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Page:United States Statutes at Large Volume 90 Part 2.djvu/37

 LIST OF PUBLIC LAWS Public Law

94-584 94-585 94-586

94-587

94-588

xxxvii Date

Virgin Islands and Guam, constitutions. AN ACT To provide for the establishment of constitutions for the Virgin Islands and Guam Food stamps. AN ACT To amend the Social Security Act with respect to food stamp purchases by welfare recipients Alaska Natural Gas Transportation Act of 1976. AN ACT To expedite a decision on the delivery of Alaska natural gas to United States markets, and for other purposes Water Resources Development Act of 1976. AN ACT Authorizing the construction, repair, and preservation of certain public works on rivers and harbors for navigation, flood control, and for other purposes National Forest Management Act of 1976. AN ACT To amend the Forest and Rangeland Renewable Resources Planning Act of 1974, and for other purposes.

Page

Oct. 21, 1976...

2899

Oct. 21, 1976...

2901

Oct. 22, 1976...

2903

Oct. 22, 1976...

2917

Oct. 22, 1976...

2949

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license: Creative Commons - Attribution Share-Alike - https://creativecommons.org/licenses/by-sa/4.0/


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Page:United States Statutes at Large Volume 90 Part 2.djvu/39

 LIST OF BILLS ENACTED INTO PRIVATE LAW THE NINETY-FOURTH CONGRESS, SECOND SESSION

Bill No.

H.R. 1394 H.R. 1395 H.R. 1396 H.R. 1397 H.R. 1399 H.R. 1402 H.R. 1404 H.R. 1425 H.R. 1507 H.R. 1558 H.R. 1645 H.R. 1758 H.R. 1762 H.R. 2118 H.R. 2278 H.R. 2279 H.R. 2399 H.R. 2411 H.R. 2495 H.R. 2502 H.R. 2565 H.R. 2776 H.R. 2782 H.R. 2940 H.R. 2941 H.R. 2943 H.R. 3372 H.R. 3377 H.R. 4038 H.R. 4046 H.R. 4053 H.R. 4113 H.R. 4583 H.R. 4829 H.R. 4939 H.R. 4941 H.R. 5052 H.R. 5227 H.R. 5500

Private Law No.

94-60 94-61 94-62 94-63 94-29 94-92 94-54 94-64 94-65 94-58 94-66 94-30 ^94-59 94-67 94-68 94-48 94-69 94-70 94-71 94-72 94-73 94-44 94-43 94-74 94-75 94-56 94-76 94-137 94-45 94-31 94-77 94-32 94-111 94-55 94-33 94-37 94-78 94-46 94-79

Bill No.

H.R. 5503 H.R. 5648 H.R. 5666 H.R. 5750 H.R. 5752 H.R. 6093 H.R. 6156 H.R. 6392 H.R. 6687 H.R. 7404 H.R. 7494 H.R. 7624 H.R. 7685 H.R. 7832 H.R. 7882 H.R. 7908 H.R. 8027 H.R. 8119 H.R. 8451 H.R. 8555 H.R. 8557 H.R. 8695 H.R. 8863 H.R. 8907 H.R. 9414 H.R. 9543 H.R. 9965 H.R. 10076 H.R. 10434 H.R. 10793 H.R. 11076 H.R. 11199 H.R. 11809 H.R. 11890 H.R. 12707 H.R. 12831 H.R. 13417 H.R. 13964 H.R. 14227

Private Law No.

94-112 94-80 94-53 94-34 94-93 94-81 94-94 94-82 94-83 94-84 94-85 94-113 94-57 94-109 94-86 94-87 94-127 94-121 94-35 94-36 94-88 94-89 94-47 94-28 94-95 94-128 94-96 94-90 94-110 94-115 94-91 94-122 94-129 94-116 94-130 94-117 94-131 94-138 94-139

Bill No.

Private Law No.

H.R. 14470

94-132

S. 52 S. 223 S. 719 S. 720 S. 721 S. 804 S. 832 S. 866 S. 1365 S. 1404 S. 1477 S. 1494 S. 1699 S. 1787 S. 2004 S. 2220 S. 2322 S. 2481 S. 2618 S. 2668 S. 2770 S. 2798 S. 2830 S. 2942 S. 2956 S. 3035 S. 3146 S. 3380 S. 3485 S. 3556 S. 3667 S. 3682 S. 3683 S. 3757 S. 3779

94-51 94-50 94-38 94-39 94-40 94-41 94-42 94-114 94-133 94-99 94-100 94-49 94-52 94-101 94-98 94-102 94-108 94-103 94-123 94-104 94-105 94-140 94-106 94-124 94-107 94-126 94-118 94-119 94-120 94-134 94-141 94-135 94-136 94-125 94-97

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Page:United States Statutes at Large Volume 90 Part 2.djvu/41

 LIST OF PRIVATE LAWS CONTAINED IN THIS VOLUME . n, «-?.•: Private Law

94-28 94-29 94-30 94-31 94-32 94-33 94-34 94-35 94-36 94-37 94-38 94-39 94-40 94-41 94-42 94-43 94-44 94-45 94-46 94-47 94-48 94-49 94-50 94-51

Date

Yong Won Lee. AN ACT For the relief of Yong Won Lee.. Maria Del Carmen A. Martinez. AN ACT For the relief of Maria Del Carmen Alvarado Martinez Terrence J. Caguiat. AN ACT For the relief of Terrence Jarome Caguiat Valerie A. Phillips. AN ACT For the relief of Valerie Ann Phillips, nee Chambers Mitsue K. Stone. AN ACT For the relief of Mitsue Karimata Stone Manuel Bonotan. AN ACT For the relief of Manuel Bonotan Chu Wol Kim. AN ACT For the relief of Chu Wol Kim. Jung Shik Yang. AN ACT For the relief of Jung Shik Yang Angel P. Cabal. AN ACT For the relief of Angel Pader Cabal Oscar H. Barnett. AN ACT For the relief of Oscar H. Barnett Sons of the American Legion. AN ACT Granting a renewal of patent numbered 92,187 relating to the badge of the Sons of the American Legion American Legion. AN ACT Granting a renewal of patent numbered 54,296 relating to the badge of the American Legion American Legion Auxiliary. AN ACT Granting a renewal of patent numbered 55,398 relating to the badge of the American Legion Auxiliary Zoraida E. Lastimosa. AN ACT For the relief of Zoraida E. Lastimosa Kristen M. Kneebone. AN ACT For the relief of Kristen Marisol Kneebone Monturah Co. AN ACT To provide for the reinstatement and validation of United States oil and gas lease numbered U-0140571, and for other purposes Candido Badua. AN ACT For the relief of Candido Badua Jennifer A. Blum. AN ACT For the relief of Jennifer Anne Blum Frank M. Russell. AN ACT For the relief of Frank M. Russell Randy E. Crismundo. AN ACT For the relief of Randy E. Crismundo Louise G. Whalen. AN ACT For the relief of Mrs. Louise G. Whalen Paul W. Williams. AN ACT For the relief of Paul W. Williams Angela and Manuel Aguilar. AN ACT For the relief of Angela Garza and her son Manuel Aguilar (aka Manuel Garza) Rosario Y. Quijano and others. AN ACT For the relief of Miss Rosario Y. Quijano, Walter York Quijano, Ramon York Quijano, Tarcisus York Quijano, Denis York Quijano, and Paul York Quijano

Page

Feb. 13, 1976..

2967

Feb. 13, 1976..

2967

Feb. 13, 1976..

2967

Feb. 13, 1976..

2968

Feb. 13, 1976..

2968

Feb. 13, 1976.. Feb. 13, 1976..

2969 2969

Feb. 13, 1976..

2969

Feb. 13, 1976..

2970

Apr. 13, 1976...

2970

Apr. 16, 1976...

2970

Apr. 16, 1976...

2971

Apr. 16, 1976...

2971

Apr. 16, 1976...

2971

Apr. 16, 1976...

2972

May 13, 1976...

2972

May 22, 1976...

2973

May 22, 1976...

2973

May 22, 1976...

2973

May 22, 1976...

2974

May 29, 1976...

2974

May 29, 1976...

2974

June 10, 1976..

2975

June 11, 1976..

2975

xli

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Page:United States Statutes at Large Volume 90 Part 2.djvu/42

 xlii

LIST OF PRIVATE LAWS

Private Law

94-52 94-53 94-54

94-55 94-56 94-57 94-58 94-59 94-60 94-61 94-62 94-63 94-64 94-65 94-66 94-67 94-68 94-69 94-70 94-71 94-72 94-73

94-74 94-75 94-76 94-77 94-78 94-79 94-80 94-81 94-82 94-83

Date

Hope Namgyal. AN ACT For the relief of Mrs. Hope Namgyal Won, Hyo- Yun. AN ACT For the relief of Won, Hyo-Yun. Lucille Jones. AN ACT To authorize the Secretary of the Interior to convey certain lands in Madera County, California, to Mrs. Lucille Jones, and for other purposes Leah M. Anderson. AN ACT For the relief of Leah Maureen Anderson Estate of James J. Caldwell. AN ACT For the relief of the estate of James J. Caldwell Mildred N. Crumley. AN ACT For the relief of Mildred N. Crumley Dr. Gemot M. R. Winkler. AN ACT For the relief of Doctor Gemot M. R. Winkler Lessie Edwards. AN ACT For the relief of Mrs. Lessie Edwards Suk Chin and Hae Suk Chin. AN ACT For the relief of Suk Chin and Hae Suk Chin Mee Kyung Cho and Hee Kyung Cho. AN ACT For the relief of Mee Kyung Cho and Hee Kyung Cho Sang Kook Chung and Hwa Soon Chung. AN ACT For the relief of Sang Kook Chung and Hwa Soon Chung. Ae Sook Song and Mi Yun Lee. AN ACT For the relief of Ae Sook Song and Mi Yun Lee Juliet E. Tozzi. AN ACT For the relief of Juliet Elizabeth Tozzi Marisa Marzano. AN ACT For the relief of Marisa Marzano Kevin P. Saunders. AN ACT For the relief of Kevin Patrick Saunders Cheryl Lynn V. Camacho. AN ACT For the relief of Cheryl Lynn V. Camacho Mary Saxton. AN ACT For the relief of Mrs. Mary Saxton (Mary Nuku) Leonard A. Brownrigg. AN ACT For the relief of Leonard Alfred Brownrigg Alinor A. Adams. AN ACT For the relief of Alinor Anvari Adams Ma/gorzatoiiC. C2apoM;s^i. AN ACT For the relief of Miss Malgorzata Kuzniarek Czapowski Peter O. Mesikepp. AN ACT For the relief of Peter Olav Mesikepp Luisa M. Hughes and others. AN ACT For relief of Luisa Marillac Hughes, Marco Antonio Hughes, Maria del Cisne Hughes, Maria Augusta Hughes, Miguel Vicente Hughes, Veronica del Rocio Hughes, and Ivan Hughes Maria S. M. Elliott. AN ACT For the relief of Maria Sylvia Macias Elliott Susan R. Harwood. AN ACT For the relief of Susan Rosemary Harwood Tze Tsun Li. AN ACT For the relief of Tze Tsun Li Roderic P. Stafford. AN ACT For the relief of Roderic Patrick Stafford Yolanda E. Vez. AN ACT For the relief of Yolanda E. Vez Rafael S. Wurzel. AN ACT For the relief of Rafael Strochiltz Wurzel Violetta Cebreros. AN ACT For the relief of Violetta Cebreros Maria D'Arpino. AN ACT For the relief of Maria D'Arpino Koviljka C. Clendenen. AN ACT For the relief of Koviljka C. Clendenen Doo Hoon Park. AN ACT For the relief of Doo Hoon Park

Page

June 15, 1976.. July 12, 1976...

2976 2976

July 14, 1976...

2976

July 14, 1976...

2977

Aug. 6, 1976..

2978

Aug. 6, 1976..

2978

Aug. 6, 1976..

2979

Aug. 9, 1976..

2979

Aug. 14, 1976..

2980

Aug. 14, 1976..

2980

Aug. 14, 1976..

2980

Aug. 14, 1976..

2981

Aug. 14, 1976..

2981

Aug. 14, 1976..

2982

Aug. 14, 1976..

2982

Aug. 14, 1976..

2982

Aug. 14, 1976..

2983

Aug. 14, 1976..

2983

Aug. 14, 1976..

2983

Aug. 14, 1976..

2984

Aug. 14, 1976..

2984

Aug. 14, 1976..

