Page:United States Statutes at Large Volume 90 Part 2.djvu/297

 PUBLIC LAW 94-455—OCT. 4, 1976

90 STAT. 1765

(6) AMENDMENT OF SECTION 5OA.—The second sentence of sec-

tion 5 0 A (a)(3) (relating to liability for tax) is amended by striking o u t "section 408(e) " and inserting i n lieu thereof "section 408(f)". (7) REPEAL OF SECTION S I. — Subchapter A of chapter 1 is

amended by striking out part V (relating to tax surcharge). (8) AMENDMENTS OF SECTION 6 2.—Section 62 (relating to definition of adjusted gross income) is amended by redesignating paragraph ( 1 1), as added by the Act of October 26, 1974 (Public Law 93-483), as paragraph ( 1 2). (9) ADDITIONAL AMENDMENT OF SECTION 62.—Section 62(12), a s redesignated by subparagraph (A) of this paragraph, is amended by striking out " trade or business to the extent" and inserting i n lieu thereof " trade or business, to the extent".

26 USC 50A. 26 USC 51.

26 USC 62.

(10) DEFINITION OF ORDINARY I N C O M E. — Part I of subchapter B

of chapter 1 (relating to definitions of gross income, adjusted gross income, and taxable income) is amended by a d d i n g a t the end thereof the following new section: "SEC. 64. ORDINARY INCOME DEFINED. " For purposes of this subtitle, the term 'ordinary income' includes any gain from the sale or exchange of property which is neither a capital asset n o r property described i n section 1231(b). Any gain from the sale or exchange of property which is treated or considered, under other provisions of this subtitle, as 'ordinary income' shall be t r e a t e d as gain from the sale or exchange of property which is neither a capital asset n o r property described in section 1231(b)."

26 USC 61.

26 USC 64.

'

'•

(11) DEFINITION OF ORDINARY LOSS.—Part I of subchapter B of

chapter 1 (relating to definitions of gross income, adjusted gross income, and taxable income) is amended by a d d i n g a t the end thereof the following new section: "SEC. 65. ORDINARY LOSS DEFINED. " For purposes of this subtitle, the term 'ordinary loss' includes any loss from the sale or exchange of property which is not a capital asset. Any loss from the sale or exchange of property which is treated or considered, under other provisions of this subtitle, as 'ordinary loss' shall be treated as loss from the sale or exchange of property which is not a capital asset." (12) AMENDMENT OF SECTION 72.—Section 7 2 (d)(1) ( r e l a t i n g

26 USC 61.

26 USC 65.

26 USC 72.

to employees' annuities) is amended by striking out " ( w h e the r or not before January 1, 1954)" and by striking o u t " ( under t h i s paragraph and p r i o r income tax laws) ". (13) ADDITIONAL AMENDMENT o r SECTION 72.—Section 7 2 (m)

(4)(A) (relating to assignments o r pledges) is amended by striking out " a n individual retirement a m o u n t " and inserting in lieu thereof " a n individual retirement account". (14) REPEAL OF SECTION 7 6.—Section 76 (relating to mortgages made or obligations issued by joint stock land banks) is repealed. (15) AMENDMENT OF SECTION 8 3.—Section 83(b)(2) ( r e l a t i n g

to election to include the value of restricted property i n gross income) is amended by striking out " ( o r, if later, 30 days after the date of the enactment of the T a x Reform Act of 1969)". (16) AMENDMENT OF SECTION 101.—Section 101 is amended by

2^ j,cp 7A 26 USC 83.

26 USC 1 note, 26 USC 101.

striking out subsection (f) (relating to effective date of section). ( 1 7) AMENDMENTS OF SECTION 1 0 3. —

(A) Section 103(a) (relating to tax-exempt interest), as amended by this Act, is amended by inserting " and " a t the

26 USC 103.

