§1492. Nontaxable transfers

The tax imposed by section 1491 shall not apply-

(1) If the transferee is an organization exempt from income tax under part I of subchapter F of chapter 1 (other than an organization described in section 401(a)); or

(2) To a transfer-

(A) described in section 367, or

(B) not described in section 367 but with respect to which the taxpayer elects (before the transfer) the application of principles similar to the principles of section 367, or

(3) To a transfer for which an election has been made under section 1057.

(Aug. 16, 1954, ch. 736, 68A Stat. 365 ; Jan. 12, 1971, Pub. L. 91–681, §1(b), 84 Stat. 2066 ; Oct. 4, 1976, Pub. L. 94–455, title X, §1015(b), title XIX, §1906(b)(13)(A), 90 Stat. 1618 , 1834; Nov. 6, 1978, Pub. L. 95–600, title VII, §701(u)(14)(B), 92 Stat. 2919 ; July 18, 1984, Pub. L. 98–369, div. A, title I, §131(f)(1), 98 Stat. 665 .)

Amendments

1984-Pars. (2) to (4). Pub. L. 98–369 substituted provision that the tax imposed by section 1491 not apply to a transfer described in 367 or if not described in section 367 but with respect to which the taxpayer elects, before the transfer, the application of principles similar to the principles of section 367 for provision that such tax not apply if before the transfer it has been established to the satisfaction of the Secretary that such transfer is not in pursuance of a plan having as one of its principal purposes the avoidance of Federal income tax in par. (2), struck out par. (3), which provided that the tax imposed by section 1491 not apply to a transfer described in section 367, and redesignated par. (4) as (3).

1978-Par. (3). Pub. L. 95–600 substituted "To a transfer described in section 367; or" for "To a transfer to which section 367 applies; or".

1976-Par. (2). Pub. L. 94–455, §1906(b)(13)(A), struck out "or his delegate" after "Secretary".

Par. (3). Pub. L. 94–455, §1015(b)(1), substituted "section 367 applies; or" for "section 367(d) applies.".

Par. (4). Pub. L. 94–455, §1015(b)(2), added par. (4).

1971-Par. (3). Pub. L. 91–681 added par. (3).

Effective Date of 1984 Amendment

Amendment by Pub. L. 98–369 applicable to transfers or exchanges after Dec. 31, 1984, in taxable years ending after such date, with special rules for certain transfers and ruling requests before Mar. 1, 1984, see section 131(g) of Pub. L. 98–369, set out as a note under section 367 of this title.

Effective Date of 1978 Amendment

Amendment by Pub. L. 95–600 applicable to transfers after Oct. 2, 1975, see section 701(u)(14)(C) of Pub. L. 95–600, set out as a note under section 1491 of this title.

Effective Date of 1976 Amendment

Amendment by section 1015(b) of Pub. L. 94–455 applicable to transfers of property after Oct. 2, 1975, see section 1015(d) of Pub. L. 94–455, set out as a note under section 1491 of this title.

Effective Date of 1971 Amendment

Amendment by Pub. L. 91–681 applicable with respect to transfers made after Dec. 31, 1970, see section 1(c) of Pub. L. 91–681, set out as a note under section 367 of this title.