Page:United States Statutes at Large Volume 104 Part 2.djvu/916

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104 STAT. 1388-508 PUBLIC LAW 101-508 —NOV. 5, 1990 if) AMENDMENT RELATED TO SECTION 7401. —Paragraph (2) of section 6038(e) is amended by adding at the end thereof the following new sentence: "In the case of a specified foreign corporation (as defined in section 898), the taxable year of such corporation shall be treated as its annual accounting period." (g) AMENDMENTS RELATED TO SECTION 7506. — (1) The material preceding subclause (I) in section 4682(d)(3)(B)(i) is amended by striking "or produced" and inserting ", produced, or imported". (2) Subclause (I) of section 4682(d)(3)(B)(i) is amended to read as follows: "(I) the amount equal to the 1986 export percentage of the aggregate tax which would (but for this subsection and subsection (g)) be imposed by this subchapter with respect to the maximum quantity of ozone-depleting chemicals permitted to be manufactured or produced by such person during such calendar year under regulations prescribed by the Environmental Protection Agency (other than chemicals with respect to which subclause (II) applies),". (3) Subclause (II) of section 4682(d)(3)(B)(i) is amended by striking "tax imposed" and inserting "tax which would (but for this subsection and subsection (g)) be imposed". (4) Clause (i) of section 4682(d)(3)(B) is amended by striking the period at the end of subclause (II) and inserting ", and" and by adding at the end thereof the following new subclause: "(III) the aggregate tax which was imposed by this subchapter with respect to ozone-depleting chemicals imported by such person during the calendar year.". (5) The last sentence of clause (ii) of section 4682(d)(3)(B) is amended to read as follows: "The percentage determined under the preceding sentence shall be computed by taking into account the sum of such person's direct 1986 exports (as determined by the Environmental Protection Agency) and such person's indirect 1986 exports (as allocated to such person by such Agency in determining such person's consumption and production rights for ozone-depleting chemicals).". (h) AMENDMENT RELATED TO SECTION 7601.— Effective with respect to transfers after August 3, 1990, paragraph (3) of section 1031(f) is amended by striking "section 267(b)" and inserting "section 267(b) or 707(b)(l)". (i) AMENDMENT RELATED TO SECTION 7622. —Paragraph (4) of section 1253(d) is amended by striking "or any period of amortization under this section" and inserting under this section or any period of amortization under this subtitle for any payment described in this section". 0*) AMENDMENTS RELATED TO SECTION 7652. — (1) Subclause (II) of section 148(f)(4)(B)(i) is amended to read as follows: "(II) the requirements of paragraph (2) are met with respect to amounts not required to be spent as provided in subclause (I) (other than earnings on amounts in any bona fide debt service fund)." (2) The last sentence of clause (i) of section 148(f)(4)(B) is amended by striking "replacement fund" and all that follows and inserting "replacement fund, and gross proceeds which arise after such 6 months and which were not reasonably