9 0 STAT. 1786 26 USC 1034.
PUBLIC LAW 94-455—OCT. 4, 1976 (D) Section 1034(i) (relating to involuntary convei"sions) is amended to read as follows: " ( i i) SPECIAL RULE FOR C O X D E M X A T I O X. — I n the case of the seizure,
requisition, or condemnation of a residence, or the sale or exchange of a residence under threat or imminence thereof, the provisions of this section, in lieu of section 1033 (relating to involuntary conversions), shall be applicable if the taxpayer so elects. I f such election is made, such seizure, requisition, or condemnation shall be treated as the sale of the residence. Such election shall be made at such time and in such manner as the Secretary shall prescribe by regulations." (E) Section 1034:(j) (relating to statute of limitations) is amended by striking out after December 31, 1950,". 26 USC 1037.
(130)
AMENDMENT
OF SECTION
IOST.—Section
1037(b)(1)
(relating to certain exchanges of United States obligations) is amended by striking out "section 1232(a)(2)(A) " and inserting in lieu thereof "section 1232(a)(2)(B) ". 26 USC 1051.
(131) AMENDMENT OF SECTION l o s i. — S e c t i o n 1051 ( r e l a t i n g to
property acquired before 1929 during affiliation) is amendea by striking out the last two sentences. (132) AMENDMENTS o r SECTION l o s i. —
26 USC 1081.
(A) Subsection (c) of section 1081 (relating to distributions required by the S E C) is amended to read as follows: " (c) DISTRIBUTION OF STOCK OR SECURITIES O N L Y. — I f the r e is dis-
^
tributed, in obedience to an order of the Securities and E x c h a n g e Commission, to a shareholder in a corporation which is a registered holding company or a majority-owned subsidiary company, stock or securities (other than stock or securities which are nonexempt property), without the surrender by such shareholder of stock or securities in such corporation, n o gain to the distributee from the receipt of the stock or securities so distributed shall be recognized." (B) Section 1081(f) (relating to conditions for application of section) is amended by striking out " E x c e p t in the case of a distribution described in subsection (c)(2), the provisions" and inserting in lieu thereof " The provisions", and by striking out "49 Stat. 820;". (C) Section 1081(g) (relating to applicability of other provisions) is amended by striking out " I f a distribution described in subsection (c)(2), or a n " and inserting in lieu thereof " I f an", and by striking out the comma after "Commission". (133) AMENDMENTS OF SECTION l o s s. —
26 USC 1083.
(A) Section 1083(a) is amended by striking out "49 Stat. 820;". (B) Section 1083(b) is amended by striking out "49 Stat. 804:". (C) Section 1083(e)(4) is amended by striking out "49 Stat. 820;". (134) REPEAL OF SECTION m i. — Part IX of subchapter O of
26 USC 1111.
chapter 1 (relating to distributions pursuant to orders enforcing the antitrust laws) is repealed. (135) AMENDMENTS OF SECTION 1201.—
26 USC 1201.
•
(A) Section 1201(a) (relating to the alternative tax on capital gain) is amended to read as follows: " (a) CORPORATIONS.—If for any taxable year a corporation has a net capital gain, then, in lieu of the tax imposed by sections 11, 511, 821 (a) or (c) and 8 3 1 (a), there is hereby imposed a tax (if such tax is less than the tax imposed by such sections) which shall consist of the sum of—
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