Page:United States Statutes at Large Volume 90 Part 2.djvu/248

 90 STAT. 1716 26 USC 2055

'^°*®Post, p. 1846. 26 USC 2055.

26 USC 2055 "ot®-

26 USC 513.

PUBLIC LAW 94-455—OCT. 4, 1976 (b) E X T E N S I O N OF PERIOD FOR F I L I N G C L A I M FOR R E F U N D OF ESTATE

T A X P A I D. — A claim for refund or credit of a n overpayment of the tax imposed by section 2001 of the I n t e r n a l Revenue Code of 1954 allowable under section 2055(e)(3) of such Code (as amended.by subsection (a)) shall not be denied because of the expiration of the time for filing such a claim under section 6511(a) if such claim is filed not later than June 30, 1978. (c) ErrECTiVE D A T E. — The amendments made by this section shall apply in the case of decedents dying after December 31, 1969. SEC. 1305. UNRELATED TRADE OR BUSINESS INCOME OF TRADE SHOWS, STATE FAIRS, ETC. (a) IN GENERAL.—Section 513 (relating to unrelated trade or business) is amended by adding a t the end thereof the following new subsection: "(d)

Definitions.

CERTAIN ACTIVITIES OF TRADE S H O W S, STATE F A I R S, E T C. —

" (1) GENERAL RULE.—The term 'unrelated trade or business' does not include qualified public entertainment activities of an organization described in paragraph (2)(C), or qualified convention and trade show activities of a n organization described in paragraph (3)(C). " (2) QUALIFIED PUBLIC ENTERTAINMENT ACTIVITIES.—For p u r -

poses of this subsection— " (A) P U B L I C ENTERTAINMENT ACTIVITY.—The term 'public

entertainment activity' means any entertainment or recreational activity of a kind traditionally conducted a t fairs or expositions promoting agricultural and educational purposes, including, b u t not limited to, any activity one of the purposes of which is to attract the public to fairs or expositions or to promote the breeding of animals or the development of products or equipment. "(B)

QUALIFIED PUBLIC ENTERTAINMENT ACTIVITY.—The

term 'qualified public entertainment activity' means a public entertainment activity which is conducted by a qualifying organization described in subparagraph (C) in— " (i) conjunction with an international, national. State, regional, or local fair or exposition, " ( i i) accordance with the provisions of State law which permit the activity to be operated or conducted solely by such an organization, or by an agency, instrumentality, or political subdivision of such State, or " ( i i i) accordance with the provisions of State law which permit such an organization to be granted a license to conduct not more than 20 days of such activity on payment to the State of a lower percentage of the revenue from such licensed activity than the State requires from organizations not described in section 501(c)(3), (4), or (5). "(C)

Q U A L I F Y I N G ORGANIZATION.—For purposes of

this

paragraph, the term 'qualifying organization' means an organization which is described in section 501(c)(3), (4), or (5) which regularly conducts, as one of its substantial exempt purposes, a n agricultural and educational fair or exposition. " (3) QUALIFIED CONVENTION AND TRADE SHOW ACTIVITIES.— " (A) CONVENTION AND TRADE SHOW ACTIVITY.—The term

'convention and trade show activity' means any activity of a kind traditionally conducted at conventions, annual meetings, or trade shows, including, but not limited to, any activity one

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