PUBLIC LAW 94-452—OCT. 2, 1976
90 STAT. 1509
shareholders in a distribution which is certified by the Board under subsection (a), (b), or (c) of section 1101, until 5 years after the dist r i b u t i n g corporation notifies the Secretary or his delegate ( i n such manner and with such accompanying information as the Secretary or his delegate may by regulations prescribe) — " (1) that the final certification required by subsection (e) of section 1101 has been made, or (2) that such final certification will not be m a d e; and such assessment may be made notwithstanding any provision of law or rule of law which would otherwise prevent such assessment. " (c) ALLOCATION OF EARNINGS AND P R OF I T S, — " (1) DISTRIBUTION OF STOCK I N A CONTROLLED CORPORATION.—In
Regulations,
the case of a distribution by a qualified bank holding corporation under section 1101(a)(1) or (b)(1) of stock in a controlled corporation, proper allocation with respect to the earning and profits of the distributing corporation and the controlled corporation shall be made under regulations prescribed by the Secretary or his delegate. " (2) EXCHANGES DESCRIBED IN SECTION 1101(C)(2) OR (3).—In Regulations, the case of any exchange described in section 1101(c)(2) or (3), proper allocation with respect to the earnings and profits of the corporation transferring the property and the corporation receiving such property shall be made under regulations prescribed by the Secretary or his delegate. "(3)
DEFINITION OF CONTROLLED CORPORATION.—For purposes
of paragraph (1), the term 'controlled corporation' means a corporation with respect to which at least 80 percent of the total combined voting power of all classes of stock entitled to vote and at least 80 percent of the total number of shares of all other classes of stock is owned by the distributing qualified bank holding corporation. " (d) ITEMIZATION OF PROPERTY.—In any certification under this part, the Board shall make such specification and itemization of property as may be necessary to carry out the provisions of this part. 26 USC 1103. "SEC. 1103. DEFINITIONS. " (a) B A N K HOLDING C O M P A N Y; B A N K HOLDING COMPANY ACT.— 12 USC 1841 note. For purposes of this part — " (1) B A N K HOLDING COMPANY.—The term 'bank h o l d i n g com
p any ' means—• " (A) a bank holding company within the meaning of sec 12 USC 1841. tion 2(a) of the Bank H o l d i n g Company Act, or " (B) a bank holding company subsidiary within the meaning of section 2(d) of such Act. " (2) B A N K HOLDING COMPANY ACT.—The term ' B a n k H o l d i n g
Company Act' means the B a n k H o l d i n g Company Act of 1956, as amended through December 31, 1970 (12 U.S.C. 1841 et seq.).
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" (b) QUALIFIED B A N K HOLDING CORPORATION.—
" (1) IN GENERAL.—Except as provided in paragraph (2), for purposes of this part the term 'qualified bank holding corporation' means any corporation (as defined in section 7 7 0 1 (a)(3)) 26 USC 7701 which is a bank holding company and which holds prohibited property acquired by it—• " (A) on or before July 7, 1970, " (B) in a distribution in which gain to such corporation with respect to the receipt of such property was not recognized by reason of subsection (a) or (b) of section 1101, or
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