9 0 STAT. 1638
PUBLIC LAW 94-455—OCT. 4, 1976 upon the filing of an appropriate pleading, the T a x Court may make the a p p r o p r i a t e declaration referred to i n paragraph (2). Such declaration shall have the force and effect of a decision of the T a x Court and shall be reviewable as such. "(2)
SCOPE OF DECLARATION.—The declaration r e f e r r e d to in
paragraph (1) shall be— " (A) in the case of a determination referred to in subparagraph (A) of paragraph (1), whether or not such determination is reasonable, and, if it is not reasonable, a determination of the issue set forth in subparagraph (A) (ii) of paragraph (1), and (B) in the case of a failure described in subparagraph (B) of paragraph (1), the determination of the issues set forth in subparagraph (A) of paragraph (1).
" (b) LIMITATIONS.—
" (1) PETITIONER.—A pleading may be filed under this section only by a petitioner who is a transferor or transferee of stock, securities, or property transferred in an exchange described in Section 367(a)(1). " (2) E X H A U S T I O N or ADMINISTRATIVE REMEDIES.—The T a x C o u r t
shall not issue a declaratory judgment or decree under this section in any proceeding unless it determines that the petitioner has exhausted administrative remedies available to h i m within the I n t e r n a l Revenue Service. A petitioner shall not be deemed to have exhausted his administrative remedies with respect to a failure by the Secretary to make a determination with respect to whether o r not an exchange described in section 367(a)(1) is in pursuance of a plan having as one of its principal purposes the avoidance of Federal income taxes before the expiration of 270 days after the request for such determination was made. "(3)
E X C H A N G E SHALL HAVE BEGUN.—No proceeding may be
maintained under this section unless the exchange is described i n section 3 6 7 (a)(1) with respect to which a decision of the T a x Court is sought has begun before the filing of the pleading. "(4)
T I M E TOR BRINGING ACTION.—If the Secretary sends by
certified or registered mail to the petitioners referred to in paragraph (1) notice of his determination with respect to whether or not a n exchange described in section 367(a)(1) is in pursuance of a plan having as one of its principal purposes the avoidance ^'a-v \ < r, ^
^^ Federal income taxes or with respect to the terms and conditions pursuant to which such an exchange will be determined not to be made in pursuance of such a plan, no proceeding may be initiated under this section by any petitioner unless the pleading is filed before the 91st day after the day after such notice is mailed to such petitioner. " (c) COMMISSIONERS.—The chief judge of the T a x Court may assign proceedings under this section to be heard by the commissioners of the court, and the court may authoiize a commissioner to make the decision of the court with respect to such proceeding, subject to such conditions and review as the court may by rule provide.". (2) T E C H N I C A L AND CONFORMING AMENDMENTS.—
26 USC 7482.
(A) Section 7482(b)(1) (relating to venue for review of T a x Court decisions) is amended by striking out "or" at the end of subparagraph (B), by striking o u t the period a t the end of subparagraph (C) and inserting in lieu thereof ", or ", and by inserting after subparagraph (C) the following new subparagraph: