106 STAT. 302 PUBLIC LAW 102-318-JULY 3, 1992 "(B) the distributee transfers any portion of the property received in such distribution to an eligible retirement plan, and "(C) in the case of a distribution of property other than money, the amount so transferred consists of the property distributed, then such distribution (to the extent so transferred) shall not be includible in gross income for the taxable year in which paid. "(2) MAXIMUM AMOUNT WHICH MAY BE ROLLED OVER.— In the case of any eligible rollover distribution, the maximum amount transferred to which paragraph (1) applies shall not exceed the portion of such distribution which is includible in gross income (determined without regard to paragraph (1)).
- (3) TRANSFER MUST BE MADE WITHIN GO DAYS OF RECEIPT.—
Paragraph (1) shall not apply to any transfer of a distribution made after the 60th day following the day on which the distributee received the property distributed. "(4) ELIGIBLE ROLLOVER DISTRIBUTION.—For purposes of this subsection, the term 'eligible rollover distribution' means any distribution to an employee of all or any portion of the balance to the credit of the employee in a qualified trust; except that such term shall not include— "(A) any distribution which is one of a series of substantially equal periodic payments (not less frequently than annually) made— "(i) for the life (or life expectancy) of the employee or the joint lives (or joint life expectancies) of the employee and the employee's designated beneficiary, or "(ii) for a specified period of 10 years or more, and "(B) any distribution to the extent such distribution is required under section 40 l(a)(9).
- (5) TRANSFER TREATED AS ROLLOVER CONTRIBUTION UNDER
SECTION 408.— For piuposes of this title, a transfer to an eligible retirement plan described in clause (i) or (ii) of paragraph (8)(B) resulting in any portion of a distribution being excluded from gross income under paragraph (1) shall be treated as a rollover contribution described in section 408(d)(3). "(6) SALES OF DISTRIBUTED PROPERTY. — For purposes of this subsection— "(A) TRANSFER OF PROCEEDS FROM SALE OF DISTRIBUTED PROPERTY TREATED AS TRANSFER OF DISTRIBUTED PROP- ERTY. —The transfer of an amount equal to any portion of the proceeds from the sale of property received in the distribution shall be treated as the transfer of property received in the distribution.
- (B) PROCEEDS ATTRIBUTABLE TO INCREASE IN VALUE.—
The excess of fair market value of property on sale over its fair market value on distribution shall be treated as property received in the distribution. "(C) DESIGNATION WHERE AMOUNT OF DISTRIBUTION EXCEEDS ROLLOVER CONTRIBUTION. —In any case where part or all of the distribution consists of property other than money—
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