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Tuesday, March 20, 2012 11:49:23 PM
(F) Special rule for certain financial institutions
(i) In general
In the case of any ownership change to which this
subparagraph applies, this paragraph shall be applied -
(I) by substituting ''1504(a)(2)(B)'' for ''1504(a)(2)''
and ''20 percent'' for ''50 percent'' in subparagraph
(A)(ii), and
(II) without regard to subparagraphs (B) and (C).
(ii) Special rule for depositors
For purposes of applying this paragraph to an ownership
change to which this subparagraph applies -
(I) a depositor in the old loss corporation shall be
treated as a stockholder in such loss corporation
immediately before the change,
(II) deposits which, after the change, become deposits of
the new loss corporation shall be treated as stock of the
new loss corporation, and
(III) the fair market value of the outstanding stock of
the new loss corporation shall include the amount of
deposits in the new loss corporation immediately after the
change.
(iii) Changes to which subparagraph applies
This subparagraph shall apply to -
(I) an equity structure shift which is a reorganization
described in section 368(a)(3)(D)(ii) (FOOTNOTE 1) (as
modified by section 368(a)(3)(D)(iv)), (FOOTNOTE 1) or
(FOOTNOTE 1) See References in Text note below.
(II) any other equity structure shift (or transaction to
which section 351 applies) which occurs as an integral part
of a transaction involving a change to which subclause (I)
applies.
This subparagraph shall not apply to any equity structure
shift or transaction occurring on or after May 10, 1989.
(G) Title 11 or similar case
For purposes of this paragraph, the term ''title 11 or
similar case'' has the meaning given such term by section
368(a)(3)(A).
(H) Election not to have paragraph apply
A new loss corporation may elect, subject to such terms and
conditions as the Secretary may prescribe, not to have the
provisions of this paragraph apply.
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