Page:United States Statutes at Large Volume 122.djvu/1661

 12 2 STA T . 1 638PUBLIC LA W 11 0– 2 45—J U NE 1 7, 2008 (1)bystrik i ng‘ ‘ a n d’ ’att he end ofp aragraph (1 4 ) ( 2 ) by striking the period at the end of paragraph (1 5 ) and inserting ‘‘; and’’; and ( 3 ) by inserting after paragraph (15) the fo l lo w ing

‘‘(1 6 ) for the m onth of re c eipt and e v ery month thereafter , any ann u ity paid by a S tate to the individual (or such spouse) on the basis of the individual’s being a veteran (as defined in section 1 0 1oftitle3 8, U nited States C ode), and blind, disabled, or aged . ’’. SEC.203 .E X C LU S ION O FAM E R ICOR P S B ENEFI T S FOR PURPOSES OF D ETERMININ G SUPPLEMENTAL SECURIT Y INCOME ELIGI - BILITY AND BENEFIT AMOUNTS. Section 1612(b) of the Social Security A ct (42 U.S.C. 1382a(b)), as amended by section 202(a) of this Act, is amended — (1) in paragraph (23), by striking ‘‘and’’ at the end; (2) in paragraph (24), by striking the period and inserting ‘‘; and’’; and (3) by adding at the end the following: ‘‘(25) any benefit (whether cash or in - kind) conferred upon (or paid on behalf of) a participant in an AmeriCorps position approved by the Corporation for N ational and Community Service under section 123 of the National and Community Service Act of 1 9 90 (42 U.S.C. 125 7 3).’’. SEC. 20 4 . EFFECTI V E DATE. T he amendments made by this title shall be effective with respect to benefits payable for months beginning after 60 days after the date of the enactment of this Act. TI T LE III —R E V E NU E P R O VI S IONS SEC. 30 1 . REVISION OF TAX RULES ON EXPATRIATION. (a) INGE NE RAL .—Subpart A of part II of subchapter N of chapter 1 is amended by inserting after section 877 the following new section: ‘ ‘SEC. 87 7A. TAX RESPONSIBILITIES OF EXPATRIATION. ‘‘(a) GENERAL RU LE S .— F or purposes of this subtitle— ‘‘(1) M AR KTOM ARKET.—All property of a covered e x patriate shall be treated as sold on the day before the expatriation date for its fair market value. ‘‘(2) RE C O G N I TION O F GAIN OR LOSS.—In the case of any sale under paragraph (1)— ‘‘(A) notwithstanding any other provision of this title, any gain arising from such sale shall be taken into account for the taxable year of the sale, and ‘‘( B ) any loss arising from such sale shall be taken into account for the taxable year of the sale to the extent otherwise provided by this title, except that section 1091 shall not apply to any such loss. P roper ad j ustment shall be made in the amount of any gain or loss subse q uently reali z ed for gain or loss taken into account under the preceding sentence, determined without regard to paragraph (3). ‘‘(3) EX CLUSION FOR CERTAIN GAIN.— 42USC138 2 anote.

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