PUBLIC LAW 97-248—SEPT. 3, 1982
96 STAT. 489
"(3) DISTRIBUTEE DEFINED.—For purposes of t h i s subsection,
the term 'distributee' means only the corporation which meets the 80-percent stock ownership requirements specified in section 332(b)." (c) T E C H N I C A L AMENDMENTS. —
(1) Subparagraph (E) of section 168(e)(4) (relating to liquida- 95 Stat. 204. tion of subsidiary, etc.) is amended by adding a t the end thereof the following new sentence: "A similar rule shall apply in the case of a deemed liquidation under section 338." (2) Clause (i) of section 168(f)(10)(B) is amended by striking out "(other than a transaction with respect to which the basis is determined under section 334(b)(2))". (3) Paragraph (4) of section 318(b) is amended to read as 26 USC 318. follows: "(4) section 338(h)(3)(B) (relating to purchase of stock from subsidiaries, etc.);". (4) Paragraph (2) of section 336(b) is amended by striking out 26 USC 336. "334(b)(1)" each place it a p p e a r s and inserting in lieu thereof "334(b)". (5) Paragraph (2) of section 337(c) (relating to liquidations to 26 USC 337. which section 332 applies) is amended to read as follows: "(2) LIQUIDATIONS TO WHICH SECTION 332 APPLIES.—In the case
of any sale or exchange following the adoption of a plan of complete liquidation, if section 332 applies with respect to such liquidation, this section shall not apply." (6) Subsection (d) of section 337 is amended by striking out "subsection (c)(2)(A)" each place it a p p e a r s and inserting in lieu thereof "subsection (c)(2)". (7) Paragraph (1) of section 381(a) is amended by striking out ^6 USC 381. ", except in a case in which the basis of the assets distributed is determined under section 334(b)(2)". (8) Subparagraph (B) of section 617(h)(3) is amended by insert- 26 USC 617. ing "338," after "334(b),". (9) The table of sections for subpart B of part II of subchapter C of chapter 1 is amended by striking out the item relating to section 338 and inserting in lieu thereof the following: "Sec. 338. Certain stock purchases treated as asset acquisitions." (d) EFFECTIVE D A T E S. —
(1) IN GENERAL.—The amendments made by this section shall apply to any target corporation (within the m e a n i n g of section 338 of the I n t e r n a l Revenue Code of 1954 as added by this section) with respect to which the acquisition date (within the meaning of such section) occurs after August 31, 1982. (2) CERTAIN ACQUISITIONS BEFORE SEPTEMBER i,
1982.—If—
(A) an acquisition date under paragraph (1) occurred after August 31, 1980, and before September 1, 1982, (B) the target corporation (within the meaning of section 338 of such Code) is not liquidated before September 1, 1982, and (C) the purchasing corporation (within the meaning of section 338 of such Code) makes, not later than November 15, 1982, an election under section 338 of such Code, then the amendments made by this section shall apply to the acquisition of such target corporation. (3) CERTAIN ACQUISITIONS OF FINANCIAL INSTITUTIONS.—In any
case in which—
26 USC 338 note.
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