PUBLIC LAW 100-647-NOV. 10, 1988

102 STAT. 3587

"(1) in general.—For purposes of this subtitle, any loan of a   Loans.
qualified work of art shall not be treated as a transfer (and the
value of such qualified work of art shall be determined as if
such loan had not been made) if—
"(A) such loan is to an organization described in section
501(c)(3) and exempt from tax under section 501(c) (other
than a private foundation), and
"(B) the use of such work by such organization is related
to the purpose or function constituting the basis for its
exemption under section 501.
"(2) definitions.—For purposes of this section—
"(A) qualified work of art.—The term 'qualified work
of art* means any archaeological, historic, or creative tan-
gible personal property.
"(B) private foundation.—The term 'private founda-
tion^1 has the meaning given such term by section 509,
except that such term shall not include any private operat-
ing foundation (as defined in section 4942(jX3)X"
(B) The amendment made by subparagraph (A) shall apply to   26 USC 2503
loans after July 31,1969.	note.
(3XA) Subparagraph (B) of section 1563(dXD of the 1986 Code
is amended by striking out "subsection (eXD" and inserting in
lieu thereof "paragraphs (1), (2), and (3) of subsection (e)"
(B) The amendment made by subparagraph (A) shall apply to   26 USC 1563
taxable years beginning after the date of the enactment of this   ^n<rte.
Act.
(t) additional amendments related to pension plans.—
(1)	amendments related to section 1826 of the reform
act.—
 (A)	Section 72(sX7) of the 1986 Code is amended by strik-
ing out "primary annuity" and inserting in lieu thereof
"primary annuitant".
 (B)	Section 72(q)(2XB) of the 1986 Code is amended by
striking out the last parenthesis.
 (C)	Section 419A(f)(5) of the 1986 Code is amended by
striking  out   "accounts"  and  inserting in  lieu  thereof
"account".
 (D)	Section 1826(c) of the Reform Act is amended by   26 USC 72 note.
striking   out   "made"   and   inserting   in   lieu   thereof
"commencing".
(2)	amendments related to section 1851 of the reform
act.—
 (A)	Section 1851(a) of the Reform Act is amended by   26 USC 419A.
striking out paragraph (4) thereof.
 (B)	Subclause (II) of section 512(aX3XEXii) of the 1986
Code is amended, (i) by striking out "subclause (II)" and
inserting in lieu thereof "subclause (I)", and (ii) by striking
out the comma at the end thereof and inserting in lieu
thereof a period.
 (C)	Section 419(aXD of the 1986 Code is amended by
striking out "subchapter" and inserting in lieu thereof
"chapter".
 (D)	Subparagraph CB) of section 1851(aX3) of the Reform
Act is amended by inserting ", section 505, and section    26USC419A
4976(bXlXB)" after "section 419A".	note.
(3)	amendments related to section 1852 of the reform
act.—