EXTENSION OF TIME FOR TAXING PRECONTRIBUTION GAIN.

SEC. 1063. EXTENSION OF TIME FOR TAXING PRECONTRIBUTION GAIN. (a) In General.—Sections 704(c)(1)(B) and 737(b)(1) are each amended by striking “5 years” and inserting “7 years”. (b) Effective Date.— (1) In general.—The amendment made by subsection (a) shall apply to property contributed to a partnership after June 8, 1997. (2) Binding contracts.—The amendment made by subsection (a) shall not apply to any property contributed pursuant to a written binding contract in effect on June 8, 1997, and at all times thereafter before such contribution if such contract provides for the contribution of a fixed amount of property.111 STAT. 948