Page:United States Statutes at Large Volume 86.djvu/1399

 86 STAT. ]

PUBLIC LAW 92-603-OCT. 30, 1972

1357

order or subdivision thereof or by any other person or organization pursuant to an agreement with such order or subdivision, except that the amount included as such individual's remuneration under this paragraph shall not be less than $100 a month." SELF-EMPLOYMENT INCOME OF CERTAIN INDIVIDUALS TEMPORARILY L IV I N G OUTSIDE THE UNITED

STATES

SEC. 124. (a) Section 211(a) of the Social Security Act is amended— ^'^*^' P- ^^sa. (1^ by striking out "and" at the end of paragraph (8); (2) by striking out the period at the end of paragraph (9) and inserting in lieu thereof "; and"; and (3) by inserting after paragraph (9) the following new paragraph: " (10) I n the case of an individual who has been a resident of the United States during the entire taxable year, the exclusion from gross income provided by section 911(a)(2) of the Internal Revenue Code of 1954 shall not apply." 26 USC 9i i. (b) Section 1402(a) of the Internal Revenue Code of 1954 (relat- Ante, p. 1353; ing to definition of net earnings from self-employment) is amended— ^°^'' ^' ^^^^• (1) by striking out "and" at the end of paragraph (9); (2) by striking out the period at the end of paragraph (10) and inserting in lieu thereof "; and"; and (3) by inserting after paragraph (10) the following new paragraph: "(11) in the case of an individual who has been a resident of the United States during the entire taxable year, the exclusion from gross income provided by section 911(a)(2) shall not apply." (c) The amendments made by this section shall apply with respect Effective date. to taxable years beginning after December 31, 1972. COVERAGE O F FEDERAL H O M E LOAN B A N K

EMPLOYEES

SEC. 125. (a) The provisions of section 210(a)(6)(B) (ii) of the Social Security Act and section 3121(b)(6)(B) (ii) of the Internal ^2 USC 4io. Revenue Code of 1954, insofar as they relate to service performed in the employ of a Federal home loan bank, shall be effective— (1) with respect to all service performed in the employ of a Federal home loan bank on and after the first day of the first calendar quarter which begins on or after the date of the enactment of this Act; and (2) in the case of individuals who are in the employ of a Federal home loan bank on such first day, with respect to any service performed in the employ of a Federal home loan bank after the last day of the sixth calendar year preceding the year in which this Act is enacted; but this paragraph shall be effective only if an amount equal to the taxes imposed by sections 3101 and 3111 of such Code with respect to the services of all such individuals,,^°*'' PP- ^^^2performed in the employ of Federal home loan banks after the 1364. last day of the sixth calendar year preceding the year in which this Act is enacted are paid under the provisions of section 3122 of such Code by July 1, 1973, or by such later date as may be pro- Ante, p. 419. vided in an agreement entered into before such date with the Secretary of the Treasury or his delegate for purposes of this paragraph, (b) Subparagraphs (A)(i) and (B) of section 104(i)(2) of the Repeal. Social Security Amendments of 1956 are repealed. 42 USC 410 note.

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