Page:United States Statutes at Large Volume 90 Part 2.djvu/325

 PUBLIC LAW 94-455—OCT. 4, 1976

90 STAT. 1793

(E) Section 1236(b) is amended by striking out "loss from the sale or exchange of property which is not a capital asset" and inserting in lieu thereof "ordinary loss". (F) Sections 1242 and 1243 are each amended by striking out "a loss from the sale or exchange of property which is not a capital asset" each place it appears and inserting in lieu thereof "an ordinary loss". (G) Section 1244 is amended by striking out "a loss from the sale or exchange of an asset which is not a capital asset" each place it appears and inserting in lieu thereof "an ordinary loss". (H) Section 1248(g)(3)(B), as redesignated by this Act, is amended by striking out "gain from the sale of an asset which is not a capital asset" and inserting "ordinary income". (I) The following provisions are each amended by striking out "gain from the sale or exchange of property which is not a capital asset" each place it appears and inserting in lieu thereof "ordinary income": sections 341(a), 871(a)(1)(C) (i) and (ii), 881(a)(3)(A) and (B), 996(d)(1) and (2), 1037(b)(1)(A), 1232(a)(2)(A) and (B), 1232(c), 1246(a), and 1385(c)(2)(C). (J) The following provisions are each amended by striking out "gain from the sale of property which is not a capital asset" and inserting in lieu thereof "ordinary income": sections 306(a)(1)(A), 306(a)(1)(B), and 306(]E). (K) The following provisions are each amended by striking out "gain from the sale or exchange of property which is neither a capital asset nor property described in section 1231" each place it appears and inserting in lieu thereof "ordinary income": sections 80(c)(1), 163(d)(3) and (5), 613(a), 617 (d)(1), 995(b)(1)(C), 1238, 1245(a)(1), 1249(a), 1250 (f) and (g), 1251 (b)(3)(B), (c)(1), and (c)(2), and 1252(a) (1). (4)

CLERICAL AMENDMENTS CONFORMING TO ADDITIONS OF SEC-

26 USC 1236.,• 26 USC 1242, ^243. 26 USC 1244.
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26 USC 124a. '

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TIONS 64 AND 65.

(A) The table of sections for part I of subchapter B of chapter 1 is amended by adding at the end thereof the following new items: "Sec. 64. Ordinary income defined. "Sec. 65. Ordinary loss defined."

(B) The heading for part I of subchapter B of chapter 1 is amended by striking out "AND TAXABLE INCOME" and inserting in lieu thereof "TAXABLE INCOME, ETC." ETC." (C) The table of parts for subchapter B of chapter 1 is amended by striking out "and taxable income." in the item relating to part I and inserting in lieu thereof "taxable income, etc." (5) AMENDMENT CONFORMING TO REPEAL OF SECTION 7 6.—The table of sections for part II of subchapter B of chapter 1 is amended by striking out the item relating to section 76.

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(6) AMENDMENTS CONFORMING TO AMENDMENT OF SECTION IO3.—

(A) Section 6049(b)(2)(A) is amended by striking out "section 103(a)(1) or (3)" and inserting in lieu thereof "section 103(a)".

26 USC 6049.

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