Internal Revenue Code · 26 U.S.C.
§ 351. Transfer to corporation controlled by transferor
Official text, no changes From the Office of the Law Revision Counsel, release point 119-121 (current through Public Law 119-121 (October 9, 2026)). Compare it with the official text at uscode.house.gov (external site).
Cite as 26 U.S.C. § 351
At a glance
Read from the text, the source credit and the official notes. Not part of the law.
- Status
- In force
- Enacted
- November 13, 1966 by Pub. L. 89–809
- Last amended
- December 21, 2005 by Pub. L. 109–135
- Amendments
- 13 dated changes in the source credit
- Length
- 8 subsections · 1,748 words · about 8 min to read
- Defines
- 2 terms
- Cross-references
- cites 13; cited by 24 Code sections and 159 other regulations
- Regulations
- 3 issued under this section
No gain or loss shall be recognized if property is transferred to a corporation by one or more persons solely in exchange for stock in such corporation and immediately after the exchange such person or persons are in control (as defined in section 368(c)) of the corporation.
In determining control for purposes of this section, the fact that any corporate transferor distributes part or all of the stock in the corporation which it receives in the exchange to its shareholders shall not be taken into account.
If the requirements of section 355 (or so much of section 356 as relates to section 355) are met with respect to a distribution described in paragraph (1), then, solely for purposes of determining the tax treatment of the transfers of property to the controlled corporation by the distributing corporation, the fact that the shareholders of the distributing corporation dispose of part or all of the distributed stock, or the fact that the corporation whose stock was distributed issues additional stock, shall not be taken into account in determining control for purposes of this section.
A transfer of property of a debtor pursuant to a plan while the debtor is under the jurisdiction of a court in a title 11 or similar case (within the meaning of section 368(a)(3)(A)), to the extent that the stock received in the exchange is used to satisfy the indebtedness of such debtor.
Clauses (i), (ii), and (iii) of subparagraph (A) shall apply only if the right or obligation referred to therein may be exercised within the 20-year period beginning on the issue date of such stock and such right or obligation is not subject to a contingency which, as of the issue date, makes remote the likelihood of the redemption or purchase.
The term “preferred stock” means stock which is limited and preferred as to dividends and does not participate in corporate growth to any significant extent. Stock shall not be treated as participating in corporate growth to any significant extent unless there is a real and meaningful likelihood of the shareholder actually participating in the earnings and growth of the corporation. If there is not a real and meaningful likelihood that dividends beyond any limitation or preference will actually be paid, the possibility of such payments will be disregarded in determining whether stock is limited and preferred as to dividends.
A person shall be treated as related to another person if they bear a relationship to such other person described in section 267(b) or 707(b).
The Secretary may prescribe such regulations as may be necessary or appropriate to carry out the purposes of this subsection and sections 354(a)(2)(C), 355(a)(3)(D), and 356(e). The Secretary may also prescribe regulations, consistent with the treatment under this subsection and such sections, for the treatment of nonqualified preferred stock under other provisions of this title.
(Aug. 16, 1954, ch. 736, 68A Stat. 111; Pub. L. 89–809, title II, § 203(a), (b), Nov. 13, 1966, 80 Stat. 1577; Pub. L. 94–455, title XIX, § 1901(a)(48)(A), (B), Oct. 4, 1976, 90 Stat. 1772; Pub. L. 96–589, § 5(e), Dec. 24, 1980, 94 Stat. 3406; Pub. L. 97–248, title II, § 226(a)(1)(B), Sept. 3, 1982, 96 Stat. 491; Pub. L. 100–647, title I, § 1018(d)(5)(G), Nov. 10, 1988, 102 Stat. 3580; Pub. L. 101–239, title VII, § 7203(a), (b), Dec. 19, 1989, 103 Stat. 2333; Pub. L. 101–508, title XI, § 11704(a)(3), Nov. 5, 1990, 104 Stat. 1388–518; Pub. L. 105–34, title X, §§ 1002(a), 1012(c)(1), 1014(a), Aug. 5, 1997, 111 Stat. 909, 916, 919; Pub. L. 105–206, title VI, § 6010(c)(3)(A), (e)(1), July 22, 1998, 112 Stat. 813, 814; Pub. L. 105–277, div. J, title IV, § 4003(f)(1), Oct. 21, 1998, 112 Stat. 2681–910; Pub. L. 106–36, title III, § 3001(d)(1), June 25, 1999, 113 Stat. 183; Pub. L. 107–147, title IV, § 417(9), Mar. 9, 2002, 116 Stat. 56; Pub. L. 108–357, title VIII, § 899(a), Oct. 22, 2004, 118 Stat. 1649; Pub. L. 109–135, title IV, § 403(kk), Dec. 21, 2005, 119 Stat. 2632.)
Terms defined here
Where the text says “the term … means”. Select a term to jump to its definition.
Regulations under this section
Treasury regulations (26 CFR) issued under § 351
Cross-references
Computed from the citations in the text of Title 26 and 26 CFR.
This section cites 13 other sections
- § 368(c) Definitions relating to corporate reorganizations
- § 355 Distribution of stock and securities of a controlled corporation
- § 356 Receipt of additional consideration
- § 7704(b) Certain publicly traded partnerships treated as corporations
- § 311 Taxability of corporation on distribution
- § 267(b) Losses, expenses, and interest with respect to transactions between related taxpayers
- § 354(a)(2)(C) Exchanges of stock and securities in certain reorganizations
- § 357 Assumption of liability
- § 358 Basis to distributees
- § 362 Basis to corporations
- § 2501 Imposition of tax
- § 61(a)(1) Gross income defined
- § 304 Redemption through use of related corporations
Cited by 24 Code sections
- § 45D(b)(6)(A) New markets tax credit
- § 301(f)(3) Distributions of property
- § 304(a)(1)(B) Redemption through use of related corporations
- § 305(f)(1) Distributions of stock and stock rights
- § 306(c)(3) Dispositions of certain stock
- § 336(d)(1)(B) Gain or loss recognized on property distributed in complete liquidation
- § 338(h)(3)(A)(ii) Certain stock purchases treated as asset acquisitions
- § 354(a)(2)(B) Exchanges of stock and securities in certain reorganizations
- § 355(a)(3)(C) Distribution of stock and securities of a controlled corporation
- § 356(e)(1) Receipt of additional consideration
- § 357(a)(1) Assumption of liability
- § 358(a) Basis to distributees
- § 362(a)(1) Basis to corporations
- § 367(d)(1) Foreign corporations
- § 683(a) Use of trust as an exchange fund
- § 721(b) Nonrecognition of gain or loss on contribution
- § 724(d)(3)(B) Character of gain or loss on contributed unrealized receivables, inventory items, and capital loss property
- § 735(c)(2)(B) Character of gain or loss on disposition of distributed property
- § 904(f)(3)(D)(iii)(I) Limitation on credit
- § 995(e)(3) Taxation of DISC income to shareholders
- § 1036(b) Stock for stock of same corporation
- § 1202(h)(4)(A) Partial exclusion for gain from certain small business stock
- § 1276(d)(1)(C) Disposition gain representing accrued market discount treated as ordinary income
- § 1361(b)(3)(C)(ii)(II) S corporation defined
Cited in 159 regulations not issued under it
- § 1.44-4 Recapture for certain dispositions.
- § 1.45D-1 New markets tax credit.
- § 1.47-4 Electing small business corporation.
- § 1.47-5 Estates and trusts.
- § 1.47-6 Partnerships.
- § 1.50A-5 Electing small business corporations.
- § 1.50A-6 Estates and trusts.
- § 1.50A-7 Partnerships.
- § 1.56(g)-0 Table of Contents.
- § 1.56(g)-1 Adjusted current earnings.
- § 1.59A-3 Base erosion payments and base erosion tax benefits.
- § 1.103-10 Exemption for certain small issues of industrial development bonds.
- § 1.108(i)-1 Deferred discharge of indebtedness income and deferred original issue discount deductions of C corporations.
- § 1.163(j)-1 Definitions.
- § 1.167(a)-11 Depreciation based on class lives and asset depreciation ranges for property placed in service after December 31, 1970.
- § 1.179-4 Definitions.
- § 1.197-2 Amortization of goodwill and certain other intangibles.
- § 1.263(a)-5 Amounts paid or incurred to facilitate an acquisition of a trade or business, a change in the capital structure of a business entity, and certain other transactions.
- § 1.263(e)-1 Expenditures in connection with certain railroad rolling stock.
- § 1.263A-1 Uniform capitalization of costs.
- § 1.263A-7 Changing a method of accounting under section 263A.
- § 1.267(f)-1 Controlled groups.
- § 1.279-3 Corporate acquisition indebtedness.
- § 1.304-7 Certain acquisitions by foreign acquiring corporations.
Show 120 more
- § 1.306-2 Exception.
- § 1.306-3 Section 306 stock defined.
- § 1.336-1 General principles, nomenclature, and definitions for a section 336(e) election.
- § 1.337(d)-1 Transitional loss limitation rule.
- § 1.337(d)-4 Taxable to tax-exempt.
- § 1.337(d)-7 Tax on property owned by a C corporation that becomes property of a RIC or REIT.
- § 1.338-3 Qualification for the section 338 election.
- § 1.338-8 Asset and stock consistency.
- § 1.354-1 Exchanges of stock and securities in certain reorganizations.
- § 1.355-0 Outline of sections.
- § 1.355-1 Distribution of stock and securities of a controlled corporation.
- § 1.355-2 Limitations.
- § 1.355-5 Records to be kept and information to be filed.
- § 1.355-6 Recognition of gain on certain distributions of stock or securities in controlled corporation.
- § 1.355-8 Definition of predecessor and successor and limitations on gain recognition under section 355(e) and section 355(f).
- § 1.356-6 Rules for treatment of nonqualified preferred stock as other property.
- § 1.356-7 Rules for treatment of nonqualified preferred stock and other preferred stock received in certain transactions.
- § 1.357-1 Assumption of liability.
- § 1.357-2 Liabilities in excess of basis.
- § 1.358-1 Basis to distributees.
- § 1.358-2 Allocation of basis among nonrecognition property.
- § 1.358-3 Treatment of assumption of liabilities.
- § 1.358-6 Stock basis in certain triangular reorganizations.
- § 1.358-7 Transfers by partners and partnerships to corporations.
- § 1.362-1 Basis to corporations.
- § 1.362-3 Basis of importation property acquired in loss importation transaction.
- § 1.362-4 Basis of loss duplication property.
- § 1.367(a)-1 Transfers to foreign corporations subject to section 367(a): In general.
- § 1.367(a)-2 Exceptions for transfers of property for use in the active conduct of a trade or business.
- § 1.367(a)-3 Treatment of transfers of stock or securities to foreign corporations.
- § 1.367(a)-7 Outbound transfers of property described in section 361(a) or (b).
- § 1.367(a)-8 Gain recognition agreement requirements.
- § 1.367(a)-9T Treatment of deemed section 351 exchanges pursuant to section 304(a)(1) (temporary).
- § 1.367(b)-4 Acquisition of foreign corporate stock or assets by a foreign corporation in certain nonrecognition transactions.
- § 1.367(b)-6 Effective/applicability dates and coordination rules.
- § 1.367(b)-10 Acquisition of parent stock or securities for property in triangular reorganizations.
- § 1.367(d)-1 Transfers of intangible property to foreign corporations.
- § 1.367(d)-1T Transfers of intangible property to foreign corporations (temporary).
- § 1.368-2 Definition of terms.
- § 1.382-2T Definition of ownership change under section 382, as amended by the Tax Reform Act of 1986 (temporary).
- § 1.385-3 Certain distributions of debt instruments and similar transactions.
- § 1.451-3 Timing of income inclusion for taxpayers with an applicable financial statement using an accrual method of accounting.
- § 1.451-8 Advance payments for goods, services, and certain other items.
- § 1.453-9 Gain or loss on disposition of installment obligations.
- § 1.460-4 Methods of accounting for long-term contracts.
- § 1.467-7 Section 467 recapture and other rules relating to dispositions and modifications.
- § 1.472-2 Requirements incident to adoption and use of LIFO inventory method.
- § 1.482-1 Allocation of income and deductions among taxpayers.
- § 1.482-1T Allocation of income and deductions among taxpayers (temporary).
- § 1.482-1A Allocation of income and deductions among taxpayers.
- § 1.585-5 Denial of bad debt reserves for large banks.
- § 1.597-4 Bridge Banks and Agency Control.
- § 1.613A-3 Exemption for independent producers and royalty owners.
- § 1.613A-7 Definitions.
- § 1.615-4 Limitation of amount deductible.
- § 1.617-2 Limitation on amount deductible.
- § 1.617-4 Treatment of gain from disposition of certain mining property.
- § 1.636-1 Treatment of production payments as loans.
- § 1.701-2 Anti-abuse rule.
- § 1.704-1 Partner's distributive share.
- § 1.704-3 Contributed property.
- § 1.707-4 Disguised sales of property to partnership; special rules applicable to guaranteed payments, preferred returns, operating cash flow distributions, and reimbursements of preformation expenditures.
- § 1.707-5 Disguised sales of property to partnership; special rules relating to liabilities.
- § 1.721(c)-5 Acceleration event exceptions.
- § 1.741-1 Recognition and character of gain or loss on sale or exchange.
- § 1.743-1 Optional adjustment to basis of partnership property.
- § 1.752-7 Partnership assumption of partner's § 1.752-7 liability on or after June 24, 2003.
- § 1.755-1 Rules for allocation of basis.
- § 1.861-12 Characterization rules and adjustments for certain assets.
- § 1.861-20 Allocation and apportionment of foreign income taxes.
- § 1.865-1 Loss with respect to personal property other than stock.
- § 1.865-2 Loss with respect to stock.
- § 1.884-0 Overview of regulation provisions for section 884.
- § 1.884-2T Special rules for termination or incorporation of a U.S. trade or business or liquidation or reorganization of a foreign corporation or its domestic subsidiary (temporary).
- § 1.897-3 Election by foreign corporation to be treated as a domestic corporation under section 897(i).
- § 1.897-5T Corporate distributions (temporary).
- § 1.897-6T Nonrecognition exchanges applicable to corporations, their shareholders, and other taxpayers, and certain transfers of property in corporate reorganizations (temporary).
- § 1.901-2 Income, war profits, or excess profits tax paid or accrued.
- § 1.901(m)-2 Covered asset acquisitions and relevant foreign assets.
- § 1.904-4 Separate application of section 904 with respect to certain categories of income.
- § 1.904(f)-2 Recapture of overall foreign losses.
- § 1.932-1 Coordination of United States and Virgin Islands income taxes.
- § 1.935-1 Coordination of individual income taxes with Guam and the Northern Mariana Islands.
- § 1.956-1 Shareholder's pro rata share of the average of the amounts of United States property held by a controlled foreign corporation.
- § 1.987-2 Attribution of items to eligible QBUs; definition of a transfer and related rules.
- § 1.987-8 Termination of a section 987 QBU.
- § 1.987-12 Deferral of section 987 gain or loss.
- § 1.988-2 Recognition and computation of exchange gain or loss.
- § 1.993-2 Definition of qualified export assets.
- § 1.995-2 Deemed distributions in qualified years.
- § 1.1001-1 Computation of gain or loss.
- § 1.1002-1 Sales or exchanges.
- § 1.1032-1 Disposition by a corporation of its own capital stock.
- § 1.1036-1 Stock for stock of the same corporation.
- § 1.1055-3 Basis of real property held subject to liabilities under a redeemable ground rent.
- § 1.1232-3 Gain upon sale or exchange of obligations issued at a discount after December 31, 1954.
- § 1.1245-2 Definition of recomputed basis.
- § 1.1245-4 Exceptions and limitations.
- § 1.1248-8 Earnings and profits attributable to stock following certain non-recognition transactions.
- § 1.1250-3 Exceptions and limitations.
- § 1.1250-5 Property with two or more elements.
- § 1.1251-4 Exceptions and limitations.
- § 1.1252-2 Special rules.
- § 1.1254-2 Exceptions and limitations.
- § 1.1254-4 Special rules for S corporations and their shareholders.
- § 1.1361-4 Effect of QSub election.
- § 1.1361-5 Termination of QSub election.
- § 1.1371-1 Distributions of money by an eligible terminated S corporation.
- § 1.1400Z2(a)-1 Deferring tax on capital gains by investing in opportunity zones.
- § 1.1400Z2(b)-1 Inclusion of gains that have been deferred under section 1400Z-2(a).
- § 1.1502-9 Consolidated overall foreign losses, separate limitation losses, and overall domestic losses.
- § 1.1502-13 Intercompany transactions.
- § 1.1502-14Z Application of opportunity zone rules to members of a consolidated group.
- § 1.1502-19 Excess loss accounts.
- § 1.1502-31 Stock basis after a group structure change.
- § 1.1502-32 Investment adjustments.
- § 1.1502-33 Earnings and profits.
- § 1.1502-35 Transfers of subsidiary stock and deconsolidations of subsidiaries.
- § 1.1502-36 Unified loss rule.
- § 1.1502-47 Consolidated returns by life-nonlife groups.
And 15 more; search the reader to find them.
Amendment history
From the source credit and the official notes, newest first.
- Amended by Pub. L. 109–135Parts changed in 2005: (g)(3)(A)
- Amended by Pub. L. 108–357Parts changed in 2004: (g)(3)(A)
- Amended by Pub. L. 107–147Parts changed in 2002: (h)(1)
- Amended by Pub. L. 106–36Parts changed in 1999: (h)(1)
- Amended by Pub. L. 105–277Parts changed in 1998: (c) (c)(2) (g)(1)(A)
- Amended by Pub. L. 105–206
- Amended by Pub. L. 105–34Parts changed in 1997: (c) (e)(1) (g)
- Amended by Pub. L. 101–508Parts changed in 1990: (e)(2)
- Amended by Pub. L. 101–239Parts changed in 1989: (a) (b) (g)(2)
- Amended by Pub. L. 100–647Parts changed in 1988: (f)
- Amended by Pub. L. 97–248Parts changed in 1982: (f)(5)
- Amended by Pub. L. 96–589Parts changed in 1980: (a) (d) (e) (f)
- Amended by Pub. L. 94–455Parts changed in 1976: (a) (d)
- Enacted by Pub. L. 89–809Parts changed in 1966: (a) (d)
Where it sits in the Code
Official notes
Show the Law Revision Counsel's notes (amendments, effective dates)
Editorial Notes
Amendments
2005—Subsec. (g)(3)(A). Pub. L. 109–135 inserted at end “If there is not a real and meaningful likelihood that dividends beyond any limitation or preference will actually be paid, the possibility of such payments will be disregarded in determining whether stock is limited and preferred as to dividends.”
2004—Subsec. (g)(3)(A). Pub. L. 108–357 inserted at end “Stock shall not be treated as participating in corporate growth to any significant extent unless there is a real and meaningful likelihood of the shareholder actually participating in the earnings and growth of the corporation.”
2002—Subsec. (h)(1). Pub. L. 107–147 inserted comma after “liability”.
1999—Subsec. (h)(1). Pub. L. 106–36 struck out “, or acquires property subject to a liability,” after “liability”.
1998—Subsec. (c). Pub. L. 105–206, § 6010(c)(3)(A), reenacted heading without change and amended text generally. Prior to amendment, text read as follows: “In determining control for purposes of this section—
“(1) the fact that any corporate transferor distributes part or all of the stock in the corporation which it receives in the exchange to its shareholders shall not be taken into account, and
“(2) if the requirements of section 355 are met with respect to such distribution, the shareholders shall be treated as in control of such corporation immediately after the exchange if the shareholders own (immediately after the distribution) stock possessing—
“(A) more than 50 percent of the total combined voting power of all classes of stock of such corporation entitled to vote, and
“(B) more than 50 percent of the total value of shares of all classes of stock of such corporation.”
Subsec. (c)(2). Pub. L. 105–277 inserted “, or the fact that the corporation whose stock was distributed issues additional stock,” after “dispose of part or all of the distributed stock”.
Subsec. (g)(1)(A) to (C). Pub. L. 105–206, § 6010(e)(1), inserted “and” at end of subpar. (A), added subpar. (B), and struck out former subpars. (B) and (C) which read as follows:
“(B) subsection (b) shall apply to such transferor, and
“(C) such nonqualified preferred stock shall be treated as other property for purposes of applying subsection (b).”
1997—Subsec. (c). Pub. L. 105–34, § 1012(c)(1), amended heading and text of subsec. (c) generally. Prior to amendment, text read as follows: “In determining control, for purposes of this section, the fact that any corporate transferor distributes part or all of the stock which it receives in the exchange to its shareholders shall not be taken into account.”
Subsec. (e)(1). Pub. L. 105–34, § 1002(a), inserted last two sentences.
Subsecs. (g), (h). Pub. L. 105–34, § 1014(a), added subsec. (g) and redesignated former subsec. (g) as (h).
1990—Subsec. (e)(2). Pub. L. 101–508 substituted “is used” for “are used”.
1989—Subsec. (a). Pub. L. 101–239, § 7203(a), struck out “or securities” after “stock”.
Subsecs. (b), (d), (e)(2). Pub. L. 101–239, § 7203(b)(1), struck out “or securities” after “stock”.
Subsec. (g)(2). Pub. L. 101–239, § 7203(b)(2), substituted “stock or property” for “stock, securities, or property”.
1988—Subsecs. (f), (g). Pub. L. 100–647 added subsec. (f) and redesignated former subsec. (f) as (g).
1982—Subsec. (f)(5). Pub. L. 97–248 added par. (5).
1980—Subsec. (a). Pub. L. 96–589, § 5(e)(2), struck out provision that stock or securities issued for services shall not be considered as issued in return for property for purposes of this section.
Subsec. (d). Pub. L. 96–589, § 5(e)(1), added subsec. (d). Former subsec. (d) redesignated (e)(1).
Subsec. (e). Pub. L. 96–589, § 5(e)(2), redesignated former subsec. (d) as par. (1) and added par. (2). Former subsec. (e) redesignated (f).
Subsec. (f). Pub. L. 96–589, § 5(e)(1), redesignated former subsec. (e) as (f).
1976—Subsec. (a). Pub. L. 94–455, § 1901(a)(48)(A), struck out “(including, in the case of transfers made on or before June 30, 1967, an investment company)” after “property is transferred to a corporation”.
Subsec. (d). Pub. L. 94–455, § 1901(a)(48)(B), among other changes, substituted “Exception” for “Application of June 30, 1967, date” in heading and in text provision that this section does not apply to a transfer of property to an investment company for provisions relating to treatment of a transfer of property to an investment company as made on or before June 30, 1967.
1966—Subsec. (a). Pub. L. 89–809, § 203(a), inserted “(including, in the case of transfers made on or before June 30, 1967, an investment company)” after “if property is transferred to a corporation”.
Subsecs. (d), (e). Pub. L. 89–809, § 203(b), added subsec. (d) and redesignated former subsec. (d) as (e).
Statutory Notes and Related Subsidiaries
Effective Date of 2005 Amendment
Amendment by Pub. L. 109–135 effective as if included in the provision of the American Jobs Creation Act of 2004, Pub. L. 108–357, to which such amendment relates, see section 403(nn) of Pub. L. 109–135, set out as a note under section 26 of this title.
Effective Date of 2004 Amendment
Pub. L. 108–357, title VIII, § 899(b), Oct. 22, 2004, 118 Stat. 1649, provided that: “The amendment made by this section [amending this section] shall apply to transactions after May 14, 2003.”
Effective Date of 1999 Amendment
Pub. L. 106–36, title III, § 3001(e), June 25, 1999, 113 Stat. 184, provided that: “The amendments made by this section [amending this section and sections 357, 358, 362, 368, 584, and 1031 of this title] shall apply to transfers after October 18, 1998.”
Effective Date of 1998 Amendments
Amendment by Pub. L. 105–277 effective as if included in the provision of the Taxpayer Relief Act of 1997, Pub. L. 105–34, to which such amendment relates, see section 4003(l) of Pub. L. 105–277, set out as a note under section 86 of this title.
Amendment by Pub. L. 105–206 effective, except as otherwise provided, as if included in the provisions of the Taxpayer Relief Act of 1997, Pub. L. 105–34, to which such amendment relates, see section 6024 of Pub. L. 105–206, set out as a note under section 1 of this title.
Effective Date of 1997 Amendment
Pub. L. 105–34, title X, § 1002(b), Aug. 5, 1997, 111 Stat. 909, provided that:
“(1) In general.— The amendment made by subsection (a) [amending this section] shall apply to transfers after June 8, 1997, in taxable years ending after such date.“(2) Binding contracts.— The amendment made by subsection (a) shall not apply to any transfer pursuant to a written binding contract in effect on June 8, 1997, and at all times thereafter before such transfer if such contract provides for the transfer of a fixed amount of property.”
