Subsections (a) and (b) ofsection
of the Tax Equity and Fiscal Responsibility Act of 1982, referred to in subsec. (b), are subsecs. (a) and (b) ofPub. L. 97–248
, title II, § 222,Sept. 3, 1982, 96 Stat. 478
, which amended sections
of this title.
1986—Subsec. (b). Pub. L. 99–514
struck out “337,” after “351,”.
1982—Subsec. (a). Pub. L. 97–248
substituted provision that a distribution shall be treated as in complete liquidation if the distribution is one of a series in redemption of all the stock pursuant to a plan for provision that a distribution was to be treated as in partial liquidation if the distribution was one of a series in redemption of all the stock pursuant to a plan, or the distribution was not essentially equivalent to a dividend, was in redemption of part of the stock pursuant to a plan, and occurred within the taxable year or the next taxable year of the plan being adopted, including but not limited to a distribution which met the requirements of former subsec. (b) of this section, and that for the purposes of sections
of this title, a partial liquidation included a redemption of stock to which section
of this title applied.
Subsec. (b). Pub. L. 97–248
added subsec. (b) and struck out former subsec. (b) which provided that a distribution was to be treated as in partial liquidation of a corporation if the distribution was attributable to the cessation of a business which had been carried on for the previous 5-year period and had not been acquired by the corporation in a transaction involving recognition of gain or loss during that time, and if the distributing corporation was actively involved in a trade or business immediately after the distribution under the terms described above for the business being liquidated, and that compliance with the above requirements would be determined without regard to whether or not the distribution was pro rata with respect to all the shareholders of the corporation.
Subsec. (c). Pub. L. 97–248
struck out subsec. (c) which provided that the fact that, with respect to a shareholder, a distribution qualified under section
by reason of section
would not be taken into account in determining whether the distribution, with respect to such shareholder, was also a distribution in partial liquidation of the corporation.
Amendment by Pub. 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.
Amendment by Pub. L. 97–248
applicable to distributions after Aug. 31, 1982, with exceptions for certain partial liquidations, see section 222(f) ofPub. L. 97–248
, set out as a note under section
of this title.