OF GRANTOR'S SPOUSE.—For purposes of this subpart, if a grantor's
spouse is living with the grantor at the time of the creation of any power or interest held by such spouse, the grantor shall be treated as holding such power or interest." (b) EFFECTIVE DATE.—The amendment made by this section shall apply with respect to transfers in trust made after March 1, 1986. SEC. 1402. LIMITATIONS TO REVERSIONARY INTEREST RULE EXCEPTIONS.
(a) IN GENERAL.—Section 673 (relating to reversionary interest) is amended to read as follows:
�
