Page:United States Statutes at Large Volume 111 Part 1.djvu/1012

 Ill STAT. 988 PUBLIC LAW 105-34—AUG. 5, 1997 26 USC 927 note. (b) EFFECTIVE DATE,—The amendment made by subsection (a) shall apply to gross receipts attributable to periods after December 31, 1997, in taxable years ending after such date. SEC. 1172. ADJUSTMENT OF DOLLAR LIMITATION ON SECTION 911 EXCLUSION. (a) GENERAL RULE.—Paragraph (2) of section 911(b) is amended (1) by striking "of $70,000" in subparagraph (A) and inserting "equal to the exclusion amount for the calendar year in which such taxable year begins", and (2) by adding at the end the following new subparagraph: "(D) EXCLUSION AMOUNT. — "(i) IN GENERAL.— The exclusion amount for any calendar year is the exclusion amount determined in accordance with the following table (as adjusted by clause (ii)): "For calendar year— The exclusion amount is— 1998 $72,000 1999 74,000 2000 76,000 y 2001 78,000 2002 and thereafter 80,000. "(ii) INFLATION ADJUSTMENT.—In the case of any taxable year beginning in a calendar year after 2007, the $80,000 amount in clause (i) shall be increased by an amount equal to the product of— "(I) such dollar amount, and "(II) the cost-of-living adjustment determined under section 1(f)(3) for the calendar year in which the taxable year begins, determined by substituting '2006' for '1992' in subparagraph (B) thereof. If any increase determined under the preceding sentence is not a multiple of $100, such increase shall be rounded to the next lowest multiple of $100.". 26 USC 911 note. (b) EFFECTIVE DATE. —The amendment made by this section shall apply to taxable years beginning after December 31, 1997, SEC. 1173. UNITED STATES PROPERTY NOT TO INCLUDE CERTAIN ASSETS ACQUIRED BY DEALERS IN ORDINARY COURSE OF TRADE OR BUSINESS. (a) IN GENERAL.—Section 956(c)(2) is amended by striking "and" at the end of subparagraph (H), by striking the period at the end of subparagraph (I) and inserting a semicolon, and by adding at the end the following new subparagraphs: "(J) deposits of cash or securities made or received on commercial terms in the ordinary course of a United States or foreign person's business as a dealer in securities or in commodities, but only to the extent such deposits are made or received as collateral or margin for (i) a securities loan, notional principal contract, options contract, forward contract, or futures contract, or (ii) any other financial transaction in which the Secretary determines that it is customary to post collateral or margin; and "(K) an obligation of a United States person to the extent the principal amount of the obligation does not

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