Page:United States Statutes at Large Volume 90 Part 2.djvu/369

 PUBLIC LAW 94-455—OCT. 4, 1976

90 STAT. 1837

(B) SAVINGS PROVISION.—If any discharge, cancellation, 26 USC 108 or modification of indebtedness of a railroad corporation °°*^occurs in a taxable year beginning after December 31, 1976, pursuant to an order of a court in a proceeding referred to in section 108(b)(A) or (B) which commenced before January 1, 1960, then, notwithstanding the amendments made by subparagraph (A), the provisions of subsection (b) of section 108 shall be considered as not repealed with respect to such discharge, cancellation, or modification of indebtedness. (3) AMENDMENTS OF SECTION I 6 4, —

(A) REPEAL.—Section 164 (relating to taxes) is amended 26 USC 164. by striking out subsection (f) (relating to payments for municipal services in atomic energy communities) and by redesignating subsection (g) as subsection (f). (B) SAVINGS PROVISION.—Notwithstanding subparagraph 26 USC 164 (A), any amount paid or accrued in a taxable year beginning note, after December 31, 1976, to the Atomic Energy Commission or its successors for municipal-type services shall be allowed as a deduction under section 164 if such amount would have been deductible by reason of section 164(f) (as in effect for a taxable year ending on December 31, 1976) and if the amount is paid or accrued with respect to real property in a community (within the meaning of section 21 b. of the Atomic Energy Community Act of 1955 (42 U.S.C. 2304 (b))) in which the Commission on December 31, 1976, was rendering municipal-type services for which it received compensation from the owners of property within such community. (4)

R E P E A L OF SECTION 1 6 8. —

(A) REPEAL.—Section 168 (relating to amortization of 26 USC 168. emergency facilities) is repealed. (B) SAVINGS PROVISION.—Notwithstanding the repeal 26 USC 168 made by subparagraph (A), if a certificate was issued before note. January 1, 1960, with respect to an emergency facility which is or has been placed in service before the date of the enactment of this Act, the provisions of section 168 shall not, with respect to such facility, be considered repealed. The benefit ^ of deductions by reason of the preceding sentence shall be allowed to estates and trusts in the same manner as in the case of an individual. The allowable deduction shall be apportioned between the income beneficiaries and the fiduciary in accordance with regulations prescribed under section 642(f). (5) AMENDMENT OF SECTION 1 7 1. —

(A) REPEAL.—

(i) Section 171(b)(1)(B) (relating to amount of 26 USC 171. bond premium) is amended by striking out clause (iii) (relating to certain bonds acquired before 1958). (ii) Section 171(b)(1)(B)(i) is amended by striking out "clause (ii) or (iii) applies," and inserting in lieu thereof "clause (ii) applies, or", and by inserting "and" at the end thereof. (iii) Section 171(b)(l)(B) ( i i) is amended by striking out ", or" and inserting ", and" in lieu thereof. (iv) The second sentence in section 171(b)(2) is amended by striking out "or (iii)".

89-194 O—78—pt. 2

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