Page:United States Statutes at Large Volume 90 Part 1.djvu/418

 9 0 STAT. 3 6 8

26 USC 403.

26 USC 402.

,

PUBLIC LAW 9 4 - 2 6 7 - - A P R. 15, 1976 section 403(a)(4)(A) as in effect on the day before the date of the enactment of this Act) of the I n t e r n a l Revenue Code of 1954 (relating to distributions of the balance to the credit of the employee) which is contributed by a n employee after the date of the enactment of this Act to a trust, plan, account, annuity, or bond described in section 402(a)(5)(B) or 403 (a)(4)(B) of such Code, the applicable period specified in section 4 0 2 (a)(5)(B) or 4 0 3 (a)(4)(B) of such Code (relating to rollover distributions to another plan or retirement account) shall not expire before December 31, 1976. (B)

26 USC 6402.

^

26 USC 1.

T I M E OF CONTKEBUTIGN.—

(i) GENERAL RULE.—If the initial portion of a payment the applicable period for which is determined under subparagraph (A) is contributed before December 31, 1976, by an individual to a trust, plan, account, annuity, or bond described i n subparagraph (A) and the remaining portion of such payment is contributed by such individual to such a trust, plan, account, annuity, or bond not later than 30 days after the date a credit or refund is allowed by the Secretary of the Treasury or his delegate under section 6402 of the I n t e r n a l Revenue Code of 1954 with respect to the contribution, then, for purposes of subparagraph (A) and sections 4 0 2 (a)(5) and 403(a) (4) of such Code, a t the election of the individual (made in accordance with regulations prescribed by the Secretary or his delegate), such remaining portion shall be considered to have been contributed on the date the initial portion of the payment was contributed. For purposes of this subparagraph, the initial portion of a payment is the amount by which such payment exceeds the amount of the tax imposed on such payment by. chapter 1 of such Code (determined without regard to this subparagraph). (ii) REGULATIONS.—For purposes of this subparagraph, the tax imposed on a payment by chapter 1 of the I n t e r n a l Revenue Code of 1954, and the date a credit or refund is allowed by the Secretary of the Treasury or his delegate under section 6402 with respect to a contribution, shall be determined under regulations prescribed by the Secretary of the Treasury or his delegate. (C) PERIOD o r LIMITATIONS.—If a n i n d i v i d u a l has m a d e

26 USC 1 et seq. -* '•' •Mr ', S{

the election provided by subparagraph (B), then— (i) the period provided by the I n t e r n a l Revenue Code of 1954 for the assessment of any deficiency for the taxable year in which the payment described in subparagraph (A) was made and each subsequent taxable year for which tax is determined by reference to the treatment of such payment under such Code or the status under such Code of any trust, plan, account, annuity, or bond described in subparagraph (A) shall, to the extent attributable to such treatment, not expire before the expiration of 3 years from the date the Secretary of the Treasury o r his delegate is notified by the individual (in such manner as the Secretary of the Treasury or his delegate may prescribe) that such individual has made (or failed to make) the contribution of the remaining portion of the payment within the period specified in subparagraph (B)(i),and

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