PUBLIC LAW 100-647—NOV. 10, 1988
102 STAT. 3755
assets of such company at all times during the taxable year consist of stock in 1 or more 25-percent owned banks. (d) 25-PERCENT OWNED BANK.—For purposes of this section, the term "25-percent owned bank" means any bank (as defined in section 581 of the 1986 Code) if at legist 25 percent of the stock of such bank (by vote and value) is owned by the bank holding company. SEC. 6281. AUTHORITY TO WAIVE APPRAISAL REQUIREMENT FOR CERTAIN CHARITABLE CONTRIBUTIONS OF PROPERTY.
26 USC 170 note.
Notwithstanding paragraph (2) of section 155(a) of the Tax Reform Act of 1984, the Secretary of the Tresisury or his delegate may in the regulations prescribed pursuant to such section waive the requirement of a qualified appraisal in the case of a qualified contribution (within the meaning of section 170(e)(3)(A) of the 1986 Code) of property described in section 1221(1) with a claimed value in excess of $5,000. SEC. 6282. DISTRIBUTIONS BY COOPERATIVE HOUSING CORPORATIONS.
(a) IN GENERAL.—Section 216 of the 1986 Code is amended by adding at the end thereof the following new subsection: "(e)
DISTRIBUTIONS BY COOPERATIVE HOUSING ASSOCIATIONS.—
Except as provided in regulations, no gain or loss shall be recognized on the distribution by a cooperative housing association of a dwelling unit to a stockholder in such corporation if such distribution is in exchange for the stockholder's stock in such corporation and such exchange qualifies for nonrecognition of gain under section 1034(f)." (b) EFFECTIVE DATE.—The amendment made by this section shall 26 USC 216 note. take effect as if included in the amendments made by section 631 of the Tax Reform Act of 1986.
Subtitle M—Miscellaneous Provisions SEC. 6301. REPEAL OF LIMIT ON LONG-TERM BONDS.
The last sentence of section 3102(a) of title 31, United States Code, is hereby repealed. SEC. 6302. ONE-YEAR EXTENSION OF CREDIT FOR PRODUCING FUEL FROM A NONCONVENTIONAL SOURCE.
Clauses (i) and (ii) of section 29(f)(l)(A) of the 1986 Code (relating to application of section) are each amended by striking out "January 1, 1990" and inserting in lieu thereof "January 1, 1991". SEC. 6303. CERTAIN DISCHARGE OF DEBT INCOME NOT INCLUDED IN ADJUSTED BOOK INCOME.
(a) GENERAL RULE.—Paragraph (2) of section 56(f) of the 1986 Code (defining adjusted net book income) is amended by redesignating subparagraph (I) as subparagraph (J) and by inserting after subparagraph (H) the following new subparagraph: "(I)
EXCLUSION OF CERTAIN INCOME FROM TRANSFER OF
STOCK FOR DEBT.—In determining adjusted net book income, there shall not be taken into account any income resulting from the transfer of stock by the corporation issuing such stock to a creditor in satisfaction of its indebtedness. The preceding sentence shall apply only in the case of a debtor in a title 11 case (as defined in section 108(d)(2)) or to the
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