Source: https://www.law.cornell.edu/uscode/text/45/1347
Timestamp: 2019-03-26 18:27:25
Document Index: 324315319

Matched Legal Cases: ['§ 1347', '§ 1347', '§\u202f8021', '§\u202f2', '§\u202f4001', '§\u202f1301']

45 U.S. Code § 1347 - Tax treatment of Conrail public sale | U.S. Code | US Law | LII / Legal Information Institute
Section 1347. Tax treatment of Conrail public sale
45 U.S. Code § 1347 - Tax treatment of Conrail public sale
(3) Deemed purchase priceFor purposes of this subsection, the deemed purchase price is an amount equal to the gross amount received pursuant to the public sale, multiplied by a fraction—
the numerator of which is 100 percent, and
the denominator of which is the percentage (by value) of the stock of Conrail sold in the public sale.
(d) Waiver of certain employee stock ownership plan provisionsFor purposes of determining whether the employee stock ownership plans of Conrail meet the qualifications of sections 401 and 501 of title 26—
the limits of section 415 of such title (relating to limitations on benefits and contributions under qualified plans) shall not apply with respect to interests in stock transferred pursuant to this Act or a law heretofore enacted, and
the 2-year waiting period for withdrawals shall not apply to withdrawals of amounts (or shares) in participants accounts in connection with the public sale.
(Pub. L. 99–509, title VIII, § 8021, Oct. 21, 1986, 100 Stat. 1954; Pub. L. 99–514, § 2, Oct. 22, 1986, 100 Stat. 2095.)
The Conrail Privatization Act, referred to in subsec. (e)(2), is subtitle A (§§ 4001–4052) of title IV of Pub. L. 99–509, Oct. 21, 1986, 100 Stat. 1892, which is classified principally to this chapter (§ 1301 et seq.). For complete classification of this Act to the Code, see Short Title note set out under section 1301 of this title and Tables.