Page:United States Statutes at Large Volume 112 Part 1.djvu/859

 •5iM%»-" PUBLIC LAW 105-206-^ULY 22, 1998 112 STAT. 833 is inventory in the hands of the taxpayer (or a person who bears a relationship to the taxpayer described in sections 267(b) of 707(b)). ". (c) EFFECTIVE DATE.— 26 USC 475 note. (1) IN GENERAL.— The amendments made by this section Applicability, shall apply to taxable years ending after the date of the enactment of this Act. (2) CHANGE IN METHOD OF ACCOUNTING. —In the case of any taxpayer required by the amendments made by this section to change its method of accounting for its first taxable year ending after the date of the enactment of this Act— (A) such change shall be treated as initiated by the taxpayer; (B) such change shall be treated as made with the consent of the Secretary of the Treasury; and (C) the net amount of the adjustments required to be taken into account by the taxpayer under section 481 of the Internal Revenue Code of 1986 shall be taken into account ratably over the 4-taxable-year period beginning with such first taxable year. SEC. 7004. MODIFICATION OF AGI LIMIT FOR CONVERSIONS TO ROTH IRAs. (a) IN GENERAL. —Section 408A(c)(3)(C)(i) (relating to limits based on modified adjusted gross income) is amended to read as follows: "(i) adjusted gross income shall be determined in the same manner as under section 219(g)(3), except that- 'll) any amount included in gross income under subsection (d)(3) shall not be taken into account; and "(II) any amount included in gross income by reason of a required distribution under a provision described in paragraph (5) shall not be taken into account for purposes of subparagraph (B)(i).". (b) EFFECTIVE DATE. —The amendment made by this section Applicability. shall apply to taxable years beginning after December 31, 2004. 26 USC 408A note. TITLE VIII—IDENTIFICATION OF LIM- ITED TAX BENEFITS SUBJECT TO LINE ITEM VETO SEC. 8001. IDENTIFICATION OF LIMITED TAX BENEFITS SUBJECT TO LINE ITEM VETO. Section 1021(a)(3) of the Congressional Budget and Impoundment Control Act of 1974 shall only apply to— (1) section 3105 (relating to administrative appeal of adverse IRS determination of tax-exempt status of bond issue); and (2) section 3445(c) (relating to State fish and wildlife permits).

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