PUBLIC LAW 103-66 —AUG. 10, 1993 107 STAT. 485 (B) QUALIFIED SECURITY. —For purposes of this paragraph, the term "qualified security^ means any security acquired— (i) by a floor specialist (as defined in section 1236(d)(2) of the Internal Revenue Code of 1986) in connection with the specialist's duties as a specialist on an exchange, but only if the security is one in which the specialist is registered with the exchange, or (ii) by a taxpayer who is a market maker in connection with the taiq)ayer's duties as a market maker, but only if— (I) the security is included on the National Association of Security Dealers Automated Quotation System, (II) the taxpayer is registered as a market maker in such security with the National Association of Security Dealers, and (III) as of the last day of the taxable year preceding the taxpayer's first taxable year ending on or after December 31, 1993, the taxpayer (or any predecessor) has been actively and regularly engaged as a market maker in such security for the 2-year period ending on such date (or, if shorter, the period beginning 61 days after the security was listed in such quotation system and ending on such date). SEC. 13224. CLARIFICATION OF TREATMENT OF CERTAIN FSUC 26 USC 165 note. FINANCIAL ASSISTANCE. (a) GENERAL RULE.—For purposes of chapter 1 of the Internal Revenue Code of 198&— (1) any FSLIC assistance with respect to any loss of principal, capital, or similar amount upon the disposition of anv asset shall be taken into account as compensation for such loss for purposes of section 165 of such Code, and (2) any FSLIC assistance with respect to any debt shall be taken into account for piu^ses of section 166, 585, or 593 of such Code in determining whether such debt is worthless (or the extent to which such debt is worthless) and in determining the amount of any addition to a reserve for bad debts arising from the worthlessness or partial worthlessness of such debts. (b) FSLIC ASSISTANCE. —For purposes of this section, the term "FSLIC assistance" means any assistance (or ri^ht to assistance) with respect to a domestic building and loan association (as defined in section 7701(a)(19) of such Code without regard to subparagraph (C) thereof) under section 406(f) of the National Housing Act or section 21A of the Federed Home Loan Bank Act (or under any similar provision of law). (c) EFFECTIVE DATE.— (1) IN GENERAL. — Except as otherwise provided in this subsection— (A) The provisions of this section shall apply to taxable years ending on or after March 4, 1991, out only with respect to FSLIC assistance not credited before March 4, 1991.
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