90 STAT. 1506
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PUBLIC LAW 94-452—OCT. 2, 1976 " (B) any preferred stock received has substantially the same terms as the preferred stock exchanged, and any securities received have substantially the same terms as the securities exchanged, then, except as provided in subsection (f), no gain to the shareholder or security holder from the receipt of such stock or such securities or such stock and securities shall be recognized. "(3)
Post, p. 1512.
other requirements, see subsection (a)(3). " (4) EXCEPTION.—This subsection shall not apply to any distribution by a corporation if such corporation, a corporation having control of such corporation, or a subsidiary of such corporation has made any distribution pursuant to subsection (a) or has made a n election under section 6158 with respect to prohibited property. "(5)
26 USC 2501. 26 USC 61.
P R O RATA AND OTHER REQUIREMENTS.—For p r o r a t a and
DISTRIBUTIONS INVOLVING GIFT
OR COMPENSATION.—In
the case of a distribution to which paragraph (1) o r (2) applies but which— " (A) results in a gift, see section 2501 and following, or
- '(B) has the effect of the payment of compensation, see
section 61. " (c) PROPERTY ACQUIRED A F T E R J U L Y 7, 1970.-—
26 USC 305, 332, 354, 356. 26 USC 368.
26 USC 332.
" (1) IN GENERAL.—Except as provided in paragraph s (2) and (3), subsection (a) or (b) shall not apply to— " (A) any property acquired by the distributing corporation after July 7, 1970, unless (i) gain to such corporation with respect to the receipt of such property was not recognized by reason of subsection (a) or (b), or (ii) such property was received by it in exchange for all of its stock in an exchange to which paragraph (2) or (3) applies, or (iii) such property was acquired by the distributing corporation in a transaction in which gain was not recognized under section 305(a) or section 332, or under section 354 or 356 (but only with respect to property permitted by section 354 or 356 to be received without the recognition of gain or loss) with respect to a reorganization described in section 3 6 8 (a)(1) (A), (B), (E), o r (F), o r " (B) any property which was acquired by the distributing corporation in a distribution with respect to stock acquired by such corporation after July 7, 1970, unless such stock was acquired by such corporation (i) in a distribution (with respect to stock held by it on July 7, 1970, o r with respect to stock in respect of which all previous applications of this clause are satisfied) with respect to which gain to it was not recognized by reason of subsection (a) or (b), or (ii) in exchange for all of its stock in an exchange to which paragraph (2) or (3) applies, or (iii) in a transaction in which gain was not recognized under section 305(a) or section 332, or under section 354 or 356 (but only with respect to property permitted by section 354 or 356 to be received without the recognition of gain or loss) with respect to a reorganization described in section 368(a)(1)(A), (B), (E), or (F), or " (C) any property acquired by the distributing corporation in a transaction in which gain was not recognized under section 332, unless such property was acquired from a corporation which, if it had been a qualified bank holding corporation, could have distributed such property under subsection (a)(1) o r (b)(1), or
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