CERTAIN ACQUISITIONS OF STOCK.

SEC. 22. CERTAIN ACQUISITIONS OF STOCK. (a) Transitional Rules.—Section 391 (relating to effective date of certain provisions of the Internal Revenue Code of 1954 relating to distributions by corporations) is amended by adding at the end thereof the following new sentence: “In the case of— “(1) any acquisition of stock described in section 304 which occurred before June 22, 1954, and “(2) any acquisition of stock described in such section which occurred on or after June 22, 1954, and on or before December 31, 1958, pursuant to a contract entered into before June 22, 1954, the extent to which the property received in return for such acquisition shall be treated as a dividend shall be determined as if the Internal Revenue Code of 1939 continued to apply in respect of such acquisition and as if this Code had not been enacted.” (b) Effective Date.—The third sentence of section 391 of the Internal Revenue Code of 1954, as added by subsection (a) of this section, shall apply as if included in such section on the date of the enactment of such Code.