Page:United States Statutes at Large Volume 121.djvu/214

 PUBLIC LAW 110–28—MAY 25, 2007

121 STAT. 193

(d) EFFECTIVE DATE.—The amendments made by this section shall apply to taxable years beginning after December 31, 2006.

26 USC 179 note.

SEC. 8213. DETERMINATION OF CREDIT FOR CERTAIN TAXES PAID WITH RESPECT TO EMPLOYEE CASH TIPS.

(a) IN GENERAL.—Subparagraph (B) of section 45B(b)(1) is amended by inserting ‘‘as in effect on January 1, 2007, and’’ before ‘‘determined without regard to’’. (b) EFFECTIVE DATE.—The amendment made by this section shall apply to tips received for services performed after December 31, 2006.

26 USC 45B.

26 USC 45B note.

SEC. 8214. WAIVER OF INDIVIDUAL AND CORPORATE ALTERNATIVE MINIMUM TAX LIMITS ON WORK OPPORTUNITY CREDIT AND CREDIT FOR TAXES PAID WITH RESPECT TO EMPLOYEE CASH TIPS.

(a) ALLOWANCE AGAINST ALTERNATIVE MINIMUM TAX.— Subparagraph (B) of section 38(c)(4) is amended by striking ‘‘and’’ at the end of clause (i), by inserting a comma at the end of clause (ii), and by adding at the end the following new clauses: ‘‘(iii) the credit determined under section 45B, and ‘‘(iv) the credit determined under section 51.’’. (b) EFFECTIVE DATE.—The amendments made by this section shall apply to credits determined under sections 45B and 51 of the Internal Revenue Code of 1986 in taxable years beginning after December 31, 2006, and to carrybacks of such credits.

26 USC 38 note.

SEC. 8215. FAMILY BUSINESS TAX SIMPLIFICATION.

dkrause on GSDDPC44 with PUBLAW

(a) IN GENERAL.—Section 761 (defining terms for purposes of partnerships) is amended by redesignating subsection (f) as subsection (g) and by inserting after subsection (e) the following new subsection: ‘‘(f) QUALIFIED JOINT VENTURE.— ‘‘(1) IN GENERAL.—In the case of a qualified joint venture conducted by a husband and wife who file a joint return for the taxable year, for purposes of this title— ‘‘(A) such joint venture shall not be treated as a partnership, ‘‘(B) all items of income, gain, loss, deduction, and credit shall be divided between the spouses in accordance with their respective interests in the venture, and ‘‘(C) each spouse shall take into account such spouse’s respective share of such items as if they were attributable to a trade or business conducted by such spouse as a sole proprietor. ‘‘(2) QUALIFIED JOINT VENTURE.—For purposes of paragraph (1), the term ‘qualified joint venture’ means any joint venture involving the conduct of a trade or business if— ‘‘(A) the only members of such joint venture are a husband and wife, ‘‘(B) both spouses materially participate (within the meaning of section 469(h) without regard to paragraph (5) thereof) in such trade or business, and ‘‘(C) both spouses elect the application of this subsection.’’. (b) NET EARNINGS FROM SELF-EMPLOYMENT.— (1) Subsection (a) of section 1402 (defining net earnings from self-employment) is amended by striking ‘‘, and’’ at the

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