Page:United States Statutes at Large Volume 102 Part 4.djvu/712

 102 STAT. 3682

PUBLIC LAW 100-647—NOV. 10, 1988

SEC. 5073. DENIAL OF DEDUCTION FOR CERTAIN RESIDENTIAL TELEPHONE SERVICE. (a) GENERAL RULE.—Section 262 of the 1986 Code (relating to personal, living, and family expenses) is amended to read as follows: "SEC. 262. PERSONAL, LIVING, AND FAMILY EXPENSES. "(a) GENERAL RULE.—Except as otherwise expressly provided in

26 USC 262 note.

this chapter, no deduction shall be allowed for personal, living, or family expenses. "(b) TREATMENT OF CERTAIN PHONE EXPENSES.—For purposes of subsection (a), in the case of an individual, any charge (including taxes thereon) for basic local telephone service with respect to the 1st telephone line provided to any residence of the taxpayer shall be treated as a personal expense." (b) EFFECTIVE DATE.—The amendment made by subsection (a) shall apply to taxable years beginning after December 31, 1988. SEC. 5074. PARTNERSHIP REPORTING OF UNRELATED BUSINESS TAXABLE INCOME. (a) IN GENERAL.—Section 6031 of the 1986 Code is amended by adding a t the end thereof the following new subsection: "(d) SEPARATE STATEMENT OF ITEMS OF UNRELATED BUSINESS TAXABLE INCOME.—In the case of any partnership regularly carrying on

26 USC 6031 ^°^-

26 USC 1091 "o*®-

a trade or business (within the meaning of section 512(c)(l)). the information required under subsection (b) to be furnished to its partners shall include such information as is necessary to enable each partner to compute its distributive share of partnership income or loss from such trade or business in accordance with section 512(a)(l), but without regard to the modifications described in paragraphs (8) through (15) of section 512(b)." (b) EFFECTIVE DATE.—The amendment made by subsection (a) shall apply to taxable years beginning after December 31, 1988. SEC. 5075. OPTIONS SUBJECT TO WASH SALE RULES. (a) IN GENERAL.—Subsection (a) of section 1091 of the 1986 Code (relating to losses from wash sales of stock or securities) is amended by adding a t the end thereof the following sentence: "For purposes of this section, the term 'stock or securities' shall, except as provided in regulations, include contracts or options to acquire or sell stock or securities." (b) EFFECTIVE DATE.—The amendment made by subsection (a) shall apply with respect to any sale after the date of enactment of this Act, in taxable years ending after such date. SEC. 5076. INTEREST CHARGE ON INSTALLMENT SALES OF CERTAIN PROPERTY. (a) GENERAL RULE.—Paragraph (1) of section 453A(b) of the 1986

Code is amended to read as follows: "(1) IN GENERAL.—This section shall apply to any obligation which arises from the disposition of any property under the installment method, but only if the sales price of such property exceeds $150,000." (b) CLERICAL AMENDMENTS.—

(1) The section heading of section 453A of the 1986 Code is amended by striking out "OF REAL PROPERTY".

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