Page:United States Statutes at Large Volume 85.djvu/592

 562

Ante, p. 560.

PUBLIC LAW 92-178-DEC. 10, 1971

[85 STAT.

'm section 41(c)(1)) payment of which is made by such individual within the taxable year. " (b) LIMITATIONS.—

8/stlf*2063^^' 26 USC 601*3.

"(1) AMOUNT.—The deduction under subsection (a) shall not exceed $50 ($100 in the case of a joint return under section 6013). " (2) VERIFICATION.—The deduction under subsection (a) shall be allowed, with respect to any political contribution, only if such political contribution is verified in such manner as the Secretary or his delegate shall prescribe by regulations. "(c) ELECTION TO TAKE CREDIT I N L I E U OF DEDUCTION.—This

section shall not apply in the case of any taxpayer who, for the taxable year, elects to take the credit against tax provided by section 41 (relating to credit against tax for contributions to candidates for public office). Such election shall be made in such manner and at such time as the Secretary or his delegate shall prescribe by regulations. " (d) CROSS EEFERENCE.—

78 Stat. 32.

Ante, p. 561.

"For disallowance of deduction to estates and trusts, see section 642(i)." ^j^^ Section 642 (relating to special rules for credits and deductions for estates and trusts) is amended by redesignating subsection (i) as subsection (j), and by inserting after subsection (h) a new subsection as follows: "(i) POLITICAL CONTRIBUTIONS.—An estate or trust shall not be allowed the deduction for contributions to candidates for public office provided by section 218." (c) The table of sections of part VII of subchapter B of chapter 1 is amended by striking out the last item and inserting in lieu thereof the following: "Sec. 218. Contributions to candidates for public office. "Sec. 219. Cross references." SEC. 703. EFFECTIVE DATE.

The amendments made by this title shall apply to taxable years ending after December 31, 1971, but only with respect to political contributions, payment of which is made after such date.

TITLE VIII—FINANCING OF PRESIDENTIAL ELECTION CAMPAIGNS SEC. 801. PRESIDENTIAL ELECTION CAMPAIGN FUND ACT.

The Internal Revenue Code of 1954 is amended by adding at the end thereof the following new subtitle:

"Subtitle H—Financing of Presidential Election Campaigns "Chapter 95. Presidential election campaign fund. "Chapter 96. Presidential election campaign fund advisory board.

"CHAPTER 95—PRESIDENTIAL ELECTION CAMPAIGN FUND "Sec. "Sec. "Sec. "Sec. "Sec. "Sec. "Sec. "Sec.

9001. 9002. 9003. 9004. 9005. 9006. 9007. 9008.

Short title. Definitions. Condition for eligibility for payments. Entitlement of eligible candidates to payments. Certification by Comptroller General. Payments to eligible candidates. Examinations and audits; repayments. Information on proposed expenses.

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