An individual who receives stock described in the first section of this Act on the basis of his holding of stock in a corporation other than E. I. du Pont de Nemours and Company shall apply paragraphs (1). (2). and (3) as though his holding was in such company but only If the distributor has elected to have subsection (b) apply. (b) CORPORATE SHAREHOLDERS.-In the case of a corporate shareholder electing to have this treatment apply. the distribution shall be treated as provided by section 301 of the Internal Revenue Code of 1954. except that(1) the amount of the distribution shall be the fair market value of the stock received. (2) the basis of the stock received shall. in the hands of the distributee corporation. be the fair market value of the property distributed. minus the deduction for dividends received. as provided for in sections 243. 244. 245. and 246. attributable to the distribution as determined under regulations prescribed by the Secretary of the Treasury or his delegate. Readers Digest Supports Cuban Refugee Emergency Appeal of the International Rescue Committee