; and (2) if a transfer or assumption of an asset or liability to or by an estate or an eligible issuer under section 343(b) or 343(c) does not cause or constitute an event in which gain or loss is recognized under section 1001 of the Internal Revenue Code of 1986 ( 26 U.S.C. 1001 ), the transfer or assumption shall not cause or constitute a disposition for purposes of any provision assigning tax consequences to a disposition in connection with any State or local law imposing a tax on or measured by income. (d) No conflict The provisions of this subtitle shall apply, notwithstanding any provision of the Federal Deposit Insurance Act ( 12 U.S.C. 1811 et seq.), title 11, United States Code, title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act ( 12 U.S.C. 5381 et seq.), or any other provision of Federal law with respect to conservatorship, receivership, liquidation, or bankruptcy. No provision of the Federal Deposit Insurance Act ( 12 U.S.C. 1811 et seq.), title 11, United States Code, title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act ( 12 U.S.C. 5381 et seq.), or any other provision of Federal law with respect to conservatorship, receivership, liquidation, or bankruptcy may be construed or applied in a manner that defeats or interferes with the purpose or operation of this subtitle. (e) Annual report to Congress The covered bond regulators shall, annually— (1) submit a joint report to the Congress describing the current state of the covered bond market in the United States