Page:United States Statutes at Large Volume 76.djvu/878

 830 Ante, p. 826.

PUBLIC LAW 87-792-OCT. 10, 1%2

[76 STAT.

individuals), or for purposes of section 405 (relating to qualified bond purchase plans) other than an employee described in section 405(f)". (i) ESTATE TAX EXEMPTION OF EMPLOYEES' ANNUITIES.—Section

26 USC 2039.

26 USC 401. 26 USC 403.

Ante, p. 811.

2039 of the Internal Revenue Code of 1954 (relating to exemption from the gross estate of annuities- under certain trusts and plans) is amended— (1) by striking out in subsection (c)(2) "met the requirements of section 401(a)(3), (4), (5), and (6) " and inserting "was a plan described in section 403(a)"; and (2) by adding at the end of subsection (c) the following new sentence: "For purposes of this subsection, contributions or payments on behalf of the decedent while he was an employee within the meaning of section 401(c)(1) made under a trust or plan described in paragraph (1) or (2) shall be.considered to be contributions or payments made by the decedent." (j) G I F T TAX EXEMPTION OF EMPLOYEES' ANNUITIES.—Section 2517

26 USC 2517.

of the Internal Revenue Code of 1954 (relating to exclusion from gift tax in case of certain annuities under qualified plans) is amended— (1) by striking out in subsection (a)(2) "met the requirements of section 401(a)(3), (4), (5), and (6) " and inserting in lieu thereof "was a plan described in section 403(a)"; and (2) by adding at the end of subsection (b) the following new sentence: "For purposes of this subsection, payments or contributions on behalf of an individual while he was an employee within the meaning of section 401(c)(1) made under a trust or plan described in subsection (a)(1) or (2) shall be considered to be payments or contributions made by the employee," (k) FEDERAL UNEMPLOYMENT TAX ACT.—Section 3306(b)(5) of the

26 USC 3306.

Ante, p. 826.

Internal Revenue Code of 1954 (relating to definition of wages) is amended by striking out subparagraph (B) and inserting in lieu thereof the following new subparagraphs: " (B) under or to an annuity plan which, at the time of such payment, is a plan described in section 403(a), or " (C) under or to a bond purchase plan which, at the time of such payment, is a qualified bond purchase plan described in section 405(a);". (1) WITHHOLDING OF INCOME TAX.—Section 3401(a) (12) of the

26 USC 3401.

Internal Revenue Code of 1954 (relating to definition of wages) is amended by striking out subparagraph (B) and inserting in lieu thereof the following new subparagraphs: " (B) under or to an annuity plan which, at the time of such payment, is a plan described in section 403(a); or " (C) under or to a bond purchase plan which, at the time of such payment, is a qualified bond purchase plan described in section 405(a)." (m) INFORMATION REQUIREMENTS.—

26 USC 60416046.

(1) IN GENERAL.—Subpart B of part III of subchapter A of chapter 61 of the Internal Revenue Code of 1954 (relating to information concerning transactions with other persons) is amended by adding after section 6046 the following new section: "SEC. 6047. INFORMATION RELATING TO CERTAIN TRUSTS AND ANNUITY AND BOND PURCHASE PLANS. " (a) TRUSTEES AND INSURANCE COMPANIES.—The trustee of a trust

Ante, p. 812.

described in section 401(a) which is exempt from tax under section 501(a) to which contributions have been paid under a plan on behalf of any owner-employee (as defined in section 401(c) ( ^)), and each insurance company or other person which is the issuer of a contract purchased by such a trust, or purchased under a plan described in section 403(a), contributions for which have been paid on behalf of

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