PUBLIC LAW 109–135—DEC. 21, 2005
119 STAT. 2631
(2) Clause (ii) of section 362(e)(2)(C) is amended to read as follows: ‘‘(ii) ELECTION.—Any election under clause (i) shall be made at such time and in such form and manner as the Secretary may prescribe, and, once made, shall be irrevocable.’’. (ee) AMENDMENT RELATED TO SECTION 840 OF THE ACT.—Subsection (d) of section 121 is amended— (1) by redesignating the paragraph (10) relating to property acquired from a decedent as paragraph (11) and by moving such paragraph to the end of such subsection, and (2) by amending the paragraph (10) relating to property acquired in like-kind exchange to read as follows: ‘‘(10) PROPERTY ACQUIRED IN LIKE-KIND EXCHANGE.—If a taxpayer acquires property in an exchange with respect to which gain is not recognized (in whole or in part) to the taxpayer under subsection (a) or (b) of section 1031, subsection (a) shall not apply to the sale or exchange of such property by such taxpayer (or by any person whose basis in such property is determined, in whole or in part, by reference to the basis in the hands of such taxpayer) during the 5-year period beginning with the date of such acquisition.’’. (ff) AMENDMENT RELATED TO SECTION 849 OF THE ACT.—Subsection (a) of section 849 of the American Jobs Creation Act of 2004 is amended by inserting ‘‘, and in the case of property treated as tax-exempt use property other than by reason of a lease, to property acquired after March 12, 2004’’ before the period at the end. (gg) AMENDMENT RELATED TO SECTION 884 OF THE ACT.— Subparagraph (B) of section 170(f)(12) is amended by adding at the end the following new clauses: ‘‘(v) Whether the donee organization provided any goods or services in consideration, in whole or in part, for the qualified vehicle. ‘‘(vi) A description and good faith estimate of the value of any goods or services referred to in clause (v) or, if such goods or services consist solely of intangible religious benefits (as defined in paragraph (8)(B)), a statement to that effect.’’. (hh) AMENDMENTS RELATED TO SECTION 885 OF THE ACT.— (1) Paragraph (2) of section 26(b) is amended by striking ‘‘and’’ at the end of subparagraph (R), by striking the period at the end of subparagraph (S) and inserting ‘‘, and’’, and by adding at the end the following new subparagraph: ‘‘(T) subsections (a)(1)(B)(i) and (b)(4)(A) of section 409A (relating to interest and additional tax with respect to certain deferred compensation).’’. (2) Clause (ii) of section 409A(a)(4)(C) is amended by striking ‘‘first’’. (3)(A) Notwithstanding section 885(d)(1) of the American Jobs Creation Act of 2004, subsection (b) of section 409A of the Internal Revenue Code of 1986 shall take effect on January 1, 2005. (B) Not later than 90 days after the date of the enactment of this Act, the Secretary of the Treasury shall issue guidance under which a nonqualified deferred compensation plan which is in violation of the requirements of section 409A(b) of such
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26 USC 362.
26 USC 470 note.
Effective date. 26 USC 409A note. Deadline. Guidance.
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