Page:United States Statutes at Large Volume 111 Part 1.djvu/817

 PUBLIC LAW 105-34—AUG. 5, 1997 111 STAT. 793 Sec. 1124. Effective date. Subtitle D—Repeal of Excise Tax on Transfers to Foreign Entities Sec. 1131. Repeal of excise tax on transfers to foreign entities; recognition of gain on certain transfers to foreign trusts and estates. Subtitle E—Information Reporting Sec. 1141. Clarification of application of return requirement to foreign partnerships. Sec. 1142. Controlled foreign partnerships subject to information reporting com- Sarable to information reporting for controlled foreign corporations, . odifications relating to returns required to be filed by reason of changes in ownership interests in foreign partnership. Sec. 1144. Transfers of property to foreign partnerships subject to information reporting comparaole to information reporting for such transfers to foreign corporations. Sec. 1145. Extension of statute of limitations for foreign transfers. Sec. 1146. Increase in filing thresholds for returns as to organization of foreign corporations and acquisitions of stock in such corporations. Subtitle F—Determination of Foreign or Domestic Status of Partnerships Sec. 1151. Determination of foreign or domestic status of partnerships. Subtitle G—Other Simplification Provisions Sec. 1161. Transition rule for certain trusts. Sec. 1162. Repeal of stock and securities safe harbor requirement that principal of- fice be outside the United States. Sec. 1163. Miscellaneous clarifications. Subtitle H—Other Provisions Sec. 1171. Treatment of computer software as FSC ejcport property. Sec. 1172. Adjustment of dollar limitation on section 911 exclusion. Sec. 1173. United States property not to include certain assets acquired by dealers in ordinary course of trade or business. Sec. 1174. Treatment of nonresident aliens engaged in international transportation services. Sec. 1175. Exemption for active financing income. TITLE XII—SIMPLIFICATION PROVISIONS RELATING TO INDIVIDUALS AND BUSINESSES Subtitle A—Provisions Relating to Individuals Sec. 1201. Basic standard deduction and minimum tax exemption amount for certain dependents. Sec. 1202. Increase in amount of tax exempt from estimated tax requirements. Sec. 1203. Treatment of certain reimbursed expenses of rural mail carriers. Sec. 1204. Treatment of traveling expenses of certain Federal employees engaged in criminal investigations. Sec. 1205. Payment of tax by commercially acceptable means. Subtitle B—Provisions Relating to Businesses Generally Sec. 1211. Modifications to look-back method for long-term contracts. Sec. 1212. Minimum tax treatment of certain property and casualty insurance companies. Sec. 1213. Qualified lessee construction allowances for short-term leases. Subtitle C—Simplification Relating to Electing Large Partnerships PART I—GENERAL PROVISIONS Sec. 1221. Simplified flow-through for electing large partnerships. Sec. 1222. Simplified audit procedures for electing large partnerships. Sec. 1223. Due date for furnishing information to partners of electing large partnerships. Sec. 1224. Returns required on magnetic media. Sec. 1225. Treatment of partnership items of individual retirement accounts. Sec. 1226. Effective date. PART II—PROVISIONS RELATED TO TEFRA PARTNERSHIP PROCEEDINGS Sec. 1231. Treatment of partnership items in deficiencrj'proceedings. Sec. 1232. Partnership return to be determinative of audit procedures to be followed.

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