26 U.S.C. § 405 : US Code - Section 405: Repealed. Pub. L. 98-369, div. A, title IV, Sec. 491(a), July 18, 1984, 98 Stat. 848]

Search 26 U.S.C. § 405 : US Code - Section 405: Repealed. Pub. L. 98-369, div. A, title IV, Sec. 491(a), July 18, 1984, 98 Stat. 848]

Section, added Pub. L. 87-792, Sec. 5(a), Oct. 10, 1962, 76 Stat.
826; amended Pub. L. 89-97, title I, Sec. 106(d)(5), July 30, 1965,
79 Stat. 337; Pub. L. 91-172, title V, Sec. 515(c)(1), Dec. 30,
1969, 83 Stat. 645; Pub. L. 93-406, title II, Secs. 2004(c)(2),
2005(c)(11), Sept. 2, 1974, 88 Stat. 986, 992; Pub. L. 94-455,
title XIX, Sec. 1906(b)(13)(A), Oct. 4, 1976, 90 Stat. 1834; Pub.
L. 97-34, title III, Sec. 313(a), (b)(1), Aug. 13, 1981, 95 Stat.
285, 286; Pub. L. 97-452, Sec. 2(c)(1), Jan. 12, 1983, 96 Stat.
2478; Pub. L. 98-369, div. A, title I, Sec. 42(a)(6), July 18,
1984, 98 Stat. 557, related to qualified bond purchase plans.
EFFECTIVE DATE OF REPEAL
Repeal applicable to obligations issued after Dec. 31, 1983, see
section 491(f)(1) of Pub. L. 98-369, set out as an Effective Date
of 1984 Amendment note under section 62 of this title.
ROLLOVER OF EXISTING BONDS INTO QUALIFIED EMPLOYER PLANS
Pub. L. 98-369, div. A, title IV, Sec. 491(c)(1), (f)(2), July
18, 1984, 98 Stat. 848, 853, provided that, applicable to
redemptions after July 18, 1984, in taxable years ending after such
date, subsec. (d)(3)(A) of this section, as in effect before its
repeal, is amended to read as follows:
"(A) In general. - If -
"(i) any qualified bond is redeemed,
"(ii) any portion of the excess of the proceeds from such
redemption over the basis of such bond is transferred to an
individual retirement plan which is maintained for the benefit of
the individual redeeming such bond, or to a qualified trust (as
defined in section 402(a)(5)(D)(iii)) for the benefit of such
individual, and
"(iii) such transfer is made on or before the 60th day after
the individual received the proceeds of such redemption,
then gross income shall not include the proceeds to the extent so
transferred and the transfer shall be treated as a rollover
contribution described in section 408(d)(3)."
BONDS UNDER QUALIFIED BOND PURCHASE PLANS REDEEMABLE AT ANY TIME
AFTER JULY 18, 1984
Section 491(f)(4) of Pub. L. 98-369 provided that:
"Notwithstanding -
"(A) subparagraph (D) of section 405(b)(1) of the Internal
Revenue Code of 1954 (as in effect before its repeal by this
section) [see above], and
"(B) the terms of any bond described in subsection (b) of such
section 405,
such a bond may be redeemed at any time after the date of the
enactment of this Act [July 18, 1984] in the same manner as if the
individual redeeming the bond had attained age 59 1/2 ."