Pub. L. 105–34, title X, § 1012(d), Aug. 5, 1997, 111 Stat. 917, as amended by Pub. L. 105–206, title VI, § 6010(c)(1), July 22, 1998, 112 Stat. 813, provided that:
“(1) Section 355 rules.— The amendments made by subsections (a) and (b) [amending sections 355 and 358 of this title] shall apply to distributions after April 16, 1997; except that the amendment made by subsection (a) [amending section 355 of this title] shall apply to such distributions only if pursuant to a plan (or series of related transactions) which involves an acquisition described in section 355(e)(2)(A)(ii) of the Internal Revenue Code of 1986 occurring after such date.“(2) Divisive transactions.— The amendments made by subsection (c) [amending this section and section 368 of this title] shall apply to transfers after the date of the enactment of this Act [Aug. 5, 1997].“(3) Transition rule.— The amendments made by this section [amending this section and sections 355, 358, and 368 of this title] shall not apply to any distribution pursuant to a plan (or series of related transactions) which involves an acquisition described in section 355(e)(2)(A)(ii) of the Internal Revenue Code of 1986 (or, in the case of the amendments made by subsection (c), any transfer) occurring after April 16, 1997, if such acquisition or transfer is—“(A) made pursuant to an agreement which was binding on such date and at all times thereafter,“(B) described in a ruling request submitted to the Internal Revenue Service on or before such date, or“(C) described on or before such date in a public announcement or in a filing with the Securities and Exchange Commission required solely by reason of the acquisition or transfer.This paragraph shall not apply to any agreement, ruling request, or public announcement or filing unless it identifies the acquirer of the distributing corporation or any controlled corporation, or the transferee, whichever is applicable.”
Pub. L. 105–34, title X, § 1014(f), Aug. 5, 1997, 111 Stat. 921, provided that:
“(1) In general.— The amendments made by this section [amending this section and sections 354 to 356 and 1036 of this title] shall apply to transactions after June 8, 1997.“(2) Transition rule.— The amendments made by this section shall not apply to any transaction after June 8, 1997, if such transaction is—“(A) made pursuant to a written agreement which was binding on such date and at all times thereafter,“(B) described in a ruling request submitted to the Internal Revenue Service on or before such date, or“(C) described on or before such date in a public announcement or in a filing with the Securities and Exchange Commission required solely by reason of the transaction.”
Effective Date of 1989 Amendment
Pub. L. 101–239, title VII, § 7203(c), Dec. 19, 1989, 103 Stat. 2334, provided that:
“(1) In general.— Except as provided in this subsection, the amendments made by this section [amending this section] shall apply to transfers after October 2, 1989, in taxable years ending after such date.“(2) Binding contract.— The amendments made by this section shall not apply to any transfer pursuant to a written binding contract in effect on October 2, 1989, and at all times thereafter before such transfer.“(3) Corporate transfers.— In the case of property transferred (directly or indirectly through a partnership or otherwise) by a C corporation, paragraphs (1) and (2) shall be applied by substituting ‘July 11, 1989’ for ‘October 2, 1989’. The preceding sentence shall not apply where the corporation meets the requirements of section 1504(a)(2) of the Internal Revenue Code of 1986 with respect to the transferee corporation (and where the transfer is not part of a plan pursuant to which the transferor subsequently fails to meet such requirements).”
Effective Date of 1988 Amendment
Pub. L. 100–647, title I, § 1018(d)(5)(G), Nov. 10, 1988, 102 Stat. 3580, provided that the amendment made by that section is effective with respect to transfers on or after June 21, 1988.
Effective Date of 1982 Amendment
Amendment by Pub. L. 97–248 applicable to transfers occurring after Aug. 31, 1982, except for certain transfers pursuant to an application to form a BHC filed with the Federal Reserve Board before Aug. 16, 1982, see section 226(c) of Pub. L. 97–248, set out as a note under section 304 of this title.
Effective Date of 1980 Amendment
Amendment by Pub. L. 96–589 applicable to transactions which occur after Dec. 31, 1980, other than transactions which occur in proceedings in bankruptcy cases or similar judicial proceedings or in proceedings under Title 11, Bankruptcy, commencing on or before Dec. 31, 1980, except as otherwise provided, see section 7 of Pub. L. 96–589, set out as a note under section 108 of this title.
Effective Date of 1976 Amendment
Pub. L. 94–455, title XIX, § 1901(a)(48)(C), Oct. 4, 1976, 90 Stat. 1772, provided that: “The amendments made by this paragraph [amending this section] shall take effect with respect to transfers of property occurring after the date of the enactment of this Act [Oct. 4, 1976].”
Effective Date of 1966 Amendment
Pub. L. 89–809, title II, § 203(c), Nov. 13, 1966, 80 Stat. 1577, provided that: “The amendments made by subsections (a) and (b) [amending this section] shall apply with respect to transfers of property to investment companies whether made before, on, or after the date of the enactment of this Act [Nov. 13, 1966].”