PER-UNIT RETAIN ALLOCATIONS.

SEC. 911. PER-UNIT RETAIN ALLOCATIONS. (a) Payments of Money and Other Property.—Section 1382(b)(3) (relating to patronage dividends and per-unit retain allocations) is amended to read as follows: “(3) as per-unit retain allocations (as defined in section 1388(f)), to the extent paid in money, qualified per-unit retain certificates (as defined in section 1388(h)), or other property (except nonqualified per-unit retain certificates, as defined in section 1388(i)) with respect to marketing occurring during such taxable year; or”. (b) Conforming Amendment.—Section 1388(f) (relating to per-unit retain allocations) is amended by striking out “other than by payment in money or other property (except per-unit retain certificates)”. (c) Effective Date.—The amendments made by this section shall apply to per-unit retain allocations made after October 9, 1969.