Page:United States Statutes at Large Volume 88 Part 2.djvu/142

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26 USC 2055

note

PUBLIC LAW 93-483-OCT. 26, 1974

[88 STAT.

of an amendment or conformation made pursuant to this paragraph, no interest shall be allowed for the period prior to the expiration of the 180th day after the date on which the claim for credit or refund is filed." Q^^ rpj^g, amendment made by subsection (a) shall apply with respect to estates of decedents dying after December 31.1969.

SEC. 4. APPLICATION OF SECTION 117 TO CERTAIN EDUCATION PROGRAMS FOR MEMBERS OF THE UNIFORMED SERVICES. 26 USC 117

note.

26 USC 151. 26 USC 117.

26 USC 832.

(a) IN GENERAL.—Any amount received from appropriated funds as a scholarship, including the value of contributed services and accommodations, by a member of a uniformed service who is receiving training under the Armed Forces Health Professions Scholarship Program (or any other program determined by the Secretary of the Treasury or his delegate to have substantially similar objectives) from an educational institution (as defined in section 151(e)(4) of the Internal Revenue Code of 1954) shall be treated as a scholarship under section 117 of such Code, whether that member is receiving training while on active duty or in an off-duty or inactive status, and without regard to whether a period of active duty is required of the member as a condition of receiving those payments. (b) DEFINITION OF UNIFORMED SERVICES.—For purposes of this section, the term "uniformed service" has the meaning given it by section 101(3) of title 37, United States Code. (c) EFFECTIVE DATE.-—The provisions of this section shall apply with respect to amounts received during calendar years 1973, 1974, and 1975. gj,^. 5. Section 832(e) of the Internal Revenue Code of 1954 (relating to special deduction and income account in the case of certain insurance companies) is amended by inserting after paragraph (5) the following new paragraph: "(6)

LEASE GUARANTY INSURANCE; INSURANCE OF STATE AND

LOCAL OBLIGATIONS.—In the case of any taxable year beginning after December 31, 1970, the provisions of this subsection shall also apply in all respects tx) a company which writes lease guaranty insurance or insurance on obligations the interest on which is 26 USC 103. excludable from gross income under section 103, I n applying this subsection to such a company, any reference to mortgage guaranty insurance contained in this section shall be deemed to be a reference also to lease guaranty insurance and to insurance on obligations the interest on which is excludable from gross income under section 103; and in the case of insurance on obligations the interest on which is excludable from gross income under L o s s e s resultsection 103. the references in paragraph (1) to 'losses resulting from adverse economic cycles. ing from adverse economic cycles' include losses from declining revenues related to such obligations (as well as losses resulting from adverse economic cycles), and the time specified in subparagraph (A) of paragraph (5) shall be the twentieth preceding taxable year.". 26 USC 62. g^^ g (^^ Section 62 of the Internal Revenue Code of 1954 is amended by inserting after paragraph (10) the following new paragraph: " (11) PENALTIES FORFEITED BECAUSE OF PREMATURE WITHDRAWAL OF FUNDS FROM TIME SAVINGS ACCOUNTS OR DEPOSITS.—The deduc-

26 USC 165.

tions allowed by section 165 for losses incurred in any transaction entered into for profit, though not connected with a trade or business to the extent that such losses include amounts forfeited to a

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