95 STAT. 254
PUBLIC LAW 97-34—AUG. 13, 1981
26 USC 471
SEC. 238. STUDY OF ACCOUNTING METHODS FOR INVENTORY.
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(a) STUDY.—The Secretary of the Treasury shall conduct a full and complete study of methods of tax accounting for inventory with a view toward the development of simplified methods. Such study shall include (but shall not be limited to) an examination of the last-in firstout method and the cash receipts and disbursements method. (b) REPORT.—Not later than December 31, 1982, the Secretary of the Treasury shall submit to the Committee on Ways and Means of the House of Representatives and to the Committee on Finance of the Senate a report on the study conducted under subsection (a), together with such recommendations as he deems appropriate.
Subtitle E—Savings and Loan Associations SEC.
26 USC 368.
241. REORGANIZATIONS INVOLVING FINANCIALLY TROUBLED THRIFT INSTITUTIONS. AMENDMENT OF SECTION 368(a)(3)(D).—Section 368(a)(3)(D) (relating
to agency receivership proceedings which involve financial institutions) is amended to read as follows: "(D) AGENCY PROCEEDINGS WHICH INVOLVE FINANCIAL INSTITUTIONS.—
"Title 11 or similar case."
"(i) For purpose of subparagraphs (A) and (B)— "(I) In the case of a receivership, foreclosure, or similar proceeding before a Federal or State agency involving a financial institution to which section 585 applies, the agency shall be treated as a court, and "(II) In the case of a financial institution to which section 593 applies, the term 'title 11 or similar case* means only a case in which the Board (which will be treated as the court in such case) makes the certification described in clause (ii). "(ii) A transaction otherwise meeting the requirements of subparagraph (G) of paragraph (1), in which the transferor corporation is a financial institution to which section 593 applies, will not be disqualified as a reorganization if no stock or securities of the corporation to which the assets are transferred (transferee) are received or distributed, but only if all of the following conditions are met: "(I) the requirements of subparagraphs (A) and (B) of section 354(b)(l) are met with respect to the acquisition of the assets, (II) substantially all of the liabilities of the transferor immediately before the transfer become, as a result of the transfer, liabilities of the transferee, and "(III) the Board certifies that the grounds set forth in section 1464(d)(6)(A)(i), (ii), or (iii) of title 12, United States Code, exist with respect to the transferor or will exist in the near future in the absence of action by the Board, "(iii) For purposes of this subparagraph, the 'Board' means the Federal Home Loan Bank Board or the Federal Savings and Loan Insurance Corporation or, if neither has supervisory authority with respect to the transferor, the equivalent State authority."
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