2984

Aug. 14, 1976..

2985

Aug. 14, 1976.. Aug. 14, 1976..

2985 2986

Aug. 14, 1976..

2986

Aug. 14, 1976..

2986

Aug. 14, 1976..

2987

Aug. 14, 1976..

2987

Aug. 14, 1976..

2988

Aug. 14, 1976..

2988

Aug. 14, 1976..

2988

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Page:United States Statutes at Large Volume 90 Part 2.djvu/43

 LIST OF PRIVATE LAWS

94-85 94-86 94-87 94-88 94-89 94-90 94-91 94-92 94-93 94-94 94-95 94-96 94-97 94-98 94-99 94-100 94-101 94-102 94-103 94-104 94-105 94-106 94-107 94-108 94-109 94-110

94-111 94-112 94-113 94-114 94-115 94-116

Page

Date

Private Law

94-84

xliii

Christine Donnelly. AN ACT For the relief of Christine Donnelly Luigi Santaniello. AN ACT For the relief of Luigi Santaniello Leonor Young. AN ACT For the relief of Miss Leonor Young Edward Drag. AN ACT For the relief of Edward Drag.. Carmen Thomas. AN ACT For the relief of Carmen Thomas Eugene H. Phillips. AN ACT For the relief of Eugene Homsy Phillips Mrs. Kazuko Scillion. AN ACT For the relief of Mrs. Kazuko Scillion Ok Ja Choi. AN ACT For the relief of Ok J a Choi John W. Mollis. AN ACT For the relief of John W. Hollis Lucie Stein. AN ACT For the relief of Lucie Stein Walma T. Thompson. AN ACT For the relief of Walma T. Thompson TV Facts. AN ACT For the relief of TV Facts, Rochester, New York Boulder Daily Camera. AN ACT For the relief of Boulder Daily Camera, Boulder, Colorado Mrs. David C. Davis. AN ACT For the relief of Mrs. David C. Davis Hobart, Okla. AN ACT To eliminate a restriction on use of certain lands patented to the city of Hobart, Kiowa County, Oklahoma Mrs. Kyong Chu Stout. AN ACT For the relief of Mrs. Kyong Chu Stout Beatrice Serrano-Toledo. AN ACT For the relief of Beatrice Serrano-Toledo Maria Lisa R. and Rogena R. Manalo. AN ACT For the relief of Maria Lisa R. Manalo and Rogena R. Manalo.. N. Mex. AN ACT To authorize and direct the Secretary of the Interior to reinstate oil and gas lease New Mexico 18302 Oscar R. H. Rustrian. AN ACT For the relief of Oscar Rene Hernandez Rustrian Arturo M. Hernandez. AN ACT For the relief of Arturo Moreno Hernandez Anthony A. and Beverly E. Daley. AN ACT For relief of Anthony Augustus Daley and Beverly Evelyn Daley.. Gary A. Broyles. AN ACT For the relief of Gary A. Broyles Teresa M. Salman. AN ACT For the relief of Teresa Marie Salman Lee Mee Sun. AN ACT For the relief of Lee Mee Sun.... Janette F. Byrne. AN ACT For the relief of Mrs. Janette Flores Byrne Dr. Carlos Montenegro-Gorbitz and others. AN ACT For the relief of Doctor Carlos Montenegro-Ciorbitz, his wife, Maria Elena Olguin de Grorbitz, and their son, Carlos Gorbitz-Olguin Rosina C. Beltran. AN ACT For the relief of Rosina C. Beltran Davina Mamuad. AN ACT For the relief of Divina Mamuad Jacinto V. Camacho. AN ACT For the relief of Jacinto Vazquez Camacho Patrick A. Tasselin. AN ACT For the relief of Patrick Andre Tasselin Afaf Yassine and others. AN ACT For the relief of Afaf Yassine and her children, Najla Yassine, Walid Yassine, Mona Yassine, and Maher Yassine Bernard J. Phillips. AN ACT For the relief of Bernard Julian Phillips

Aug. 14, 1976.

2989

Aug. 14, 1976.

2989

Aug. 14, 1976. Aug. 14, 1976.

2990 2990

Aug. 14, 1976.

2990

Aug. 14, 1976.

2991

Aug. Aug. Aug. Aug.

1976. 1976. 1976. 1976.

2991 2991 2992 2992

Aug. 19, 1976,

2992

Aug. 19, 1976.

2993

Aug. 19, 1976.

2993

Sept. 10, 1976.

2994

Sept. 28, 1976.

2994

Oct. 1, 1976..

2995

Oct. 1 1976

2995

Oct. 1 1976

2995

Oct. 1 1976

2996

Oct. 1 1976

2996

Oct. 1 1976

2997

Oct. 1 1976

2997

Oct. 1 1976

2997

Oct. 1 1976 Oct. 2 1976

2998 2998

Oct. 4 1976

2999

14, 14, 19, 19,

Oct. 4, 1976.. 2999 . Oct. 5, 1976.. 2999 . Oct. 5, 1976.. 3000 . Oct. 5, 1976.. 3000 . Oct. 5, 1976.. 3001 . Oct. 8, 1976.. 3001 . . Oct. 8, 1976.. 3001

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Page:United States Statutes at Large Volume 90 Part 2.djvu/44

 xli

LIST OF PRIVATE LAWS

Private Law

94-117 94-118 94-119 94-120 94-121 94-122 94-123 94-124 94-125 94-126 94-127 94-128 94-129 94-130 94-131 94-132 94-133 94-134 94-135 94-136 94-137 94-138

94-139

94-140 94-141

Date

Mo Chong-Pu. AN ACT For the relief of Mo Chong-Pu.. Leo J. Conway. AN ACT For the relief of Leo J. Conway.. Mary V. Trent. AN ACT For the relief of Miss Mary Vance Trent Orlando Garzore! AN ACT For the relief of Orlando Garzon Fernando A. Macos. AN ACT For the relief of Fernando Alves Macos Mollis A. Millet AN ACT For the relief of HoUis Anthony Millet Chea Hyo Suk. AN ACT For the relief of Chea Hyo Suk... Kenrick W. Brookes. AN ACT For the relief of Kenrick Withington Brookes (also known as Kenrick Withington Clifton) Walter L. M. and Barbara A. H. K. Laqueur. AN ACT For the relief of Walter Louis Moritz Laqueur and his wife Barbara Auguste Helene Koch Laqueur Alice W. Olson and others. AN ACT For the relief of Alice W. Olson, Lisa Olson Hayward, Eric Olson, and Nils Olson Comdr. Stanley W. Birch, Jr. AN ACT For the relief of Commander Stanley W. Birch, Junior Eupert A. Grant. AN ACT For the relief of Eupert Anthony Grant Ljudevit Previc. AN ACT For the relief of Ljudevit Previc Barry R. L. Dibling. AN ACT For the relief of Barry Ray Leftwich Dibling Dae Ho and Maria Park. AN ACT For the relief of Dae Ho Park and Maria Park Raul E. Ringle. AN ACT For the relief of Raul Eduardo Ringle Haines, Alaska. AN ACT To authorize the Secretary of the Interior to convey to the city of Haines, Alaska, interests of the United States in certain lands Marciano and Eleanor L. Santiago. AN ACT For the relief of Marciano Santiago and his wife, Eleanaor L. Santiago Dr. Oscar J. Briseno. AN ACT For the relief of Doctor Oscar J. Briseno Dr. Juan B. L. Ruiz. AN ACT For the relief of Doctor Juan Bautista Lopez Ruiz Helen, Michael, and Steven Wolski. AN ACT For the relief of Mrs. Helen Wolski, Michael Wolski, and Steven Wolski Jeanette Green and Mary Jane B. Nolan. AN ACT For the relief of Jeanette Green, as mother of the minor child, Ricky Baker, deceased, and as widow and administratrix of the estate of Enoch Odell Baker, deceased; and for the relief of Mary Jane Baker Nolan, individually, and as widow and administratis, of the estate of John William Baker, deceased , Ariz, universities and colleges. AN ACT To direct the Secretary of Agriculture to release a condition with respect to certain real property conveyed by the United States to the board of regents of the universities and State colleges of Arizona for the use of the University of Arizona Yakutat, Alaska. AN ACT To eliminate a restriction on use of certain lands conveyed to the city of Yakutat, Alaska Song C/iariJfirlAN" ACT For'th^^

Page

Oct. 8, 1976 Oct. 8, 1976

3002 3002

Oct. 8 1976

3003

Oct. 8, 1976

3003

Oct. 11 1976

3004

Oct. 11, 1976 Oct. 11, 1976

3004 3004

Oct. 11, 1976

3005

Oct. 11, 1976

3005

. Oct. 12, 1976.. 3006 . Oct. 14, 1976.. 3006 . Oct. 14, 1976.. 3007 Oct. 14, 1976.. 3007 . . Oct. 14, 1976.. 3007 . Oct. 15, 1976.. 3008 Oct. 15, 1976.. 3008 . Oct. 15 1976

3009

Oct. 15 1976

3010

Oct. 15 1976

3010

Oct. 15 1976

3010

Oct. 17 1976

3011

Oct. 17, 1976.. 3011.

Oct. 17, 1976.. 3012 . Oct. 17 1976 Oct 17', 1976

3013 3014

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Page:United States Statutes at Large Volume 90 Part 2.djvu/45

 LIST OF CONCURRENT RESOLUTIONS CONTAINED IN THIS VOLUME

Con. Res.

Congress. Joint meeting H. Con. Res. 524.. S. 2718. Vacating and Recommitting to Committee H. Con. Res. 527.. S. 2718. Correction in bill enrollment H. Con. Res. 533.. H.R. 5247 Correction in bill enrollment H. Con. Res. 535.. House of Representatives and Senate. Adjournment from Feb. 11-16, 1976 and Feb. 6-16, 1976, respectively S. Con. Res. 92 Second Brussels Conference, 1976. Congressional support for enlargement of human freedom.... S. Con. Res. 93 Joint Committee for Inaugural Arrangements S. Con. Res. 90 Select Committee To Study Governmental Operations With Respect to Intelligence Activities, Report. Printing of additional copies S. Con. Res. 88 H.R. 5727 Correction in bill enrollment S. Con. Res. 96 Railways and Railway Labor Organizations, Negotiations S. Con. Res. 97 "1976 Joint Economic Report." Printing of additional copies S. Con. Res. 101... S. Con. Res. U- Amendment S. Con. Res. 103... H.R. 200. Correction in bill enrollment S. Con. Res. 106... H.R. 8617. Correction in bill enrollment H. Con. Res. 596.. Magna Carta. Delegation to receive Magna Carta, appointment, payment of expenses S. Con. Res. 98 Convention of American Instructors of the Deaf. Proceedings printed as Senate document; additional copies S. Con. Res. 84 Congress. Adjournment from Apr. 14-26, 1976.... S. Con. Res. I l l... .H:i?. 5^^5. Correction in bill enrollment H. Con. Res. 618.. "Our Flag." Printing as House document; additional copies H. Con. Res. 536.. U.S. Constitution and Declaration of Independence. Printing as House document; additional copies H. Con. Res. 537.. U.S. Constitution. Printing as House document; additional copies H. Con. Res. 539.. "How Our Laws Are Made." Printing as House document; additional copies H. Con. Res. 540.. Congressional Budget for U.S. Government, Fiscal Year 1977 S. Con. Res. 109... S..^.4^5. Correction in bill enrollment H. Con. Res. 635.. Congressional Fellowship Programs. Congressional appreciation S. Con. Res. 100... "Court Proceedings and Actions of Vital Interest to the Congress, Final Report for the 93d Congress, December 1971}.." Printing of additional copies H. Con. Res. 305.. House of Representatives and Senate. Adjournment from May 27-June 1, 1976 and May 28-June 2, 1976, respectively H. Con. Res. 646.. U.S. Constitution (pocket-size edition). Printing of additional copies H. Con. Res. 538..

Date

Page

Jan. 19, 1976...

3017

Jan. 21, 1976... Jan. 30, 1976... Jan. 30, 1976...

3017 3017 3022

Feb. 5, 1976..

3022

Feb. 10, 1976.. Feb. 18, 1976..

3022 3023

Feb. 26, 1976.. Mar. 3, 1976..

3023 3023

Mar. 9, 1976..

3024

Mar. Mar. Mar. Mar.

1976.. 1976.. 1976.. 1976..

3024 3025 3025 3026

Apr. 5, 1976...

3026

Apr. 9, 1976... Apr. 12, 1976... Apr. 26, 1976...

