96 STAT. 620
PUBLIC LAW 97-248—SEPT. 3, 1982 "(ii) is specified as a cash equivalent for purposes of this part in regulations prescribed by the Secretary. "(3) VALUE OF CASH EQUIVALENT.—Any cash equivalent shall be taken into account— "(A) in the case of a bearer obligation, at its face amount, and "(B) in the case of any other cash equivalent, at its fair market value." (b) CLERICAL AMENDMENT.—The table of parts for such subchapter A is amended by adding at the end thereof the following new item: "Part III. Special rules with respect to certain cash."
26 USC 6867 "°**-
(c) EFFECTIVE DATE.—The amendments made by subsections (a) and (b) shall take effect on the day after the date of the enactment of this Act.
Subtitle D—Administrative Summons 26 USC 7609.
SEC. 331. SPECIAL PROCEDURES FOR THIRD-PARTY SUMMONSES. (a) PROCEEDING To QuASH.—Paragraph (2) of section 7609(b) (relating to right to intervene; right to stay compliance) is amended to read as follows: "(2) PROCEEDING TO QUASH.—
"(A) IN GENERAL.—Notwithstanding any other law or rule of law, any person who is entitled to notice of a summons under subsection (a) shall have the right to begin a proceeding to quash such summons not later than the 20th day after the day such notice is given in the manner provided in subsection (a)(2). In any such proceeding, the Secretary may seek to compel compliance with the summons. "(B) REQUIREMENT OF NOTICE TO PERSON SUMMONED AND
TO SECRETARY.—If any person begins a proceeding under subparagraph (A) with respect to any summons, not later than the close of the 20-day period referred to in subparagraph (A) such person shall mail by registered or certified mail a copy of the petition to the person summoned and to such office as the Secretary may direct in the notice referred to in subsection (a)(1). "(C) INTERVENTION; ETC.—Notwithstanding any other law or rule of law, the person summoned shall have the right to intervene in any proceeding under subparagraph (A). Such person shall be bound by the decision in such proceeding (whether or not the person intervenes in such proceeding).' (b) RESTRICTION ON EXAMINATION.—Subsection (d) of section 7609 (relating to restriction on examination of records) is amended to read as follows: "(d) RESTRICTION ON EXAMINATION OF RECORDS.—No examination
of any records required to be produced under a summons as to which notice is required under subsection (a) may be made— "(1) before the close of the 23rd day after the day notice with respect to the summons is given in the manner provided in subsection (a)(2), or "(2) where a proceeding under subsection (b)(2)(A) was begun within the 20-day period referred to in such subsection and the requirements of subsection (b)(2)(B) have been met, except in accordance with an order of the court having jurisdiction of
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