98 STAT. 1024 26 USC 4662.
26 USC 4662 note. 94 Stat. 2797.
PUBLIC LAW 98-369—JULY 18, 1984
(B) Subparagraph (B) of section 4662(d)(2) is amended to read as follows: "(B) any person uses such substance as a qualified fertilizer substance,". (c) CONFORMING AMENDMENT.—Subsection (c) of section 4662 (relating to use by manufacturer, etc., considered sale) is amended by striking out "If' and inserting in lieu thereof "Except as provided in subsection (b), i f. (d) EFFECTIVE DATE.— (1) IN GENERAL.—The amendments made by this section shall take effect as if included in the amendments made by section 211(a) of the Hazardous Substance Response Revenue Act of 1980. (2) WAIVER OF LIMITATION.—If refund or credit of any overpayment of tax resulting from the application of the amendments made by this section is prevented at any time before the date which for one year after the date of the enactment of this Act by the operation of any law or rule of law (including res judicata), refund or credit of such overpayment (to the extent attributable to the application of such amendments) may, nevertheless, be made or allowed if claim therefor is filed on or before the date which for one year after the date of the enactment of this Act.
Subtitle C—Estate and Gift Tax Provisions
26 USC 6166.
SEC. 1021. DEFERRAL OF ESTATE TAXES FOR INTEREST IN HOLDING COMPANY WHICH OWNS STOCK IN CLOSELY HELD OPERATING COMPANY. (a) GENERAL RULE.—Subsection (b) of section 6166 (relating to extension of time for payment of estate tax where estate consists largely of interests in closely held business) is amended by adding at the end thereof the following new paragraph: "(8) STOCK IN HOLDING COMPANY COMPANY STOCK IN CERTAIN CASES.—
TREATED
AS
BUSINESS
"(A) IN GENERAL.—If the executor elects the benefits of this paragraph, then— "(i) HOLDING COMPANY STOCK TREATED AS BUSINESS
COMPANY STOCK.—For purposes of this section, the portion of the stock of any holding company which represents direct ownership (or indirect ownership through 1 or more other holding companies) by such company in a business company shall be deemed to be stock in such business company. "(ii) 5-YEAR DEFERRAL FOR PRINCIPAL NOT TO APPLY.— The executor shall be treated as having selected under subsection (a)(3) the date prescribed by section 6151(a). "(iii) 4-PERCENT INTEREST RATE NOT TO APPLY.—Section 6601(j) (relating to 4-percent rate of interest) shall not apply. "(B) ALL STOCK MUST BE NON-READILY-TRADABLE STOCK.—
No stock shall be taken into account for purposes of applying this paragraph unless it is non-readily-tradable stock (within the meaning of paragraph (7)(B)). "(C) APPLICATION OF VOTING STOCK REQUIREMENT OF PARA-
GRAPH (1)(c)(i).—For purposes of clause (i) of paragraph (1)(C), the deemed stock resulting from the application of
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