Par. 2. Section 1.351-1(a)(1) is amended by adding a heading and new second and third sentences to read as follows:
(a)(1) In general. * * * See § 1.453B-1(c) for rules requiring a transferor to recognize gain or loss upon the satisfaction of an installment obligation of a corporation when the obligation is exchanged for stock in that corporation. The preceding sentence applies to satisfactions of installment obligations after the date these regulations are published as final regulations in the Federal Register .* * *
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