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TITLE 26-INTERNAL REVENUE CODE mined under section 334(b)(1)" for "under section 332 (relating to complete liquidations of subsidiaries) no gain or loss with respect to the receipt of such obliga- tion is recognized in the case of the recipient corpora- tion" in clause 0i), and, in the material following clause (ii), struck out provision requiring special treat- ment if the basis of the property of the liquidating corporation in the hands of the distributee is deter- mined under section 334(b)(2). Subsec. (d)(4)(A), (B). Pub, L. 89-570 included refer- ence to section 617(d)(1). 1964-Subsec. (a). Pub. L. 88-539, § 3(a), designated existing provisions as par. (1) and added par. (2). Subsec. (d)(4). Pub. L. 88-484 inserteA references to section 341(f) in clauses (A) and (B). Pub. L. 88-272, § 231(b)(5), inserted references to sec- tion 1250(a) in pars. (A) and (B). Subsec. (e). Pub. L. 88-539, § 3(b), substituted provi- sions relating to carrying charges or interest with re- spect to sales of personal property for provisions which included revolving credit type loans within the definition of "installment plan". Pub. L. 88-272, § 222(a), added subsec. (e). 1962-Subsec. (d)(4)(A). Pub. L. 87-834, § 13(f)(5)(A), inserted sentence making subpar. (A) inapplicable, if the basis of the property of the liquidating corpora- tion in the hands of the distributee is determined under section 334(b)(2), to the extent that under par. (1) gain to the distributing corporation would be con- sidered as gain to which section 1245(a) applies. Subsec. (d)(4)(B). Pub. L. 87-834, § 13(f)(5)(B), in- serted sentence making subpar. (B) inapplicable to the extent that under par. (1) gain to the distributing cor- poration would be considered as gain to which section 1245(a) applies. 1958-Subsec. (d)(5). Pub. L. 85-866 added subsec. (d)(5). EFFECTIVE DATE OF 1976 AMENDMENT Amendment of subsec. (b)(2) by section 1951(b)(7)(A) of Pub. L. 94-455 effective, except as otherwise expressly provided [see section 1951(b)(7)(B) of Pub. L. 94-455, set out as a Savings Provision note under this section], for taxable years beginning after Dec. 31, 1976, see section 1951(d) of Pub. L. 94-455, set out as an Effective Date of 1976 Amendment note under section 72 of this title. Amendment of subsecs. (c)(3) and (d)(4)(B) by sec- tion 1901(a)(66)(A) and (B), respectively, of Pub. L. 94- 455 effective for taxable years beginning after Dec. 31, 1976, see section 1901(d) of Pub. L. 94-455, set out as an Effective Date of 1076 Amendment note under sec- tion 2 of this title. Amendment of subsec. (d)(4)(B) by section 205(c)(1)(E) of Pub. L. 94-455 effective for taxable years ending after Dec. 31, 1975, see section 205(e) of Pub. L. 94-455, set out as an Effective Date of 1976 Amendment note under section 1254 of this title. EFFECTIVE DATE OF 1969 AMENDMENT Section 412(b) of Pub. L. 91-172 provided that: "The amendment made by subsection (a) [adding subsec. (b)(3)] shall apply to sales or other dispositions occur- ring after May 27, 1969, which are not made pursuant to a binding written contract entered into on or before such date." Amendment of subsec. (c)(3) of this section by sec- tion 301(b)(7) of Pub. L. 91-172 applicable to taxable years ending after Dec. 31, 1969, see section 301(c) of Pub. L. 91-172, set out as an Effective Date note under section 56 of this title. Section 916(b) of Pub. L. 91-172 provided that: "The amendment made by subsection (a) [adding pars. (4) and (5) to subsec. (c) of this section] shall apply to an election made for any year of change (as defined in section 453(c)(1) of the Internal Revenue Code of 1954 (subsec. (c)(1) of this section) ending on or after the date of the enactment of this Act [Dec. 30, 1969], and shall also apply to any such year of change which ended before such date if the 3-year statutory period fo' assessment of any deficiency for such year has not expired on the date of the enactment of this Act (Dec. 30, 1969]." Amendment of subsec. (d)(4)(B) by section 211(b)(5) of Pub. L. 91-172 applicable to taxable yearc beginning after Dec. 31, 1969, see section 211(c) of Pub. L. 91-172, set out as an Effective Date note under section 1251 of this title. EFFECTIVE DATE OF 1966 AMENDMENT Amendment of subsec. (d)(4)(A) of this section by section 202(c) of Pub. L. 89-809 applicable only with respect to distributions made after Nov. 13, 1966, see section 202(d) of Pub. L. 89-809, set out as an Effective Date of 1966 Amendment note under section 334 of this title. Amendment by Pub. L. 89-570 applicable to taxable years ending after Sept. 12, 1966, but only in respect of expenditures paid or incurred after such date, see section 3 of Pub. L. 89-570, set out as an Effective Date note under section 617 of this title. EFFECTIVE DATE OF 1964 AMENDMENT Section 3(c) of Pub. L. 88-539 provided that: "The amendment made by subsection (a) [to subsec. (a) of this section] shall apply in respect to sales made in taxable years beginning on or after January 1, 1960. The amendment made by subsection (b) [to subsec. (e) of this section] shall apply in respect of sales made during taxable years beginning after December 31, 1963." Amendment of section by Pub. L. 88-484 applicable with respect to transactions after Aug. 22, 1964, in tax- able years ending after such date, see section 2 of Pub. L. 88-484, set out as an Effective Date of 1964 Amend- ments note under section 341 of this title. Amendment of subsec. (d)(4) by Pub. L. 88-272 appli- cable to dispositions after Dec. 31, 1963, in taxable years ending after such date, see section 231(c) of Pub. L. 88-272, set out as an Effective Date note under sec- tion 1250 of this title. Section 222(b) of Pub. L. 88-272 provided that: "The amendment made by subsection (a) [to this section] shall apply in respect of vales made during taxable years beginning after December 31, 1963." EFFECTiVE DATE OF 1962 AMENDMENT Amendment of subsec. (d)(4) of this section by Pub. L. 87-834 applicable to taxable years beginning after Dec. 31, 1962, see section 13(g) of Pub. L. 87-834, sef, out as an Effective Date note under section 1245 of this title. EFFECTIVE DATE OF 1958 AMENDMENT Section 27(b) of Pub. L. 85-866 provided that: "The amendment made by subsection (a) [adding subsec. (d)(5) of this section] shall apply to taxable years ending after December 31, 1957, but only as to trans- fers or other dispositions of installment obligations oc- curring after such date." SAVINGS PROVISION Section 1951(b)(7)(B) of Pub. L. 94-455 provided that: "Notwithstanding subparagraph (A) [amending subsec. (b)(2) of this section], in the case of install- ment payments received during taxable years begin- ning after December 31, 1976, on account of a sale or other disposition made during a taxable year begin- ning before January 1, 1954, subsection (b)(1) of sec- tion 453 (relating to sales of realty and casual sales of personality) shall apply only if the income was (by reason of section 44(b) of the Internal Revenue Code of 1939) returnable on the bass and in the manner prescribed in section 44(a) of such Code." TRANSITIONAL RULE FOR CERTAIN INSTALLMENT OBLIGATIONS Section 1402(c) of Pub. L. 94-455 provided that: "In the case of amounts received from sales or other dispo- sitions of capital assets pursuant to binding contracts, including sales or other dispositions the income from Page 361 § 453