PUBLIC LAW 100-647—NOV. 10, 1988

102 STAT. 3753

(2) reports on psc provisions.—
26 USC 921 note.
Effective date.
26 USC 921 note.
 (A)	Subsection (a) of section 804 of the Tax Reform Act of
1984 is amended by striking out "shall," and all that follows
through "setting forth" and inserting in lieu thereof "shall,
during  1990 and each fourth calendar year thereafter,
submit a report to the Congress (using the most recent
information available) setting forth".
 (B)	The amendment made by subparagaph (A) shall take
effect as if included in the amendments made by section
804(a) of the Tax Reform Act of 1984.
SEC. 6253. REPEAL OF SECRETARIAL AUTHORITY TO PRESCRIBE CLASS
LIVES.
Paragraph (1) of section 168(i) of the 1986 Code is amended to read
as follows:
"(1) class life.—Except as provided in this section, the term
'class life' means the class life (if any) which would be applicable
with respect to any property as of January 1, 1986, under
subsection (m) of section 167 (determined without regard to
paragraph (4) and as if the taxpayer had made an election under
such subsection). The Secretary, through an office established in
the Treasury, shall monitor and analyze actual experience with
respect to all depreciable assets."
SEC. 6254. AMENDMENTS RELATED  TO CRUDE OIL WINDFALL PROFIT    26 USC 4997
TAX ACT OF 1980.	note.
The reporting requirements of section 4997 of former chapter 45 of
subtitle D of the Internal Revenue Code of 1986, and the related
regulations thereunder, are repealed: Provided, That this repeal is
effective only for crude oil removed after December 31, 1987, for
which no tax is due or withheld under former chapter 45 of subtitle
D of the Internal Revenue Code of 1986.
Subtitle L—Provisions Relating to
Corporations         Personal Holding Companies
SEC. 6276. AUTHORITY TO PAY REFUNDS TO CERTAIN FIDUCIARIES OF
INSOLVENT MEMBERS OF AFFILIATED GROUPS.
Section 6402 of the 1986 Code (relating to authority to make
credits or refunds) is amended by adding at the end thereof the
following new subsection:
"(i) refunds to certain fiduciaries of insolvent members of
affiliated groups.—Notwithstanding any other provision of law,
in the case of an insolvent corporation which is a member of an
affiliated group of corporations filing a consolidated return for any
taxable year and which is subject to a statutory or court-appointed
fiduciary, the Secretary may by regulation provide that any refund
for such taxable year may be paid on behalf of such insolvent
corporation to such fiduciary to the extent that the Secretary deter-
mines that the refund is attributable to losses or credits of such
insolvent corporation/'
SEC. 6277. APPLICATION   OF   NET   OPERATING   LOSS   LIMITATIONS  TO
BANKRUPTCY REORGANIZATIONS.
(a) time for determining whether ownership change
occurs.—Section 621(fX5) of the Tax Reform Act of 1986 is amended 26 USC 382 note.