92 STAT. 1258
PUBLIC LAW 95-458—OCT. 14, 1978 Paragraph (5) of section 402(a) of the I n t e r n a l Revenue Code of 1954 (relating to rollover amounts) is amended to read as follows:
26 USC 402.
" (5) R O L L O V E R AMOUNTS.— " (A) GENERAL RULE.—If—
" (i) the balance to the credit of a n employee in a qualified trust is paid to h i m i n a qualifying rollover distribution, " ( i i) the employee transfers any portion of the property h e receives i n such distribution to an eligible retirement plan, and " ( i i i) in the case of a distribution of property other than money, the amount so transferred consists of the property distributed, then such distribution ( to the extent so transferred) shall not be includible i n gross income for the taxable year i n which paid.
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"(B)
MAXIMUM AMOUNT W H I C H M A T BE ROLLED OVER.—
I n the case of any qualifying rollover distribution, the maximum a m o u n t transfer r e d to which subparagraph (A) applies shall not exceed the fair market value of all the property the employee receives in the distribution, reduced by the employee contributions.
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"(C)
TRANSFER MUST BE MADE W I T H I N 6 o DAYS OF RECEIPT.—
Subparagraph (A) shall not apply to any transfer of a distribution made after the 60th d a y following the d a y on which the employee received the property distributed. " (D) DEFINITIONS. — For purposes of this paragraph — "(i)
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'qualifying rollover distribution' means 1 o r more distributions— " (I) within 1 taxable year of the employee on account of a termination of the p l a n of which the t r u s t is a part or, in the case of a profit-sharing or stock bonus plan, a complete discontinuance of contributions under such plan, or " ( II) which constitute a lump sum distribution within the meaning of subsection (e)(4)(A) (determined without reference to subsection (e)(4)(B)).
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Q U A L I F Y I N G ROLLOVER DISTRIBUTION.—The term
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" ( i i) E M P L O Y E E CONTRIBUTIONS.—The term ' e m p l o y e e
26 USC 72. ' 26 USC 401. 26 USC 501.
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contributions'means— " (I) the excess of the amounts considered contributed by the employee (determined by a p p l y i n g section 7 2 (f)), over " ( II) any amounts theretofore distributed to the employee which were not includible in gross income. " ( i i i) QUALIFIED TRUST.—The term 'qualified t r u s t ' means an employees' t r u s t described i n section 401(a) which is exempt from tax under section 501(a). " ( i v) ELIGIBLE RETIREMENT P L A N. — The term 'eligible
^ ^.,. 26 USC 408.
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retirement p l a n ' means — " (I) a n individual retirement account described , in section 4 0 8 (a), " ( II) an individual retirement annuity described
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i n section 408(b) (other than a n endowment '•' contract),
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