Sec. 1381. Organizations to which part applies

SOURCE

EFFECTIVE DATE

  Section 17(c) of Pub. L. 87-834, as amended by Pub. L. 99-514,
Sec. 2, Oct. 22, 1986, 100 Stat. 2095, provided that:
  ''(1) For the cooperatives. - Except as provided in paragraph
(3), the amendments made by subsections (a) and (b) (enacting this
subchapter, amending sections 521 and 6072 of this title, and
repealing section 522 of this title) shall apply to taxable years
of organizations described in section 1381(a) of the Internal
Revenue Code of 1986 (formerly I.R.C. 1954) (as added by subsection
(a)) beginning after December 31, 1962.
  ''(2) For the patrons. - Except as provided in paragraph (3),
section 1385 of the Internal Revenue Code of 1986 (as added by
subsection (a)) shall apply with respect to any amount received
from any organization described in section 1381(a) of such Code, to
the extent that such amount is paid by such organization in a
taxable year of such organization beginning after December 31,
1962.
  ''(3) Application of existing law. - In the case of any money,
written notice of allocation, or other property paid by any
organization described in section 1381(a) -
    ''(A) before the first day of the first taxable year of such
  organization beginning after December 31, 1962, or
    ''(B) on or after such first day with respect to patronage
  occurring before such first day,
the tax treatment of such money, written notice of allocation, or
other property (including the tax treatment of gain or loss on the
redemption, sale, or other disposition of such written notice of
allocation) by any person shall be made under the Internal Revenue
Code of 1986 without regard to subchapter T of chapter 1 of such
Code (this subchapter).''