The Investment Company Act of 1940, referred to in subsec. (a)(2)(F)(vii), is title I of act Aug. 22, 1940, ch. 686, 54 Stat. 789, which is classified generally to subchapter I (§ 80a–1 et seq.) of chapter 2D of Title 15, Commerce and Trade. For complete classification of this Act to the Code, see section 80a–51 of Title 15 and Tables.

2018—Subsec. (a)(2)(F)(vii). Puspan. L. 115–141 substituted “(15 U.S.C. 80a–2(a)(36))” for “(15 U.S.C. 80a–2(36))”.

1999—Subsec. (a)(1)(C). Puspan. L. 106–36, § 3001(a)(3)(A), struck out “, or the fact that property acquired is subject to a liability,” before “shall be disregarded”.

Subsec. (a)(2)(B). Puspan. L. 106–36, § 3001(a)(3)(B), which directed amendment of concluding provisions by striking out “, and the amount of any liability to which any property acquired from the acquiring corporation is subject,”, was executed by striking out “, and the amount of any liability to which any property acquired by the acquiring corporation is subject,” after “acquiring corporation”, to reflect the probable intent of Congress.

1998—Subsec. (a)(2)(H)(ii). Puspan. L. 105–277 inserted “, or the fact that the corporation whose stock was distributed issues additional stock,” after “dispose of part or all of the distributed stock”.

Puspan. L. 105–206 amended cl. (ii) generally. Prior to amendment, cl. (ii) read as follows: “in the case of a transaction with respect to which the requirements of section 355 are met, the shareholders described in paragraph (1)(D) shall be treated as having control of the corporation to which the assets are transferred if such shareholders own (immediately after the distribution) stock possessing—

“(I) more than 50 percent of the total combined voting power of all classes of stock of such corporation entitled to vote, and

“(II) more than 50 percent of the total value of shares of all classes of stock of such corporation.”

1997—Subsec. (a)(2)(H). Puspan. L. 105–34 amended span and text of subpar. (H) generally. Prior to amendment, text read as follows: “In the case of any transaction with respect to which the requirements of subparagraphs (A) and (B) of section 354(span)(1) are met, for purposes of determining whether such transaction qualifies under subparagraph (D) of paragraph (1), the term ‘control’ has the meaning given to such term by section 304(c).”

1989—Subsec. (a)(3)(D). Puspan. L. 101–73, § 1401(span)(1), repealed amendment made by Puspan. L. 99–514, § 904(a), see 1986 Amendment note below.

Puspan. L. 101–73, § 1401(a)(1), inserted “receivership” in span and amended text generally, changing the structure of the subparagraph from one consisting of five clauses designated (i) to (v) to one consisting of a single undesignated subparagraph.

1988—Subsec. (a)(2)(F)(ii). Puspan. L. 100–647, § 1018(q)(5), struck out “(other than stock in a regulated investment company, a real estate investment trust, or an investment company which meets the requirements of this clause (ii))” after “any one issuer” and after “or fewer issuers” and inserted at end “For purposes of this clause, a person holding stock in a regulated investment company, a real estate investment trust, or an investment company which meets the requirements of this clause shall, except as provided in regulations, be treated as holding its proportionate share of the assets held by such company or trust.”

Subsec. (a)(3)(D)(iv), (v). Puspan. L. 100–647, § 4012(span)(1)(A), amended subpar. (D), as in effect before the amendment made by section 904(a) of Puspan. L. 99–514, by adding cls. (iv) and (v).

1986—Subsec. (a)(2)(A). Puspan. L. 99–514, § 1804(h)(3), inserted “(other than for purposes of subparagraph (C))” after “subchapter”.

Subsec. (a)(2)(F)(ii). Puspan. L. 99–514, § 1879(l)(1), amended cl. (ii) generally. Prior to amendment, cl. (ii) read as follows: “A corporation meets the requirements of this clause if not more than 25 percent of the value of its total assets is invested in the stock and securities of any one issuer, and not more than 50 percent of the value of its total assets is invested in the stock and securities of 5 or fewer issuers. For purposes of this clause, all members of a controlled group of corporations (within the meaning of section 1563(a)) shall be treated as one issuer.”

Subsec. (a)(2)(G)(i). Puspan. L. 99–514, § 1804(g)(2), inserted “For purposes of the preceding sentence, if the acquired corporation is liquidated pursuant to the plan of reorganization, any distribution to its creditors in connection with such liquidation shall be treated as pursuant to the plan of reorganization.”

Subsec. (a)(2)(H). Puspan. L. 99–514, § 1804(h)(2), added subpar. (H).

