,i #aacth ,,congress #b;d ,session ,h4 ,r4 #eebh ,,in ,,the ,,house ,,of ,,representatives ,september #ah1 #bjad ,mr4 ,camp 7for himself and ,mr4 ,levin7 introduced the following bill2 which was referred to the ,committee on ,ways and ,means ,a ,,bill ,to amend the ,internal ,revenue ,code of #aihf to make technical corrections1 and for other purposes4 #a4 ,short title2 amendment of #aihf code2 table of contents 7a7 ,short title ,this ,act may be cited as the ,tax ,technical ,corrections ,act of #bjad4 7b7 ,amendment of #aihf ,code ,except as otherwise expressly provided1 whenever in this ,act an amendment or repeal is expressed in terms of an amendment to1 or repeal of1 a section or other provision1 the reference shall be considered to be made to a section or other provision of the ,internal ,revenue ,code of #aihf4 7c7 ,table of contents ,the table of contents of this ,act is as follows3 ,sec4 #a4 ,short title2 amendment of #aihf code2 table of contents4 ,sec4 #b4 ,amendments relating to ,american ,taxpayer ,relief ,act of #bjab4 ,sec4 #c4 ,amendment relating to ,middle ,class ,tax ,relief and ,job ,creation ,act of #bjab4 ,sec4 #d4 ,amendment relating to ,,faa ,modernization and ,reform ,act of #bjab4 ,sec4 #e4 ,amendments relating to ,regulated ,investment ,company ,modernization ,act of #bjaj4 ,sec4 #f4 ,amendments relating to ,tax ,relief1 ,unemployment ,insurance ,reauthorization1 and ,job ,creation ,act of #bjaj4 ,sec4 #g4 ,amendments relating to ,creating ,small ,business ,jobs ,act of #bjaj4 ,sec4 #h4 ,clerical amendment relating to ,hiring ,incentives to ,restore ,employment ,act4 ,sec4 #i4 ,amendments relating to ,american ,recovery and ,reinvestment ,tax ,act of #bjji4 ,sec4 #aj4 ,amendments relating to ,energy ,improvement and ,extension ,act of #bjjh4 ,sec4 #aa4 ,amendments relating to ,tax ,extenders and ,alternative ,minimum ,tax ,relief ,act of #bjjh4 ,sec4 #ab4 ,clerical amendments relating to ,housing ,assistance ,tax ,act of #bjjh4 ,sec4 #ac4 ,amendments and provision relating to ,heroes ,earnings ,assistance and ,relief ,tax ,act of #bjjh4 ,sec4 #ad4 ,amendments relating to ,economic ,stimulus ,act of #bjjh4 ,sec4 #ae4 ,amendments relating to ,tax ,technical ,corrections ,act of #bjjg4 ,sec4 #af4 ,amendment relating to ,tax ,relief and ,health ,care ,act of #bjjf4 ,sec4 #ag4 ,amendment relating to ,safe1 ,accountable1 ,flexible1 ,efficient ,transportation ,equity ,act of #bjje3 ,a ,legacy for ,users4 ,sec4 #ah4 ,amendments relating to ,energy ,tax ,incentives ,act of #bjje4 ,sec4 #ai4 ,amendments relating to ,american ,jobs ,creation ,act of #bjjd4 ,sec4 #bj4 ,other clerical corrections4 ,sec4 #ba4 ,deadwood provisions4 #b4 ,amendments relating to ,american ,taxpayer ,relief ,act of #bjab 7a7 ,amendment relating to section #aja7;b7 ,subclause 7,i7 of section #fdb7;b77#b77;,c77i7 is amended by striking section #aea7;d77#c77;,c77iii7 and inserting section #fh7;b77#a77;,c74 7b7 ,amendment relating to section #ajb ,clause 7ii7 of section #iaa7;f77#b77;,b7 is amended by striking described in section #a7;h77#a77;,b7 shall be treated as a reference to such excess as determined and inserting described in section #a7;h77#a77;,b71 and the reference in section #ee7;b77#c77;,c77ii7 to the excess described in section #a7;h77#a77;,c77ii71 shall each be treated as a reference to each such excess as determined4 7c7 ,amendments relating to section #ajd 7#a7 ,clause 7ii7 of section #ee7;d77#d77;,b7 is amended by inserting subparagraphs 7,a71 7,b71 and 7,d7 of before paragraph 7#a74 7#b7 ,subparagraph 7,c7 of section #ee7;d77#d7 is amended by striking increase and inserting increased amount4 7d7 ,amendments relating to section #caj ,clause 7iii7 of section #fdca7;f77#c77;,a7 is amended-- 7#a7 by striking #bjaa and inserting years after #bjaj1 and 7#b7 by striking of such allocation and inserting of any such allocation4 7e7 ,amendment relating to section #cca ,clause 7iii7 of section #afh7k77#d77;,j7 is amended by striking any taxable year and inserting its first taxable year4 7f7 ,effective date ,the amendments made by this section shall take effect as if included in the provision of the ,american ,taxpayer ,relief ,act of #bjab to which they relate4 #c4 ,amendment relating to ,middle ,class ,tax ,relief and ,job ,creation ,act of #bjab 7a7 ,amendment relating to section #gjja ,paragraph 7#a7 of section #gjja of the ,middle ,class ,tax ,relief and ,job ,creation ,act of #bjab is amended by striking #bja7;b7 and inserting #bjb7;b74 7b7 ,effective date ,the amendment made by subsection 7a7 shall take effect as if included in section #gjja of the ,middle ,class ,tax ,relief and ,job ,creation ,act of #bjab4 #d4 ,amendment relating to ,,faa ,modernization and ,reform ,act of #bjab 7a7 ,amendment relating to section #aajg ,section #dbha is amended to read as follows3 #dbha4 ,small aircraft on nonestablished lines 7a7 ,in general ,the taxes imposed by sections #dbfa and #dbga shall not apply to transportation by an aircraft having a maximum certificated takeoff weight of #f1jjj pounds or less1 except when such aircraft is operated on an established line or when such aircraft is a jet aircraft4 7b7 ,maximum certificated takeoff weight ,for purposes of this section1 the term maximum certificated takeoff weight means the maximum such weight contained in the type certificate or airworthiness certificate4 7c7 ,sightseeing ,for purposes of this section1 an aircraft shall not be considered as operated on an established line at any time during which such aircraft is being operated on a flight the sole purpose of which is sightseeing4 7d7 ,jet aircraft ,for purposes of this section1 the term jet aircraft shall not include any aircraft which is a rotorcraft or propeller aircraft4 4 7b7 ,effective date ,the amendment made by subsection 7a7 shall take effect as if included in section #aajg of the ,,faa ,modernization and ,reform ,act of #bjab4 #e4 ,amendments relating to ,regulated ,investment ,company ,modernization ,act of #bjaj 7a7 ,amendments relating to section #aja 7#a7 ,subsection 7c7 of section #aja of the ,regulated ,investment ,company ,modernization ,act of #bjaj is amended-- 7,a7 by striking paragraph 7#b7 in paragraph 7#a7 and inserting paragraphs 7#b7 and 7#c71 and 7,b7 by adding at the end the following new paragraph3 7#c7 ,excise tax 7,a7 ,in general ,except as provided in subparagraph 7,b71 for purposes of section #dihb of the ,internal ,revenue ,code of #aihf1 paragraphs 7#a7 and 7#b7 shall apply by substituting the #a-year periods taken into account under subsection 7b77#a77;,b7 of such section with respect to calendar years beginning after ,december #ca1 #bjaj for taxable years beginning after the date of the enactment of this ,act4 7,b7 ,election ,a regulated investment company may elect to apply subparagraph 7,a7 by substituting #bjaa for #bjaj4 ,such election shall be made at such time and in such form and manner as the ,secretary of the ,treasury 7or the ,secretary's delegate7 shall prescribe4 4 7#b7 ,the first sentence of paragraph 7#b7 of section #heb7;c7 is amended-- 7,a7 by striking and without regard to and inserting 1 without regard to1 and 7,b7 by inserting 1 and without regard to any capital loss arising on the first day of the taxable year by reason of clauses 7ii7 and 7iii7 of section #abab7;a77#c77;,a7 before the period at the end4 7b7 ,amendment relating to section #cjd ,paragraph 7#a7 of section #hee7;a7 is amended by inserting on or before before4 7c7 ,amendments relating to section #cjh 7#a7 ,paragraph 7#h7 of section #heb7;b7 is amended by redesignating subparagraph 7,e7 as subparagraph 7,g7 and by striking subparagraphs 7,c7 and 7,d7 and inserting the following new subparagraphs3 7,c7 ,post-,october capital loss ,for purposes of this paragraph1 the term post-,october capital loss means-- 7i7 any net capital loss attributable to the portion of the taxable year after ,october #ca1 or 7ii7 if there is no such loss-- 7,i7 any net long-term capital loss attributable to such portion of the taxable year1 or 7,,ii7 any net short-term capital loss attributable to such portion of the taxable year4 7,d7 ,late-year ordinary loss ,for purposes of this paragraph1 the term late-year ordinary loss means the sum of any post-,october specified loss and any post-,december ordinary loss4 7,e7 ,post-,october specified loss ,for purposes of this paragraph1 the term post-,october specified loss means the excess 7if any7 of-- 7i7 the specified losses 7as defined in section #dihb7;e77#e77;,b77ii77 attributable to the portion of the taxable year after ,october #ca1 over 7ii7 the specified gains 7as defined in section #dihb7;e77#e77;,b77i77 attributable to such portion of the taxable year4 7,f7 ,post-,december ordinary loss ,for purposes of this paragraph1 the term post-,december ordinary loss means the excess 7if any7 of-- 7i7 the ordinary losses not described in subparagraph 7,e77i7 and attributable to the portion of the taxable year after ,december #ca1 over 7ii7 the ordinary income not described in subparagraph 7,e77ii7 and attributable to such portion of the taxable year4 4 7#b7 ,subparagraph 7,g7 of section #heb7;b77#h71 as so redesignated1 is amended by striking 1 7,d77i77,i71 and 7,d77ii77,i7 and inserting and 7,e74 7#c7 ,the first sentence of paragraph 7#b7 of section #heb7;c71 as amended by subsection 7a71 is amended-- 7,a7 by striking 1 and without regard to and inserting 1 without regard to1 and 7,b7 by inserting 1 and with such other adjustments as the ,secretary may prescribe before the period at the end4 7d7 ,amendments relating to section #djb 7#a7 ,subparagraph 7,b7 of section #dihb7;e77#f7 is amended by inserting before the period at the end the following3 or which determines income by reference to the value of an item on the last day of the taxable year4 7#b7 ,subparagraph 7,a7 of section #dihb7;e77#g7 is amended by striking such company and all that follows through any net ordinary loss and inserting such company may elect to determine its ordinary income and net ordinary loss 7as defined in paragraph 7#b77;,c77ii77 for the calendar year without regard to any portion of any net ordinary loss4 7e7 ,clerical amendment relating to section #bja ,subparagraph 7,a7 of section #hea7;d77#b7 is amended by inserting of this paragraph after subparagraph 7,b77i74 7f7 ,effective date 7#a7 ,in general ,except as provided in paragraph 7#b71 the amendments made by this section shall take effect as if included in the provision of the ,regulated ,investment ,company ,modernization ,act of #bjaj to which they relate4 7#b7 ,savings provision ,in the case of a regulated investment company which1 before the date of the enactment of this ,act1 elected under paragraph 7#h7 of section #heb7;b7 of the ,internal ,revenue ,code of #aihf 7as in effect on the date of such election7 for any taxable year ending before such date of enactment to treat any loss as arising in the following taxable year1 the amendments made by paragraphs 7#a7 and 7#b7 of subsection 7c7 shall not apply with respect to such