3027 3028 3028

May 10, 1976...

3028

May 10, 1976...

3029

May 10, 1976...

3029

May 10, 1976...

3029

May 13, 1976... May 20, 1976...

3029 3031

May 21, 1976...

3032

May 24, 1976...

3032

May 27, 1976...

3033

May 27, 1976...

3033

11, 18, 31, 31,

xlv

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Page:Hockey, Canada's Royal Winter Game.djvu/69

 may enable him to surpass that man in general speed, by minimizing his work and by allowing him to husband his strength for the great efforts that occur at different stages of the game.

When a forward skates down the rink near the side, his easiest way of dodging an opponent is by caroming the puck against the boards, which act as a cushion, passing his man on the outside, and recovering the puck which bounces out to meet him. In this play the puck should invariably be lifted, because the dodge is expected, and if the puck slides along the ice to the side it may often be easily stopped.

When a forward, rushing down the ice, is well followed by another of his side, he should not try to dodge the cover point, but should draw out that man by inclining to the side, and pass the puck to his partner, taking care to then place himself in the best possible position to receive it back, if the latter cannot shoot.

A man should check his opponent’s stick heavily, as a gentle stroke, an easy check, has seldom any effect.


text:
Page:United States Statutes at Large Volume 90 Part 2.djvu/46

 LIST OF CONCURRENT RESOLUTIONS Con. Res.

"Federal Election Campaign Laws Relating to the United States House of Representatives." Printing as House document i/.i?. ii55^. Correction in bill enrollment Economic Assistance to Italy. Congressional willingness to participate with NATO members... S. ^.^W. Correction in bill enrollment "Duties of the Speaker." Printing as House document Walking Tour Map of U.S. Capitol. Printing /f.i?. 775.^. Correction in bill enrollment S. 811. Correction in bill enrollment S. 586. Correction in bill enrollment Congress. Adjournment from July 2-19, 1976 Declaration of Independence, Ideals and Principles. Reaffirmation of congressional commitment H.R. 11501 Correction in bill enrollment Congress. Adjournment from Aug. 10-23, 1976... H.R. 12169. Correction in bill enrollment "The Washington-Rochambeau Historic Route." Congressional recognition "Multinational Corporations and U.S. Foreign Policy," and others. Printing of copies "Soviet Space Programs, 1971-1975." Printing of additional copies Senate Committee on Foreign Relations—One Hundred and Sixtieth Anniversary. Printing as Senate document; additional copies "The Senate Chamber, 1810-1859." Printing of additional copies H.R. 11670. Correction in bill enrollment H.R. 11481. Correction in bill enrollment House of Representatives and Senate. Adjournment from Sept. 2-8, 1976 and Sept. 1-7, 1976, respectively H.R. 10612. Correction in bill engrossment Justice William 0. Douglas—Tributes. Printing as House document "Review of National Breeder Reactor Program. " Printing of copies "The Working of Congress." Printing as House document; additional copies "New Perspectives in Health Care for Older Americans (Recommendations and Policy Directions of the Subcommittee on Health and Long-Term Care)." Printing of additional copies "Summary of Veterans' Legislation Reported, Ninety-fourth Congress. "Printing of additional copies "Black Americans in Congress." Printing of copies S. J*^/. Corrections in bill enrollment Congressional Budget for U.S. Government, Fiscal Year 1977 H.R. 10612. Corrections in bill enrollment "United States Space Observance." Request for presidential proclamation Procedures of Internal Revenue Service—Report. Printing as Senate document; additional copies.. Rev. Edward L. R. Elson's Prayers. Printing as Senate document; additional copies H.R. 5546. Corrections in bill enrollment

Date

Page

H. Con. Res. 640.. June 10, 1976.. H. Con. Res. 652.. June 10, 1976..

3033 3034

H. Con. Res. 651.. June 11, 1976.. S. Con. Res. 122... June 23, 1976..

3034 3034

H. Con. Res. 623.. H. Con. Res. 624.. S. Con. Res. 127... S. Con. Res. 128... H. Con. Res. 668.. H. Con. Res. 669..

June June June June July July

24, 1976.. 24, 1976.. 29, 1976.. 30, 1976.. 1, 1976... 1, 1976...

3035 3035 3035 3036 3036 3037

H. H. H. H.

July 1, 1976... July 20, 1976... Aug. 10, 1976.. Aug. 10, 1976..

3037 3038 3038 3038

H. Con. Res. 225.. Aug. 25, 1976..

3039

S. Con. Res. 107... Aug. 30, 1976..

3040

S. Con. Res. 113... Aug. 30, 1976..

3040

S. Con. Res. 115... Aug. 30, 1976..

3040

Con. Con. Con. Con.

Res. Res. Res. Res.

672.. 678.. 707.. 709..

S. Con. Res. 126... Aug. S. Con. Res. 133... Aug. S. Con. Res. 134... Aug.

00 00 00

xlvi

1976.. 1976.. 1976..

3040 3041 3041

S. Con. Res. 136... Sept. 1, 1976.. 3041 S. Con. Res. 137... Sept. 2, 1976.. 3042 H. Con. Res. 513.. Sept. 9 1976.. ,

3042

H. Con. Res. 592.. Sept. 9, 1976..

3042

H. Con. Res. 629.. Sept. 9 1976.. ,

3043

H. Con. Res. 641..

Sept. 9, 1976..

3043

H. Con. Res. 665.. Sept. 9, 1976..

3043

H. Con. Res. 682.. Sept. 9, 1976.. H. Con. Res. 745.. Sept. 14, 1976..

3044 3044

S. Con. Res. 139... Sept. 16, 1976.. H. Con. Res. 751.. Sept. 16, 1976..

3044 3046

S. Con. Res. 47

Sept. 30, 1976..

3053

S. Con. Res. 85

Sept. 30, 1976..

3054

S. Con. Res. 201... Sept. 30, 1976.. H. Con. Res. 767.. Sept. 30, 1976..

3054 3054

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 LIST OF CONCURRENT RESOLUTIONS Con. Res.

"Background Materials Concerning Child and Family Services Act, 1975 (S. 626)." Printing of additional copies "Soviet Economy in a New Perspective. " Printing of additional copies "Women in Congress." Printing of copies "Art in the United States Capitol." Printing as House document; additional copies Georgi Vins. Congressional support for release from Soviet Union imprisonment Presentation of Portrait of Hon. James A. Haley. Printing of transcript as House document; additional copies Presidential Debates Between James E. Carter and Gerald R. Ford. Printing of copies Congress. Adjournment sine die

xlvii Date

S. Con. Res. 114... Oct. 1, 1976...

Page

3065

. S. Con. Res. 208... Oct. 1, 1976.. 3065 . H. Con. Res. 664.. Oct. 1, 1976.. 3066 . H. Con. Res. 698.. Oct. 1 1976.. 3066, . , H. Con. Res. 726.. Oct. 1 1976.. 3066 H. Con. Res. 761..

Oct. 1, 1976...

3067

H. Con. Res. 772.. Oct. 1, 1976... S. Con. Res. 211... Oct. 1, 1976...

3067 3068

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 LIST OF PROCLAMATIONS CONTAINED IN THIS VOLUME

No.

4410 4411 4412

4413 4414 4415 4416 4417 4418 4419 4420 4421 4422 4423 4424 4425 4426 4427 4428 4429 4430 4431 4432 4433 4434 4435 4436 4437 4438 4439 4440 4441 4442 4443 4444 4445 4446 4447 4448 4449 4450

Date

Termination of Temporary Quantitative limitation on the Importation Into the United States of Certain Beef and Veal From Canada The Bicentennial Year Modifying Proclamation No. 3279, as Amended, Relating to Imports of Petroleum and Petroleum Products, and Providing for the Long-Term Control of Imports of Petroleum Products Through a System of License Fees National Day of Prayer for Americans Missing in Action in Southeast Asia American Heart Month, 1976 Designating the Clark and Mark Twain National Forests as the Mark Twain National Forest National Poison Prevention Week, 1976 An American Promise Red Cross Month, 1976 Save Your Vision Week, 1976 Law Day, U.S.A., 1976 National Farm Safety Week, 1976 National Day of Prayer, 1976 Import Limitation on Dry Milk Mixtures Cancer Control Month, 1976 National Rural Health Week, 1976 Older Americans Month, 1976 World Trade Week, 1976 Pan American Day and Pan American Week, 1976 Small Business Week, 1976 Thomas Jefferson Day, 1976 Loyalty Day, 1976 National Maritime Day, 1976 National Defense Transportation Day and National Transportation Week, 1976 National Safe Boating Week, 1976 Earth Week, 1976 Extension and Modification of Certain Increased Rates of Duty on Ceramic Tableware Mother's Day, 1976 National Historic Preservation Week, 1976 National Tennis Week, 1976 Prayer for Peace Memorial Day, May 31, 1976 Father's Day, 1976 Flag Day and National Flag Week, 1976 Modification of the Tariff-Rate Quota on Brooms Wholly or in Part of Broom Corn National Good Neighbor Day, 1976 Temporary Quantitative Limitation on the Importation Into the United States of Certain Articles of Stainless Steel or Alloy Tool Steel Bicentennial Independence Day National Bicentennial Highway Safety Year, 1976 Captive Nations Week, 1976 Space Exploration Day, 1976 LeifEriksonDay, 1976

Page

Dec. 31, 1975.. Dec. 31, 1975..

3071 3072

Jan. 3, 1976...

3073

Jan. 21, 1976... Jan. 22, 1976...

3075 3076

Feb. 17, 1976.. Feb. 18, 1976.. Feb. 19, 1976.. Feb. 25, 1976.. Feb. 25, 1976.. Mar. 1, 1976.. Mar. 8, 1976.. Mar. 16, 1976.. Mar. 26, 1976.. Mar. 29, 1976.. Apr. 2, 1976... Apr. 5, 1976... Apr. 8, 1976... Apr. 9, 1976... Apr. 13, 1976... Apr. 13, 1976... Apr. 14, 1976... Apr. 14, 1976...

3077 3077 3078 3079 3080 3081 3082 3083 3084 3085 3086 3087 3088 3089 3090 3090 3091 3092

Apr. 15, 1976... Apr. 20, 1976... Apr. 20, 1976...

3093 3094 3095

Apr. May May May May May May

30, 1976... 5, 1976... 7, 1976... 13, 1976... 19, 1976... 27, 1976... 27, 1976...

3096 3098 3099 3100 3100 3101 3102

May 27, 1976... June 1, 1976..

3103 3104

June 11, 1976.. June 29, 1976.. June 30, 1976.. July 2, 1976... July 19, 1976... July 26, 1976...

3105 3110 3111 3112 3113 3114

xlix

89-194 O—78—pt. 2

4

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 1 No.

4451 4452 4453 4454 4455 4456 4457 4458 4459 4460 4461 4462 4463

LIST OF PROCLAMATIONS Date

Women's Equality Day, 1976 Aug. 25, 1976.. White Cane Safety Day, 1976 Sept. 1, 1976.. Fire Prevention Week, 1976 Sept. 3, 1976.. United Nations Day, 1976 Sept. 7, 1976.. Columbus Day, 1976 Sept. 7, 1976.. National Forest Products Week, 1976 Sept. 8, 1976.. General Pulaski's Memorial Day, 1976 Sept. 8, 1976.. Veterans Day, 1976 Sept. 9, 1976.. National Hispanic Heritage Week, 1976 Sept. 10, 1976.. Citizenship Day and Constitution Week, 1976 Sept. 13, 1976.. National School Lunch Week, 1976 Sept. 20, 1976.. National Employ the Handicapped Week, 1976 Sept. 21, 1976.. Modification of Tariffs on Certain Sugars, Sirups and Molasses Sept. 21, 1976.. 4464 Child Health Day, 1976 Sept. 22, 1976.. 4465 Country Music Month, 1976 Sept. 29, 1976..

Page

3114 3115 3116 3117 3118 3119 3120 3121 3122 3123 3124 3125 3126 3127 3128

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Page:United States Statutes at Large Volume 90 Part 2.djvu/51

 PUBLIC LAWS (CONTINUED)

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 90 STAT. 1520

PUBLIC LAW 94-455—OCT. 4, 1976

Public Law 94-455 94th Congress An Act Oct. 4, 1976

To reform the tax laws of the United States.

[H.R. 10612]

Tax Reform

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

Act of 1976. SECTION 1. TABLE OF CONTENTS Sec.

