Page:United States Statutes at Large Volume 111 Part 1.djvu/903

 PUBLIC LAW 105-34—AUG. 5, 1997 111 STAT. 879 "(A) Subsection (d) (relating to 3-year requirement) shall not apply. "(B) Subsections (e) and (f) (relating to purchase price requirement and income requirement) shall be applied as if such residence were a targeted area residence. The preceding sentence shall apply only with respect to bonds issued after December 31, 1996, and before January 1, 1999.". SEC. 915. ABATEMENT OF INTEREST ON UNDERPAYMENTS BY TAX- PAYERS IN PRESIDENTIALLY DECLARED DISASTER AREAS. (a) IN GENERAL.— If the Secretary of the Treasury extends for any period the time for filing income tax returns under section 6081 of the Internal Revenue Code of 1986 and the time for paying income tax with respect to such returns under section 6161 of such Code (and waives any penalties relating to the failure to so file or so pay) for any individual located in a Presidentially declared disaster area, the Secretary shall, notwithstanding section 7508A(b) of such Code, abate for such period the assessment of any interest prescribed under section 6601 of such Code on such income tax. (b) PRESIDENTIALLY DECLARED DISASTER AREA.—For purposes of subsection (a), the term "Presidentially declared disaster area" means, with respect to any individual, any area which the President has determined during 1997 warrants assistance by the Federal Government under the Robert T. Stafford Disaster Relief and Emergency Assistance Act. (c) INDIVIDUAL.—For purposes of this section, the term "individual" shall not include any estate or trust. (d) EFFECTIVE DATE. —This section shall apply to disasters declared after December 31, 1996. Subtitle C—Provisions Relating to Employment Taxes SEC. 921. CLARIFICATION OF STANDARD TO BE USED IN DETERMINING EMPLOYMENT TAX STATUS OF SECURITIES BROKERS. (a) IN GENERAL.— In determining for purposes of the Internal Revenue Code of 1986 whether a registered representative of a securities broker-dealer is an employee (as defined in section 3121(d) of the Internal Revenue Code of 1986), no weight shall be given to instructions from the service recipient which are imposed only in compliance with investor protection standards imposed by the Federal Government, any State government, or a governing body pursuant to a delegation by a Federal or State agency. (b) EFFECTIVE DATE. —Subsection (a) shall apply to services performed after December 31, 1997. SEC. 922. CLARIFICATION OF EXEMPTION FROM SELF-EMPLOYMENT TAX FOR CERTAIN TERMINATION PAYMENTS RECEIVED BY FORMER INSURANCE SALESMEN. (a) INTERNAL REVENUE CoDE.— Section 1402 (relating to definitions) is amended by adding at the end the following new subsection: "(k) CODIFICATION OF TREATMENT OF CERTAIN TERMINATION PAYMENTS RECEIVED BY FORMER INSURANCE SALESMEN. —Nothing in subsection (a) shall be construed as including in the net earnings Effective date. 26 USC 7508A note. 26 USC 3121 note.

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