election4 #f4 ,amendments relating to ,tax ,relief1 ,unemployment ,insurance ,reauthorization1 and ,job ,creation ,act of #bjaj 7a7 ,amendment relating to section #ajc ,clause 7ii7 of section #cb7;b77#c77;,b7 is amended by striking in #bjaj and inserting after #bjji4 7b7 ,clerical amendments relating to section #cjb 7#a7 ,paragraph 7#a7 of section #bhja7;a7 is amended by striking 7or1 if greater1 the highest rate of tax specified in the table applicable under section #bejb7;a7 as in effect on the date74 7#b7 ,subsection 7f7 of section #cjb of the ,tax ,relief1 ,unemployment ,insurance ,reauthorization1 and ,job ,creation ,act of #bjaj is amended by striking subsection and inserting section4 7c7 ,amendments relating to section #gec ,subparagraph 7,a7 of section #acig;,b7b77#a7 is amended by striking and at the end of clause 7ii71 by striking the period at the end of clause 7iii7 and inserting 1 and1 and by adding at the end the following new clause3 7iv7 ,january #a1 #bjad were substituted for ,january #a1 #bjaj each place it appears4 4 7d7 ,effective date ,the amendments made by this section shall take effect as if included in the provisions of the ,tax ,relief1 ,unemployment ,insurance ,reauthorization1 and ,job ,creation ,act of #bjaj to which they relate4 #g4 ,amendments relating to ,creating ,small ,business ,jobs ,act of #bjaj 7a7 ,amendments relating to section #bajb 7#a7 ,subsection 7h7 of section #bajb of the ,creating ,small ,business ,jobs ,act of #bjaj is amended by inserting 1 and payee statements required to be furnished1 after information returns required to be filed4 7#b7 ,paragraphs 7#a7 and 7#b7 of subsection 7b71 and subsection 7c77#a77;,c71 of section #fgbb are each amended by striking the required filing date and inserting the date prescribed for furnishing such statement4 7#c7 ,subparagraph 7,b7 of section #fgbb7;c77#b7 is amended by striking filed and inserting furnished4 7b7 ,effective date ,the amendments made by this section shall take effect as if included in the provision of the ,creating ,small ,business ,jobs ,act of #bjaj to which they relate4 #h4 ,clerical amendment relating to ,hiring ,incentives to ,restore ,employment ,act 7a7 ,amendment relating to section #eab ,paragraph 7#a7 of section #eab7;a7 of the ,hiring ,incentives to ,restore ,employment ,act is amended by striking after paragraph 7#f7 and inserting after paragraph 7#e74 7b7 ,effective date ,the amendment made by this section shall take effect as if included in the provision of the ,hiring ,incentives to ,restore ,employment ,act to which it relates4 #i4 ,amendments relating to ,american ,recovery and ,reinvestment ,tax ,act of #bjji 7a7 ,amendment relating to section #ajjc ,paragraph 7#d7 of section #bd7;d7 is amended to read as follows3 7#d7 ,special rule for certain years ,in the case of any taxable year beginning after #bjjh and before #bjah1 paragraph 7#a77;,b77i7 shall be applied by substituting #c1jjj for #aj1jjj4 4 7b7 ,amendment relating to section #ajjd ,paragraph 7#c7 of section #be;,a7i7 is amended by striking ,subsection 7f77#a77;,a7 shall be applied and inserting ,for purposes of determining the ,hope ,scholarship ,credit1 subsection 7f77#a77;,a7 shall be applied4 7c7 ,amendments relating to section #ajjh 7#a7 ,paragraph 7#f7 of section #afd7;b7 is amended by striking subparagraph 7,e7 and by redesignating subparagraphs 7,f7 and 7,g7 as subparagraphs 7,e7 and 7,f71 respectively4 7#b7 ,subparagraphs 7,e7 and 7,f7 of section #afd7;b77#f71 as so redesignated1 are each amended by striking ,this paragraph and inserting ,subsection 7a77#f74 7d7 ,amendment relating to section #aajd ,subparagraph 7,a7 of section #dh7;d77#c7 is amended by inserting or alternative minimum taxable income after includible in the gross income4 7e7 ,amendments relating to section #aada 7#a7 ,subsection 7f7 of section #cj;,d is amended-- 7,a7 by inserting 7determined without regard to subsection 7c77 before the period at the end of paragraph 7#a71 and 7,b7 by inserting 7determined without regard to subsection 7c77 before the period at the end of paragraph 7#b74 7#b7 ,paragraph 7#c7 of section #cj;,d7f7 is amended by adding at the end the following3 ,for purposes of subsection 7c71 property to which this paragraph applies shall be treated as of a character subject to an allowance for depreciation44 7f7 ,amendments relating to section #aadb 7#a7 ,subsection 7b7 of section #ch is amended by striking plus at the end of paragraph 7#ce71 by redesignating paragraph 7#cf7 as paragraph 7#cg71 and by inserting after paragraph 7#ce7 the following new paragraph3 7#cf7 the portion of the qualified plug-in electric vehicle credit to which section #cj7;c77#a7 applies1 plus 4 7#b7 7,a7 ,subsection 7e7 of section #cj is amended-- 7i7 by inserting 7determined without regard to subsection 7c77 before the period at the end of paragraph 7#a71 and 7ii7 by inserting 7determined without regard to subsection 7c77 before the period at the end of paragraph 7#b74 7,b7 ,paragraph 7#c7 of section #cj7;e7 is amended by adding at the end the following3 ,for purposes of subsection 7c71 property to which this paragraph applies shall be treated as of a character subject to an allowance for depreciation44 7g7 ,amendment relating to section #acjb ,paragraph 7#c7 of section #dh;,c7b7 is amended by inserting as the qualified investment after ,the amount which is treated4 7h7 ,amendments related to section #aeda 7#a7 ,paragraph 7#b7 of section #hec;,a7a7 is amended by inserting 7determined after the application of this section7 before the comma at the end4 7#b7 ,subsection 7a7 of section #hec;,a is amended-- 7,a7 by striking with respect to credits and inserting with respect to some or all of the credits1 and 7,b7 by inserting 7determined without regard to this section and sections #ed7;c71 #ed;,a7c77#a71 #ed;,,aa7c77#a71 and #acig;,e7c77 after credits allowable4 7#c7 ,subsection 7b7 of section #hec;,a is amended to read as follows3 7b7 ,effect of election ,if the election provided in subsection 7a7 is in effect with respect to any credits for any taxable year-- 7#a7 the regulated investment company-- 7,a7 shall not be allowed such credits1 7,b7 shall include in gross income 7as interest7 for such taxable year the amount which would have been so included with respect to such credits had the application of this section not been elected1 7,c7 shall include in earnings and profits the amount so included in gross income1 and 7,d7 shall be treated as making one or more distributions of money with respect to its stock equal to the amount of such credits on the date or dates 7on or after the applicable date for any such credit7 during such taxable year 7or following the close of the taxable year pursuant to section #hee7 selected by the company1 and 7#b7 each shareholder of such investment company shall-- 7,a7 be treated as receiving such shareholder's proportionate share of any distribution of money which is treated as made by such investment company under paragraph 7#a77;,d71 and 7,b7 be allowed credits against the tax imposed by this chapter equal to the amount of such distribution1 subject to the provisions of this title applicable to the credit involved4 4 7#d7 ,subsection 7c7 of section #hec;,a is amended to read as follows3 7c7 ,notice to shareholders ,the amount treated as a distribution of money received by a shareholder under subsection 7b77#b77;,a7 7and as credits allowed to such shareholder under subsection 7b77#b77;,b77 shall not exceed the amount so reported by the regulated investment company in a written statement furnished to such shareholder4 4 7#e7 ,clause 7ii7 of section #hec;,a7e77#a77;,a7 is amended by inserting other than a qualified bond described in section #ed;,,aa7g7 after as defined in section #ed;,,aa7d774 7i7 ,amendments relating to section #bbjb 7#a7 ,subparagraph 7,a7 of section #bbjb7;b77#a7 of division ,b of the ,american ,recovery and ,reinvestment ,act of #bjji is amended by inserting political subdivision of a ,state1 after any ,state14 7#b7 ,section #bbjb of division ,b of the ,american ,recovery and ,reinvestment ,act of #bjji is amended by adding at the end the following new subsection3 7e7 ,treatment of ,possessions 7#a7 ,payments to mirror code possessions ,the ,secretary of the ,treasury shall pay to each possession of the ,united ,states with a mirror code tax system amounts equal to the loss to that possession by reason of credits allowed under subsection 7a7 with respect to taxable years beginning in #bjji4 ,such amounts shall be determined by the ,secretary of the ,treasury based on information provided by the government of the respective possession4 7#b7 ,coordination with credit allowed against united states income taxes ,no credit shall be allowed against ,united ,states income taxes for any taxable year under this section to any person to whom a credit is allowed against taxes imposed by the possession by reason of the credit allowed under subsection 7a7 for such taxable year4 7#c7 ,definitions and special rules 7,a7 ,possession of the united states ,for purposes of this subsection1 the term possession of the ,united ,states includes the ,commonwealth of the ,northern ,mariana ,islands4 7,b7 ,mirror code tax system ,for purposes of this subsection1 the term mirror code tax system means1 with respect to any possession of the ,united ,states1 the income tax system of such possession if the income tax liability of the residents of such possession under such system is determined by reference to the income tax laws of the ,united ,states as if such possession were the ,united ,states4 7,c7 ,treatment of payments ,for purposes of section #acbd7;b77#b7 of title #ca1 ,united ,states ,code1 the payments under this subsection shall be treated in the same manner as a refund due from the credit allowed under section #cf;,a of the ,internal ,revenue ,code of #aihf 7as added by this ,act74 4 7j7 ,clerical amendments 7#a7 ,amendment relating to section #aaca ,paragraph 7#b7 of section #de,q7d7 is amended by striking ,administrator of the ,environmental ,protection ,agency and all that follows through shall establish and inserting ,administrator of the ,environmental ,protection ,agency1 the ,secretary of ,energy1 and the ,secretary of the ,interior1 shall establish4 7#b7 ,amendment relating to section #aada ,paragraph 7#cg7 of section #ajaf7;a7 is amended by striking section #cj;,d7e77#d7 and inserting section #cj;,d7f77#a74 7#c7 ,amendment relating to section #cjja ,subparagraph 7,a7 of section #cjja7;a77#ad7 of the ,american ,recovery and ,reinvestment ,act of #bjji is amended by striking is amended by redesignating paragraph 7#i7 as paragraph 7#aj7 and inserting 1 as amended by this ,act1 is amended by redesignating paragraphs 7#i7 and 7#aj7 as paragraphs 7#aj7 and 7#aa71 respectively14 7k7 ,effective date ,the amendments made by this section shall take effect as if included in the provisions of the ,american ,recovery and ,reinvestment ,tax ,act of #bjji to which they relate4 #aj4 ,amendments relating to ,energy ,improvement and ,extension ,act of #bjjh 7a7 ,amendment relating to section #ajh ,subparagraph 7,e7 of section #de,k7g77#b7 is amended to read as follows3 7,e7 ,coordination with section #de ,no credit shall be allowed with respect to any coke or coke gas which is produced using steel industry fuel 7as defined in section #de7;c77#g77 as feedstock if a credit is allowed to any taxpayer under section #de with respect to the production of such steel industry fuel4 4 7b7 ,amendment relating to section #aac ,paragraph 7#a7 of section #aac7;b7 of the ,energy ,improvement and ,extension ,act of #bjjh is amended by adding at the end the following new subparagraph3 7,f7 ,trust ,fund ,the term ,trust ,fund means the ,black ,lung ,disability ,trust ,fund established under section #ieja of the ,internal ,revenue ,code of #aihf4 4 7c7 ,amendments relating to section #cjf 7#a7 ,clause 7ii7 of section #afh7;i77#ah77;,a7 is amended by striking #aj years and inserting #af years4 7#b7 ,clause 7ii7 of section #afh7;i77#ai77;,a7 is amended by striking #aj years and inserting #af years4 7d7 ,amendment relating to section #cjh ,clause 7i7 of section #afh7m77#b77;,b7 is amended by striking section #afh7k7 and inserting subsection 7k7 7determined without regard to paragraph 7#d7 thereof74 7e7 ,amendment relating to section #djb ,subparagraph 7,a7 of section #ijg7;f77#d7 is amended by striking this subsection shall be applied and all that follows through the period at the end and inserting the following3 this subsection1 as in effect on the day before the date of the enactment of the ,energy ,improvement and ,extension ,act of #bjjh1 shall apply to unused oil and gas extraction taxes carried from such unused credit year to a taxable year beginning after ,december #ca1 #bjjh44 7f7 ,amendments relating to section #djc 7#a7 ,subsection 7c7 of section #ajab is amended-- 7,a7 by striking funds in the heading for paragraph 7#b7 and inserting regulated investment companies1 7,b7 by striking fund in the heading for paragraph 7#b77;,b71 and 7,c7 by striking fund each place it appears in paragraph 7#b7 and inserting regulated investment company4 7#b7 ,paragraph 7#a7 of section #ajab7;d7 is amended-- 7,a7 by striking ,december #ca1 #bjaj and inserting ,december #ca1 #bjaa1 and 7,b7 by striking an open-end fund and inserting a regulated investment company4 7#c7 ,paragraph 7#c7 of section #ajab7;d7 is amended to read as follows3 7#c7 ,separate accounts2 election for treatment as single account 7,a7 ,in general ,rules similar to the rules of subsection 7c77#b7 shall apply for purposes of this subsection4 7,b7 ,average basis method ,notwithstanding paragraph 7#a71 in the case of an election under rules similar to the rules of subsection 7c77#b77;,b7 with respect to stock held in connection with a dividend reinvestment plan1 the average basis method is permissible with respect to all such stock without regard to the date of the acquisition of such stock4 4 7#d7 ,subsection 7g7 of section #fjde is amended by adding at the end the following new paragraph3 7#f7 ,special rule for certain stock held in connection with dividend reinvestment plan ,for purposes of this subsection1 stock acquired before ,january #a1 #bjab1 in connection with a dividend reinvestment plan shall be treated as stock described in clause 7ii7 of paragraph 7#c77;,c7 7unless the broker with respect to such stock elects not to have this paragraph apply with respect to such stock74 4 7g7 ,clerical amendments 7#a7 ,amendment relating to section #ajh ,paragraph 7#b7 of section #de7;b7 is amended by striking #c amount and inserting #b amount4 7#b7 ,amendment relating to section #cjf ,paragraph 7#e7 of section #afh7;b7 is amended by striking 7#b77;,c7 and inserting 7#b77;,d74 7h7 ,effective date ,the amendments made by this section shall take effect as if included in the provisions of the ,energy ,improvement and ,extension ,act of #bjjh to which they relate4 #aa4 ,amendments relating to ,tax ,extenders and ,alternative ,minimum ,tax ,relief ,act of #bjjh 7a7 ,amendment relating to section #bjh ,subsection 7b7 of section #bjh of the ,tax ,extenders and ,alternative ,minimum ,tax ,relief ,act of #bjjh is amended to read as follows3 7b7 ,effective date 7#a7 ,in general ,the amendment made by subsection 7a7 shall take effect on ,january #a1 #bjjh4 ,notwithstanding the preceding sentence1 such amendment shall not apply with respect to the withholding requirement under section #adde of the ,internal ,revenue ,code of #aihf for any payment made before ,october #d1 #bjjh4 7#b7 ,amounts withheld on or before date of enactment ,in the case of a regulated investment company-- 7,a7 which makes a distribution after ,december #ca1 #bjjg1 and before ,october #d1 #bjjh1 and 7,b7 which would 7but for the second sentence of paragraph 7#a77 have been required to withhold with respect to such distribution under section #adde of such ,code1 such investment company shall not be liable to any person to whom such distribution was made for any amount so withheld and paid over to the ,secretary of the ,treasury4 4 7b7 ,amendments relating to section #cje ,paragraphs 7#g77;,b7 and 7#h77;,d7 of section #afh7;e7 are each amended by inserting which is not qualified leasehold improvement property after ,property described in this paragraph4 7c7 ,clerical amendments 7#a7 ,amendments relating to section #gjf 7,a7 ,paragraph 7#b7 of section #ajcc7;h7 is amended by inserting is before compulsorily4 7,b7 ,subclause 7,,ii7 of section #agb7;b77#a77;,f77ii7 is amended by striking subsection 7h77#c77;,c77i7 and inserting section #afe7;h77#c77;,c77i74 7,c7 ,the heading for paragraph 7#a7 of section #afe7;h7 is amended by striking #ajj and inserting ,dollar4 7#b7 ,amendment relating to section #gji ,subsection 7k7 of section #adc is amended by redesignating the second paragraph 7#ab7 7relating to special rules for residences destroyed in ,federally declared disasters7 as paragraph 7#ac74 7#c7 ,amendment relating to section #gab ,section #gab of the ,tax ,extenders and ,alternative ,minimum ,tax ,relief ,act of #bjjh is amended by striking section #gjb7;c77#a77;,a7 and inserting section #gjb7;b77#a77;,a74 7d7 ,effective date ,the amendments made by this section shall take effect as if included in the provisions of the ,tax ,extenders and ,alternative ,minimum ,tax ,relief ,act of #bjjh to which they relate4 #ab4 ,clerical amendments relating to ,housing ,assistance ,tax ,act of #bjjh 7a7 ,amendment relating to section #cjjb ,paragraph 7#a7 of section #db7;b7 is amended by striking ,for purposes of this section1 the term and inserting the following3 ,for purposes of this section-- 7,a7 ,in general ,the term 4 7b7 ,amendment relating to section #cjha ,clause 7iv7 of section #afh7k77#d77;,e7 is amended by striking adjusted minimum tax and inserting adjusted net minimum tax4 7c7 ,amendment relating to section #cjib ,subsection 7b7 of section #aba is amended by redesignating the second paragraph 7#d7 7relating to exclusion of gain allocated to nonqualified use7 as paragraph 7#e74 7d7 ,effective date ,the amendments made by this section shall take effect as if included in the provisions of the ,housing ,assistance ,tax ,act of #bjjh to which they relate4 #ac4 ,amendments and provision relating to ,heroes ,earnings ,assistance and ,relief ,tax ,act of #bjjh 7a7 ,amendment relating to section #ajf ,paragraph 7#b7 of section #ajf7;c7 of the ,heroes ,earnings ,assistance and ,relief ,tax ,act of #bjjh is amended by striking substituting for and inserting substituting ,june #ag1 #bjjh for4 7b7 ,amendment relating to section #aad ,paragraph 7#a7 of section #abe7;h7 is amended by inserting 7and shall not fail to be treated as an accident or health plan7 before merely4 7c7 ,clerical amendments 7#a7 ,amendment relating to section #aaj ,subparagraph 7,b7 of section #aba7;d77#ab7 is amended by inserting of paragraph 7#i7 after and 7,d74 7#b7 ,amendment relating to section #cja ,paragraph 7#b7 of section #hgg7;e7 is amended by striking subparagraph 7,a7 or 7,b7 of4 7d7 ,effective date ,the amendments made by this section shall take effect as if included in the provisions of the ,heroes ,earnings ,assistance and ,relief ,tax ,act of #bjjh to which they relate4 #ad4 ,amendments relating to ,economic ,stimulus ,act of #bjjh 7a7 ,amendments relating to section #aja ,paragraph 7#b7 of section #fbac7;g7 is amended-- 7#a7 by striking #cb1 or #fdbh in subparagraph 7,l7 and inserting or #cb1 and 7#b7 by striking and at the end of subparagraph 7,o71 by striking the period at the end of subparagraph 7,p7 and inserting 1 and1 and by inserting after subparagraph 7,p7 the following new subparagraph3 7,q7 an omission of a correct valid identification number required under section #fdbh7;h7 7relating to #bjjh recovery rebates for individuals7 to be included on a return4 4 7b7 ,clerical amendment relating to section #ajc ,subclause 7,,iv7 of section #afh7k77#b77;,b77i7 is amended by striking clauses also apply and inserting clause also applies4 7c7 ,effective date ,the amendments made by this section shall take effect as if included in the provisions of the ,economic ,stimulus ,act of #bjjh to which they relate4 #ae4 ,amendments relating to ,tax ,technical ,corrections ,act of #bjjg 7a7 ,amendment relating to section #d7;c7 ,paragraph 7#a7 of section #iaa7;f7 is amended by adding at the end the following flush sentence3 ,for purposes of this paragraph1 the amount excluded under subsection 7a7 shall be reduced by the aggregate amount of any deductions or exclusions disallowed under subsection 7d77#f7 with respect to such excluded amount4 4 7b7 ,clerical amendment relating to section #aa7;g7 ,clause 7iv7 of section #ef7;g77#d77;,c7 is amended by striking a cooperative described in section #ibg7;a77#d7 and inserting an organization to which part ,i of subchapter ,t 7relating to tax treatment of cooperatives7 applies which is engaged in the marketing of agricultural or horticultural products4 7c7 ,effective date ,the amendments made by this section shall take effect as if included in the provisions of the ,tax ,technical ,corrections ,act of #bjjg to which they relate4 #af4 ,amendment relating to ,tax ,relief and ,health ,care ,act of #bjjf 7a7 ,amendment relating to section #aje ,subparagraph 7,b7 of section #de;,a7b77#a7 is amended by adding at the end the following3 ,if any portion of wages are taken into account under subsection 7e77#a77;,a7 of section #ea1 the preceding sentence shall be applied by substituting #b-year period for #a-year period44 7b7 ,effective date ,the amendment made by this section shall take effect as if included in the provision of the ,tax ,relief and ,health ,care ,act of #bjjf to which it relates4 #ag4 ,amendment relating to ,safe1 ,accountable1 ,flexible1 ,efficient ,transportation ,equity ,act of #bjje3 ,a ,legacy for ,users 7a7 ,amendment relating to section #aaafa ,paragraph 7#a7 of section #iejc7;b7 is amended by inserting before the period at the end the following3 and taxes received under section #djha shall be determined without regard to tax receipts attributable to the rate specified in section #djha7;a77#b77;,c74 7b7 ,effective date ,the amendment made by this section shall take effect as if included in the provision of the ,safe1 ,accountable1 ,flexible1 ,efficient ,transportation ,equity ,act of #bjje3 ,a ,legacy for ,users to which it relates4 #ah4 ,amendments relating to ,energy ,tax ,incentives ,act of #bjje 7a7 ,amendment relating to section #acda ,subparagraph 7,b7 of section #cj;,b7h77#e7 is amended by inserting 7determined without regard to subsection 7g77 before the period at the end4 7b7 ,amendment relating to section #acdb ,paragraph 7#a7 of section #cj;,c7e7 is amended to read as follows3 7#a7 ,reduction in basis ,for purposes of this subtitle1 the basis of any property for which a credit is allowable under subsection 7a7 shall be reduced by the amount of such credit so allowed 7determined without regard to subsection 7d774 4 7c7 ,effective date ,the amendments made by this section shall take effect as if included in the provision of the ,energy ,tax ,incentives ,act of #bjje to which it relates4 #ai4 ,amendments relating to ,american ,jobs ,creation ,act of #bjjd 7a7 ,amendment relating to section #aja ,subsection 7d7 of section #aja of the ,american ,jobs ,creation ,act of #bjjd is amended by adding at the end the following new paragraph3 7#c7 ,coordination with section #aii ,this subsection shall be applied without regard to any deduction allowable under section #aii4 4 7b7 ,amendments relating to section #ajb ,paragraph 7#c7 of section #aii7;b7 is amended-- 7#a7 by inserting of a short taxable year or after in cases1 and 7#b7 by striking and dispositions and inserting 1 dispositions1 and short taxable years4 7c7 ,clerical amendment relating to section #dac ,paragraph 7#g7 of section #ijd7;h7 is amended by striking as ordinary income under section #abdf or4 7d7 ,effective date ,the amendments made by this section shall take effect as if included in the provision of the ,american ,jobs ,creation ,act of #bjjd to which they relate4 #bj4 ,other clerical corrections 7a7 ,paragraph 7#h7 of section #cj;,b7h7 is amended by striking vehicle741 except that and inserting vehicle71 except that4 7b7 ,subparagraph 7,a7 of section #ch7;c77#b7 is amended by striking credit credit and inserting credit4 7c7 ,section #df is amended by adding a comma at the end of paragraph 7#d74 7d7 ,subparagraph 7,e7 of section #ej7;a77#b7 is amended by inserting 1 #dh;,a7b77#c71 #dh;,b7b77#c71 #dh;,c7b77#b71 or #dh;,d7b77#d7 after under section #dh7;b74 7e7 ,clause 7i7 of section #ed;,a7d77#b77;,a7 is amended by striking #ajj percent or more and inserting #ajj percent4 7f7 ,paragraph 7#b7 of section #abe7;b7 is amended by striking statutory nontaxable benefits each place it appears and inserting qualified benefits4 7g7 ,paragraph 7#b7 of section #abe7;h7 is amended by striking means1 any and inserting means any4 7h7 ,subparagraph 7,f7 of section #afc7;h77#d7 is amended by striking ,veterans ,administration or the ,rural ,housing ,administration and inserting ,department of ,veterans ,affairs or the ,rural ,housing ,service4 7i7 ,subsection 7a7 of section #bdi is amended by striking #aefc7;a77#a7 and inserting #aefc7;a77#a774 7j7 ,paragraphs 7#h7 and 7#aj7 of section #bhj;,f7d7 are each amended by striking subsection 7a77#b7 and inserting subsection 7a77#a74 7k7 ,clause 7iii7 of section #djb;,a7c77#d77;,e7 is amended by striking #djc7;b77#g77;,a77i7 and inserting #djc7;b77#g77;,a77ii74 7l7 ,section #ebg is amended-- 7#a7 by striking 7#b ,u4,s4,c4 #dcb7;e77 in subsection 7h77#b77;,a77i7 and inserting 7#eb ,u4,s4,c4 #cjajb7;e771 and 7#b7 by striking 7#b ,u4,s4,c4 #dca et seq47 in subsections 7i77#f7 and 7j77#e77;,a7 and inserting 7#eb ,u4,s4,c4 #cjaja et seq474 7m7 ,subsection 7b7 of section #heh is amended by striking #heg7;b77#h7 and inserting #heg7;b77#i74 7n7 ,subparagraph 7,a7 of section #ajab7;c77#b7 is amended by striking section #ajab and inserting this section4 7o7 ,the heading for section #acid7;f7 is amended by striking designated under section #acia7;g74 7p7 ,paragraphs 7#a7 and 7#b77;,a7 of section #acid7;f7 are each amended by striking a new empowerment zone facility bond and inserting an empowerment zone facility bond4 7q7 ,clause 7i7 of section #adjj,n7c77#c77;,a7 is amended by striking section #db7;d77#e77;,c77iii7 and inserting section #db7;d77#e77;,b77iii74 7r7 ,subsections 7e77#c77;,b7 and 7f77#g77;,b7 of section #didc are each amended by striking ,january #a1 #aigj and inserting ,january #a1 #aiga4 7s7 ,paragraph 7#b7 of section #dihb7;f7 is amended by adding a comma at the end4 7t7 ,paragraph 7#c7 of section #fjaa7;e7 is amended by striking shall require than and inserting shall require that4 7u7 ,subsection 7b7 of section #fjgb is amended by striking #fjaa7;e77#b7 and inserting #fjaa7;c77#b74 7v7 ,subsection 7d7 of section #fajd is amended by redesignating the second paragraph 7#f7 7relating to disclosure of reports by the ,internal ,revenue ,service7 and third paragraph 7#f7 7relating to application to nonexempt charitable trusts and nonexempt private foundations7 as paragraphs 7#g7 and 7#h71 respectively4 7w7 ,subsection 7c7 of section #fffb;,a is amended by striking section #fffd7;d77#b77;,a7 and inserting section #fffd7;d77#c77;,a74 7x7 ,subparagraph 7,,ff7 of section #fgbd7;d77#b7 is amended by striking section #fjej,w7c7 and inserting section #fjej,w7f74 7y7 ,subsection 7a7 of section #ijce is amended by striking section #cbj7;b77#a77;,a7 and inserting #cae7;b77#a77;,a74 7z7 ,section #ihjb is amended by redesignating the second subsection 7f7 7relating to genetic information of a fetus or embryo7 as subsection 7g74 7aa7 ,paragraph 7#c7 of section #ac7;e7 of the ,worker1 ,homeownership1 and ,business ,assistance ,act of #bjji is amended by striking subsection 7d7 and inserting subsection 7c74 #ba4 ,deadwood provisions 7a7 ,in general 7#a7 ,adjustments in tax tables so that inflation will not result in tax increases ,paragraph 7#g7 of section #a7;f7 is amended to read as follows3 7#g7 ,special rule for certain brackets ,in prescribing tables under paragraph 7#a7 which apply to taxable years beginning in a calendar year after #aiid1 the cost-of-living adjustment used in making adjustments to the dollar amounts at which the #cf percent rate bracket begins or at which the #ci4f percent rate bracket begins shall be determined under paragraph 7#c7 by substituting #aiic for #aiib4 4 7#b7 ,certain plug-in electric vehicles 7,a7 ,subpart ,b of part ,,iv of subchapter ,a of chapter #a is amended by striking section #cj 7and by striking the item relating to such section in the table of sections for such subpart74 7,b7 ,subsection 7b7 of section #ch1 as amended by section #i7;f77#a7 of this ,act1 is amended by inserting plus at the end of paragraph 7#ce71 by striking paragraph 7#cf71 and by redesignating paragraph 7#cg7 as paragraph 7#cf74 7,c7 ,subclause 7,,vi7 of section #dh;,c7c77#a77;,a77i7 is amended by striking 1 qualified plug-in electric vehicles 7as defined by section #cj7;d7714 7,d7 ,section #ajaf7;a7 is amended by striking paragraph 7#be74 7,e7 ,section #feja7m7 is amended by striking section #cj7;e77#f714 7#c7 ,earned income credit 7,a7 ,paragraph 7#a7 of section #cb7;b7 is amended-- 7i7 by striking subparagraphs 7,b7 and 7,c71 and 7ii7 by striking 7a7 ,in general4--,in the case of taxable years beginning after #aiie3 in subparagraph 7,a7 and moving the table #b ems to the left4 7,b7 ,subparagraph 7,b7 of section #cb7;b77#b7 is amended by striking increased by and all that follows and inserting increased by #c1jjj44 7#d7 ,first-time homebuyer credit ,section #fbac7;g77#b71 as amended by section #ad7;a77#b71 is amended by striking subparagraph 7,p74 7#e7 ,making work pay credit 7,a7 ,subpart ,c of part ,,iv of subchapter ,a of chapter #a is amended by striking section #cf;,a 7and by striking the item relating to such section in the table of sections for such subpart74 7,b7 ,subparagraph 7,a7 of section #fbaa7;b77#d7 is amended by striking 1 #cf;,a4 7,c7 ,section #fbac7;g77#b7 is amended by striking subparagraph 7,n74 7#f7 ,general business credits ,subsection 7d7 of section #ch is amended by striking paragraph 7#c74 7#g7 ,low-income housing credit ,subclause 7,i7 of section #db7;h77#c77;,c77ii7 is amended by striking 7#a4ej for #bjja74 7#h7 ,minimum tax credit 7,a7 7i7 ,section #ec is amended by striking subsections 7e7 and 7f74 7ii7 ,the amendment made by clause 7i7 striking subsection 7f7 of section #ec of the ,internal ,revenue ,code of #aihf shall not be construed to allow any tax abated by reason of section #ec7;f77#a7 of such ,code 7as in effect before such amendment7 to be included in the amount determined under section #ec7;b77#a7 of such ,code4 7,b7 ,paragraph 7#d7 of section #fbaa7;b77#d7 is amended by striking 1 #ec7;e74 7#i7 ,adjustments based on adjusted current earnings ,clause 7ii7 of section #ef7;g77#d77;,f7 is amended by striking ,in the case of any taxable year beginning after ,december #ca1 #aiib1 clause and inserting ,clause4 7#aj7 ,items of tax preference2 depletion ,paragraph 7#a7 of section #eg7;a7 is amended by striking ,effective with respect to taxable years beginning after ,december #ca1 #aiib1 this and inserting ,this4 7#aa7 ,intangible drilling costs 7,a7 ,clause 7i7 of section #eg7;a77#b77;,e7 is amended by striking ,in the case of any taxable year beginning after ,december #ca1 #aiib1 this and inserting ,this4 7,b7 ,clause 7ii7 of section #eg7;a77#b77;,e7 is amended by striking 7#cj percent in the case of taxable years beginning in #aiic74 7#ab7 ,environmental tax 7,a7 ,subchapter ,a of chapter #a is amended by striking part ,,vii 7and by striking the item relating to such part in the table of parts for such subchapter74 7,b7 ,paragraph 7#b7 of section #bf7;b7 is amended by striking subparagraph 7,b74 7,c7 ,section #cj;,a7c7 is amended by striking paragraph 7#a7 and by redesignating paragraphs 7#b71 7#c71 and 7#d7 as paragraphs 7#a71 7#b71 and 7#c71 respectively4 7,d7 ,subsection 7a7 of section #afd is amended by striking paragraph 7#e74 7,e7 ,section #bge7;a7 is amended by striking the last sentence4 7,f7 ,section #hhb7;a77#a7 is amended by striking 1 #ei;,a4 7,g7 ,section #icf7;a77#c7 is amended by striking subparagraph 7,a7 and by redesignating subparagraphs 7,b71 7,c71 and 7,d7 as subparagraphs 7,a71 7,b71 and 7,c71 respectively4 7,h7 ,section #aefa7;a7 is amended-- 7i7 by inserting and at the end of paragraph 7#b71 by striking 1 and at the end of paragraph 7#c7 and inserting a period1 and by striking paragraph 7#d71 and 7ii7 by striking 1 the amount specified in paragraph 7#c71 and the amount specified in paragraph 7#d7 and inserting and the amount specified in paragraph 7#c74 7,i7 ,section #dfaa7;e7 is amended-- 7i7 by striking section #ei;,a1 this section1 in paragraph 7#b77;,b7 and inserting this section1 and 7ii7 in paragraph 7#c77;,a7-- 7,i7 by striking section #ei;,a1 1 and 7,,ii7 by striking the comma after rate74 7,j7 ,section #fdbe7;c77#a77;,a7 is amended by inserting plus at end of clause 7i71 by striking plus and inserting over at the end of clause 7ii71 and by striking clause 7iii74 7,k7 ,section #ffee is amended-- 7i7 in subsection 7e77#b77;,a77i7 and 7e77#b77;,b77i71 by striking taxable income1 alternative minimum taxable income1 and modified alternative minimum taxable income and inserting taxable income and alternative minimum taxable income1 7ii7 in subsection 7e77#b77;,b71 by striking clause 7iii71 and 7iii7 in subsection 7g77#a77;,a71 by inserting plus at the end of clause 7ii71 by striking clause 7iii71 and by redesignating clause 7iv7 as clause 7iii74 7,l7 ,section #iejg7;b77#a7 is amended by striking #ei;,a14 7#ac7 ,standard deduction 7,a7 ,so much of paragraph 7#a7 of section #fc7;c7 as follows the sum of-- is amended to read as follows3 7,a7 the basic standard deduction1 and 7,b7 the additional standard deduction4 4 7,b7 ,subsection 7e7 of section #fc is amended by striking paragraphs 7#g71 7#h71 and 7#i74 7#ad7 ,annuities2 certain proceeds of endowment and life insurance contracts ,section #gb is amended-- 7,a7 in subsection 7c77#d71 by striking 2 except that if such date was before ,january #a1 #aied1 then the annuity starting date is ,january #a1 #aied1 and 7,b7 in subsection 7g77#c71 by striking ,january #a1 #aied1 or and 1 whichever is later4 7#ae7 ,unemployment compensation ,section #he is amended by striking subsection 7c74 7#af7 ,accident and health plans ,section #aje7;f7 is amended by striking or 7d74 7#ag7 ,flexible spending arrangements ,section #ajf7;c77#a7 is amended by striking ,effective on and after ,january #a1 #aiig1 gross and inserting ,gross4 7#ah7 ,certain combat zone compensation of members of the armed forces ,subsection 7c7 of section #aab is amended-- 7,a7 by striking 7after ,june #bd1 #aiej7 in paragraph 7#b71 and 7,b7 by striking such zone2 and all that follows in paragraph 7#c7 and inserting such zone44 7#ai7 ,legal service plans 7,a7 ,part ,,iii of subchapter ,b of chapter #a is amended by striking section #abj 7and by striking the item relating to such section in the table of sections for such subpart74 7,b7 7i7 ,section #dad7n77#c77;,c7 is amended by striking #abj14 7ii7 ,section #dad7t77#b7 is amended by striking #abj14 7iii7 ,section #eja7;c7 is amended by striking paragraph 7#bj74 7iv7 ,section #caba7;a7 is amended by striking paragraph 7#ag74 7v7 ,section #cbca7;e7 is amended by striking paragraph 7#g74 7vi7 ,section #ccjf7;b7 is amended by striking paragraph 7#ab74 7vii7 ,section #fjci;,d7d77#a7 is amended by striking #abj14 7viii7 ,section #bji7;a77#ad7 of the ,social ,security ,act is amended-- 7,i7 by striking subparagraph 7,b71 and 7,,ii7 by striking 7#ad77;,a7 and inserting 7#ad74 7#bj7 ,principal residence ,section #aba7;b77#c7 is amended-- 7,a7 by striking subparagraph 7,b71 and 7,b7 in subparagraph 7,a71 by striking 7,a7 ,in general4-- and moving the text #b ems to the left4 7#ba7 ,certain reduced uniformed services retirement pay ,section #abb7;b77#a7 is amended by striking after ,december #ca1 #aife14 7#bb7 ,great plains conservation program ,section #abf7;a7 is amended by striking paragraph 7#f7 and by redesignating paragraphs 7#g71 7#h71 7#i71 and 7#aj7 as paragraphs 7#f71 7#g71 7#h71 and 7#i71 respectively4 7#bc7 ,benefits provided to volunteer firefighters and emergency medical responders 7,a7 ,part ,,iii of subchapter ,b of chapter #a is amended by striking section #aci;,b 7and by striking the item relating to such section in the table of sections for such part74 7,b7 ,section #caba7;a7 is amended-- 7i7 by adding or at the end of paragraph 7#ba71 7ii7 by striking 2 or at the end of paragraph 7#bb7 and inserting a period1 and 7iii7 by striking paragraph 7#bc74 7,c7 ,section #ccjf7;b7 is amended-- 7i7 by adding or at the end of paragraph 7#ah71 7ii7 by striking 2 or at the end of paragraph 7#ai7 and inserting a period1 and 7iii7 by striking paragraph 7#bj74 7,d7 ,section #cdja7;a7 is amended-- 7i7 by adding or at the end of paragraph 7#ba71 7ii7 by striking 2 or at the end of paragraph 7#bb7 and inserting a period1 and 7iii7 by striking paragraph 7#bc74 7#bd7 ,treble damage payments under the antitrust law ,section #afb7;g7 is amended by striking the last sentence4 7#be7 ,state legislators' travel expenses away from home ,paragraph 7#d7 of section #afb7;h7 is amended by striking ,for taxable years beginning after ,december #ca1 #aihj1 this and inserting ,this4 7#bf7 ,interest 7,a7 ,section #afc is amended-- 7i7 by striking paragraph 7#f7 of subsection 7d71 and 7ii7 by striking paragraph 7#e7 of subsection 7h74 7,b7 ,section #ef7;b77#a77;,c7 is amended by striking clause 7ii7 and by redesignating clauses 7iii71 7iv71 and 7v7 as clauses 7ii71 7iii71 and 7iv71 respectively4 7#bg7 ,qualified motor vehicle taxes ,section #afd1 as amended by section #i7;c7 of this ,act1 is amended by striking subsections 7a77#f7 and 7b77#f74 7#bh7 ,disaster losses 7,a7 ,subsection 7h7 of section #afe is amended by striking paragraph 7#c7 and by redesignating paragraphs 7#d7 and 7#e7 as paragraphs 7#c7 and 7#d71 respectively4 7,b7 ,paragraph 7#c7 of section #afe7;h71 as so redesignated1 is amended by striking paragraphs 7#b7 and 7#c7 and inserting paragraph 7#b74 7,c7 ,subsection 7i7 of section #afe is amended-- 7i7 in paragraph 7#a7-- 7,i7 by striking 7as defined by clause 7ii7 of subsection 7h77#c77;,c771 and 7,,ii7 by striking 7as defined by clause 7i7 of such subsection71 7ii7 by striking 7as defined by subsection 7h77#c77;,c77i7 in paragraph 7#d71 and 7iii7 by adding at the end the following new paragraph3 7#e7 ,federally declared disasters ,for purposes of this subsection-- 7,a7 ,in general ,the term ,federally declared disaster means any disaster subsequently determined by the ,president of the ,united ,states to warrant assistance by the ,federal ,government under the ,robert ,t4 ,stafford ,disaster ,relief and ,emergency ,assistance ,act4 7,b7 ,disaster area ,the term disaster area means the area so determined to warrant such assistance4 4 7,d7 ,section #ajcc7;h77#c7 is amended by striking section #afe7;h77#c77;,c7 and inserting section #afe7;i77#e74 7#bi7 ,charitable1 etc41 contributions and gifts ,section #agj is amended-- 7,a7 by striking paragraph 7#c7 of subsection 7b71 7,b7 by striking paragraph 7#f7 of subsection 7e71 and 7,c7 by striking subsection 7k74 7#cj7 ,amortizable bond premium 7,a7 ,subparagraph 7,b7 of section #aga7;b77#a7 is amended to read as follows3 7,b7 7i7 with reference to the amount payable on maturity 7or if it results in a smaller amortizable bond premium attributable to the period before the call date1 with reference to the amount payable on the earlier call date71 in the case of a bond described in subsection 7a77#a71 and 7ii7 with reference to the amount payable on maturity or on an earlier call date1 in the case of a bond described in subsection 7a77#b74 4 7,b7 ,paragraphs 7#b7 and 7#c77;,b7 of section #aga7;b7 are each amended by striking paragraph 7#a77;,b77ii7 and inserting paragraph 7#a77;,b77i74 7#ca7 ,net operating loss carrybacks1 carryovers1 and carryforwards 7,a7 ,section #agb1 as amended by section #aa7;c77#a77;,b7 of this ,act1 is amended-- 7i7 by striking subparagraphs 7,d71 7,h71 7,i71 and 7,j7 of subsection 7b77#a7 and by redesignating subparagraphs 7,e71 7,f71 and 7,g7 as subparagraphs 7,d71 7,e71 and 7,f71 respectively1 and 7ii7 by striking subsections 7g7 and 7j7 and by redesignating subsections 7h71 7i71 and 7k7 as subsections 7g71 7h71 and 7i71 respectively4 7,b7 ,each of the following provisions of section #agb 7as amended by section #aa7;c77#a77;,b7 and as redesignated by subparagraph 7,a77 are amended as follows3 7i7 ,by striking ending after ,august #b1 #aihi in subsection 7b77#a77;,d77i77,,ii74 7ii7 ,by striking subsection 7h7 in subsection 7b77#a77;,d77ii7 and inserting subsection 7g74 7iii7 ,by striking section #afe7;h77#c77;,c77i7 in subsection 7b77#a77;,e77ii77,,ii7 and inserting section #afe7;i77#e74 7iv7 ,by striking subsection 7i7 and all that follows in the last sentence of subsection 7b77#a77;,e77ii7 and inserting subsection 7h7744 7v7 ,by striking subsection 7i7 in subsection 7b77#a77;,f7 and inserting subsection 7h74 7vi7 ,by striking subparagraph 7,f7 of paragraph 7#b7 of subsection 7g74 7vii7 ,by striking subsection 7b77#a77;,e7 each place it appears in subsection 7g77#d7 and inserting subsection 7b77#a77;,d74 7viii7 ,by striking the last sentence of subsection 7h77#a74 7ix7 ,by striking subsection 7b77#a77;,g7 each place it appears in subsection 7h77#c7 and inserting subsection 7b77#a77;,f74 7,c7 ,paragraph 7#e7 of section #chb7l7 is amended by striking subparagraph 7,f7 and by redesignating subparagraphs 7,g7 and 7,h7 as subparagraphs 7,f7 and 7,g71 respectively4 7#cb7 ,research and experimental expenditures ,subparagraph 7,a7 of section #agd7;a77#b7 is amended to read as follows3 7,i7 ,without consent ,a taxpayer may1 without the consent of the ,secretary1 adopt the method provided in this subsection for his first taxable year for which expenditures described in paragraph 7#a7 are paid or incurred4 4 7#cc7 ,amortization of certain research and experimental expenditures ,paragraph 7#b7 of section #agd7;b7 is amended by striking beginning after ,december #ca1 #aiec4 7#cd7 ,soil and water conservation expenditures ,paragraph 7#a7 of section #age7;d7 is amended to read as follows3 7#a7 ,without consent ,a taxpayer may1 without the consent of the ,secretary1 adopt the method provided in this section for the taxpayer's first taxable year for which expenditures described in subsection 7a7 are paid or incurred4 4 7#ce7 ,clean-fuel vehicles 7,a7 ,part ,,vi of subchapter ,a of chapter #a is amended by striking section #agi;,a 7and by striking the item relating to such section in the table of sections for such part74 7,b7 ,section #cj;,c7e7 is amended by adding at the end the following3 7#g7 ,reference ,for purposes of this section1 any reference to section #agi;,a shall be treated as a reference to such section as in effect immediately before its repeal4 4 7,c7 ,section #fb7;a7 is amended by striking paragraph 7#ad74 7,d7 ,section #bfc7;a77#a7 is amended by striking subparagraph 7,h74 7,e7 ,section #bhj;,f7a77#a7 is amended by striking subparagraph 7,c74 7,f7 ,section #cab7k77#c7 is amended by striking #agi;,a1 each place it appears4 7,g7 ,section #ajaf7;a7 is amended by striking paragraph 7#bd74 7,h7 ,section #abde7;a7 is amended by striking #agi;,a1 each place it appears in paragraphs 7#b77;,c7 and 7#c77;,c74 7#cf7 ,qualified disaster expenses ,part ,,vi of subchapter ,a of chapter #a is amended by striking section #aih;,a 7and by striking the item relating to such section in the table of sections for such part74 7#cg7 ,activities not engaged in for profit ,section #ahc7;e77#a7 is amended by striking the last sentence4 7#ch7 ,domestic production activities 7,a7 ,subsection 7a7 of section #aii is amended by striking paragraph 7#b7 and by striking ,in general4--1 by redesignating subparagraphs 7,a7 and 7,b7 of paragraph 7#a7 as paragraphs 7#a7 and 7#b71 and by moving paragraphs 7#a7 and 7#b7 7as so redesignated7 #b ems to the left4 7,b7 ,paragraphs 7#b7 and 7#f77;,b7 of section #aii7;d7 are each amended by striking 7a77#a77;,b7 and inserting 7a77#b74 7#ci7 ,retirement savings 7,a7 ,subparagraph 7,a7 of section #bai7;b77#e7 is amended to read as follows3 7,a7 ,in general ,the deductible amount is #e1jjj4 4 7,b7 ,clause 7ii7 of section #bai7;b77#e77;,b7 is amended to read as follows3 7ii7 ,applicable amount ,for purposes of clause 7i71 the applicable amount is #a1jjj4 4 7,c7 ,paragraph 7#e7 of section #bai7;b7 is amended by striking subparagraph 7,c7 and by redesignating subparagraph 7,d7 as subparagraph 7,c74 7,d7 ,clause 7ii7 of section #bai7;g77#b77;,a7 is amended by striking for a taxable year beginning after ,december #ca1 #bjjf4 7,e7 ,section #bai7;g77#c77;,b7 is amended by striking clauses 7i7 and 7ii7 and inserting the following3 7i7 ,in the case of a taxpayer filing a joint return1 #hj1jjj4 7ii7 ,in the case of any other taxpayer 7other than a married individual filing a separate return71 #ej1jjj4 4 7,f7 ,paragraph 7#h7 of section #bai7;g7 is amended by striking the dollar amount in the last row of the table contained in paragraph 7#c77;,b77i71 the dollar amount in the last row of the table contained in paragraph 7#c77;,b77ii71 and the dollar amount contained in paragraph 7#g77;,a71 and inserting each of the dollar amounts in paragraphs 7#c77;,b77i71 7#c77;,b77ii71 and 7#g77;,a74 7#dj7 ,reports regarding qualified voluntary retirement contributions 7,a7 ,section #bai is amended by striking paragraph 7#d7 of subsection 7f7 and subsection 7h74 7,b7 ,section #ffeb is amended by striking subsection 7g74 7#da7 ,interest on education loans ,paragraph 7#a7 of section #bba7;b7 is amended by striking shall not exceed and all that follows and inserting shall not exceed #b1ejj44 7#db7 ,dividends received on certain preferred stock2 and dividends paid on certain preferred stock of public utilities 7,a7 ,sections #bdd and #bdg are hereby repealed1 and the table of sections for part ,,viii of subchapter ,b of chapter #a is amended by striking the items relating to sections #bdd and #bdg4 7,b7 ,paragraph 7#e7 of section #agb7;d7 is amended to read as follows3 7#e7 ,computation of deduction for dividends received ,the deductions allowed by section #bdc 7relating to dividends received by corporations7 and #bde 7relating to dividends received from certain foreign corporations7 shall be computed without regard to section #bdf7;b7 7relating to limitation on aggregate amount of deductions74 4 7,c7 ,paragraph 7#a7 of section #bdc7;c7 is amended to read as follows3 7#a7 ,in general ,in the case of any dividend received from a #bj-percent owned corporation1 subsection 7a77#a7 shall be applied by substituting #hj percent for #gj percent4 4 7,d7 ,section #bdc7;d7 is amended by striking paragraph 7#d74 7,e7 ,section #bdf is amended-- 7i7 by striking 1 #bdd1 in subsection 7a77#a71 7ii7 in subsection 7b77#a7-- 7,i7 by striking sections #bdc7;a77#a71 and #bdd7;a71 the first place it appears and inserting section #bdc7;a77#a71 7,,ii7 by striking #bdd7;a71 the second place it appears1 and 7,,iii7 by striking subsection 7a7 or 7b7 of section #bde1 and #bdg1 and inserting and subsection 7a7 or 7b7 of section #bde11 and 7iii7 by striking 1 #bdd1 in subsection 7c77#a74 7,f7 ,section #bdf;,a is amended by striking 1 #bdd1 both places it appears in subsections 7a7 and 7e74 7,g7 ,sections #bfc7;g77#b77;,b77iii71 #bgg7;a71 #cja7;e77#b71 #dfi7;e77#d71 #eab7;a77#c77;,a71 subparagraphs 7,a71 7,c71 and 7,d7 of section #hje7;a77#d71 #hje7;b77#e71 #hab7;e77#b77;,a71 #hae7;c77#b77;,a77iii71 #hcb7;b77#e71 #hcc7;b77#c77;,e71 and #ajei7;b77#b77;,b7 are each amended by striking 1 #bdd1 each place it appears4 7,h7 ,section #abdd7;c77#b77;,c7 is amended by striking #bdd14 7,i7 ,section #hje7;a77#d77;,b7 is amended by striking 1 #bdd7;a71 each place it appears4 7,j7 ,section #haj7;c77#b77;,b7 is amended by striking #bdd 7relating to dividends on certain preferred stock of public utilities714 7,k7 ,the amendments made by this paragraph shall not apply to preferred stock issued before ,october #a1 #aidb 7determined in the same manner as under section #bdg of the ,internal ,revenue ,code of #aihf as in effect before its repeal by such amendments74 7#dc7 ,organization expenses ,section #bdh7;c7 is amended by striking beginning after ,december #ca1 #aiec1 and by striking the last sentence4 7#dd7 ,bond repurchase premium ,section #bdi7;b77#a7 is amended by striking 1 in the case of bonds or other evidences of indebtedness issued after ,february #bh1 #aiac14 7#de7 ,amount of gain where loss previously disallowed ,section #bfg7;d7 is amended by striking 7or by reason of section #bd7;b7 of the ,internal ,revenue ,code of #aici7 in paragraph 7#a71 by striking after ,december #ca1 #aiec1 in paragraph 7#b71 by striking the second sentence1 and by striking or by reason of section #aah of the ,internal ,revenue ,code of #aici in the last sentence4 7#df7 ,acquisitions made to evade or avoid income tax ,paragraphs 7#a7 and 7#b7 of section #bfi7;a7 are each amended by striking or acquired on or after ,october #h1 #aidj14 7#dg7 ,meals and entertainment ,paragraph 7#c7 of section #bgd7n7 is amended-- 7,a7 by striking 7,a7 ,in general4--1 7,b7 by striking substituting the applicable percentage for and inserting substituting #hj percent for1 and 7,c7 by striking subparagraph 7,b74 7#dh7 ,interest on indebtedness incurred by corporations to acquire stock or assets of another corporation 7,a7 ,section #bgi is amended-- 7i7 by striking after ,december #ca1 #aifg1 in subsection 7a77#b71 7ii7 by striking after ,october #i1 #aifi1 in subsection 7b71 7iii7 by striking after ,october #i1 #aifi1 and in subsection 7d77#e71 and 7iv7 by striking subsection 7i7 and redesignating subsection 7j7 as subsection 7i74 7,b7 ,the amendments made by this paragraph shall not-- 7i7 apply to obligations issued on or before ,october #i1 #aifi 7determined in the same manner as under section #bgi of the ,internal ,revenue ,code of #aihf as in effect before such amendments71 and 7ii7 be construed to require interest on obligations issued on or before ,december #ca1 #aifg1 to be taken into account under section #bgi7;a77#b7 of such ,code 7as in effect after such amendments74 7#di7 ,bank holding companies 7,a7 ,clause 7iii7 of section #cjd7;b77#c77;,d7 is repealed4 7,b7 ,the heading of subparagraph 7,d7 of section #cjd7;b77#c7 is amended by striking and special rule4 7#ej7 ,effect on earnings and profits ,subsection 7d7 of section #cab is amended by striking paragraph 7#b7 and redesignating paragraph 7#c7 as paragraph 7#b74 7#ea7 ,disqualified stock ,paragraph 7#c7 of section #cee7;d7 is amended by striking after ,october #i1 #aiij1 and each place it appears4 7#eb7 ,basis to corporations ,section #cfb is amended by striking on or after ,june #bb1 #aied in subsection 7a7 and by striking 1 on or after ,june #bb1 #aied1 each place it appears in subsection 7c74 7#ec7 ,temporary waiver of minimum required distribution ,section #dja7;a77#i7 is amended by striking subparagraph 7,h74 7#ed7 ,individual retirement accounts ,clause 7i7 of section #djh7p77#b77;,e7 is amended to read as follows3 7i7 ,in general ,for purposes of subparagraph 7,a77ii71 the applicable amount is #aj1jjj4 4 7#ee7 ,tax credit employee stock ownership plans ,section #dji is amended by striking subsection 7q74 7#ef7 ,catch-up contributions ,subparagraph 7,b7 of section #dad7v77#b7 is amended to read as follows3 7,,ii7 7i7 ,in the case of an applicable employer plan other than a plan described in section #dja7k77#aa7 or #djh7p71 the applicable dollar amount is #e1jjj4 7ii7 ,in the case of an applicable employer plan described in section #dja7k77#aa7 or #djh7p71 the applicable dollar amount is #b1ejj4 4 7#eg7 ,employee stock purchase plans ,section #dbc7;a7 is amended by striking after ,december #ca1 #aifc14 7#eh7 ,pension related transition rules 7,a7 ,section #djb7;g77#a77;,b7 is amended by striking shall be and all that follows and inserting is #ae1jjj44 7,b7 7i7 ,subparagraph 7,d7 of section #dag7;e77#c7 is amended-- 7,i7 by striking clauses 7ii7 and 7iii71 7,,ii7 by striking if-- and all that follows through section #dcj7;h77#b77;,d7 and inserting if section #dcj7;h77#b77;,d71 and 7,,iii7 by striking described in such section1 and inserting described in such section44 7ii7 ,clause 7iii7 of section #bje7;g77#c77;,b7 of the ,employee ,retirement ,income ,security ,act of #aigd 7#bi ,u4,s4,c4 #ajee7;g77#c77;,b77 is amended-- 7,i7 by striking subclauses 7,,ii7 and 7,,iii71 7,,ii7 by striking if-- and all that follows through section #cjc7;h77#b77;,d7 and inserting if section #cjc7;h77#b77;,d71 and 7,,iii7 by striking described in such section1 and inserting described in such section44 7,c7 7i7 ,paragraph 7#e7 of section #dcj7;c7 is amended by striking subparagraph 7,b7 and by striking 7,a7 ,in general4--4 7ii7 ,paragraph 7#e7 of section #cjc7;c7 of the ,employee ,retirement ,income ,security ,act of #aigd 7#bi ,u4,s4,c4 #ajhb7;c77 is amended by striking subparagraph 7,b7 and by striking 7,a7 ,in general4--4 7,d7 7i7 ,paragraph 7#b7 of section #dcj7;h7 is amended by striking subparagraph 7,g74 7ii7 ,paragraph 7#b7 of section #cjc7;h7 of the ,employee ,retirement ,income ,security ,act of #aigd 7#bi ,u4,s4,c4 #ajhb7;h77 is amended by striking subparagraph 7,g74 7,e7 7i7 ,paragraph 7#c7 of section #dcf7;j71 as added by section #aac7;a77#a77;,b7 of the ,pension ,protection ,act of #bjjf1 is amended by striking subparagraphs 7,b7 and 7,c7 and by striking 7,a7 ,in general4--4 7ii7 ,subparagraph 7,c7 of section #bjf7;g77#i7 of the ,employee ,retirement ,income ,security ,act of #aigd 7#bi ,u4,s4,c4 #ajef7;g77#i77 is amended by striking clauses 7ii7 and 7iii7 and by striking 7i7 ,in general4--4 7,f7 7i7 ,section #dcf7;j7 is amended by striking the paragraph 7#c7 added by section #bjc7;a77#b7 of the ,preservation of ,access to ,care for ,medicare ,beneficiaries and ,pension ,relief ,act of #bjaj4 7ii7 ,section #bjf7;g77#i7 of the ,employee ,retirement ,income ,security ,act of #aigd 7#bi ,u4,s4,c4 #ajef7;g77#i77 is amended by striking subparagraph 7,d74 7,g7 7i7 ,section #dcf is amended by striking subsection 7m74 7ii7 ,section #bjf7;g7 of the ,employee ,retirement ,income ,security ,act of #aigd 7#bi ,u4,s4,c4 #ajef7;g77 is amended by striking paragraph 7#aa74 7,h7 ,section #deg7;e77#ae77;,a7 is amended by striking shall be and all that follows and inserting is #ae1jjj44 7#ei7 ,limitation on deductions for certain farming 7,a7 ,section #dfd is amended by striking any farming syndicate 7as defined in subsection 7c77 both places it appears in subsections 7a7 and 7b7 and inserting any taxpayer to whom subsection 7d7 applies4 7,b7 7i7 ,subsection 7c7 of section #dfd is hereby moved to the end of section #dfa and redesignated as subsection 7j74 7ii7 ,such subsection 7j7 is amended-- 7,i7 by striking ,for purposes of this section in paragraph 7#a7 and inserting ,for purposes of subsection 7i77#d71 and 7,,ii7 by adding at the end the following new paragraphs3 7#c7 ,farming ,for purposes of this subsection1 the term farming has the meaning given to such term by section #dfd7;e74 7#d7 ,limited entrepreneur ,for purposes of this subsection1 the term limited entrepreneur means a person who-- 7,a7 has an interest in an enterprise other than as a limited partner1 and 7,b7 does not actively participate in the management of such enterprise4 4 7iii7 ,paragraph 7#d7 of section #dfa7;i7 is amended by striking section #dfd7;c7 and inserting subsection 7j74 7,c7 ,section #dfd is amended-- 7i7 by striking subsections 7e7 and 7g7 and redesignating subsections 7d7 and 7f7 as subsections 7c7 and 7d71 respectively1 and 7ii7 by adding at the end the following new subsection3 7e7 ,farming ,for purposes of this section1 the term farming means the cultivation of land or the raising or harvesting of any agricultural or horticultural commodity including the raising1 shearing1 feeding1 caring for1 training1 and management of animals4 ,for purposes of the preceding sentence1 trees 7other than trees bearing fruit or nuts7 shall not be treated as an agricultural or horticultural commodity4 4 7,d7 ,subsection 7d7 of section #dfd of such ,code 7as redesignated by subparagraph 7,c77 is amended-- 7i7 by striking paragraph 7#a7 and redesignating paragraphs 7#b71 7#c71 and 7#d7 as paragraphs 7#a71 7#b71 and 7#c71 respectively1 and 7ii7 by striking ,subsections 7a7 and 7b7 to apply to in the heading4 7,e7 ,subparagraph 7,a7 of section #eh7;a77#b7 is amended by striking section #dfd7;c7 and inserting section #dfa7;j74 7#fj7 ,deductions limited to amount at risk ,subparagraph 7,a7 of section #dfe7;c77#c7 is amended by striking ,in the case of taxable years beginning after ,december #ca1 #aigh1 this and inserting ,this4 7#fa7 ,passive activity losses and credits limited 7,a7 ,section #dfi is amended by striking subsection 7m74 7,b7 ,subsection 7b7 of section #eh is amended by adding and at the end of paragraph 7#a71 by striking paragraph 7#b71 and by redesignating paragraph 7#c7 as paragraph 7#b74 7#fb7 ,adjustments required by changes in method of accounting ,section #dha7;b77#c7 is amended by striking subparagraph 7,c74 7#fc7 ,exemption from tax on corporations1 certain trusts1 etc ,section #eja is amended by striking subsection 7s74 7#fd7 ,requirements for exemption 7,a7 ,section #ejc7;a77#a7 is amended to read as follows3 7#a7 ,general rule ,an organization described in paragraph 7#ag7 or 7#ah7 of section #eja7;c71 or described in section #dja7;a7 and referred to in section #dige7;g7 7#b7 or 7#c71 shall not be exempt from taxation under section #eja7;a7 if it has engaged in a prohibited transaction4 4 7,b7 ,paragraph 7#b7 of section #ejc7;a7 is amended by striking described in section #eja7;c77#ag7 or 7#ah7 or paragraph 7a77#a77;,b7 and inserting described in paragraph 7#a74 7,c7 ,subsection 7c7 of section #ejc is amended by striking described in section #eja7;c77#ag7 or 7#ah7 or subsection 7a77#a77;,b7 and inserting described in subsection 7a77#a74 7#fe7 ,accumulated taxable income ,paragraph 7#a7 of section #ece7;b7 and paragraph 7#a7 of section #ede7;b7 are each amended by striking section #eca and all that follows and inserting section #eca or the personal holding company tax imposed by section #eda44 7#ff7 ,definition of property ,subsection 7b7 of section #fad is amended-- 7,a7 by striking paragraphs 7#c77;,c7 and 7#e71 and 7,b7 in paragraph 7#d71 by striking whichever of the following years is later3 ,the first taxable year beginning after ,december #ca1 #aifc1 or 4 7#fg7 ,amounts received by surviving annuitant under joint and survivor annuity contract ,subparagraph 7,a7 of section #fia7;d77#a7 is amended by striking after ,december #ca1 #aiec1 and4 7#fh7 ,income taxes of members of armed forces on death ,section #fib7;a77#a7 is amended by striking after ,june #bd1 #aiej4 7#fi7 ,special rules for computing reserves ,paragraph 7#g7 of section #hjg7;e7 is amended by striking subparagraph 7,b7 and redesignating subparagraph 7,c7 as subparagraph 7,b74 7#gj7 ,insurance company taxable income 7,a7 ,section #hcb7;e7 is amended by striking of taxable years beginning after ,december #ca1 #aiff14 7,b7 ,section #hcb7;e77#f7 is amended by striking ,in the case of any taxable year beginning after ,december #ca1 #aigj1 the and inserting ,the4 7#ga7 ,capitalization of certain policy acquisition expenses ,section #hdh is amended by striking subsection 7j74 7#gb7 ,tax on nonresident alien individuals ,subparagraph 7,b7 of section #hga7;a77#a7 is amended to read as follows3 7,,ii7 gains described in subsection 7b7 or 7c7 of section #fca1 4 7#gc7 ,limitation on credit ,paragraph 7#b7 of section #ijd7;d7 is amended by striking subparagraph 7,j74 7#gd7 ,foreign earned income ,clause 7i7 of section #iaa7;b77#b77;,d7 is amended to read as follows3 7i7 ,in general ,the exclusion amount for any calendar year is #hj1jjj4 4 7#ge7 ,basis of property acquired from decedent 7,a7 ,section #ajad7;a77#b7 is amended to read as follows3 7#b7 in the case of an election under section #bjcb1 its value at the applicable valuation date prescribed by such section1 4 7,b7 ,section #ajad7;b7 is amended by striking paragraphs 7#g7 and 7#h74 7#gf7 ,adjusted basis ,section #ajaf7;a7 is amended by striking paragraph 7#ab74 7#gg7 ,property on which lessee has made improvements ,section #ajai is amended by striking the last sentence4 7#gh7 ,involuntary conversion ,section #ajcc is amended by striking subsection 7j7 and by redesignating subsections 7k7 and 7l7 as subsections 7j7 and 7k71 respectively4 7#gi7 ,property acquired during affiliation ,section #ajea is hereby repealed1 and the table of sections for part ,,iv of subchapter ,o of chapter #a is amended by striking the item relating to section #ajea4 7#hj7 ,capital gains and losses ,section #abbb is amended by striking the last sentence4 7#ha7 ,holding period of property 7,a7 ,paragraph 7#a7 of section #abbc is amended by striking after ,march #a1 #aied14 7,b7 ,paragraph 7#d7 of section #abbc is amended by striking 7or under so much of section #ajeb7;c7 as refers to section #aac7;a77#bc7 of the ,internal ,revenue ,code of #aici74 7,c7 ,paragraphs 7#f7 and 7#h7 of section #abbc are repealed4 7#hb7 ,property used in the trade or business and involuntary conversions ,subparagraph 7,a7 of section #abca7;c77#b7 is amended by striking beginning after ,december #ca1 #aiha4 7#hc7 ,sale or exchange of patents ,section #abce is amended-- 7,a7 by striking subsection 7c7 and by redesignating subsections 7d7 and 7e7 as subsections 7c7 and 7d71 respectively1 and 7,b7 by striking subsection 7d7 in subsection 7b77#b77;,b7 and inserting subsection 7c74 7#hd7 ,dealers in securities ,subsection 7b7 of section #abcf is amended by striking after ,november #ai1 #aiea14 7#he7 ,sale of patents ,subsection 7a7 of section #abdi is amended by striking after ,december #ca1 #aifb14 7#hf7 ,gain from disposition of farmland ,paragraph 7#a7 of section #abeb7;a7 is amended-- 7,a7 by striking after ,december #ca1 #aifi the first place it appears1 and 7,b7 by striking after ,december #ca1 #aifi1 in subparagraph 7,a74 7#hg7 ,treatment of amounts received on retirement or sale or exchange of debt instruments ,subsection 7c7 of section #abga is amended to read as follows3 7c7 ,special rule for certain obligations with respect to which original issue discount not currently includible 7#a7 ,in general ,on the sale or exchange of debt instruments issued by a government or political subdivision thereof after ,december #ca1 #aied1 and before ,july #b1 #aihb1 or by a corporation after ,december #ca1 #aied1 and on or before ,may #bg1 #aifi1 any gain realized which does not exceed-- 7,a7 an amount equal to the original issue discount1 or 7,b7 if at the time of original issue there was no intention to call the debt instrument before maturity1 an amount which bears the same ratio to the original issue discount as the number of complete months that the debt instrument was held by the taxpayer bears to the number of complete months from the date of original issue to the date of maturity1 shall be considered as ordinary income4 7#b7 ,subsection 7a77#b77;,a7 not to apply ,subsection 7a77#b77;,a7 shall not apply to any debt instrument referred to in paragraph 7#a7 of this subsection4 7#c7 ,cross reference ,for current inclusion of original issue discount1 see section #abgb4 4 7#hh7 ,amount and method of adjustment ,section #acad is amended by striking subsection 7d7 and by redesignating subsection 7e7 as subsection 7d74 7#hi7 ,election2 revocation2 termination ,clause 7iii7 of section #acfb7;d77#c77;,a7 is amended by striking unless and all that follows and inserting unless the corporation was an ,s corporation for such taxable year44 7#ij7 ,old-age1 survivors1 and disability insurance ,subsection 7a7 of section #adja is amended by striking the following percent and all that follows and inserting #ab4d percent of the amount of the self-employment income for such taxable year44 7#ia7 ,hospital insurance ,paragraph 7#a7 of section #adja7;b7 is amended by striking3 the following percent and all that follows and inserting #b4i percent of the amount of the self-employment income for such taxable year44 7#ib7 ,ministers1 members of religious orders1 and christian science practitioners ,paragraph 7#c7 of section #adjb7;e7 is amended-- 7,a7 by striking whichever of the following dates is later3 7,a71 and 7,b7 by striking 2or 7,b7' and all that follows and inserting a period4 7#ic7 ,withholding of tax on nonresident aliens ,the first sentence of subsection 7b7 of section #adda and the first sentence of paragraph 7#e7 of section #adda7;c7 are each amended by striking gains subject to tax and all that follows through ,october #d1 #aiff and inserting and gains subject to tax under section #hga7;a77#a77;,d74 7#id7 ,affiliated group defined ,subparagraph 7,a7 of section #aejd7;a77#c7 is amended by striking for a taxable year which includes any period after ,december #ca1 #aihd in clause 7i7 and by striking in a taxable year beginning after ,december #ca1 #aihd in clause 7ii74 7#ie7 ,disallowance of the benefits of the graduated corporate rates and accumulated earnings credit 7,a7 ,subsection 7a7 of section #aeea is amended-- 7i7 by striking paragraph 7#a7 and by redesignating paragraphs 7#b7 and 7#c7 as paragraphs 7#a7 and 7#b71 respectively1 and 7ii7 by striking after ,june #ab1 #aifc1 each place it appears4 7,b7 ,section #aeea7;b7 is amended-- 7i7 by striking or 7#b7 in paragraph 7#a71 and 7ii7 by striking 7a77#c7 in paragraph 7#b7 and inserting 7a77#b74 7#if7 ,credit for state death taxes 7,a7 7i7 ,part ,,ii of subchapter ,a of chapter #aa is amended by striking section #bjaa 7and by striking the item relating to such section in the table of sections for such subpart74 7ii7 ,section #bajf7;a77#d7 is amended by striking section #bjaa7;a7 and inserting #bjeh7;a74 7,b7 7i7 ,subchapter ,a of chapter #ac is amended by striking section #bfjd 7and by striking the item relating to such section in the table of sections for such subpart74 7ii7 ,clause 7ii7 of section #afd7;b77#d77;,a7 is amended by inserting 7as in effect before its repeal7 after section #bfjd4 7iii7 ,section #bfed7;a77#a7 is amended by striking 7computed without regard to section #bfjd74 7#ig7 ,gross estate ,subsection 7c7 of section #bjca is amended by striking paragraph 7#c7 and by amending paragraph 7#a77;,b7 to read as follows3 7,,ii7 #ejj1jjj4 4 7#ih7 7,a7 ,part ,,iv of subchapter ,a of chapter #aa is amended by striking section #bjeg 7and by striking the item relating to such section in the table of sections for such subpart74 7,b7 ,paragraph 7#aj7 of section #bjca7;c7 is amended by inserting 7as in effect before its repeal7 immediately before the period at the end thereof4 7#ii7 ,property within the ,united ,states ,subsection 7c7 of section #bajd is amended by striking ,with respect to estates of decedents dying after ,december #ca1 #aifi1 deposits and inserting ,deposits4 7#ajj7 ,,fica taxes 7,a7 ,subsection 7a7 of section #caja is amended by striking the following percentages and all that follows and inserting #f4b percent of the wages 7as defined in section #caba7;a77 received by the individual with respect to employment 7as defined in section #caba7;b774 7,b7 7i7 ,subsection 7a7 of section #caaa is amended by striking the following percentages and all that follows and inserting #f4b percent of the wages 7as defined in section #caba7;a77 paid by the employer with respect to employment 7as defined in section #caba7;b7744 7ii7 ,subsection 7b7 of section #caaa is amended by striking the following percentages and all that follows and inserting #a4de percent of the wages 7as defined in section #caba7;a77 paid by the employer with respect to employment 7as defined in section #caba7;b7744 7,c7 7i7 ,section #caba7;b7 is amended by striking paragraph 7#ag74 7ii7 ,section #baj7;a7 of the ,social ,security ,act is amended by striking paragraph 7#ag74 7#aja7 ,railroad retirement 7,a7 ,subsection 7b7 of section #cbja is amended to read as follows3 7b7 ,tier #b tax ,in addition to other taxes1 there is hereby imposed on the income of each employee a tax equal to the percentage determined under section #cbda for any calendar year of the compensation received during such calendar year by such employee for services rendered by such employee4 4 7,b7 ,subsection 7b7 of section #cbaa is amended to read as follows3 7b7 ,tier #b tax ,in addition to other taxes1 there is hereby imposed on the income of each employee representative a tax equal to the percentage determined under section #cbda for any calendar year of the compensation received during such calendar year by such employee representative for services rendered by such employee representative4 4 7,c7 ,subsection 7b7 of section #cbba is amended to read as follows3 7b7 ,tier #b tax ,in addition to other taxes1 there is hereby imposed on every employer an excise tax1 with respect to having individuals in his employ1 equal to the percentage determined under section #cbda for any calendar year of the compensation paid during such calendar year by such employer for services rendered to such employer4 4 7,d7 ,subsection 7b7 of section #cbca is amended-- 7i7 by striking compensation2 except and all that follows in the first sentence and inserting compensation41 and 7ii7 by striking the second sentence4 7#ajb7 ,credits against ,federal unemployment tax 7,a7 ,paragraph 7#d7 of section #ccjb7;f7 is amended-- 7i7 by striking subsection-- and all that follows through 7,a7 ,in general4--,the and inserting subsection1 the1 7ii7 by striking subparagraph 7,b71 7iii7 by redesignating clauses 7i7 and 7ii7 as subparagraphs 7,a7 and 7,b71 respectively1 and 7iv7 by moving the text of such subparagraphs 7as so redesignated7 #b ems to the left4 7,b7 ,paragraph 7#e7 of section #ccjb7;f7 is amended by striking subparagraph 7,d7 and by redesignating subparagraph 7,e7 as subparagraph 7,d74 7#ajc7 ,domestic service employment taxes ,section #ceaj7;b7 is amended by striking paragraph 7#d74 7#ajd7 ,luxury passenger automobiles 7,a7 ,chapter #ca is amended by striking subchapter ,a 7and by striking the item relating to such subchapter in the table of subchapters for such chapter74 7,b7 7i7 ,section #dbba is amended-- 7,i7 in subsections 7a7 and 7d77#a71 by striking subchapter ,a or and inserting subchapter1 7,,ii7 in subsection 7a71 by striking ,in the case of taxes imposed by subchapter ,a of chapter #ca1 paragraphs 7#a71 7#c71 7#d71 and 7#e7 shall not apply41 and 7,,iii7 in subsection 7c71 by striking #djja7;c71 #djja7;d71 or4 7ii7 ,section #dbbb is amended by striking #djja7;c71 #djja7;d714 7iii7 ,section #dbic is amended by striking subchapter ,a of chapter #ca14 7#aje7 ,tax on fuel used in commercial transportation on inland waterways ,section #djdb7;b77#b77;,a7 is amended to read as follows3 7,i7 ,the ,inland ,waterways ,trust ,fund financing rate is #bj cents per gallon4 4 7#ajf7 ,transportation by air ,section #dbfa7;e7 is amended-- 7,a7 in paragraph 7#a71 by striking subparagraph 7,c71 and 7,b7 by striking paragraph 7#e74 7#ajg7 ,taxes on failure to distribute income 7,a7 ,subsection 7g7 of section #didb is amended by striking ,for all taxable years beginning on or after ,january #a1 #aige1 subject in paragraph 7#b77;,a7 and inserting ,subject4 7,b7 ,section #didb7;i77#b7 is amended by striking beginning after ,december #ca1 #aifi1 and4 7#ajh7 ,taxes on taxable expenditures ,section #dide7;f7 is amended by striking 7excluding therefrom any preceding taxable year which begins before ,january #a1 #aigj74 7#aji7 ,definitions and special rules ,section #dfhb7;h7 is amended-- 7,a7 by striking paragraph 7#a7 and redesignating paragraphs 7#b71 7#c71 and 7#d7 as paragraphs 7#a71 7#b71 and 7#c71 respectively1 and 7,b7 in paragraph 7#a7 7as so redesignated7-- 7i7 by striking the heading and inserting ,in general1 and 7ii7 by striking after #aiia in subparagraph 7,c74 7#aaj7 ,returns ,subsection 7a7 of section #fjci;,d is amended by striking beginning after ,december #ca1 #aihd14 7#aaa7 ,information returns ,subsection 7c7 of section #fjfj is amended by striking year and all that follows and inserting year44 7#aab7 ,collection ,section #fcjb is amended-- 7,a7 in subsection 7e77#b71 by striking imposed by and all that follows through with respect to and inserting imposed by sections #dbea1 #dbfa1 or #dbga with respect to1 7,b7 by striking the last sentence of subsection 7f77#a71 and 7,c7 in subsection 7h7-- 7i7 by striking paragraph 7#b7 and redesignating paragraphs 7#c7 and 7#d7 as paragraphs 7#b7 and 7#c71 respectively1 and 7ii7 by amending paragraph 7#c7 7as so redesignated7 to read as follows3 7#c7 ,coordination with other electronic fund transfer requirements ,under regulations1 any tax required to be paid by electronic fund transfer under section #ejfa7;e7 or #egjc7;b7 shall be paid in such a manner as to ensure that the requirements of the second sentence of paragraph 7#a77;,a7 of this subsection are satisfied4 4 7#aac7 ,abatements ,section #fdjd7;f7 is amended by striking paragraph 7#c74 7#aad7 #bjjh ,recovery rebate for individuals 7,a7 ,subchapter ,b of chapter #fe is amended by striking section #fdbh 7and by striking the item relating to such section in the table of sections for such subchapter74 7,b7 ,subparagraph 7,a7 of section #fbaa7;b77#d7 is amended by striking #fdbh14 7,c7 ,paragraph 7#b7 of section #fbac7;g71 as amended by section #ad7;a77#b7 and paragraphs 7#d7 and 7#e77;,c7 of this subsection1 is amended by striking subparagraph 7,q71 by redesignating subparagraph 7,o7 as subparagraph 7,n71 by inserting and at the end of subparagraph 7,m71 and by striking the comma at the end of subparagraph 7,n7 7as so redesignated7 and inserting a period4 7,d7 ,paragraph 7#b7 of section #acbd7;b7 of title #ca1 ,united ,states ,code1 is amended by striking #fdbh1 or #fdca1 and inserting or #fdca4 7#aae7 ,advance payment of portion of increased child credit for #bjjc ,subchapter ,b of chapter #fe is amended by striking section #fdbi 7and by striking the item relating to such section in the table of sections for such subchapter74 7#aaf7 ,failure by corporation to pay estimated income tax ,clause 7i7 of section #ffee7;g77#d77;,a7 is amended by striking 7or the corresponding provisions of prior law74 7#aag7 ,retirement ,section #gddg7;i77#c77;,b77ii7 is amended by striking at #d percent per annum to ,december #ca1 #aidg1 and #c percent per annum thereafter1 and inserting at #c percent per annum4 7#aah7 ,annuities to surviving spouses and dependent children of judges 7,a7 ,paragraph 7#b7 of section #gddh7;a7 is amended-- 7i7 by striking or under section #aajf of the ,internal ,revenue ,code of #aici1 and 7ii7 by striking or pursuant to section #aajf7;d7 of the ,internal ,revenue ,code of #aici4 7,b7 ,subsection 7g7 of section #gddh is amended by striking or other than pursuant to section #aajf of the ,internal ,revenue ,code of #aici4 7,c7 ,subsections 7g71 7j77#a71 and 7j77#b7 of section #gddh are each amended by striking at #d percent per annum to ,december #ca1 #aidg1 and #c percent per annum thereafter and inserting at #c percent per annum4 7#aai7 ,merchant marine capital construction funds ,paragraph 7#d7 of section #geah7;g7 is amended by striking any nonqualified withdrawal and all that follows through #8shall be determined and inserting any nonqualified withdrawal shall be determined4 7#abj7 ,valuation tables 7,a7 ,subsection 7c7 of section #gebj is amended by striking paragraph 7#b7 and redesignating paragraph 7#c7 as paragraph 7#b74 7,b7 ,paragraph 7#b7 of section #gebj7;c7 7as redesignated by subparagraph 7,a77 is amended-- 7i7 by striking ,not later than ,december #ca1 #aihi1 the and inserting ,the1 and 7ii7 by striking thereafter in the last sentence thereof4 7#aba7 ,definition of employee ,section #ggja7;a77#bj7 is amended by striking chapter #ba and all that follows and inserting chapter #ba44 7b7 ,effective date 7#a7 ,general rule ,except as otherwise provided in subsection 7a7 or paragraph 7#b7 of this subsection1 the amendments made by this section shall take effect on the date of enactment of this ,act4 7#b7 ,savings provision ,if-- 7,a7 any provision amended or repealed by the amendments made by this section applied to-- 7i7 any transaction occurring before the date of the enactment of this ,act1 7ii7 any property acquired before such date of enactment1 or 7iii7 any item of income1 loss1 deduction1 or credit taken into account before such date of enactment1 and 7,b7 the treatment of such transaction1 property1 or item under such provision would 7without regard to the amendments or repeals made by this section7 affect the liability for tax for periods ending after date of enactment1 nothing in the amendments or repeals made by this section shall be construed to affect the treatment of such transaction1 property1 or item for purposes of determining liability for tax for periods ending after such date of enactment4