PROPERTY RECEIVED IN CERTAIN CORPORATE ORGANIZATIONS AND REORGANIZATIONS.

SEC. 21. PROPERTY RECEIVED IN CERTAIN CORPORATE ORGANIZATIONS AND REORGANIZATIONS. (a) Basis.—Section 358 (a) (1) (A) (relating to decrease in basis to distributees of property received in certain corporate organizations and reorganizations) is amended by striking out “and” at the end of the clause (i), and by adding after clause (ii) the following new clause: “(iii) the amount of loss to the taxpayer which was recognized on such exchange, and”. (b) Effective Date.—The amendment made by subsection (a) shall apply as provided in section 393 of the Internal Revenue Code of 1954 as if the clause (iii) added by such amendment had been included in such Code at the time of its enactment.