Amendments
1997—Subsec. (c). Puspan. L. 105–34, § 1131(span)(3), added subsec. (c).
Subsec. (d). Puspan. L. 105–34, § 1131(span)(5)(B), added subsec. (d).
1976—Puspan. L. 94–455 designated existing provisions as subsec. (a), added subsec. (a) heading “General rule”, and added subsec. (span).
Effective Date of 1976 Amendment
Puspan. L. 94–455, title XXI, § 2131(f)(3)–(5), Oct. 4, 1976, 90 Stat. 1924, 1925, provided that:“(3) Except as provided in paragraph (4), the amendments made by subsections (span) and (c) [amending this section and sections 722 and 723 of this title] shall apply to transfers made after February 17, 1976, in taxable years ending after such date.
“(4) The amendments made by subsections (span) and (c) shall not apply to transfers to a partnership made on or before the 90th day after the date of the enactment of this Act [Oct. 4, 1976] if—“(A) either—“(i) a ruling request with respect to such transfers was filed with the Internal Revenue Service before March 27, 1976, or
“(ii) a registration statement with respect to such transfers was filed with the Securities and Exchange Commission before March 27, 1976,
“(B) the securities transferred were deposited on or before the 60th day after the date of the enactment of this Act [Oct. 4, 1976], and
“(C) either—“(i) the aggregate value (determined as of the close of the 60th day referred to in subparagraph (B), or, if earlier, the close of the deposit period) of the securities so transferred does not exceed $100,000,000, or
“(ii) the securities transferred were all on deposit on February 29, 1976, pursuant to a registration statement referred to in subparagraph (A)(ii).
“(5) If no registration statement was required to be filed with the Securities and Exchange Commission with respect to the transfer of securities to any partnership, then paragraph (4) shall be applied to such transfers—“(A) as if paragraph (4) did not contain subparagraph (A)(ii) thereof, and
“(B) by substituting ‘$25,000,000’ for ‘$100,000,000’ in subparagraph (C)(i) thereof.”
