PUBLIC LAW 97-248—SEPT. 3, 1982
96 STAT. 487
"(1) any election under this section with respect to the first such purchase shall apply to each other such purchase, and "(2) no election may be m a d e under this section with respect to the second or subsequent such purchase if such a n election was not m a d e with respect to the first such purchase. "(g) ELECTION. —
"(1) W H E N MADE.—Except a s otherwise provided in regulations, a n election under this section shall be m a d e not later than 75 days after the acquisition date. "(2) M A N N E R. — A n election by the purchasing corporation under this section shall be m a d e in such m a n n e r as the Secretary shall by regulations prescribe. "(3) ELECTION
IRREVOCABLE.—An
election
by a
purchasing
corporation under this section, once made, shall be irrevocable. "(h)
DEFINITIONS
AND SPECIAL
RULES.—For
purposes
of
this
section— "(1) 12-MONTH ACQUISITION PERIOD.—The term '12-month acquisition period' means the 12-month period beginning with the date of the first acquisition by purchase of stock included in a qualified stock purchase. "(2) ACQUISITION DATE.—The term 'acquisition date' means, with respect to any corporation, the first day on which the r e is a qualified stock purchase with respect to the stock of such corporation. "(3) P U R C H A S E. —
"(A) IN GENERAL.—The term ' purchase ' means any acquisition of stock, b u t only if— "(i) the basis of the stock in the h and s of the purchasing corporation is not determined (I) in whole or in part by reference to the adjusted basis of such stock in the h and s of the person from whom acquired, or (II) under section 1014(a) (relating to property acquired from a 26 USC 1014. decedent), "(ii) the stock is not acquired in a n exchange to which section 351 applies, and "(iii) the stock is not acquired from a person the ownership of whose stock would, under section 318(a) (other than p a r a g a r a p h (4) thereof), be a t t r i b u t e d to the person acquiring such stock. "(B)
DEEMED
PURCHASE
OF STOCK
OF SUBSIDIARIES.—If
stock in a corporation is acquired by purchase (within the m e a n i n g of subparagraph (A)) and, as a result of such acquisition, the corporation making such purchase is t r e a t e d (by reason of section 318(a)) as owning stock in a 3rd corporation, the corporation making such purchase shall be t r e a t e d as having purchased such stock in such 3rd corporation. The corporation making such purchase shall be t r e a t e d as purchasing stock in the 3rd corporation by reason of the preceding sentence on the first day on which the purchasing corporation is considered under section 318(a) as owning such stock. "(4) CONSISTENCY PERIOD.—
"(A) IN GENERAL.—Except as provided in subparagraph (B), the term 'consistency period' means the period consisting o f ^ "(i) the 1-year period before the beginning of the 12-month acquisition period for the t a r g e t corporation,
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