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(b) Requirements To Qualify for Nonrecognition.--A
sale of qualified securities meets the requirements of
this subsection if–
(1) Sale to employee organizations.--The qualified
securities are sold to–
(A) an employee stock ownership plan (as
defined in section 4975(e)(7)), or
(B) an eligible worker-owned cooperative.
* * * * * * *
(3) Written statement required.--
(A) In general.--The taxpayer files with the
Secretary the written statement described in
subparagraph (B).
(B) Statement.--A statement is described in
this subparagraph if it is a verified written
statement of –
(i) the employer whose employees are
covered by the plan described in paragraph
(1), or
(ii) any authorized officer of the
cooperative described in paragraph (1),
consenting to the application of sections 4978 and
4979A with respect to such employer or
cooperative.
* * * * * * *
(c) Definitions; Special Rules. * * *
* * * * * * *
(6) Time for filing election.--An election under
subsection (a) shall be filed not later than the last
day prescribed by law (including extensions thereof)
for filing the return of tax imposed by this chapter
for the taxable year in which the sale occurs.
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Last modified: May 25, 2011