ADJUSTMENT OF PENALTY WHERE ASSET IS TRANSFERRED FOR LESS THAN FAIR MARKET VALUE.

SEC. 9104. ADJUSTMENT OF PENALTY WHERE ASSET IS TRANSFERRED FOR LESS THAN FAIR MARKET VALUE. 8989Copy read “In General.—”. (a) In General.— Section 1613(c) of the Social Security Act is amended— (1) by inserting immediately after “the exclusions under subsection (a)” in paragraph (1) the following: “, and subject to paragraph (4) of this subsection”; and (2) by adding at the end the following new paragraph: “(4) The Secretary shall by regulation provide for suspending the application of paragraph (1) to the extent (in any instance) that the Secretary determines that such suspension is necessary to avoid undue hardship.”. (b) Effective Date.— The amendments made by subsection (a) shall become effective April 1, 1988.