the date of enactment of this Act, and (2) to any portion of a trust established before the date of the enactment of this Act which is attributable to a contribution made on or after such date. 3. Certain transfers between grantor trust and deemed owner (a) In general Part IV of subchapter O of chapter 1 of the Internal Revenue Code of 1986 is amended by redesignating section 1062 as section 1063 and inserting after section 1061 the following new section: 1062. Certain transfers between grantor trust and deemed owner (a) In general In the case of any transfer of property for consideration between a trust and a person who is a deemed owner of the trust, such transfer shall be treated as a sale or exchange for purposes of this chapter regardless of the fact that such person is a deemed owner of such trust. (b) Exception Subsection (a) shall not apply to— (1) any grantor trust which is fully revocable by the deemed owner, (2) any asset-backed securities trust, or (3) any grantor trust which is identified by the Secretary (pursuant to regulations or other guidance) as appropriate to exclude from the application of subsection (a). (c) Definitions For purposes of this section— (1) Asset-backed securities trust (A) In general The term asset-backed securities trust means any grantor trust— (i) for which the assets of the trust are mortgage-backed securities or other asset-backed securities, and (ii) which is engaged in securitization transactions. (B) Exception The term asset-backed securities trust shall not include any grantor trust identified by the Secretary (pursuant to regulations or other guidance) as appropriate to exclude from the application of subsection (b)(2). (2) Deemed owner The term deemed owner means, with respect to any trust, any person who is treated as the owner of such trust (or a portion thereof) under subpart E of part 1 of subchapter J. (d) Rule of construction For purposes of subsection (a), a transfer of property for consideration shall include— (1) any satisfaction of an annuity, or (2) any