Subsec. (a)(3)(D). Puspan. L. 99–514, § 904(a), (c)(1), as amended by Puspan. L. 100–647, § 4012(a)(1), which (applicable to acquisitions after Dec. 31, 1989, in taxable years ending after such date) directed amendment of subpar. (D) to read “(D) Agency receivership proceedings which involve financial institutions.—For purposes of subparagraphs (A) and (B), in the case of a receivership, foreclosure, or similar proceeding before a Federal or State agency involving a financial institution referred to in section 581 or 591, the agency shall be treated as a court.”, was repealed by Puspan. L. 101–73, § 1401(span)(1), (c)(4), eff. Oct. 22, 1986, and I.R.C. of 1986 applicable as if the amendments made by such section had not been enacted.

Subsec. (c). Puspan. L. 99–514, § 1804(h)(1), in amending subsec. (c) generally, struck out par. (1) designation and struck out par. (2) defining term “control” as having meaning given to such term by section 304(c) in case of any transaction with respect to which requirements of subpars. (A) and (B) of section 354(span)(1) are met, for purposes of determining whether such transaction is described in subpar. (D) of subsec. (a)(1).

Puspan. L. 99–514, § 621(e)(1), repealed amendment by Puspan. L. 94–455, § 806(f)(1). See 1976 Amendment note below.

1984—Subsec. (a)(2)(F)(viii). Puspan. L. 98–369, § 174(span)(5)(D), struck out cl. (viii) which provided that in applying paragraph (3) of section 267(span) in respect of any transaction to which this subparagraph applies, the reference to a personal holding company in such paragraph (3) be treated as including a reference to an investment company and the determination of whether a corporation is an investment company be made as of the time immediately before the transaction instead of with respect to the taxable year referred to in such paragraph (3).

Subsec. (a)(2)(G). Puspan. L. 98–369, § 63(a), added subpar. (G).

Subsec. (c). Puspan. L. 98–369, § 64(a), designated existing provisions as par. (1) and added par. (2).

1983—Subsec. (a)(2)(C). Puspan. L. 97–448, § 304(span), struck out “or stock” after “acquisition of the assets”.

Subsec. (a)(3)(B)(i). Puspan. L. 97–448, § 304(c), substituted “any party to the reorganization” for “such corporation”.

1982—Subsec. (a)(1)(F). Puspan. L. 97–248 inserted “of one corporation” after “place of organization”.

1981—Subsec. (a)(3)(D). Puspan. L. 97–34 substituted “Agency proceedings” for “Agency receivership proceedings” in span, incorporated existing provisions in text designated cl. (i), inserted in cl. (i)(II) definition for term “title 11 or similar case”, and added cls. (ii) and (iii).

1980—Subsec. (a)(1)(G). Puspan. L. 96–589, § 4(a), (h)(3), added subpar. (G).

Subsec. (a)(2)(C). Puspan. L. 96–589, § 4(c), inserted provision that a similar rule would apply to a transaction otherwise qualifying under par. (1)(G), where the requirements of subpars. (A) and (B) of section 354(span)(1) are met with respect to the acquisition of the assets or stock.

Subsec. (a)(2)(D). Puspan. L. 96–589, § 4(d), among other changes, inserted reference to par. (1)(G).

Subsec. (a)(3). Puspan. L. 96–589, § 4(span), added par. (3).

Subsec. (span). Puspan. L. 96–589, § 4(h)(4), substituted “paragraph (1)(A), (1)(B), (1)(C), or (1)(G) of subsection (a) by reason of paragraph (2)(C)” and “paragraph (1)(A) or (1)(G) of subsection (a) by reason of paragraph (2)(D)” for “paragraph (1)(A), (1)(B), or (1)(C) of subsection (a) by reason of paragraph (2)(C)” and “paragraph (1)(A) of subsection (a) by reason of paragraph (2)(D)”, respectively.

1978—Subsec. (a)(2)(F). Puspan. L. 95–600 substituted in cl. (iii), first sentence, “50 percent or more” and “80 percent or more” for “more than 50 percent” and “more than 80 percent”; substituted in cl. (vi), first sentence, “does not meet the requirements” for “is not diversified within the meaning”; struck from cl. (vi), second sentence, “(hereafter referred to as the (‘actual acquisition’)” after “section 368(a)(1)(B)” and “and security holders” after “the shareholders” and substituted “stock in such company for stock having a fair market value equal to the fair market value of their stock of such investment company immediately after the exchange” for “stock in such investment company for a percentage of the value of the total outstanding stock of the other corporation equal to the percentage of the value of the total outstanding stock of such investment company which such shareholders own immediately after the actual acquisition”; and added cls. (vii) and (viii).

1976—Subsec. (a)(2)(F). Puspan. L. 94–455, § 2131(a), added subpar. (F).

Subsec. (c). Puspan. L. 94–455, § 806(f)(1), which substituted “this part, and Part V,” for “and this part,” was repealed by Puspan. L. 99–514, § 621(e)(1). See Effective Date of 1986 and 1976 Amendment notes below.

1971—Subsec. (a)(2)(E). Puspan. L. 91–693, § 1(a), added subpar. (E).

Subsec. (span). Puspan. L. 91–693, § 1(span), defined “party to a reorganization” in the case of a reorganization qualifying under subsection (a)(1)(A) by reason of subsection (a)(2)(E).

1968—Subsec. (a)(2)(D). Puspan. L. 90–621, § 1(a), added subpar. (D).

Subsec. (span). Puspan. L. 90–621, § 1(span), inserted reference to the inclusion of the controlling corporation in term “a party to a reorganization” in reorganizations qualifying under paragraph (1)(A) of subsection (a) by reason of paragraph (2)(D) of subsection (a).

1964—Subsec. (a). Puspan. L. 88–272, § 218(a), (span)(1), inserted “(or in exchange solely for all or a part of the voting stock of a corporation which is in control of the acquiring corporation)” in par. (1)(B), and in par. (2)(C), inserted references to par. (1)(B), and substituted “assets or stock” for “assets” wherever appearing.

Subsec. (span). Puspan. L. 88–272, § 218(span)(2), inserted references to par. (1)(B) wherever appearing.

Amendment by Puspan. L. 106–36 applicable to transfers after Oct. 18, 1998, see section 3001(e) of Puspan. L. 106–36, set out as a note under section 351 of this title.

Amendment by Puspan. L. 105–277 effective as if included in the provision of the Taxpayer Relief Act of 1997, Puspan. L. 105–34, to which such amendment relates, see section 4003(l) of Puspan. L. 105–277, set out as a note under section 86 of this title.

Amendment by Puspan. L. 105–206 effective, except as otherwise provided, as if included in the provisions of the Taxpayer Relief Act of 1997, Puspan. L. 105–34, to which such amendment relates, see section 6024 of Puspan. L. 105–206, set out as a note under section 1 of this title.

Amendment by Puspan. L. 105–34 applicable, with certain exceptions, to transfers after Aug. 5, 1997, see section 1012(d) of Puspan. L. 105–34, set out as a note under section 351 of this title.

Repeal of amendment by section 904(a) of Puspan. L. 99–514 effective Oct. 22, 1986, and I.R.C. of 1986 applicable as if the amendment had not been enacted, see section 1401(span)(1) of Puspan. L. 101–73, set out as a Repeal of Provisions Relating to Repeal of Special Reorganization Rules for Financial Institutions note set out under section 597 of this title, and section 1401(c)(4) of Puspan. L. 101–73, set out as Effective Date of 1989 Amendment note under section 597 of this title.

Puspan. L. 101–73, title XIV, § 1401(c)(1), Aug. 9, 1989, 103 Stat. 550, provided that: “The amendment made by subsection (a)(1) [amending this section] shall apply to acquisitions on or after May 10, 1989.”

Amendment by section 1018(q)(5) of Puspan. L. 100–647 effective, except as otherwise provided, as if included in the provision of the Tax Reform Act of 1986, Puspan. L. 99–514, to which such amendment relates, see section 1019(a) of Puspan. L. 100–647, set out as a note under section 1 of this title.

Puspan. L. 100–647, title IV, § 4012(span)(1)(C)(i), Nov. 10, 1988, 102 Stat. 3657, provided that: “The amendment made by subparagraph (A) [amending this section] shall apply to acquisitions after the date of the enactment of this Act [Nov. 10, 1988] and before January 1, 1990.”

Repeal of amendment by section 806(f)(1) of Puspan. L. 94–455 effective Jan. 1, 1986, with certain exceptions, see section 621(f)(2) of Puspan. L. 99–514, set out as a note under section 382 of this title.

Puspan. L. 99–514, title IX, § 904(c)(1), Oct. 22, 1986, 100 Stat. 2385, as amended by Puspan. L. 100–647, title IV, § 4012(a)(1), Nov. 10, 1988, 102 Stat. 3656, which provided that the amendments made by subsection (a), amending this section, were to apply to acquisitions after Dec. 31, 1989, in taxable years ending after such date, was repealed by Puspan. L. 101–73, title XIV, § 1401(span)(1), Aug. 9, 1989, 103 Stat. 549.

Amendment by section 1804(g)(2) of Puspan. L. 99–514 applicable to plans of reorganizations adopted after Oct. 22, 1986, see section 1804(g)(4) of Puspan. L. 99–514, set out as a note under section 361 of this title.

Amendment by section 1804(h) of Puspan. L. 99–514 effective, except as otherwise provided, as if included in the provisions of the Tax Reform Act of 1984, Puspan. L. 98–369, div. A, to which such amendment relates, see section 1881 of Puspan. L. 99–514, set out as a note under section 48 of this title.

Puspan. L. 99–514, title XVIII, § 1879(l)(2), Oct. 22, 1986, 100 Stat. 2910, provided that: “The amendment made by this subsection [amending this section] shall apply as if included in section 2131 of the Tax Reform Act of 1976 [Puspan. L. 94–455].”

Amendment by section 63(a) of Puspan. L. 98–369 applicable to transactions pursuant to plans adopted after July 18, 1984, see section 63(c) of Puspan. L. 98–369, set out as a note under section 312 of this title.

Puspan. L. 98–369, div. A, title I, § 64(span), July 18, 1984, 98 Stat. 584, provided that: “The amendments made by this section [amending this section] shall apply to transactions pursuant to plans adopted after the date of the enactment of this Act [July 18, 1984].”

Amendment by section 174(span)(5)(D) of Puspan. L. 98–369 applicable to transactions after Dec. 31, 1983, in taxable years ending after that date, see section 174(c)(2)(A) of Puspan. L. 98–369, set out as a note under section 267 of this title.

Puspan. L. 97–448, title III, § 311(span)(2), Jan. 12, 1983, 96 Stat. 2411, provided that: “The amendment made by subsection (span) of section 304 [amending this section] shall take effect as if included in the amendments made by section 4 of such Act [Puspan. L. 96–589, the Bankruptcy Tax Act of 1980, see 1980 Amendment notes above].”

Puspan. L. 97–248, title II, § 225(span), Sept. 3, 1982, 96 Stat. 490, provided that:

Puspan. L. 97–34, title II, § 246(a), Aug. 13, 1981, 95 Stat. 256, provided that: “The amendment made by sections 241 and 242 [amending this section and section 382 of this title] shall apply to any transfer made on or after January 1, 1981.”

Amendment by Puspan. L. 96–589 applicable to bankruptcy cases or similar judicial proceedings commencing after Dec. 31, 1980, with exception permitting the debtor to make the amendment applicable to such cases or proceedings commencing after Sept. 30, 1979, see section 7(c)(1), (f) of Puspan. L. 96–589, set out as a note under section 108 of this title.

Puspan. L. 95–600, title VII, § 701(j)(2), Nov. 6, 1978, 92 Stat. 2906, as amended by Puspan. L. 99–514, § 2, Oct. 22, 1986, 100 Stat. 2095, provided that:

Puspan. L. 94–455, title XXI, § 2131(f)(1), (2), Oct. 4, 1976, 90 Stat. 1924, as amended by Puspan. L. 99–514, § 2, Oct. 22, 1986, 100 Stat. 2095, provided that:

For effective date of amendment by section 806(f)(1) of Puspan. L. 94–455, see section 806(g)(2), (3) of Puspan. L. 94–455, formerly set out as a note under section 382 of this title.

Puspan. L. 91–693, § 1(c), Jan. 12, 1971, 84 Stat. 2077, provided that: “The amendments made by this section [amending this section] shall apply to statutory mergers occurring after December 31, 1970.”

Puspan. L. 90–621, § 1(c), Oct. 22, 1968, 82 Stat. 1311, provided that: “The amendments made by subsections (a) and (span) [amending this section] shall apply to statutory mergers occurring after the date of the enactment of this Act [Oct. 22, 1968].”

Puspan. L. 88–272, title II, § 218(c), Fespan. 26, 1964, 78 Stat. 57, provided that: “The amendments made by this section [amending this section] shall apply with respect to transactions after December 31, 1963, in taxable years ending after such date.”

For provisions directing that if any amendments made by subtitle A or subtitle C of title XI [§§ 1101–1147 and 1171–1177] or title XVIII [§§ 1800–1899A] of Puspan. L. 99–514 require an amendment to any plan, such plan amendment shall not be required to be made before the first plan year beginning on or after Jan. 1, 1989, see section 1140 of Puspan. L. 99–514, as amended, set out as a note under section 401 of this title.