96 STAT. 2382
26 USC 1223.
PUBLIC LAW 97-448—JAN. 12, 1983 (i) by striking out "an exchange" and inserting in lieu thereof "a transfer", (ii) by striking out "the exchange" each place it appears and inserting in lieu thereof "the transfer", and (iii) by striking out "EXCHANGE" in the subsection heading and inserting in lieu thereof "TRANSFER". (C) Section 1223 (defining holding period of property) is amended by redesignating paragraph (12) as paragraph (13) and by inserting after paragraph (11) the following new paragraph: "(12) If— "(A) property is acquired by any person in a transfer to which section 1040 applies, "(B) such property is sold or otherwise disposed of by such person within 1 year after the decedent's death, and "(C) such sale or disposition is to a person who is a qualified heir (as defined in section 2032A(e)(l)) with respect to the decedent, then the person making such sale or other disposition shall be considered to have held such property for more than 1 year." (4) CLARIFICATION OF EFFECTIVE DATES.—
95 Stat. 306. 26 USC 2032A note.
95 Stat. 314.
26 USC 6166.
(A) Subparagraph (A) of section 421(k)(5) of the Economic Recovery Tax Act of 1981 is amended by striking out "subsections (b)(D, (c)(2), (j)(D, and (j)(2)" and inserting in lieu thereof "subsections (b)(D, (j)(D, and (j)(2) and the provisions of subparagraph (A) of section 2032A(c)('7) of the Internal Revenue Code of 1954 (as added by subsection (c)(2))". (B) Subparagraph (B) of section 421(k)(5) of the Economic Recovery Tax Act of 1981 is amended by striking out the second sentence and inserting in lieu thereof the following: "If the estate of any decedent would not qualify under section 2032A of the Internal Revenue Code of 1954 but for the amendments described in subparagraph (A) and the time for making an election under section 2032A with respect to such estate would (but for this sentence) expire after July 28, 1980, the time for making such election shall not expire before the close of February 16, 1982." (C)(i) Subparagraph (C) of section 421(k)(5) of the Economic Recovery Tax Act of 1981 is amended by striking out "within 6 months after the date of the enactment of this Act" and inserting in lieu thereof "at any time before February 17, 1982". (ii) Subparagraph (D) of section 421(k)(5) of the Economic Recovery Tax Act of 1981 is amended— (I) by striking out "within 6 months after such date of enactment" and inserting in lieu thereof "before February 17, 1982", and (II) by striking out "the date 6 months after such date of enactment" and inserting in lieu thereof "February 17, 1982". (c) AMENDMENTS RELATED TO SECTION 4 2 2. —
(1) Paragraph (3) of section 6166(b) (relating to farm houses and certain other structures taken into account) is amended by striking out "65-percent requirement" and inserting in lieu thereof "35-percent requirement".
�
