PUBLIC LAW 102-318—JULY 3, 1992 106 STAT. 303
- (i) the portion of the money or other property which
is to be treated as attributable to amounts not included in gross income, and "(ii) the portion of the money or other property which is to be treated as included in the rollover contribution, shall be determined on a ratable basis unless the taxpayer designates otherwise. Any designation under this subpsiragraph for a taxable year shall be made not later than the time prescribed by law for filing the return for such taxable year (including extensions thereof). Any such designation, once made, shall be irrevocable. "(D) NONRECOGNinON OF GAIN OR LOSS.— No gain or loss shall be recognized on any sale described in subparagraph (A) to the extent that an amount equal to the proceeds is transferred pursuant to paragraph (1). " (7) SPECIAL RULE FOR FROZEN DEPOSITS.— "(A) IN GENERAL.— The 60-day period described in paragraph (3) shall not— "(i) include any period during which the amount transferred to the employee is a frozen deposit, or "(ii) end earlier than 10 days after such amount ceases to be a frozen deposit. "(B) FROZEN DEPOSITS.— For purposes of this subparagraph, the term 'frozen deposit' means any deposit which may not be withdrawn because of—• "(i) the bankruptcy or insolvency of any financial institution, or "(ii) any requirement imposed by the State in which such institution is located by reason of the bankruptcy or insolvency (or threat thereof) of 1 or more financial institutions in such State. A deposit shall not be treated as a firozen deposit unless on at least 1 day during the 60-day period described in paragraph (3) (without regard to this paragraph) such deposit is described in the preceding sentence. "(8) DEFINITIONS. —For purposes of this subsection— "(A) QUALIFIED TRUST.— The term 'qualified trust' means an employees' trust described in section 401(a) which is exempt from tax under section 501(a). "(B) ELIGIBLE RETIREMENT PLAN.—The term 'eligible retirement plan' means— "(i) an individual retirement account described in section 408(a), "(ii) an individual retirement annuity described in section 408(b) (other than an endowment contract), "(iii) a qualified trust, and "(iv) an annuity plan described in section 403(a). " (9) ROLLOVER WHERE SPOUSE RECEIVES DISTRIBUTION AFTER DEATH OF EMPLOYEE.—I f any distribution attributable to an employee is paid to the spouse of the employee after the employ- ee's death, the preceding provisions of this subsection shall apply to such distribution in the same manner as if the spouse were the employee; except that a trust or plan described in clause (iii) or (iv) of paragraph (8)(B) shall not be treated as an eligible retirement plan with respect to such distribution. " (10) DENIAL OF AVERAGING FOR SUBSEQUENT DIS- TRIBUTIONS.— If paragraph (1) applies to any distribution paid
�
