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26 U.S.C. § 4978B — Repealed. Pub. L. 104–188, title I, § 1602(b)(5)(A), Aug. 20, 1996, 110 Stat. 1834]

Federal law — U.S. Code and appendices · legal_authorities

26 U.S.C. § 4978B — Repealed. Pub. L. 104–188, title I, § 1602(b)(5)(A), Aug. 20, 1996, 110 Stat. 1834]

### Statutory Notes Section, added Pub. L. 101–239, title VII, § 7301(d)(1), Dec. 19, 1989, 103 Stat. 2347; amended Pub. L. 101–508, title XI, § 11701(e), Nov. 5, 1990, 104 Stat. 1388–507, related to tax on disposition of employer securities to which former [section 133 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title26-section133&num=0&edition=prelim) applied. #### Effective Date of Repeal Repeal applicable to loans made after Aug. 20, 1996, with exception and provisions relating to certain refinancings, see section 1602(c) of Pub. L. 104–188, set out as a note under former [section 133 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title26-section133&num=0&edition=prelim).

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Source location: Title 26, Chapter 43, § 4978B; chapter-043-qualified-pension-etc-plans.md

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Federal law — U.S. Code and appendices · legal_authorities

26 U.S.C. § 133 — Repealed. Pub. L. 104–188, title I, § 1602(a), Aug. 20, 1996, 110 Stat. 1833]

### Statutory Notes Section, added Pub. L. 98–369, div. A, title V, § 543(a), July 18, 1984, 98 Stat. 891; amended Pub. L. 99–514, title XI, § 1173(b)(1)(A), (2), title XVIII, § 1854(c)(2)(A), (C), (D), Oct. 22, 1986, 100 Stat. 2515, 2879; Pub. L. 100–647, title I, § 1011B(h)(1), (2), Nov. 10, 1988, 102 Stat. 3490; Pub. L. 101–239, title VII, § 7301(a)–(c), Dec. 19, 1989, 103 Stat. 2346, 2347, prior to repeal, read as follows: § 133. Interest on certain loans used to acquire employer securities (a) In general Gross income does not include 50 percent of the interest received by— (1) a bank (within the meaning of section 581), (2) an insurance company to which subchapter L applies, (3) a corporation actively engaged in the business of lending money, or (4) a regulated investment company (as defined in section 851), with respect to a securities acquisition loan. (b) Securities acquisition loan (1) In general For purposes of this section, the term “securities acquisition loan” means— (A) any loan to a corporation or to an employee stock ownership plan to the extent that the proceeds are used to acquire employer securities for the plan, or (B) any loan to a corporation to the extent that, within 30 days, employer securities are transferred to the plan in an amount equal to the proceeds of such loan and such securities are allocable to accounts of plan participants within 1 year of the date of such loan. For purposes of this paragraph, the term “employer securities” has the meaning given such term by section 409(l). The term “securities acquisition loan” shall not include a loan with a term greater than 15 years. (2) Loans between related persons The term “securities acquisition loan” shall not include— (A) any loan made between corporations which are member

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Federal law — U.S. Code and appendices · legal_authorities

26 U.S.C. § 4978B — Untitled legal text

Page 3091 TITLE 26—INTERNAL REVENUE CODE § 4979 Subsec. (e)(2). Pub. L. 105–34, § 1530(c)(14), inserted be- fore period at end ‘‘; except that such section shall be applied without regard to subparagraph (B) thereof for purposes of applying this section and section 4979A with respect to securities acquired in a qualified gratu- itous transfer (as defined in section 664(g)(1))’’. 1996—Subsec. (b)(2). Pub. L. 104–188 added subpars. (A) and (B) and closing provisions and struck out former subpars. (A) to (D) and closing provisions which read as follows: ‘‘(A) first, from section 133 securities (as defined in section 4978B(e)(2)) acquired during the 3-year period ending on the date of such disposition, beginning with the securities first so acquired. ‘‘(B) second, from section 133 securities (as so de- fined) acquired before such 3-year period unless such securities (or proceeds from the disposition) have been allocated to accounts of participants or bene- ficiaries. ‘‘(C) third, from qualified securities to which sec- tion 1042 applied acquired during the 3-year period ending on the date of the disposition, beginning with the securities first so acquired, and ‘‘(D) then from any other employer securities. If subsection (d) or section 4978B(d) applies to a disposi- tion, the disposition shall be treated as made from em- ployer securities in the opposite order of the preceding sentence.’’ 1989—Subsec. (b)(2). Pub. L. 101–239 substituted ‘‘de- termined as if such securities were disposed of—’’, sub- pars. (A) to (D), and concluding provision for ‘‘(deter- mined as if such securities were disposed of in the order described in section 4978A(e))’’. 1988—Subsec. (d)(4). Pub. L. 100–647 added par. (4). 1987—Subsec. (b)(2). Pub. L. 100–203 substituted ‘‘(de-

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