94 STAT. 2256
PUBLIC LAW 96-471—OCT. 19, 1980
SEC. 6. EFFECTIVE DATES. 26 USC 453 note. (a) FOR SECTIONS 2 AND 5. —
Ante, p. 2247.
Ante, p. 2251. Ante, p. 2252.
Ante, p. 304.
(1) IN GENERAL.—Except as otherwise provided in this subsection, the amendments made by sections 2 and 5 shall apply to dispositions made after the date of the enactment of this Act in taxable years ending after such date. (2) FoR SECTION 453(e).—Section 453(e) of the Internal Revenue Code of 1954 (as amended by section 2) shall apply to first dispositions made after May 14, 1980. (3) FOR SECTION 453(h).—Paragraphs (1) and (2) of section 453(h) of such Code (as amended by section 2) shall apply in the case of distributions of installment obligations after March 31, 1980. (4) FoR SECTION 453A.—Section 453A of the Internal Revenue Code of 1954 (as amended by section 2) shall apply to taxable years ending after the date of enactment of this Act. (5) FoR SECTION 453B(f).—Section 453B(0 of the Internal Revenue Code of 1954 (as amended by section 2) shall apply to installment obligations becoming unenforceable after the date of the enactment of this Act. (6) FOR SECTION 2(c).—The amendments made by section 2(c) shall take effect as if included in the amendments made by soction 403(b) of the Crude Oil Windfall Profit Tax Act of 1980. (7) SPECIAL RULE FOR APPLICATION OF FORMER SECTION 453 TO
CERTAIN DISPOSITIONS.—In the case of any disposition made on or before the date of the enactment of this Act in any taxable year ending after such date, the provisions of section 453(b) of the Ante, p. 2247. Internal Revenue Code of 1954, as in effect before such date, shall be applied with respect to such disposition without regard to— (A) paragraph (2) of such section 453(b), and (B) any requirement that more than I payment be received. 26 USC 691 note. (b) FoR SECTION 3.—The amendment made by section 3 shall apply in the case of decedents dying after the date of the enactment of this Act. 26 USC 1038 (c) FOR SECTION 4.—The amendment made by section 4 shall apply ^°^to acquisitions of real property by the taxpayer after the date of the enactment of this Act. Approved October 19, 1980.
LEGISLATIVE HISTORY: HOUSE REPORT No. 96-1042 (Comm. on Ways and Means). SENATE REPORT No. 96-1000 (Comm. on Finance). CONGRESSIONAL RECORD, Vol. 126 (1980): June 17, considered and passed House. Oct. 1, considered and passed Senate, amended. Oct. 2, House concurred in Senate amendments. WEEKLY COMPILATION OF PRESIDENTIAL DOCUMENTS, Vol. 16, No. 43: Oct. 20, Presidential statement.
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