PUBLIC LAW 94-455—OCT. 4, 1976
90 STAT. 1799
(D) Paragraph (2) of section 863(b) (relating to sources 26 USC 863. of income) is amended by striking out "sold" each place it appears and inserting in lieu thereof "sold or exchanged". (27) 972.—
AMENDMENTS CONFORMING TO THE REPEAL OF JSECTION
(A) Section 970(b)(1) (relating to inclusion of certain 26 USC 970. previously excluded amounts of subpart F income) is amended by striking out "application of section 972" and inserting in lieu thereof "treatment (under section 972 as in effect before the date of the enactment of the Tax Reform, Act of 1976) of two or more controlled foreign corporations which are export trade corporations as a single controlled ' •^•' ' • foreign corporation". (B) The table of sections for subpart G of part III of subchapter N of chapter 1 is amended by striking out the item relating to section 972. (28) AMENDMENTS CONFORMING TO THE AMENDMENT OF SECTION 1001.—
(A) Subsection (c) of section 331 is amended to read as 26 USC 331. follows: "(c)
CROSS REFERENCE.—
"For general rule for determination of the amount of gain or loss recognized, see section 1001." (B;) (i) Section 1002 (relating to recognition of gain or 26 USC 1002. loss) is repealed. (ii) The table of sections for part I of subchapter O of chapter 1 is amended by striking out the item relating to section 1002. (29) AMENDMENTS CONFORMING TO THE REPEAL OF SECTION 1020.—
(A) The third sentence of subsection (a) of section 1016 is 26 USC 101 amended by striking out "under section 1020" and inserting - \ in lieu thereof "under section 1020 (as in effect before the | date of the enactment of the Tax Reform Act of 1976)". Ante, p. 1520| (B) The table of sections for part II of subchapter O of -. ' chapter 1 is amended by striking out the item relating to; j section 1020. i
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(30) AMENDMENTS CONFORMING TO THE REPEAL OF SECTION 1022.—
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(A) Section 1016(a) is amended— 26 USC 1016 (i) by striking out paragraph (21), and (ii) by redesignating paragraphs (20) and (22) as paragraphs (19) and (20), respectively. (B) The amendment made by subparagraph (A)(i) shall 26 USC 1016; apply with respect to stock or securities acquired from a note. decedent dying after the date of the enactment of this Act. (C) The table of sections for part II of subchapter O of chapter 1 is amended by striking out the item relating to section 1022. (31) AMENDMENTS CONFORMING TO AMENDMENTS OF SECTION 1033.—
(A) Section 1260(d)(4)(B) is amended by striking out 26 USC 1250; "1033(a)(3)(A) " and inserting in lieu thereof "1033(a)(2) (B) Section 1250(d)(4)(C) and (D) are each amended by striking out "1033(a)(3)" and inserting in lieu thereof "1033(a)(2)".
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