PUBLIC LAW 98-369—JULY 18, 1984
98 STAT. 541
"(A) IN GENERAL.—Except as provided in subparagraph (B), the term 'debt instrument' means a bond, debenture, note, or certificate or other evidence of indebtedness. "(B) EXCEPTION FOR CERTAIN ANNUITY CONTRACTS.—The
term 'debt instrument' shall not include any annuity contract to which section 72 applies and which— "(i) depends (in whole or in substantial part) on the life expectancy of 1 or more individuals, or "(ii) is issued by an insurance company subject to tax under subchapter L— "(I) in a transaction in which there is no consideration other than cash or another annuity contract meeting the requirements of this clause, "(II) pursuant to the exercise of an election under an insurance contract by a beneficiary ' thereof on the death of the insured party under such contract, or "(III) in a transaction involving a qualified pension or employee benefit plan.
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"(2) ISSUE DATE.— "^^^ PUBLICLY OFFERED DEBT INSTRUMENTS.—In the CaSe of
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any debt instrument which is publicly offered, the term 'date of original issue' means the date on which the issue was first issued to the public. "(B) ISSUES NOT PUBLICLY OFFERED AND NOT ISSUED FOR
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PROPERTY.—In the case of any debt instrument to which section 1273(b)(2) applies, the term 'date of Original issue' means the date on which the debt instrument was sold by the issuer. "(C) OTHER DEBT INSTRUMENTS.—In the case of any debt instrument not described in subparagraph (A) or (B), the term 'date of original issue' means the date on which the debt instrument was issued in a sale or exchange. "(3) TAX-EXEMPT OBLIGATION.—The term 'tax-exempt obligation' means any obligation if— "(A) the interest on such obligation is not includible in gross income under section 103, or "(B) the interest on such obligation is exempt from tax (without regard to the identity of the holder) under any other provision of law. "(4) SPECIAL RULE FOR DETERMINATION OF ISSUE PRICE IN CASE OF EXCHANGE OF DEBT INSTRUMENTS IN REORGANIZATIONS.— "(A) IN GENERAL.—If—
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"(i) any debt instrument is issued pursuant to a plan of reorganization (within the meaning of section 368(a)(1)) for another debt instrument (hereinafter in this paragraph referred to as the 'old debt instrument'), and "(ii) the amount which (but for this paragraph) would be the issue price of the debt instrument so issued is less than the adjusted issue price of the old debt instrument, then the issue price of the debt instrument so issued shall be treated as equal to the adjusted issue price of the old debt instrument. "(B) DEFINITIONS.—For purposes of this paragraph—
Ante, p. 536. n?. \-.^'^
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