Page:United States Statutes at Large Volume 90 Part 2.djvu/372

 PUBLIC LAW 94-455—OCT. 4, 1976

9 0 STAT. 1840

Ante, p. 1839.

account for purposes of part 1 of subchapter L of chapter 1 if subsection (d) of section 817 of such Code were still in effect for such taxable year, such gain shall be excluded for purposes of such part. (12) R E P E A L or SECTION 1347.—

26 USC 1347.

(A) REPEAL.—Section 1347 (relating to certain claims filed against the United States before January 1, 1958) is repealed.

26 USC 1347 note.

(B) SAVINGS PROVISION.—Notwithstanding subparagraph

(A), if amounts received in a taxable;^ear oeginning after December 31, 1976, would have been subject to the provisions of section 1347 if received in a taxable year beginning before such date, the tax imposed by section 1 attributable to such receipt shall be computed as if section 1347 h a d not been repealed. (13)

26 USC 1471. 26 USC 1471 note.

(A) REPEAL.—Subchapter A of chapter 4 (relating to recovery of excessive profits on certain Government contracts) is repealed. (B) SAVINGS PROVISION.—If the amount of profit required to be p a i d into the Treasury under section 2382 or 7300 of title 10, United States Code, is not voluntarily paid, the Secretary of the Treasury or his delegate shall collect the same under the methods employed to collect taxes under subtitle A. All provisions of law (including penalties) applicable with respect to such taxes and not inconsistent with section 2382 or 7300 of title 10 of such Code, shall apply with respect to the assessment, collection, or payment of excess profits to the Treasury as provided in the preceding sentence, and to refunds by the Treasury of overpayments of excess profits into the Treasury. (14)

26 USC 1481.

26 USC 1481 note. 53 Stat. 1.

REPEAL or SECTION 1471.—

AMENDMENT o r SECTION I 4 8 I. —

(A) REPEAL.—Section 1481 (relating to mitigation of effect of renegotiation of Government contracts) is amended by striking out subsection (d) (relating to renegotiation for years prior to 1954). (B) SAVINGS PROVISION.—If, during a taxable year beginn i n g after December 31, 1976, a recovery of excessive profits through renegotiation which relates to profits of a taxable year subject to the I n t e r n a l Revenue Code of 1939, the adjustments in respect to such renegotiation shall be made under section 3806 of such Code. (c) CONFORMING AND CLERICAL AMENDMENTS. — (1) AMENDMENT CONFORMING TO THE AMENDMENT OF SECTION

26 USC 1017.

108.—Section 1017 is amended by striking out "section 1 0 8 (a) " each time it appears therein and inserting m lieu thereof "section 108". (2) AMENDMENTS CONFORMING TO REPEAL OF SECTION 1 6 §. —

26 USC 1238. Ante, p. 1520. 26 USC 642, 1082. Ante, p. 1837. 26 USC 1245, 1250.

(A) Section 1238 is amended by striking out " ( r e l a t i n g to amortization deduction of emergency facilities)" and inserting in lieu thereof " ( a s in effect before its repeal by the T a x Reform Act of 1976)". (B) Sections 642(f) and 1082(a)(2)(B) are each amended by striking out "168,". (C) Sections 1245(a)(2) and 1250(b)(3) are each amended by striking out "168," each place i t appears and inserting in lieu thereof "168 (as in effect before its repeal by the T a x Reform Act of 1976),".

