121 STAT. 2490
(2) Clause (iv) of section 54(g)(4)(C) is amended by striking ‘‘a cooperative described in section 927(a)(4)’’ and inserting ‘‘an organization to which part I of subchapter T (relating to tax treatment of cooperatives) applies which is engaged in the marketing of agricultural or horticultural products’’. (3) Paragraph (4) of section 245(c) is amended by adding at the end the following new subparagraph: ‘‘(C) FSC.—The term ‘FSC’ has the meaning given such term by section 922.’’. (4) Subsection (c) of section 245 is amended by inserting at the end the following new paragraph: ‘‘(5) REFERENCES TO PRIOR LAW.—Any reference in this subsection to section 922, 923, or 927 shall be treated as a reference to such section as in effect before its repeal by the FSC Repeal and Extraterritorial Income Exclusion Act of 2000.’’. (5) Paragraph (4) of section 275(a) is amended by striking ‘‘if’’ and all that follows and inserting ‘‘if the taxpayer chooses to take to any extent the benefits of section 901.’’. (6)(A) Subsection (a) of section 291 is amended by striking paragraph (4) and by redesignating paragraph (5) as paragraph (4). (B) Paragraph (1) of section 291(c) is amended by striking ‘‘subsection (a)(5)’’ and inserting ‘‘subsection (a)(4)’’. (7)(A) Paragraph (4) of section 441(b) is amended by striking ‘‘FSC or’’. (B) Subsection (h) of section 441 is amended— (i) by striking ‘‘FSC or’’ each place it appears, and (ii) by striking ‘‘FSC’S AND’’ in the heading thereof. (8) Subparagraph (B) of section 884(d)(2) is amended by inserting before the comma ‘‘(as in effect before their repeal by the FSC Repeal and Extraterritorial Income Exclusion Act of 2000)’’. (9) Section 901 is amended by striking subsection (h). (10) Clause (v) of section 904(d)(2)(B) is amended— (A) by inserting ‘‘and’’ at the end of subclause (I), by striking subclause (II), and by redesignating subclause (III) as subclause (II), (B) by striking ‘‘a FSC (or a former FSC)’’ in subclause (II) (as so redesignated) and inserting ‘‘a former FSC (as defined in section 922)’’, and (C) by adding at the end the following: ‘‘Any reference in subclause (II) to section 922, 923, or 927 shall be treated as a reference to such section as in effect before its repeal by the FSC Repeal and Extraterritorial Income Exclusion Act of 2000.’’. (11) Subsection (b) of section 906 is amended by striking paragraph (5) and redesignating paragraphs (6) and (7) as paragraphs (5) and (6), respectively. (12) Subparagraph (B) of section 936(f)(2) is amended by striking ‘‘FSC or’’. (13) Section 951 is amended by striking subsection (c) and by redesignating subsection (d) as subsection (c). (14) Subsection (b) of section 952 is amended by striking the second sentence. (15)(A) Paragraph (2) of section 956(c) is amended—
dkrause on GSDDPC44 with PUBLAW
26 USC 56.
VerDate Aug 31 2005
07:12 Jan 26, 2009
PUBLIC LAW 110–172—DEC. 29, 2007
Jkt 059194
PO 00002
Frm 01198
Fmt 6580
Sfmt 6581
M:\STATUTES\2007\59194PT2.001
APPS10
PsN: 59194PT2
�
