Page:United States Statutes at Large Volume 100 Part 3.djvu/1099

 PUBLIC LAW 99-514—OCT. 22, 1986

100 STAT. 2907

(2) RURAL ELECTRIC COOPERATIVE PLAN DEFINED.—Subsection

(k) of section 401 is amended by adding at the end thereof the following new paragraph: "(6) RURAL ELECTRIC COOPERATIVE PLAN.—For purposes of this subsection, the term 'rural electric cooperative plan means any pension plan— "(A) which is a defined contribution plan (as defined in section 414(i)), and "(B) which is established and maintained by a rural electric cooperative (as defined in section 457(d)(9)(B)) or a national association of such rural electric cooperatives." (3) EFFECTIVE DATE.—The amendments made by this subsection shall apply to plan years beginning after December 31, 1984. (h) CLARIFICATION OF DEFINITION OF NEWLY DISCOVERED OIL.—

(1) IN GENERAL.—Paragraph (2) of section 4991(e) (defining newly discovered oil) is amended by adding at the end thereof the following new sentences: "Such term includes any production from a property which did not produce oil in commercial quantities during calendar year 1978. For purposes of the preceding sentence, a property shall not be treated as producing oil in commercial quantities during calendar year 1978 if, during calendar year 1978 (A) the aggregate amount of oil produced from such property did not exceed 2,200 barrels (whether or not such oil was sold), and (B) no well on such property was in production for a total of more than 72 hours." (2) EFFECTIVE DATE.—The amendments made by paragraph (1) shall apply to oil removed after February 29, 1980. (i) MEDICINAL ALCOHOL, ETC. BROUGHT INTO THE UNITED STATES FROM PUERTO RICO OR THE VIRGIN ISLANDS ELIGIBLE FOR DRAWBACK.—

(1) Section 7652 (relating to shipments to the United States) is amended by adding at the end thereof the following new subsection: "(g) DRAWBACK FOR MEDICINAL ALCOHOL, ETC.—In the case of medicines, medicinal preparations, food products, flavors, or flavoring extracts containing distilled spirits, which are unfit for beverage purposes and which are brought into the United States from Puerto Rico or the Virgin Islands— "(1) subpart F of part II of subchapter A of chapter 51 shall be applied as if— "(A) the use and tax determination described in section 5131(a) had occurred in the United States by a United States person at the time the article is brought into the United States, and "(B) the rate of tax were the rate applicable under subsection (f) of this section, and "(2) no amount shall be covered into the treasuries of Puerto Rico or the Virgin Islands." (2) The amendment made by paragraph (1) shall apply to articles brought into the United States after the date of the enactment of this Act. (3)(A) Section 7652 of the Internal Revenue Code of 1954 (other than subsection (f) thereof) shall not prevent the payment to Puerto Rico or the Virgin Islands of amounts with respect to medicines, medicinal preparations, food products, flavors, or flavoring extracts containing distilled spirits, which are unfit

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