DISTRIBUTIONS BY COOPERATIVE HOUSING CORPORATIONS.

SEC. 6282. DISTRIBUTIONS BY COOPERATIVE HOUSING CORPORATIONS. (a) In general.—Section 216 of the 1986 Code is amended by adding at the end thereof the following new subsection: “(e) Distributions by Cooperative Housing Associations.—Except as provided in regulations, no gain or loss shall be recognized on the distribution by a cooperative housing association of a dwelling unit to a stockholder in such corporation if such distribution is in exchange for the stockholder’s stock in such corporation and such exchange qualifies for nonrecognition of gain under section 1034(f).” (b) Effective Date.—The amendment made by this section shall take effect as if included in the amendments made by section 631 of the Tax Reform Act of 1986.