1. Table of contents.

r

TITLE I—SHORT TITLE AND AMENDMENT OF 1954 CODE Sec. 101. Short title. Sec. 102. Amendment of 1954 Code. TITLE II—AMENDMENTS RELATED TO TAX SHELTERS Sec. 201. Capitalization and amortization of real property construction period interest and taxes. Sec. 202. Recapture of depreciation on real property. Sec. 203. Amendment of section 167(k). Sec. 204. Limitations on deductions for expenses. Sec. 205. Gain from disposition of interest in oil and gas property. Sec. 206. Amendments to farm loss recapture rules. Sec. 207. Limitations on deductions in case of farming syndicates; capitalization of certain orchard and vineyard expenses and method of accounting for corporations engaged in farming. Sec. 208. Treatment of prepared interest. Sec. 209. Limitation on interest deduction. Sec. 210. Amortization of production cost of motion pictures, books, records, and other similar property. Sec. 211. Clarification of definition of produced film rents. Sec. 212. Basis limitation for and recapture of depreciation on player contracts. Sec. 213. Certain partnership provisions. Sec. 214. Scope of waiver of statute of limitations in case of activities not engaged in for profit. TITLE III—MINIMUM TAX AND MAXIMUM TAX Sec. 301. Minimum tax. Sec. 302. Maximum tax. TITLE IV—EXTENSIONS OF INDIVIDUAL INCOME TAX REDUCTIONS Sec. 401. Extensions of individual income tax reductions. Sec. 402. Refunds of earned income credit disregarded in the administration of Federal programs and federally assisted programs. TITLE V—TAX SIMPLIFICATION IN THE INDIVIDUAL INCOME TAX Sec. Sec. Sec. Sec. Sec.

501. 502. 503. 504. 505.

Revision of tax tables for individuals. Deduction for alimony allowed in determining adjusted gross income. Revision of retirement income credit. Credit for child care expenses. _ Changes in exclusions for sick pay and certain military, etc., disability pensions; certain disability income. Sec. 506. Moving expenses. Sec. 507. Tax revision study. , Sec. 508. Effective date. TITLE VI—BUSINESS RELATED INDIVIDUAL INCOME TAX PROVISIONS Sec. 601. Deductions for expenses attributable to business use of homes, rental of vacation homes, etc. Sec. 602. Deductions for attending foreign conventions. Sec. 603. Change in tax treatment of qualified stock options. Sec. 604. State legislators' travel expenses away from home. Sec. 605. Deduction for guarantees of business bad debts to guarantors not involved in business.

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Page:United States Statutes at Large Volume 90 Part 2.djvu/53

 PUBLIC LAW 94-455—OCT. 4, 1976

90 STAT. 1521

TABLE OF CONTENTS—Continued TITLE VII—ACCUMULATION TRUSTS Sec. 701. Accumulation trusts. TITLE VIII—CAPITAL FORMATION Sec. 801. Extension of $100,000 limitation on used property for 4 years. Sec. 802. Extension of 10 percent credit for 4' years and first-in-flrst-out treatment of investment credit amounts. Sec. 803. Employee stock ownership plans; study of expanded stock ownership. Sec. 804. Investment credit in the case of movie and television films. Sec. 805. Investment credit in the case of certain ships. Sec. 806. Additional net operating loss carryover year s; limitations on net operating loss carryovers. Sec. 807. Small fishing vessel construction reserves. TITLE IX—SMALL BUSINESS PROVISIONS Sec. 901. Extension of certain corporate income tax reductions. Sec. 902. Changes in subchapter S rules. TITLE X—CHANGES IN THE TREATMENT OF FOREIGN INCOME PART I—FOREIGN TAX PROVISIONS AFFECTING INDIVIDUALS ABROAD

Sec. 1011. Income earned abroad by United States citizens living or residing abroad. Sec. 1012. Income tax treatment of nonresident alien individuals who are married to citizens or residents of the United States. Sec. 1013. Foreign trusts having one or more United States beneficiaries to be taxed currently to grantor. Sec. 1014. Interest charge on accumulation distributions from foreign trusts. Sec. 1015. Excise tax on transfers of property to foreign persons to avoid Federal income tax. PART II—AMENDMENTS AFFECTING TAX TREATMENT OF CONTROLLED FOREIGN CORPORATIONS AND THE I R SHAREHOLDERS

Sec. 1021. Amendment of provision relating to investment in United States property by controlled foreign corporations. Sec. 1022. Repeal of exclusion for earnings of less developed country corporations for purposes of section 1248. Sec. 1023. Exclusion from subpart F of certain earnings of insurance companies. Sec. 1024. Shipping profits of foreign corporations. PART III—AMENDMENTS AFFECTING TREATMENT OF FOREIGN TAXES

Sec. 1031. Requirement that foreign tax credit be determined on overall basis. Sec. 1032. Recapture of foreign losses. Sec. 1033. Dividends from less developed country corporations to be grossed up for purposes of determining United States income and foreign tax credit against that income. Sec. 1034. Treatment of capital gains for purposes of foreign tax credit. Sec. 1035. Foreign oil and gas extraction income. Sec. 1036. Underwriting income. Sec. 1037. Third tier foreign tax credit when section 951 applies. PART IV—MONEY OR OTHER PROPERTY MOVING OUT OF OR INTO THE UNITED STATES

Sec. 1041. Portfolio debt investments in United States of nonresident aliens and foreign corporations. Sec. 1042. Changes in ruling requirements under section 367; certain changes in section 1248. Sec. 1043. Contiguous country branches of domestic life insurance companies. Sec. 1044. Transitional rule for bond, etc., losses of foreign banks. PART V—SPECIAL CATEGORIES OF FOREIGN TAX TREATMENT

Sec. 1051. Tax treatment of corporations conducting trade or business in Puerto Rico and possessions of the United States. Sec. 1052. Western Hemisphere trade corporations. Sec. 1053. Repeal of provisions relating to China Trade Act corporations.

\

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 90 STAT. 1522

PUBLIC LAW 94-455—OCT. 4, 1976 TABLE OF CONTENTS—Continued TITLE X—CHANGES IN THE TREATMENT OF FOREIGN INCOME— Continued PART VI—DENIAL OF CERTAIN TAX BENEFITS FOR COOPERATION W I T H OR PARTICIPATION IN INTERNATIONAL BOYCOTTS AND I N CONNECTION W I T H THE PAYMENT OF CERTAIN BRIBES

Sec. Sec. Sec. Sec.

1061. 1062. 1063. 1064.

Denial of foreign tax credit. Denial of deferral of international boycott amounts. Denial of DISC benefits. Determinations as to participation in or cooperation with an international boycott. Sec. 1065. Foreign bribes. Sec. 1066. Effective dates. Sec. 1067. Reports by Secretary. TITLE XI—AMENDMENTS AFFECTING DISC Sec. 1101. Amendments affecting DISC. TITLE XII—ADMINISTRATIVE PROVISIONS

Sec. 1201. Public inspection of written determinations by Internal Revenue Service. Sec. 1202. Confidentiality and disclosure of returns and return information. Sec. 1203. Income tax return preparers. Sec. 1204. Jeopardy and termination assessments. Sec. 1205. Administrative summons. Sec. 1206. Assessments in case of mathematical or clerical errors. Sec. 1207. Withholding. Sec. 1208. State-conducted lotteries. Sec. 1209. Minimum exemption from levy for wages, salary, and other income. Sec. 1210. Joint committee refund cases. Sec. 1211. Social security account numbers. Sec. 1212. Abatement of interest on errors when return is prepared for taxpayer by the Internal Revenue Service. TITLE XIII—TAX EXEMPT ORGANIZATIONS Sec. 1301. Disposition of private foundation property under transition rules of Tax Reform Act of 1969. Sec. 1302. New private foundation set-asides. Sec. 1303. Minimum distribution amount for private foundations. Sec. 1304. Extension of time to amend charitable remainder trust governing instrument. Sec. 1305. Unrelated trade or business income of trade shows. State fairs, etc. Sec. 1306. Declaratory judgments with respect to section 501(c)(3) status and classification. Sec. 1307. Lobbying by public charities. Sec. 1308. Tax liens, etc., not to constitute acquisition indebtedness. Sec. 1309. Extension of self-dealing transition rules for private foundations. Sec. 1310. Imputed interest. Sec. 1311. Certain hospital services. Sec. 1312. Clinical services of cooperative hospitals. Sec. 1313. Exemption of certain amateur athletic organizations from tax. TITLE XIV—CAPITAL GAINS Sec. 1401. Increase in amount of ordinary income against which capital loss may be offset. Sec. 1402. Increase in holding period required for capital gain or loss to be long term. Sec. 1403. Allowance of 8-year capital loss carryover in case of regulated investment companies. Sec. 1404. Sale of residence by elderly.

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 PUBLIC LAW 94-455—OCT. 4, 1976 TABLE OF CONTENTS—Continued TITLE XV—PENSION AND INSURANCE TAXATION Sec. 1501. Retirement savings for certain married individuals. Sec. 1502. Limitation on contributions to certain pension, etc., plans. Sec. 1503. Participation by members of reserves or National Guard in individual retirement accounts; participation by volunteer firefighters in individual retirement accounts, etc. See. 1504. Certain investments by annuity plans. Sec. 1505. Segregated asset accounts. Sec. 1506. Study of salary reduction pension plans. Sec. 1507. Consolidated returns for life and other insurance companies. Sec. 1508. Treatment of certain life insurance contracts guaranteed renevpable. Sec. 1509. Study of expanded participation in individual retirement accounts. Sec. 1510. Taxable status of pension benefits guaranty corporation. Sec. 1511. Level premium plans covering owner-employees. Sec. 1512. Lump-sum distributions from qualified pension, etc., plans. TITLE XVI—REAL ESTATE INVESTMENT TRUSTS Sec. 1601. Deficiency dividend procedure. Sec. 1602. Trust not disqualified in certain cases where income tests were not met. Sec. 1603. Treatment of property held for sale to customers. Sec. 1604. Other changes in limitations and requirements. Sec. 1605. Excise tax. Sec. 1606. Allowance of net operating loss carryover. Sec. 1607. Alternative tax in case of capital gains. Sec. 1608. Effective date for title. TITLE XVII—RAILROAD AND AIRLINE PROVISIONS Sec. 1701. Certain provisions relating to railroads. Sec. 1702. Amortization over 50-year period of railroad grading and tunnel bores placed in service before 1969. See. 1703. Certain provisions relating to airlines. TITLE XVIII—INTERNATIONAL TRADE AMENDMENTS Sec. 1801. United States International Trade Commission. Sec. 1802. Trade Act of 1974 amendments. TITLE XIX—REPEAL AND REVISION OF OBSOLETE, RARELY USED, ETC., PROVISIONS OF INTERNAL REVENUE CODE OF 1954 SUBTITLE A—^AMENDMENTS OF INTERNAL REVENUE CODE GENEBALLT

See. Sec. Sec. Sec. Sec.

1901. 1902. 1903. 1904. 1905.

Amendments of subtitle A; income taxes. Amendments of subtitle B; estate and gift taxes. Amendments of subtitle C; employment taxes. Amendments of subtitle D; miscellaneous excise taxes. Amendments of subtitle E; alcohol, tobacco, and certain other excise taxes. Sec. 1906. Amendments of subtitle F; procedure and administration. Sec. 1907. Amendments of subtitle G; the Joint Committee on Internal Revenue Taxation. Sec. 1908. Effective date of certain definitions and designations. SUBTITLE B—AMENDMENTS OF CODE PROVISIONS W I T H LIMITED OUEBENT APPLICATION: REPEALS AND SAVINGS PROVISIONS

Sec. 1951. Provisions of subtitle A; income taxes. See. 1952. Provisions of subchapter D of chapter 39; cotton futures.

90 STAT. 1523

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 90 STAT. 1524

PUBLIC LAW 94-455—OCT. 4, 1976 TABLE OF CONTENTS—Continued TITLE XX—ESTATE AND GIFT TAXES Sec. 2001. Unified rate schedule for estate and gift tax e s; unified credit in lieu of specific exemptions. Sec. 2002. Increase in limitations on marital deductions; fractional interests of spouse. Sec. 2003. Valuation for purposes of the Federal estate tax of certain real property devoted to farming or closely held businesses. Sec. 2004. Extension of time for payment of estate tax. Sec. 2005. Carryover basis. Sec. 2006. Certain generation-skipping transfers. Sec. 2007. Orphans' exclusion. Sec. 2008. Administrative changes. Sec. 2009. Miscellaneous provisions. Sec. 2010. Credit against certain estate taxes. TITLE XXI—MISCELLANEOUS PROVISIONS Sec. Sec. Sec. Sec.

2101. 2102. 2103. 2104.

Tax treatment of certain housing associations. Treatment of certain disaster payments. Tax treatment of certain 1972 disaster losses. Tax treatment of certain debts ovped by political parties, etc., to accrual basis taxpayers. Sec. 2105. Tax-exempt bonds for student loans. Sec. 2106. Personal holding company income amendments. See. 2107. Work incentive program expenses. Sec. 2108. Repeal of excise tax on light-duty truck parts. Sec. 2109. Exclusion from excise tax on certain articles resold after modification. Sec. 2110. Franchise transfers. See. 2111. Employer's duties in connection vpith the recording and reporting of tips. Sec. 2112. Treatment of certain pollution control facilities. Sec. 2113. Clarification of status of certain fishermen's organizations. Sec. 2114. Application of section 6013(e) of the Internal Revenue Code of 1954. See. 2115. Amendments to rules relating to limitation on precentage depletion in case of oil and gas wells; transfers of oil and gas property within the same controlled group or family. Sec. 2116. Implementation of Federal-State Tax Collection Act of 1972. Sec. 2117. Cancellation of certain student loans. See. 2118. Treatment of gain or loss on sales or exchanges in connection with simultaneous liquidation of a parent and subsidiary corporation. Sec. 2119. Regulations relating to tax treatment of certain prepublication expenditures of publishers. Sec. 2120. Contributions in aid of construction for certain utilities. Sec. 2121. Prohibition of discriminatory State taxes on production and consumption of electricity. Sec. 2122. Allowance of deduction for eliminating architectural and transportation barriers for the handicapped. Sec. 2123. High income taxpayer reports. Sec. 2124. Tax incentives to encourage the preservation of historic structures. Sec. 2125. Amendment to Supplemental Security Income program. Sec. 2126. Extension of carry-over period for Cuban expropriation losses. Sec. 2127. Outdoor advertising displays. Sec. 2128. Tax treatment of large cigars. See. 2129. Treatment of gain from sales or exchanges between related parties. See. 2130. Application of section 117 to certain education programs for members of the uniformed services. See. 2131. Exchange funds. Sec. 2132. Contributions of certain Government publications. See. 2133. Tax incentives study. Sec. 2184. Prepaid legal expenses. Sec. 2135. Special rule for certain charitable contributions of inventory and other property. Sec. 2136. Tax treatment of the grantor of options of stock, securities, and commodities. Sec. 2137. Exempt-interest dividends of regulated investment companies. See. 2138. Common trust fund treatment of certain custodial accounts. See. 2139. Support test for dependent children of divorced, etc., parents. See. 2140. Involuntary conversions of real property. Sec. 2141. Livestock sold on account of drought.

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Page:United States Statutes at Large Volume 90 Part 2.djvu/57

 PUBLIC LAW 94-455—OCT. 4, 1976

90 STAT. 1525

TITLE I—SHORT TITLE AND AMENDMENT OF 1954 CODE SEC. 101. SHORT TITLE. T h i s Act may be cited as the " T a x Reform Act of 1976". SEC. 102. AMENDMENT OF 1954 CODE. Except as otherwise expressly provided, whenever in this Act an amendment or repeal is expressed in terms of an amendment to, or repeal of, a section or other provision, the reference shall be considered to be made to a section or other provision of the I n t e r n a l Revenue Code of 1954.

26 USC 1 note.

26 USC 1.

TITLE II—AMENDMENTS RELATED TO TAX SHELTERS SEC. 201. CAPITALIZATION AND AMORTIZATION OF REAL PROPERTY CONSTRUCTION PERIOD INTEREST AND TAXES. (a) IN GENERAL. — Part VI of subchapter B of chapter 1 (relating to itemized deductions for individuals and corporations) is amended by a d d i n g at the end thereof the following new section: "SEC. 189. AMORTIZATION OF REAL PROPERTY CONSTRUCTION PERIOD INTEREST AND TAXES. "(a)

CAPITALIZATION

OF

CONSTRUCTION

PERIOD

INTEREST

AND

TAXES.—Except as otherwise provided in this section or in section 266 (relating to carrying charges), in the case of an individual, an electin<^ sipall business corporation (within the meaning of section 1371 (b)), or a personal holding company (within the meaning of section 542), no deduction shall be allowed for real property construction period interest and taxes. "(b)

AMORTIZATION or AIVIOUNTS CHARGED TO CAPITAL ACCOUNT. —

Any amount paid or accrued which would (but for subsection (a)) be allowable as a deduction for the taxable year shall be allowable for such taxable year and each subsequent amortization year in accordance with the following t a b l e: If the amount Is paid or accrued In a taxable year beginning i n — Nonresidential real property

Residential real property (other than low-Income housing)

Low-income housing

1976

1977 1S78 1979 1980 1981 after 1981

1978 1979 1980 1981 1982 1983 after 1983

1982 1983 1984 1985 1986 1987 after 1987

The percentage of such amount allowable for each amortization year shall be the following percentage of such amount see subsection (f) 25 20

14Jf U^ UH 10

" (c) AMORTIZATION Y E A R. —

" (1) IN GENERAL.—For purposes of this section, the term 'amortization year' means the taxable year in which the amount is paid or accrued, and each taxable year thereafter (beginning with the taxable year after the taxable year in which paid or accrued or, if later, the taxable year in which the real property is ready to be placed in service or is ready to be held for sale) until the full amount has been allowable as a deduction (or until the property is sold or exchanged).

26 USC 189.

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Page:United States Statutes at Large Volume 90 Part 2.djvu/58

 90 STAT. 1526

PUBLIC LAW 94-455—OCT. 4, 1976 " (2) RULES FOR SALES AND EXCHAKGES.—For purposes of p a r a -

graph

(l)— (A) PROPORTION OF PERCENTAGE ALLOWED.—For the amor-

tization year in which the property is sold or exchanged, a proportionate part of the percentage allowable for such year (determined without regard to the sale or exchange) shall be allowable. I f the real property is subject to a n allowance for depreciation, the proportion shall be determined in accordance with the convention used for depreciation purposes with respect to such property. I n the case of all other real property, under regulations prescribed by the Secretary, the proportion shall be based on that proportion of the amortization year which elapsed before the sale or exchange. " (B) UNAMORTIZED BALANCE.—In the case of a sale or ex-

26 USC 1016.

change of the property, the portion of the amount not allowable shall be treated as an adjustment to basis under section 1016 for purposes of determining gain or loss. " (C) CERTAIN EXCHANGES.—An exchange or transfer after

which the property received has a basis determined i n whole or i n part by reference to the basis of the property to which the amortizable construction period interest and taxes relate, shall not be treated as an exchange. " (d) CERTAIN RESIDENTIAL PROPERTY EXCLUDED.—This section shall

not apply to any real property acquired, constructed, or carried if such property is not, and cannot reasonably be expected to be, held in a trade or Dusiness or in an activity conducted for profit. " (e) DEFINITIONS. — For purposes of this section— " (1) CONSTRUCTION PERIOD INTEREST AND TAXES.—The term 'con-

struction period interest and taxes' means all.— " (A) interest paid or accrued on indebtedness incurred or continued to acquire, construct, or carry real property, and " (B) real property taxes, to the extent such interest and taxes are attributable to the construction period for such property and would be allowable as a deduction under this chapter for the taxable year in which paid or accrued (determined without regard to this section). "(2)

CONSTRUCTION PERIOD.—The term 'construction

period',

when used with respect to any real property, means the period— " (A) beginning on the date on which construction of the building or other improvement begins, and " (B) ending on the date on which the item of property is ready to be placed in service or is ready to be held for sale. "(3)

NONRESIDENTIAL

REAL

PROPERTY.—The

term

'nonresi-

dential real property' means real property which is neither residential real property nor low-income housing. " (4) RESIDENTIAL REAL PROPERTY.—The term 'residential real

property' means property which is or can reasonably be expected to be— " (A) residential rental property as defined in section 167 (j)(2)(B),or " (B) real property described in section 1221(1) held for sale as dwelling units (within the meaning of section 167(k) (3)(C)). "(5)

Post, p. 1527.

LOW-INCOME HOUSING.—The term 'low-income housing '

means property described in clause (i), ( i i), ( i i i), or (iv) of section 1250(a)(1)(B).

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 PUBLIC LAW 94-455—OCT. 4, 1976

90 STAT. 1527

"(f) TRANSITIONAL RULE FOR 1976.—In the case of amounts paid or accrued by the taxpayer in a taxable year beginning in 1976, the percentage of such amount allowable under this section for— "(1) the taxable year beginning in 1976 shall be 50 percent, and "(2) each amortization year thereafter shall be 16% percent." (b) CLERICAL AMENDMENT.—The table of sections for such part VI is amended by adding at the end thereof the following new item: "Sec. 189. Amortization of real property construction period interest and taxes." (c) EFFECTIVE DATE.—The amendments made by this section shall

26 USC 189 note.

apply— (1) in the case of nonresidential real property, if the construction period begins after December 31, 1975, (2) in the case of residential real property (other than lowincome housing), to taxable years beginning after December 31, 1977, and (3) in the case of low-income housing, to taxable years beginning after December 31, 1981. For purposes of this subsection, the terms "nonresidential real prop- Definitions. erty", "residential real property (other than low-income housing)", "low-income housing", and "construction period" have the same meaning as when used in section 189 of the Internal Revenue Code of 1954 (as added by subsection (a) of this section). SEC. 202. RECAPTURE OF DEPRECIATION ON REAL PROPERTY.

(a) IN GENERAL.—Subsection (a) of section 1250 (relating to gain 26 USC 1250. from dispositions of certain depreciable realty) is amended to read as follows: "(a) GENERAL RULE.—Except as otherwise provided in this section— " (1) ADDITIONAL DEPRECIATION AFTER DECEMBER 31, 1975.—

"(A) IN GENERAL.—If section 1250 property is disposed of after December 31, 1975, then the applicable percentage of the lower of— "(i) that portion of the additional depreciation (as defined in subsection (b)(1) or (4)) attributable to periods after December 31, 1975, in respect of the property, or "(ii) the excess of the amount realized (in the case of a sale, exchange, or involuntary conversion), or the fair market value of such property (in the case of any other disposition), over the adjusted basis of such property, shall be treated as gain which is ordinary income. Such gain shall be recognized notwithstanding any other provision of this subtitle. " (B) APPLICABLE PERCENTAGE.—For purposes of subpara"Applicable graph (A), the term 'applicable percentage' means— "(i) in the case of section 1250 property with respect percentage." to which a mortgage is insured under section 221(d)(3) or 236 of the National Housing Act, or housing financed 26 USC 1715/, or assisted by direct loan or tax abatement under similar 1715Z-1. provisions of State or local laws and with respect to which the owner is subject to the restrictions described in section 1039(b)(1)(B), 100 percent minus 1 percentage point for each full month the property was held after the date the property was held 100 full months';

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 90 STAT. 1528

42 USC 1408.

26 USC 1250.

PUBLIC LAW 94-455—OCT. 4, 1976 "(ii) in the case of dwelling units which, on the average, were held for occupancy by families or individuals eligible to receive subsidies under section 8 of the United States Housing Act of 1937, as amended, or under the provisions of State or local law authorizing similar levels of subsidy for lower-income families, 100 percent minus 1 percentage point for each full month the property was held after the date the property was held 100 full months; " (iii) in the case of section 1250 property with respect to which a depreciation deduction for rehabilitation expenditures was allowed under section 167(k), 100 percent minus 1 percentage point for each full month in excess of 100 full months after the date on which such property was placed in service; " (iv) in the case of section 1250 property with respect to which a loan is made or insured under title V of the Housing Act of 1949, 100 percent minus 1 percentage point for each full month the property was held after the date the property was held 100 full months; and " (v) in the case of all other section 1250 property, 100 percent. In the case of a building (or a portion of a building devoted to dwelling units), if, on the average, 85 percent or more of the dwelling.units contained in such building (or portion thereof) are units described in clause (ii), such building (or portion thereof) shall be treated as property described in clause (ii). Clauses (i), (ii), and (iv) shall not apply with respect to the additional depreciation described in subsection (b)(4). " (2) A D D I T I O N A L DEPRECIATION AFTER DECEMBER 31, 1969, A N D BEFORE J A N U A R Y 1, 1976.

"(A) IN GENERAL.—If section 1250 property is disposed of after December 31, 1969, and the amount determined under paragraph (1)(A) (ii) exceeds the amount determined under paragraph (1)(A)(i), then the applicable percentage of the lower of— "(i) that portion of the additional depreciation attributable to periods after December 31, 1969, and before January 1, 1976, in respect of the property, or "(ii) the excess of the amount determined under paragraph (1)(A) (ii) over the amount determined under paragraph (1)(A)(i), shall also be treated as gain which is ordinary income. Such gain shall be recognized notwithstanding any other provision of this subtitle. " (B) APPLICABLE PERCENTAGE.—For purposes of subpara-

•

12 USC 1715Z, 1715Z-1.

graph (A), the term 'applicable percentage' means— "(i) in the case of section 1250 property disposed of pursuant to a written contract which was, on July 24, 1969, and at all times thereafter, binding on the owner of the property, 100 percent minus 1 percentage point for each full month the property was held after the date the property was held 20 full months; "(ii) in the case of section 1250 property with respect to which a mortgage is insured under section 221(d)(3) or 236 of the National Housing Act, or housing financed

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90 STAT. 1529

or assisted by direct loan or tax abatement under similar provisions of State or local laws, and with respect to which the owner is subject to the restrictions described in section 1039(b)(1)(B), 100 percent minus 1 percentage point for each full month the property was held after the date the property was held 20 full months; " ( i i i) in the case of residential rental property (as defined in section 167(j)(2)(B)) other than that covered by clauses (i) and ( i i), 100 percent minus 1 percentage point for each full month the property was held after the date the property was held 100 full months; " ( i v) in the case of section 1250 property with respect to which a depreciation deduction for rehabilitation expenditures was allowed under section 1 6 7 (k), 100 percent minus 1 percentage point for each full month in excess of 100 full months after the date on which such property was placed in service; and " (v) in the case of all other section 1250 property, 100 percent. Clauses (i), ( i i), and (iii) shall not apply with respect to the additional depreciation described in subsection (b)(4). " (3) ADDITIONAL DEPRECIATION BEFORE JANUARY i, i070.—

" (A) IN GENERAL.—If section 1250 property is disposcd of after December 31, 1963, and the amount determined under paragraph (1)(A) (ii) exceeds the sum of the amounts determined under paragraph s (l)(A)(i) and (2)(A)(i), then the applicable percentage of the lower of— " (i) that portion of the additional depreciation attributable to periods before January 1, 1970, in respect of the property, or " ( i i) the excess of the amount determined under paragraph (l)(A) ( i i) over the sum of the amounts determined under paragraph s (l)(A)(i) and (2)(A)(i), shall also be treated as gain which is ordinary income. Such gain shall be recognized notwithstanding any other provision of this subtitle. " (B) APPLICABLE PERCENTAGE.—For purposes of s u b p a r a -

"Applicable

g r a p h (A), the term 'applicable percentage' means 100 per- percentage." cent minus 1 percentage point for each full month the property was held after the date on which the property was held for 20 full months.'* (b)

PROPERTY DISPOSED OF PURSUANT TO FORECI-OSURE PROCEED-

INGS.—Subsection (d) of section 1250 (relating to exceptions and 26 USC 1250. limitations) is amended by adding at the end thereof the following new paragraph: " ( 1 0) FORECLOSURE DISPOSITIONS.—If any section 1250 property

is disposed of by the taxpayer pursuant to a bid for such property a t foreclosure or by operation of an agreement or of process of law after there was a default on indebtedness which such property secured, the applicable percentage referred to in paragraph (1)(B), (2)(B), or (3)(B) of subsection (a), as the case may be, shall be determined as if the taxpayer ceased to hold such property on the date of the beginning of the proceedings pursuant to which the disposition occurred, or, in the event there are n o proceedings, such percentage shall be determined as if the taxpayer ceased to hold such property on the date, determined under regulations prescribed by the Secretary, on which

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 90 STAT. 1530

PUBLIC LAW 94-455—OCT. 4, 1976 such operation of an agreement or process of law, pursuant to which the disposition occurred, began." (c) CONFORMING AMENDMENTS. — (1) AMENDMENT OF SECTION 1 2 5 0 (f)(2). — Paragraph (2) of sec-

26 USC 1250.

tion 1250(f) (relating to special rule for property which is substantially improved) is amended to read as follows: " (2) ORDINARY INCOME ATTRIBUTABLE TO A N E L E M E N T. — For

purposes of paragraph (1), the amount taken into account for any element shall be the sum of a series of amounts determined for the periods set forth in subsection (a), with the amount for any such period being determined by multiplying— " (A) the amount which bears the same ratio to the lower of the amounts specified in clause (i) or (ii) of subsection (a)(1)(A), in clause (i) or ( i i) of subsection (a)(2)(A), or in clause (i) or (ii) of subsection (a)(3)(A), as the case may be, for the section 1250 property as the additional depreciation for such element attributable to such period uears to the sum of the additional depreciation for all elements attributable to such period, by " (B) the applicable percentage for such element for such period. For purposes of this paragraph, determinations with respect to any element shall be made as if it were a separate property." (2) AMENDMENT OF SECTION 1 2 5 0 (g)(2). — Paragraph (2) of

section 1250(g) (relating to special rules for qualified low-income housing) is amended to read as follows: "(2)

ORDINARY INCOME ATTRIBUTABLE TO AN E L E M E N T. — For

purposes of paragraph (1), the amount taken into account for any element shall be determined in a manner similar to that provided by subsection (f)(2). " (3)

26 USC 167.

26 USC 1250 "o*®-

26 USC 167.

AMENDMENT OF SECTION 167(e)(3). — Paragraph (3) of

section 167(e) (relating to change in depreciation methoci with respect to section 1250 property) is amended by striking out "beginning after July 24, 1969," and inserting in lieu thereof "beginning after December 31, 1975,". (d) EFFECTIVE D A T E. — The amendments made by this section (other than subsection (b)) shall apply for taxable years ending after December 31, 1975. The amendment made by subsection (b) shall apply with respect to proceedings (and to operations of law) referred to m section 1250(d) (10) of the I n t e r n a l Revenue Code of 1954 which begin after December 31, 1975. SEC. 203. AMENDMENT OF SECTION 167(k). (a) GENERAL RULE.—Section 167(k) (relating to depreciation of expenditures to rehabilitate low-income rental housing) is amended— (1) by striking out " January 1, 1976," in paragraph (1) and inserting in lieu thereof " January 1, 1978"; (2) by striking out "$15,000" in paragraph (2)(A) and inserting in lieu thereof "$20,000"; (3) by striking out " the policies of the Housing and Urban Development Act of 1968" in paragraph (3)(B) and inserting in lieu thereof "the Leased Housing Program under section 8 of the United States Housing Act of 1937"; and (4) by a d d i n g the following new subparagraph a t the end of paragraph (3): " (D) REHABILITATION EXPENDITURES INCURRED.—Rehabili-

tation expenditures incurred pursuant to a binding con-

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 PUBLIC LAW 94-455—OCT. 4, 1976

90 STAT. 1531

tract entered into before January 1, 1978, and rehabilitation expenditures incurred with respect to low-income rental housing the rehabilitation of which has begun before January 1, 1978, shall be deemed incurred before January 1, 1978." (b) EFFECTIVE DATE.—The amendments made by paragraphs (1), (3), and (4) of subsection (a) shall apply to expenditures paid or incurred after December 31, 1975, and before January 1, 1978, and expenditures made pursuant to a binding contract entered into before January 1, 1978. The amendment made by paragraph (2) of subsection (a) shall apply to expenditures incurred after December 31, 1975.

26 USC 167 note,

SEC. 204. LIMITATIONS ON DEDUCTIONS FOR EXPENSES.

(a) IN GENERAL.—Subpart C of part II of subchapter E of chapter 1 (relating to taxable year for which deduction is taken) is amended by adding at the end thereof the following new section: "SEC. 465. DEDUCTIONS LIMITED TO AMOUNT AT RISK IN CASE OF CERTAIN ACTIVITIES. "(a) GENERAL RULE.—In the case of a taxpayer (other than a cor-

poration which is neither an electing small business corporation (as defined in section 1371(b)) nor a personal holding company (as defined in section 542)) engaged in an activity to which this section applies, any loss from such activity for the taxable year shall be allowed only to the extent of the aggregate amount with respect to which the taxpayer is at risk (within the meaning of subsection (b)) for such activity at the close of the taxable year. Any loss from such activity not allowed under this section for the taxable year shall be treated as a deduction allocable to such activity in the first succeeding taxable year. "(b) AMOUNTS CONSIDERED AT RISK.—

" (1) IN GENERAL.—For purposes of this section, a taxpayer shall be considered at risk for an activity with respect to amounts including— "(A) the amount of money and the adjusted basis of other property contributed by the taxpayer to the activity, and "(B) amounts borrowed with respect to such activity (as determined under paragraph (2)). "(2) BORROWED AMOUNTS.—For purposes of this section, a taxpayer shall be considered at risk with respect to amounts borrowed for use in an activity to the extent that he— "(A) is personally liable for the repayment of such amounts, or "(B) has pledged property, other than property used in such activity, as security for such borrowed amount (to the extent of the net fair market value of the taxpayer's interest in such property). No property shall be taken into account as security if such property is directly or indirectly financed by indebtedness which is secured by property described in paragraph (1). "(3) CERTAIN BORROWED AMOUNTS EXCLUDED.—For purposes of

paragraph (1)(B), amounts borrowed shall not be considered to be at risk with respect to an activity if such amounts are borrowed from any person who— "(A) has an interest (other than an interest as a creditor) in such activity, or "(B) has a relationship to the taxpayer specified within any one of the paragraphs of section 267(b).

26 USC 465. L

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PUBLIC LAW 94-455—OCT. 4, 1976 " (4) EXCEPTION.—Notwithstanding any other provision of this section, a taxpayer shall not be considered, a t risk with respect to amounts protected against loss through nonrecourse financing, guarantees, stop loss agreements, or other similar arrangements. " (5) A M O U N T S AT RISK I N SUBSEQUENT YEARS.—If in any tax a b l e

year the taxpayer has a loss from an activity to which this section applies, the amount with respect to which a taxpayer is considered to be a t risk (within the meaning of subsection (b)) i n subsequent taxable years with respect to that activity shall be reduced by that portion of the loss which (after the application of subsection (a)) is allowable as a deduction. " (c) ACTIVITIES TO W H I C H SECTION A P P L I E S. — " (1) T Y P E S o r ACTIVITIES.—This section applies to any tax p a y e r

Post, p. 1536. 26 USC 1245

engaged in the activity of— " (A) holding, producing, or distributing motion picture films or video tapes. " (B) farming (as defined in section 4 6 4 (e)), " (C) leasing any section 1245 property (as defined in section 1245(a)(3)), or " (D) exploring for, or exploiting, oil and gas resources as a trade or business or for the production of income. " (2) SEPARATE ACTIVITIES.—For purposes of this section, a taxpayer's activity with respect to each— " (A) film or video tape, " (B) section 1245 property which is leased or held for leasing, " (C) farm, or " (D) oil and gas property (as defined under section 614), shall be treated as a separate activity. A partner's interest in a partnership or a shareholder's interest in an electing small business corporation shall be treated as a single activity to the extent that the partnership or an electing small business corporation is engaged in activities described in any subparagraph of this paragraph. " (d) DEFINITION OF I.K)SS.—For purposes of this section, the term 'loss' means the excess of the deductions allowable under this chapter for the taxable year (determined without regard to this section) and allocable to an activity to which this section applies over the income received or accrued by the tax p a y e r during the taxable year from such activity." (b) CLERICAL AMENDMENT. — The table of sections for subpart C of

part II of subchapter E of chapter 1 is amended by a d d i n g a t the end thereof the following new item: "Sec. 465. Deductions limited to amount at risk in case of certain activities." 26 USC 465

note.

(c) EFFECTIVE D A T E S. —

(1) IN GENERAL.—Except as provided in paragraph s (2) and (3), the amendments made by this section shall apply to losses attributable to amounts paid or incurred in taxable years beginn i n g after December 31, 1975. For purposes of this subsection, any amount allowed or allowable for depreciation or amortization for any period shall be treated as an amount paid or incurred in such period. (2) SPECIAL TRANSITIONAL RULES FOR MOVIES AND VIDEO TAPES.—

(A) IN GENERAL.—In the case of any activity described in section 4 6 5 (c)(1)(A) of the I n t e r n a l Revenue Code of

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90 STAT. 1533

1954, the amendments made by this section shall not apply Ante, p. 1531. to— (i) deductions for depreciation or amortization with respect to property the principal production of which began before September 11, 1975, and for the purchase of which there was on September 11, 1975, and at all times thereafter a binding contract, and (ii) deductions attributable to producing or distributing property the principal production of which began before September 11, 1975. (B) EXCEPTION FOR CERTAIN AGREEMEXTS W^HERE PRINCIPAL

PHOTOGRAPHY BEGIN BEFORE 1976.—In the case of any activity described in section 4 6 5 (c)(1)(A) of the I n t e r n a l Revenue Code of 1954, the amendments made by this section shall not apply to deductions attributable to the producing of a film the principal photography of which began on or before December 31, 1975, if— (i) on September 10, 1975, there was an agreement with the director or a principal motion picture star, or on or before September 10, 1975, there had been expended (or committed to the production) an amount not less than the lower of $100,000 or 10 percent of the estimated costs of producing the film, and (ii) the production takes place in the United States. Subparagraph (A) shall apply only to taxpayers who held their interests on September 10, 1975. Subparagraph (B) shall apply only to taxpayers who held their interests on December 31, 1975. (3)

SPECIAL TRANSITIONAL RULES FOR LEASING ACTIVITIES.— (A) RULE FOR LEASES OTHER THAN OPERATING LEASES. I N

the case of any activity described in section 465(c)(1)(B) of the I n t e r n a l Revenue Code of 1954, the amendments made by this section shall not apply with respect to— (i) leases entered into before January 1, 1976, and (ii) leases where the property was ordered by the lessor or lessee before January 1, 1976. (B)

HOLDING OF INTERESTS FOR PURPOSES OF SUBPARAGRAPH

(A). — Subparagraph (A) shall apply only to taxpayers who held their interests in the property on December 31, 1975. (C)

SPECIAL RULE FOR OPERATING LEASES.—In the case of a

lease described in section 46(e)(3)(B) of the I n t e r n a l Revenue Code of 1954— (i) subparagraph (A) shall be applied by substituting "May 1, 1976" for " January 1, 1976" each place it appears therein, and ' (ii) subparagraph (B) shall be applied by substituting " April 30, 1976" for "December 31, 1975". SEC. 205. GAIN FROM DISPOSITION OF INTEREST IN OIL OR GAS PROPERTY. (a) RECAPTURE RULES. — Part IV of subchapter P of chapter 1 (relating to special rules for determining capital gains and losses) is amended by adding at the end thereof the following new section: "SEC. 1254. GAIN FROM DISPOSITION OF INTEREST IN OIL OR GAS 26 USC 1254. PROPERTY. "(a)

GENERAL RULE. —

"(1)

ORDINARY INCOME.—If oil or gas property is disposed

of after December 31, 1975, the lower of—

89-194 O—78—pt. 2

5

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90 STAT. 1534

26 USC 263.

" (A) the aggregate amount of expenditures after December 31, 1975, which are allocable to such property and which have been deducted as intangible drilling and development costs under section 263(c) by the taxpayer or any other person and which (but for being so deducted) would be reflected in the adjusted basis of such property, adjusted as provided in paragraph (4), or " (B) the excess of— " (i) the amount realized (in the case of a sale, exchange, or involuntary conversion), or the fair market val«e of the interest (in the case of any other disposit i o n), over " ( i i) the adjusted basis of such interest, shall be treated as gain which is ordinary income. Such gain shall be recognized notwithstanding any other provision of this subtitle. "(2)

"Oil or gas property."

DISPOSITION OF PORTION OF PROPERTY.—For purposes of

paragraph (1) — " (A) I n the case of the disposition of a portion of an oil or gas property (other than an undivided interest), the entire amount of the aggregate expenditures described in paragraph (1)(A) with respect to such property shall be treated as allocable to such portion to the extent of the amount of the gain to which paragraph (1) applies. " (B) I n the case of the disposition of an undivided interest in an oil or gas property (or a portion thereof), a proportionate part of the expenditures described in paragraph (1)(A) with respect to such property shall be treated as allocable to such undivided interest to the extent of the amount of the gain to which paragraph (1) applies. T h i s paragraph shall not apply to any expenditures to the extent the taxpayer establishes to the satisfaction of the Secretary that such expenditures do not relate to the portion (or interest therein) disposed of. " (3) O I L OR GAS PROPERTY.—The term 'oil or g a s property ' means any property (within the meaning of section 614) with respect to which any expenditures described in paragraph (1)(A) are properly chargeable. " (4) SPECIAL RULE FOR PARAGRAPH (i)(A). — I n a p p l y i n g p a r a -

g r a p h (1)(A), the amount deducted for intangible drilling and development costs and allocable to the interest disposed of shall be reduced by the amount (if any) by which the deduction for depletion under section 611 with respect to such interest would have been increased if such costs incurred (after December 31, 1975) h a d been charged to capital account rather than, deducted. " (b) SPECIAL RULES U N D E R EEGULATIONS.—Under regulations p r e -

scribed by the Secretary— " (1) rules similar to the rules of subsection (g) of section 617 and to the rules of subsections (b) and (c) of section 1245 shall be applied for purposes of this section; and " (2) in the case of the sale or exchange of stock in an electing small business corporation (as defined in section 1371(b)), rules similar to the rules of section 751 shall be applied to that portion of the excess of the amount realized over the adjusted basis of the stock which is attributable to expenditures referred to in subsection (a)(1)(A) of this section."

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 PUBLIC LAW 94-455—OCT. 4, 1976 (b) PARTNERSHIPS.—Section 751(c) (relating to definition of unrealized receivables) is amended by striking out " and farm land (as defined in section 1 2 5 2 (a)) " and inserting in lieu thereof "farm land (as defined in section 1 2 5 2 (a)), and an oil or gas property (described in section 1254)", and by striking out "or 1 2 5 2 (a) " and inserting in lieu thereof "1252(a), or 1254 (a) ".

90 STAT. 1535 26 USC 751.

(c) T E C H N I C A L AMENDMENTS. —

(1) The following provisions are each amended by striking out " o r 1 2 5 2 (a) " and inserting in lieu thereof "1252(a), or 1254 (A) the second sentence of section 170(e)(1); (B) section 301(b)(l)(B) ( i i); (C) section 3 0 1 (d)(2)(B); (D) section 312(c)(3); and (E) section 4 5 3 (d)(4)(B). (2) Section 341(e) (12) is amended by striking out " and 1252 (a) " and inserting in lieu thereof "1252(a), and 1254(a)". (3) Section 163(d)(3)(A) (iii) is amended by striking out "and 1250" and inserting in lieu thereof "1250, and 1254".

26 USC 170. 26 USC 301. 26 USC 312. 26 USC 453. 26 USC 341. 26 USC 163.

(d) CLERICAL AMENDMENT. — The table of sections for part IV of

subchapter P of chapter 1 is amended by adding a t the end thereof the following new item: "Sec. 1254. Gain from disposition of interest in oil or gas property." (e) EFFECTIVE D A T E. — The amendments made by this section shall 26 USC 1254 apply with respect to taxable years ending after December 31, 1975. °°*^SEC. 206. AMENDMENTS TO FARM LOSS RECAPTURE RULES. (a) TERMINATION OF ADDITIONS TO EXCESS DEDUCTIONS ACCOUNT. —

Paragraph (2) of section 1251(b) (relating to additions to excess deductions account) is amended by adding at the end thereof the following new subparagraph: "(E)

26 USC 1251.

TERMINATION OF ADDITIONS. — N o a m o u n t shall be

added to the excess deductions account for any taxable year beginning after December 31, 1975." (b) CERTAIN REORGANIZATIONS.—

(1) Subparagraph (A) of section 1251(b)(5) is amended to read as follows: " (A) CERTAIN CORPORATE TRANSACTIONS.—

" (i) I n the case of a transfer described in subsection (d)(3) to which section 3 7 1 (a), 3 7 4 (a), or 381 applies, the acquiring corporation shall succeed to and take into account as of the close of the day of distribution or transfer, the excess deductions account of the transferor. " (ii) I n the case of a transfer which is described in subsection (d)(3), which is in connection with a reorganization described in section 368(a)(1)(D), and which is not described in clause (i), the transferee corporati(Hi shall be deemed to have an excess deductions account in an amount equal to the amount in the excess deductions account of the transferor. The transferor's excess deductions account shall not be reduced by reason of the preceding sentence." (2) Paragraph (3) of section 1251(b) is amended by a d d i n g a t the end thereof the following: " I n the case of a corporation which has made or received a transfer described in clause (ii) of paragraph (5)(A), subtractions from the excess deductions account shall be determined, in such

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 90 STAT. 1536

26 USC 1251 note.

PUBLIC LAW 94-455—OCT. 4, 1976 manner as the Secretary shall prescribe, applying this paragraph to the farm n e t income, and the amounts described in subparagraph (B), of the transferor corporation and the transferee corporation on an aggregate basis.". (3) The amendments made by this subsection shall apply to transfers occurring after December 31, 1975. SEC. 207. LIMITATIONS ON DEDUCTIONS IN CASE OF FARMING SYNDICATES; CAPITALIZATION OF CERTAIN ORCHARD AND VINEYARD EXPENSES; AND METHOD OF ACCOUNTING FOR CORPORATIONS ENGAGED IN FARMING. (a) PfiEPAro E X P E N S E S. —

26 USC 464.

(1) IN GENERAL.—Subpart C of part II of subchapter E of chapter 1 (relating to taxable year for which deduction taken) is amended by inserting after section 463 the following new section: "SEC. 464. LIMITATIONS ON DEDUCTIONS IN CASE OF FARMING SYNDICATES. "(a)

GENERAL RULE. — I n the case of

any f a r m i n g syndicate

(as

defined in subsection (c)), a deduction (otherwise allowable under this chapter) for amounts paid for feed, seed, fertilizer, or other similar farm supplies shall only be allowed for the taxable year in which such feed, seed, fertilizer, or other supplies are actually used or consumed, or, if later, for the taxable year for which allowable as a deduction (determined without regard to this section). "(b)

CERTAIN POULTRY E X P E N S E S. — I n the case of any

farming

syndicate (as defined in subsection (c)) — " (1) the cost of poultry (including egg-laying hens and baby chicks) purchased for use in a trade o r business (or both for use in a trade or business and for sale) shall be capitalized and deducted ratably over the lesser of 12 months o r their useful life in the trade or business, and " (2) the cost of poultry purchased for sale shall be deducted for the taxable year in which the poultry is sold or otherwise disposed of. "(c)

F A R M I N G SYNDICATE D E F I N E D. —

" (1) IN GENERAL.—For purposes of this section, the term 'farming syndicate' means— " (A) a partnership or any other enterprise other than a corporation which is not an electing small business corporation (as defined in section 1371(b)) engaged in the trade or business of farming, if at any time interests in such partnership or enterprise have been offered for sale in any offering required to be registered with any Federal o r State agency having authority to regulate the offering of securities for sale, or " (B) a partnership or any other enterprise other than a corporation which is not an electing small business corporation (as defined in section 1371(b)) engaged in the trade or business of farming, if more than 35 percent of the losses during any period are allocable to limited part n e r s or limited entrepreneurs. "(2)

HOLDINGS ATTRIBUIABLE TO ACTIVE MANAGEMENT.—For

purposes of paragraph (1)(B), the following shall be treated as an interest which is not held by a limited part n e r o r a limited entrepreneur: " (A) in the case of any individual who has actively participated ( for a period of not less than 5 years) i n the man-

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 PUBLIC LAW 94-455—OCT. 4, 1976

90 STAT. 1537

agement of any trade or business of farming, any interest in a partnership or other enterprise which is attributable to such active participation, " (B) in the case of any individual whose principal residence is on a farm, any partnership or other enterprise engaged in the trade or business of farming such farm, " (C) in the case of any individual who is actively particip a t i n g in the management of any trade or business of farming or who is an individual who is described in subparagraph (A) or (B), any participation in the further processing of > livestock which was raised in such trade or business (or in the trade or business referred to in subparagraph (A) or (B)), " (D) in the case of an individual whose principal business activity involves active participation in the management of a trade or business of farming, any interest in any other trade or business of farming, and", " (E) any interest held by a member of the family (within the meaning of section 2 6 7 (c)(4)) of a g r and p a r e n t of an 26 USC 267. individual described in subparagraph (A), (B), (C), or (D) if the interest in the partnership or the enterprise is attributable to the active participation of the individual described in subparagraph (A), (B), (C), o r (D). For purposes of subparagraph (A), where one farm is substituted for or added to another farm, both farms shall be treated as one farm. " (d) EXCEPTIONS.—Subsection (a) shall not apply to— " (1) any amount paid for supplies which are on h and a t the close of the taxable year on account of fire, storm, flood, or other casualty or on account of disease or drought, or " (2) any amount required to be charged to capital account under section 278. " (e) DEFINITIONS. — For purposes of this section— " (1) F A R M I N G. — The term 'farming' means the cultivation of land or the raising or harvesting of any agricultural or horticultural commodity including the raising, shearing, feeding, caring for, training, and management of animals. For purposes of the preceding sentence, trees (other than trees bearing fruit or nuts) shall not be treated as an agricultural or horticultural commodity. " (2) LIMITED ENTREPRENEUR.—The term ' l i m i t e d entrepreneur' means a person who— " (A) has an interest in an enterprise other than as a limited partner, and " (B) does not actively participate in the management of such enterprise." (2) CLERICAL AMENDMENT.—The table of sections for such subpart C is amended by inserting after the item relating to section 463 the following new item: "Sec. 464. Limitations on deductions in case of farming syndicates." (3) EFFECTIVE DATES.—

(A) IN GENERAL.—Except as provided in subparagraph (B), the amendments made by this subsection shall apply to taxable years beginning after December 31, 1975. (B) TRANSITIONAL RULE. — I n the case of a f a r m i n g syndi-

cate in existence on December 31, 1975, and for which there

26 USC 464

"°*^"

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 90 STAT. 1538

PUBLIC LAW 94-455—OCT. 4, 1976 was n o change of membership throughout its taxable year beginning i n 1976, the amendments made by this subsection shall apply to taxable years beginning after December 31, 1976. (b) ORCHARD AND VINEYARD E X P E N S E S. —

26 USC 278.

(1) IN GENERAL.—Section 278 (relating to capital expenditures incurred in p l a n t i n g and developing citrus and almond groves) is amended by striking out subsection (b) and by inserting in lieu thereof the following: " (b) F A R M I N G SYNDICATES.—Except as provided in subsection (c),

in the case of any farming syndicate (as defined in section 464(c)) engaged in planting, cultivating, maintaining, or developing a grove, orchard, or vineyard i n which fruit o r n u t s a r e grown, any amount— " (1) which would be allowable as a deduction b u t for the provisions of this subsection, " (2) which is attributable to the planting, cultivation, maintenance, or development of such grove, orchard, or vineyard, and " (3) which is incurred in a taxable year before the first taxable year in which such grove, orchard, or vineyard bears a crop or yield in commercial quantities, shall be charged to capital account. " (c) EXCEPTIONS,—Subsections (a) and (b) shall not apply to amounts allowable as deductions (without regard to this section) attributable to a grove, orchard, o r vineyard which was replanted after h a v i n g been lost or damaged (while in the hands of the tax p a y e r) by reason of freezing temperatures, disease, drought, pests, or casualty." (2) CONFORMING AMENDMENTS.—

(A) The heading of section 278 is amended to read a s follows:

"SEC. 278. CAPITAL EXPENDITURES INCURRED IN PLANTING AND DEVELOPING CITRUS AND ALMOND GROVES; CERTAIN CAPITAL EXPENDITURES OF FARMING SYNDICATES.".

26 USC 278 note.

(B) Subsection (a) of section 278 (relating to general rule) is amended by striking out "subsection (b) " and inserting i n lieu thereof "subsection (c) ". (3) EFFECTIVE DATE.—The amendments made by this subsection shall apply to taxable years beginning after December 31, 1975. The amendments made by this subsection shall not apply in the case of a grove, orchard, or vineyard referred to i n the amendment made by subsection (b)(1) which was planted or replanted on or before December 31, 1975. For purposes of the preceding sentence, a tree or vine which, on or before December 31, 1975, was planted a t a place other than the grove, orchard, or vineyard of the tax p a y e r b u t which, on such date, was owned by the tax p a y e r (or with respect to which the taxpayer had a bindi n g contract to purchase) shall be treated as planted on December 31, 1975, in the grove, orchard, or vineyard of the taxpayer. (c) METHOD OF ACCOUNTING FARMING.— (1) GENERAL RULE.—

26 USC 447.

FOR CORPORATIONS

ENGAGED I N

(A) Subpart A of part II of subchapter E of chapter 1 (relating to methods of accounting) is amended by a d d i n g a t the end thereof the following new section: "SEC. 447. METHOD OF ACCOUNTING FOR CORPORATIONS ENGAGED IN FARMING. "(a)

GENERAL RULE. — E x c e p t as otherwise provided by law, the

taxable income from f a r m i n g pf—

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90 STAT. 1539

"(1) a corporation engaged in the trade or business of farming, or " (2) a partnership engaged in the trade or business of farming, if a corporation is a part n e r in such partnership, shall be computed on an accrual method of accounting and with the capitalization of preproductive expenses described in subsection (b). T h i s section shall not apply to the trade or business of operating a nursery or to the raising or harvesting of trees (other than fruit and nut trees). " (b) PREPRODUCTIVE PERIOD E X P E N S E S. —

" (1) IN GENERAL.—For purposes of this section, the term 'pre- "Preproductive productive period expenses' means any amount which is attribut- period able to crops, animals, or any other property having a crop or expenses." yield during the preproductive period of such property. " (2) ExcEPiTONS.—Paragraph (1) shall not apply— " (A) to taxes and interest, and " (B) to any amount incurred on account of fire, storm, flood, or other casualty or on account of disease or drought. " (3) PREPRODUCTIVE PERIOD DEFINED.—For purposes of t h i s sub-

section, the term 'preproductive period' means— " (A) in the case of property having a useful life of more than 1 year which will have more than 1 crop or yield, the period before the disposition of the first such marketable crop or yield, or " (B) i n the case of any other property, the period before such property is disposed of. For purposes of this section, the use by the taxpayer i n the trade or business of farming of any supply produced in such trade or business shall be treated as a disposition. "(c)

EXCEPTION FOR SMALL B U S I N E S S AND F A M I L Y CORPORATIONS.—

For purposes of subsection (a), a corporation shall be treated as not being a corporation if it is— " (1) an electing small business corporation (within the mean26 USC 1371. ing of section 1 3 7 1 (b)), " (2) a corporation of which at least 50 percent of the total combined voting power of all classes of stock entitled to vote, and at least 50 percent of the total number of shares of all other classes of stock of the corporation, are owned by members of the same family, or " (3) a corporation the gross receipts of which meet the requirements of subsection (e). "(d)

MEMBERS OF THE S A M E F A M I L Y. — For purposes of subsection

(c)(2)" (1) the members of the same family are an individual, such individual's brothers and sisters, the brothers and sisters of such individual's parents and grandparents, the ancestors and lineal descendants or any of the foregoing, a spouse of any of the foregoing, and the estate of any of the foregoing, " (2) stock owned, directly or indirectly, by or for a partnership or t r u s t shall be treated as owned proportionately by its partners or beneficiaries, and " (3) if 50 percent or more in value of the stock i n a corporation (hereinafter in this paragraph referred to as 'first corporation') is owned, directly or through paragraph (2), by or for members of the same family, such members shall be considered as owning each class of stock in a second corporation (or a wholly owned

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PUBLIC LAW 94-455—OCT. 4, 1976 subsidiary of such second corporation) owned, directly or indirectly, by or for the first corporation, in that proportion which the value of the stock in the first corporation which such members so own bears to the value of all the stock i n the first corporation. For purposes of paragraph (1), individuals related by the half blood or by legal adoption shall be treated as if they were related by the whole blood. " (e) CORPORATIONS H A VI N G GROSS KECEIPTS OF $1,000,000 OR L E S S. —

26 USC 1563.

A corporation meets the requirements of this subsection if, for each p r i o r taxable year beginning after December 31, 1975, such corporation (and any predecessor corporation) did not have gross receipts exceeding $1,000,000. For purposes of the preceding sentence, all corporations which are members of a controlled g r o u p of corporations (within the meaning of section 1563(a)) shall be treated as one corporation. "(f)

COORDINATION W I T H SECTION 481.—In the case of any tax p a y e r

required by this section to change its method of accounting for any taxable year— " (1) such change shall be treated as having been made with the consent of the Secretary, " (2) for purposes of section 481(a)(2), such change shall be treated as a change not initiated by the taxpayer, and " (3) under regulations prescribed by the Secretary, the n e t amount of adjustments required by section 481(a) to be taken into account by the taxpayer in computing taxable income shall (except as otherwise provided in such regulations) be taken into account in each of the 10 taxable years beginning with the year of change. " (g) CERTAIN A N N U A L ACCRUAL ACCOUNTING METHODS.— " (1) I N GENEIiAL.—If—

" (A) for its 10 taxable years ending with its first taxable year beginning after December 31, 1975, a corporation used an annual accrual method of accounting with respect to its trade or business of farming, " (B) such corporation raises crops which are harvested not less than 12 months after planting, and " (C) such corporation has used such method of accounting for all taxable years intervening between its first taxable year beginning after December 31, 1975, and the taxable year, such corporation may continue to employ such method of accounting for the taxable year with respect to its trade or business of farming. " (2) A N N U A L ACCRUAL METHOD OF ACCOUNTING DEFINED.—For

purposes of paragraph (1), the term 'annual accrual method of accounting' means a method under which revenues, costs, and expenses are computed on an accrual method of accounting and the preproductive expenses incurred during the taxable year are charged to harvested crops or deducted in determining the taxable income for such years. " (3) CERTAIN REORGANIZATIONS.—For purposes of this subsection, if a corporation acquired substantially all the assets of a farming trade or business from another corporation in a transaction in which n o gain or loss was recognized to the transferor or transferee corporation, the transferee corporation shall be deemed to have computed its taxable income on an annual accrual method of accounting during the period for which the transferor corporation computed its taxable income from such trade or business on a n annual accrual method."

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90 STAT. 1541

(B) The table of sections for such subpart A is amended by adding at the end thereof the following: "Sec. 447. Method of accounting for corporations engaged in farming." (2) EFFECTIVE DATE.—The amendments made by paragraph (1) 26 USC 447 shall apply to taxable years beginning after December 31, 1976. "o*^(3) ELECTION TO CHANGE FROM STATIC VALUE METHOD TO ACCRUAL METHOD O F ACCOUNTING. —

26 USC 447 note.

(A) I x GEXERAL. If— (i) a corporation has computed its taxable income on an annual accrual method of accounting together with a static value method of accounting for deferred costs of growing crops for the 10 taxable years ending with its first taxable year beginning after December 31, 1975, (ii) such corporation raises crops which are harvested not less than 12 months after planting, and (iii) such corporation elects, within one year after the date of the enactment of this Act and in such manner as the Secretary of the Treasury or his delegate prescribes, to change to the annual accrual method of accounting (within the meaning of section 4 4 7 (g)(2) of the Internal Revenue Code of 1954) for taxable years Ante, p. 1538. beginning after December 31, 1976, such change shall be treated as having been made with the consent of the Secretary of the Treasury, and, under regulations prescribed by the Secretary of the Treasury or his delegate, the net amount of the adjustments required by section 481(a) of the I n t e r n a l Revenue Code of 1954 to be taken into account by the taxpayer in computing taxable income shall (except as otherwise provided in such regulations) be taken into account in each of the 10 taxable years beginning with the year of change. (B) CooRDiXATiox WITH SECTiox' 44 7 OF THE CODE.—A Corporation which elects under subparagraph (A) to change to the annual accrual method of accounting shall, for purposes of section 447(g) of the Internal Revenue Code of 1954, be deemed to be a corporation which has computed its taxable income on an annual accrual method of accounting for its 10 taxable years ending with its first taxable year beginning after December 31, 1975. (C) CERTAIN CORPORATE REORGANIZATIONS.—For purposes

of this paragraph, if a corj^oration acquired substantially all the assets of a farming trade or business from another corporation in a transaction in which no gain or loss was recognized to the transferor or transferee corporation, the transferee corporation shall be deemed to have computed its taxable income on an annual accrual method of accounting together with a static value method of accounting for deferred costs of growing crops during the period for which the transferor corporation computed its taxable income from such trade or business on such accrual and static value method. SEC. 208. TREATMENT OF PREPAID INTEREST. (a) GENERAL RULE.—Section 461 (relating to general rule for tax - 26 USC 461. able year of deduction) is amended by a d d i n g at the end thereof the f ollowinc: new subsection r

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