(Aug. 16, 1954, ch. 736, 68A Stat. 102; Pub. L. 94–455, title XIX, § 1906(b)(13)(A),Oct. 4, 1976, 90 Stat. 1834; Pub. L. 99–514, title VI, § 631(e)(2), title XVIII, § 1804(e)(6)(A),Oct. 22, 1986, 100 Stat. 2273, 2803; Pub. L. 105–277, div. J, title III, § 3001(a), (b)(1),Oct. 21, 1998, 112 Stat. 2681–904; Pub. L. 108–357, title VIII, § 893(a),Oct. 22, 2004, 118 Stat. 1646; Pub. L. 109–135, title IV, § 412(v),Dec. 21, 2005, 119 Stat. 2638.)
2005—Subsec. (d)(1)(B). Pub. L. 109–135
substituted “distribution of property to which section
applies” for “distribution to which section
2004—Subsec. (d). Pub. L. 108–357
added subsec. (d).
1998—Subsec. (b). Pub. L. 105–277
, § 3001(b)(1), substituted “this section” for “subsection (a)” in introductory provisions.
Subsec. (c). Pub. L. 105–277
, § 3001(a), added subsec. (c).
1986—Subsec. (b)(1). Pub. L. 99–514
, § 1804(e)(6)(A), amended par. (1) generally. Prior to amendment, par. (1) read as follows: “the corporation receiving such property was, on the date of the adoption of the plan of liquidation, and has continued to be at all times until the receipt of the property, the owner of stock (in such other corporation) possessing at least 80 percent of the total combined voting power of all classes of stock entitled to vote and the owner of at least 80 percent of the total number of shares of all other classes of stock (except nonvoting stock which is limited and preferred as to dividends); and either”.
Subsec. (c). Pub. L. 99–514
, § 631(e)(2), struck out subsec. (c) containing special rule for indebtedness of subsidiary to parent in relation to complete liquidations of subsidiaries.
1976—Subsec. (b). Pub. L. 94–455
struck out “or his delegate” after “Secretary”.
Effective Date of 2004 Amendment
Pub. L. 108–357
, title VIII, § 893(b),Oct. 22, 2004, 118 Stat. 1647
, provided that: “The amendment made by this section [amending this section] shall apply to distributions in complete liquidation occurring on or after the date of the enactment of this Act [Oct. 22, 2004].”
Effective Date of 1998 Amendment
Pub. L. 105–277
, div. J, title III, § 3001(c),Oct. 21, 1998, 112 Stat. 2681–904
, provided that: “The amendments made by this section [amending this section and section
of this title] shall apply to distributions after May 21, 1998.”
Effective Date of 1986 Amendment
Amendment by section 631(e)(2) ofPub. L. 99–514
applicable to any distribution in complete liquidation, and any sale or exchange, made by a corporation after July 31, 1986, unless such corporation is completely liquidated before Jan. 1, 1987, any transaction described in section
of this title for which the acquisition date occurs after Dec. 31, 1986, and any distribution, not in complete liquidation, made after Dec. 31, 1986, with exceptions and special and transitional rules, see section 633 ofPub. L. 99–514
, set out as an Effective Date note under section
of this title.
Section 1804(e)(6)(B) ofPub. L. 99–514
“(i) In general.—Except as provided in clause (iii), the amendment made by subparagraph (A) [amending this section] shall apply with respect to plans of complete liquidation adopted after March 28, 1985.
“(ii) Certain distributions made after december 31, 1984.—Except as provided in clause (iii), the amendment made by subparagraph (A) shall also apply with respect to plans of complete liquidations adopted on or before March 28, 1985, pursuant to which any distribution is made in a taxable year beginning after December 31, 1984 (December 31, 1983, in the case of an affiliated group to which an election under section 60(b)(7) of the Tax Reform Act of 1984 [Pub. L. 98–369
, set out as a note under section
of this title] applies), but only if the liquidating corporation and any corporation which receives a distribution in complete liquidation of such corporation are members of an affiliated group of corporations filing a consolidated return for the taxable year which includes the date of the distribution.
“(iii) Transitional rule for affiliated groups.—The amendment made by subparagraph (A) shall not apply with respect to plans of complete liquidation if the liquidating corporation is a member of an affiliated group of corporations under section 60(b) (2), (5), (6), or (8) of the Tax Reform Act of 1984 [Pub. L. 98–369
, set out as a note under section
of this title], for all taxable years which include the date of any distribution pursuant to such plan.”
Plan Amendments Not Required Until January 1, 1989
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 Pub. 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 ofPub. L. 99–514
, as amended, set out as a note under section
of this title.