M^r--..'—.v-v
PUBLIC LAW 100-647—NOV. 10, 1988
102 STAT. 3587
"(1) IN GENERAL.—For purposes of this subtitle, any loan of a qualified work of art shall not be treated as a transfer (and the value of such qualified work of art shall be determined as if such loan had not been made) if— "(A) such loan is to an organization described in section 501(c)(3) and exempt from tax under section 501(c) (other than a private foundation), and "(B) the use of such work by such organization is related to the purpose or function constituting the basis for its exemption under section 501. "(2) DEFINITIONS.—For purposes of this section— "(A) QUALIFIED WORK OF ART.—The term 'qualified work of art' means any archaeological, historic, or creative tangible personal property. "(B) PRIVATE FOUNDATION.—The term 'private foundation' has the meaning given such term by section 509, except that such term shall not include any private operating foundation (as defined in section 4942(j)(3))." (B) The amendment made by subparagraph (A) shall apply to loans after July 31 1969. (3)(A) Subparagraph (B) of section 1563(d)(l) of the 1986 Code is amended by strilang out "subsection (e)(D" and inserting in lieu thereof "paragraphs (1), (2), and (3) of subsection (e)" (B) The amendment made by subparagraph (A) shall apply to taxable years beginning after the date of the enactment of this Act,
Loans,
26 USC 2503 "°**-
26 USC 1563 note-
(t) ADDITIONAL AMENDMENTS RELATED TO PENSION PLANS.— (1) AMENDMENTS RELATED TO SECTION I 8 2 6 OF THE REFORM
^cr^
(A) Section 72(s)(7) of the 1986 Code is amended by striking out "primary annuity" and inserting in lieu thereof "primary annuitant". (B) Section 72(q)(2)(B) of the 1986 Code is amended by striking out the last parenthesis. (C) Section 419A(f)(5) of the 1986 Code is amended by striking out "accounts" and inserting in lieu thereof "account". (D) Section 1826(c) of the Reform Act is amended by 26 USC 72 note. striking out "made" and inserting in lieu thereof "commencing". (2) AMENDMENTS RELATED TO SECTION 1 8 5 1 OF THE REFORM ACT.—
(A) Section 1851(a) of the Reform Act is amended by 26 USC 419A. striking out paragraph (4) thereof. (B) Subclause (U) of section 512(a)(3)(E)(ii) of the 1986 Code is amended, (i) by striking out "subclause (II)" and inserting in lieu thereof "subclause (I)", and (ii) by striking out the comma at the end thereof and inserting in lieu tflicrGOi 8, i36iriod (C) Section 419(a)(l) of the 1986 Code is amended by striking out "subchapter" and inserting in lieu thereof "chapter". (D) Subparagraph (B) of section 1851(a)(3) of the Reform Act is amended by inserting ", section 505, and section 26USe4l9A 4976(b)(l)(B)" after "section 419A". note. (3) AMENDMENTS RELATED TO SECTION 1852 O F THE REFORM ACT.—
�
