98 STAT. 972
PUBLIC LAW 98-369—JULY 18, 1984
26 USC 6362.
26 USC 1361
(5) Subparagraph (C) of section 6362(d)(2) is amended by striking out "electing small business corporation (within the meaning of section 1371(a))" and inserting in lieu thereof "an S corporation". (y) EFFECTIVE D A T E S. —
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(1) IN GENERAL.—Except as otherwise provided in this subsection, any amendment made by this section shall take effect as if 26 USC 1 note. included in the Subchapter S Revision Act of 1982. (2) AMENDMENT MADE BY SUBSECTION (b)(2).—Subparagraph Ante, p. 966. (C) of section 108(d)(7) of the Internal Revenue Code of 1954 (as amended by subsection (b)(2)) shall apply to contributions to capital after December 31, 1980, in taxable years ending after such date. (3) AMENDMENT MADE BY SUBSECTION (g)(1).—If— '^'•-•> .-. j,. (A) any portion of a qualified stock purchase is pursuant to a binding contract entered into on or after October 19, ^'1982, and before the date of the enactment of this Act, and (B) the purchasing corporation establishes by clear and convincing evidence that such contract was negotiated on the contemplation that, with respect to the deemed sale under section 338 of the Internal Revenue Code of 1954, paragraph (2) of section 1362(e) of such Code would apply, then the amendment made by paragraph (1) of subsection (g) shall not apply to such qualified stock purchase. (4) AMENDMENTS MADE BY SUBSECTION (1).—The amendments made by subsection (1) shall apply to any election under section 1362 of the Internal Revenue Code of 1954 (or any corresponding provision of prior law) made after October 19, 1982. (5) AMENDMENT MADE BY SUBSECTION (t).—If— (A) on or before the date of the enactment of this Act 50 percent or more of the stock of an S corporation has been sold or exchanged in 1 or more transactions, and (B) the person (or persons) acquiring such stock establish by clear and convincing evidence that such acquisitions were negotiated on the contemplation that paragraph (2) of section 1362(e) of the Internal Revenue Code of 1954 would apply to the S termination year in which such sales or exchanges occur, .Tf;5,i 'j8y r = then the amendment made by subsection (t) shall not apply to such S termination year. SEC. 722. MISCELLANEOUS PROVISIONS. (a)
26 USC 57.
f *; « * ' Ante, p. 620.
AMENDMENTS RELATED TO TECHNICAL CORRECTIONS ACT OF
1982.— (1) Paragraph (12) of section 57(a) (relating to accelerated cost recovery deduction) is amended— (A) by striking out "(or, in the case of property described in section 167(k), under section 167)" in subparagraph (A), and (B) by inserting "(or, in the case of property described in section 167(k), under section 167)" after "section 168(a)" in subparagraph (B). (2) Subparagraph (A) of section 1256(g)(l) (defining foreign currency contract) is amended by inserting after "delivery o f the following: ", or the settlement of which depends on the value of,".
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