“In the case of a Rhode Island corporation which was organized on February 22, 1983, and which on February 25, 1983—“(A) purchased the stock of another corporation,
“(B) filed an election under section 338(g) of the Internal Revenue Code of 1986 with respect to such purchase, and
“(C) merged into the acquired corporation,
such purchase of stock shall be considered as made by the acquiring corporation, such election shall be valid, and the acquiring corporation shall be considered a purchasing corporation for purposes of section 338 of such Code without regard to the duration of the existence of the acquiring corporation.”
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