title 11 or similar case
(3) Additional rules relating to title 11 and similar cases (A) Title 11 or similar case defined For purposes of this part, the term “title 11 or similar case” means— (i) a case under title 11 of the United States Code, or (ii) a receivership, foreclosure, or similar proceeding in a Federal or State court. (B) Transfer of assets in a title 11 or similar case In applying paragraph (1)(G), a transfer of the assets of a corporation shall be treated as made in a title 11 or similar case if and only if— (i) any party to the reorganization is under the jurisdiction of the court in such case, and (ii) the transfer is pursuant to a plan of reorganization approved by the court. (C) Reorganizations qualifying under paragraph (1)(G) and another provision If a transaction would (but for this subparagraph) qualify both— (i) under subparagraph (G) of paragraph (1), and (ii) under any other subparagraph of paragraph (1) or under section 332 or 351, then, for purposes of this subchapter (other than section 357(c)(1) ), such transaction shall be treated as qualifying only under subparagraph (G) of paragraph (1). (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. (E) Application of paragraph (2)(E)(ii) In the case of a title 11 or similar case, the requirement of clause (ii) of paragraph (2)(E) shall be treated as met if— (i) no former shareholder of the surviving corporation received any consideration for his stock, and (ii) the former creditors of the surviving corporation exchanged, for an amount of voting stock of the controlling corporation, debt of the surviving corporation which had a fair market value equal to 80 percent or more of the total fair market value of the debt of the surviving corporation.