- 11 - made) as the principal residence of the participant or a member of the family * * *. This provision applied to all loans made after August 13, 1982. See 1982 Act, sec. 236(c)(1), 96 Stat. 324, 510. As part of the Tax Reform Act of 1986 (the 1986 Act), Pub. L. 99-514, sec. 1134(b), 100 Stat. 2085, 2484, Congress amended section 72(p) by, inter alia, adding a new subparagraph (2)(C), which imposes an additional requirement for the exception contained in section 72(p)(2). That provision states as follows: (C) Requirement of level amortization.--Except as provided in regulations, this paragraph shall not apply to any loan unless substantially level amortization of such loan (with payments not less frequently than quarterly) is required over the term of the loan. Under this level amortization requirement, a loan is not eligible for the exception contained in section 72(p)(2) unless it requires substantially level amortization over the term of the loan, with payments no less frequently than quarterly. See id. This level amortization requirement applies only to loans that are made, renewed, renegotiated,Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
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