holding income by reason of subsection (c)(2)(C)(ii),
(h), or (i).’’
(e) EXEMPTION FOR GAIN.—Section 954(c)(1)(B)(i)
(relating to net gains from certain property transactions)
is amended by inserting ‘‘other than property which gives
rise to income not treated as foreign personal holding com-
pany income by reason of subsection (h) or (i) for the tax-
able year’’ before the comma at the end.
Subtitle B—Generalized System of
Preferences
SEC. 311. EXTENSION OF GENERALIZED SYSTEM OF PREF-
ERENCES.
(a) EXTENSION OF DUTY-FREE TREATMENT UNDER
SYSTEM.—Section 505 of the Trade Act of 1974 (29 U.S.C.
2465) is amended by striking ‘‘June 30, 1998’’ and insert-
ing ‘‘February 29, 2000’’.
(b) RETROACTIVE APPLICATION FOR CERTAIN LIQ-
UIDATIONS AND RELIQUIDATIONS.—
(1) IN GENERAL.—Notwithstanding section 514
of the Tariff Act of 1930 or any other provision of
law, and subject to paragraph (2), any entry—
(A) of an article to which duty-free treat-
ment under title V of the Trade Act of 1974
would have applied if such title had been in ef-
fect during the period beginning on July 1,
1998, and ending on the day before the date of
the enactment of this Act, and
(B) that was made after June 30, 1998, and
before the date of the enactment of this Act,
shall be liquidated or reliquidated as free of duty, and
the Secretary of the Treasury shall refund any duty
paid with respect to such entry. As used in this sub-
section, the term ‘‘entry’’ includes a withdrawal from
warehouse for consumption.
(2) REQUESTS.—Liquidation or reliquidation
may be made under paragraph (1) with respect to an
entry only if a request therefor is filed with the Cus-
toms Service, within 180 days after the date of the en-
actment of this Act, that contains sufficient informa-
tion to enable the Customs Service—
(A) to locate the entry; or
(B) to reconstruct the entry if it cannot be
located.
TITLE IV—REVENUE OFFSET
SEC. 401. TREATMENT OF CERTAIN DEDUCTIBLE LIQUIDAT-
ING DISTRIBUTIONS OF REGULATED INVEST-
MENT COMPANIES AND REAL ESTATE INVEST-
MENT TRUSTS.
(a) IN GENERAL.—Section 332 (relating to complete
liquidations of subsidiaries) is amended by adding at the
end the following new subsection:
‘‘(c) DEDUCTIBLE LIQUIDATING DISTRIBUTIONS
OF
REGULATED INVESTMENT COMPANIES AND REAL ESTATE
INVESTMENT TRUSTS.—If a corporation receives a distribu-
tion from a regulated investment company or a real estate
investment trust which is considered under subsection (b)
as being in complete liquidation of such company or trust,
then, notwithstanding any other provision of this chapter,
such corporation shall recognize and treat as a dividend
from such company or trust an amount equal to the deduc-
tion for dividends paid allowable to such company or trust
by reason of such distribution.’’.
(b) CONFORMING AMENDMENTS.—
(1) The material preceding paragraph (1) of sec-
tion 332(b) is amended by striking ‘‘subsection (a)’’
and inserting ‘‘this section’’.
(2) Paragraph (1) of section 334(b) is amended
by striking ‘‘section 332(a)’’ and inserting ‘‘section
332’’.
(c) EFFECTIVE DATE.—The amendments made by this
section shall apply to distributions after May 21, 1998.
TITLE V—TECHNICAL
CORRECTIONS
SEC. 501. DEFINITIONS; COORDINATION WITH OTHER TI-
TLES.
(a) DEFINITIONS.—For purposes of this title—
(1) 1986 CODE.—The term ‘‘1986 Code’’ means
the Internal Revenue Code of 1986.
(2) 1998 ACT.—The term ‘‘1998 Act’’ means the
Internal Revenue Service Restructuring and Reform
Act of 1998 (Public Law 105–206).
(3) 1997 ACT.—The term ‘‘1997 Act’’ means the
Taxpayer Relief Act of 1997 (Public Law 105–34).
(b) COORDINATION WITH OTHER TITLES.—For pur-
poses of applying the amendments made by any title of this
Act other than this title, the provisions of this title shall
be treated as having been enacted immediately before the
provisions of such other titles.
SEC. 502. AMENDMENTS RELATED TO INTERNAL REVENUE
SERVICE RESTRUCTURING AND REFORM ACT
OF 1998.
(a) AMENDMENT RELATED TO SECTION 1101 OF 1998
ACT.—Paragraph (5) of section 6103(h) of the 1986 Code,
as added by section 1101(b) of the 1998 Act, is redesignated
as paragraph (6).
(b) AMENDMENT RELATED TO SECTION 3001 OF 1998
ACT.—Paragraph (2) of section 7491(a) of the 1986 Code
is amended by adding at the end the following flush sen-
tence:
‘‘Subparagraph (C) shall not apply to any qualified
revocable trust (as defined in section 645(b)(1)) with
respect to liability for tax for any taxable year ending
after the date of the decedent’s death and before the
applicable date (as defined in section 645(b)(2)).’’.
(c) AMENDMENTS RELATED TO SECTION 3201 OF 1998
ACT.—
(1) Section 7421(a) of the 1986 Code is amended
by striking ‘‘6015(d)’’ and inserting ‘‘6015(e)’’.
(2) Subparagraph (A) of section 6015(e)(3) is
amended by striking ‘‘of this section’’ and inserting
‘‘of subsection (b) or (f)’’.
(d) AMENDMENT RELATED TO SECTION 3301 OF 1998
ACT.—Paragraph (2) of section 3301(c) of the 1998 Act is
amended by striking ‘‘The amendments’’ and inserting