[Code of Federal Regulations]
[Title 26, Volume 18]
[Revised as of April 1, 2004]
From the U.S. Government Printing Office via GPO Access
[CITE: 26CFR301.9100-9T]

[Page 730]
 
                       TITLE 26--INTERNAL REVENUE
 
    CHAPTER I--INTERNAL REVENUE SERVICE, DEPARTMENT OF THE TREASURY 
                               (CONTINUED)
 
PART 301_PROCEDURE AND ADMINISTRATION--Table of Contents
 
                              General Rules
 
Sec. 301.9100-9T  Election by a bank holding company to forego grandfather 
provision for all property representing pre-June 30, 1968, activities.

    (a) In general. For purposes of sections 1101 through 1103 and 6158 
of the Code, a bank holding company may elect under section 1103(g) to 
have the determination of whether property is prohibited property or is 
property eligible to be distributed without recognition of gain under 
section 1101(b)(1) made under the Bank Holding Company Act (12 U.S.C. 
1841 et seq.) as if the Act did not contain the proviso of section 
4(a)(2) thereof.
    (b) Manner of making election. The election under section 1103(g) 
shall be made in a written statement filed with the Federal Reserve 
Board indicating that by resolution of its board of directors, the bank 
holding company is electing to apply the provisions of section 1103(g). 
In addition, the bank holding company shall indicate on its income tax 
return for each taxable year in which the election applies to a 
distribution or sale of property (in the manner specified in the 
Internal Revenue Service's instructions for the preparation of the 
return) that it has made the election under section 1103(g). The 
election shall be considered to be made on the date on which the written 
statement is received by the Federal Reserve Board.
    (c) Scope of election. The election under section 1103(g) applies to 
all determinations of whether property is prohibited property or is 
property eligible to be distributed without recognition of gain under 
section 1101(b)(1).
    (d) Election; binding effect. An election made under section 1103(g) 
is irrevocable.
    (e) Final certification. An election under section 1103(g) shall not 
apply unless the final certification referred to in section 1101(e) or 
section 6158(c)(2), as the case may be, includes a certification by the 
Federal Reserve Board that the bank holding company has disposed of 
either all banking property or all nonbanking property (including 
property described in the proviso of section 4(a)(2) of the Bank Holding 
Company Act).
    (f) Conditional certification. A certification by the Federal 
Reserve Board under section 1101 (a)(1)(B), 1101 (b)(1)(B), 1101 
(c)(2)(C), 1101 (c)(3)(C), or 6158(a) that is conditioned upon the bank 
holding company's making an election under section 1103(g) shall not be 
considered to be made before the distribution or sale unless the 
certification and the election are made before the distribution or sale.

[T.D. 7570, 43 FR 52057, Nov. 8, 1978. Redesignated by T.D. 8435, 57 FR 
43896, Sept. 23, 1992]