PUBLIC LAW 101-508 —NOV. 5, 1990 104 STAT. 1388-465 "(3) RELATED PERSON.— For purposes of this subsection, the term 'related person' means any person who is related (within the meaning of section 267(b) or 707(b)(l)) to the 10-percent owner." (2) TECHNICAL AMENDMENT.— Clause (x) of section 6724(d)(l)(B) is amended by striking "section 1060(b)", and inserting "subsection (b) or (e) of section 1060". (c) INFORMATION REQUIRED IN SECTION 338(h)(10) TRANSACTIONS. — (1) IN GENERAL. —Paragraph (10) of section 338(h) is amended by adding at the end thereof the following new subparagraph: " (C) INFORMATION REQUIRED TO BE FURNISHED TO THE SEC- RETARY.— Under regulations, where an election is made under subparagraph (A), the purchasing corporation and the common parent of the selling consolidated group shall, at such times and in such manner as may be provided in regulations, furnish to the Secretary the following information: "(i) The amount allocated under subsection (b)(5) to goodwill or going concern value. "(ii) Any modification of the amount described in clause (i). "(iii) Any other information as the Secretary deems necessary to carry out the provisions of this paragraph. " (2) CONFORMING AMENDMENT. —Subparagraph (B) of section 6724(d)(l) is amended by striking "or" at the end of clause (x), by striking the period at the end of clause (xi) and inserting ", or', and by inserting after clause (xi) the following new clause: "(xii) subparagraph (C) of section 338(h)(10) (relating to information required to be furnished to the Secretary in case of elective recognition of ggdn or loss)." (d) EFFECTIVE DATE.— 26 USC 338 note. (1) IN GENERAL.— Except as provided in paragraph (2), the amendments made by this section shall apply to acquisitions after October 9, 1990. (2) BINDING CONTRACT EXCEPTION. —The amendments made by this section shall not apply to any acquisition pursuant to a written binding contract in effect on October 9, 1990, and at all times thereafter before such acquisition. SEC. 11324. MODIFICATION TO CORPORATION EQUITY REDUCTION LIMITATIONS ON NET OPERATING LOSS CARRYBACKS. (a) REPEAL OF EXCEPTION FOR ACQUISITIONS OF SUBSIDIARIES. — Clause (ii) of section 172(m)(3)(B) (relating to exceptions) is amended to read as follows: "(ii) EXCEPTION.—The term 'major stock acquisition' does not include a qualified stock purchase (within the meaning of section 338) to which an election under section 338 applies." (b) EFFECTIVE DATE.— 26 USC 172 note. (1) IN GENERAL.— Except as provided in paragraph (2), the amendment made by subsection (a) shall apply to acquisitions after October 9, 1990. (2) BINDING CONTRACT EXCEPTION. —The amendment made by subsection (a) shall not apply to any acquisition pursuant to a written binding contract in effect on October 9, 1990, and at all times thereafter before such acquisition.
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