# Pub. L. 96-471: changes to the Internal Revenue Code 1980-10-19, 94 Stat. 2253. Source: . ## Legislative history - Bill: [H.R. 6883](https://www.congress.gov/bill/96th-congress/house-bill/6883) ## § 311: Taxability of corporation on distribution - § 311(a): Pub. L. 96–471 substituted “section 453B” for “Section 453(d)”. ## § 381: Carryovers in certain corporate acquisitions - § 381(c)(8): Pub. L. 96–471 substituted “reports on the installment basis under section 453 or 453A” for “has elected, under section 453, to report on the installment basis” and “for purposes of section 453 or 453A” for “for purposes of section 453.” ## § 453: Installment method - Enacted 26 U.S.C. § 453. ## § 453A: Special rules for nondealers - Enacted 26 U.S.C. § 453A. ## § 453B: Gain or loss on disposition of installment obligations - § 453B(d): Pub. L. 96–471, § 2(c)(3), inserted last sentence providing that in the case of any installment obligation which would have met the requirements of subpars. (A) and (B) of par. (2) but for sections 337(f), gain shall be recognized to such corporation by reason of such distribution only to the extent gain would have been recognized under sections 337(f) if such corporation had sold or exchanged such installment obligation on the date of such distribution. ## § 481: Adjustments required by changes in method of accounting - § 481(d): Pub. L. 96–471 struck out subsec. (d) which provided that this section was not to apply to a change to which section 453 of this title, relating to change to installment method, applied. ## § 691: Recipients of income in respect of decedents - § 691(a)(4): Pub. L. 96–471, § 2(b)(5), substituted “reportable by the decedent on the installment method under section 453 or 453A” for “received by a decedent on the sale or other disposition of property, the income from which was properly reportable by the decedent on the installment basis under section 453” in text preceding subpar. (A) and “section 453B” for “section 453(d)” in subpars. (A) and (B). - § 691(a)(5): Pub. L. 96–471, § 3, added par. (5). ## § 1038: Certain reacquisitions of real property - § 1038(g): Pub. L. 96–471 added subsec. (g). ## § 1239: Gain from sale of depreciable property between certain related taxpayers - § 1239(b)(1): Pub. L. 96–471 substituted “the taxpayer and the taxpayer’s spouse” for “a husband and wife”. - § 1239(b)(2): Pub. L. 96–471 substituted “the taxpayer and an 80-percent owned entity, or” for “an individual and a corporation 80 percent or more in value of the outstanding stock of which is owned, directly or indirectly, by or for such individual, or”. - § 1239(b)(3): Pub. L. 96–471 substituted “two 80-percent owned entities” for “two or more corporations 80 percent or more in value of the outstanding stock of each of which is owned, directly or indirectly, by or for the same individual”. - § 1239(c): Pub. L. 96–471 substituted provisions defining an “80-percent owned entity” for provisions relating to constructive ownership of stock. ## § 1255: Gain from disposition of section 126 property - § 1255(b)(2): Pub. L. 96–471 substituted “453B(d)(2)” for “453(d)(4)(B)”.