Page:United States Statutes at Large Volume 90 Part 2.djvu/373

 PUBLIC LAW 94-455—OCT. 4, 1976 (D) The table of sections for part VI of subchapter B of chapter 1 is amended by striking out the item relating to section 168.

90 STAT. 1841

Ante, p. 1837.

(3) AMENDMENTS COXFORMIXG TO THE REPEAL o r SECTION 1347.—

(A) Section 5(b) is amended by striking out paragraph 26 USC 5. (5) and by redesignating paragraphs (2), (3), and (4), as paragraphs (1), (2), and (3), respectively. (B) The table of sections for part VI of subchapter Q of chapter 1 is amended by striking out the item relating to section 1347. Ante, p. 1840. (C) The heading of part VI of subchapter Q of chapter 1 is amended to read as follows: "PART VI—MAXIMUM RATE ON PERSONAL SERVICE INCOME.'* (D) The table of parts for subchapter Q of chapter 1 is amended by striking out the item relating to part VI and inserting in lieu thereof the following: "Part VI. Maximum rate on personal service Income." (4) AMENDMENT CONFORMING TO THE REPEAL OF SECTION 1 4 7 1. —

The table of subchapters for chapter 4 is amended by striking out the item relating to subchapter A. (d) EFFECTIVE DATE.—Except as otherwise expressly provided, the 26 USC 72 note.

amendments made by this section shall apply with respect to taxable years beginning after December 31, 1976. United States Cotton Futures (a) SHORT TITLE.—This section may be cited as the "United States Act. 7 USC 15b. Cotton Futures Act". (b) REPEAL OF TAX ON COTTON FUTURES.—Subchapter D of chapter 39 (relating to tax on cotton futures) is repealed. 26 USC 4851. SEC. 1952. PROVISIONS OF SUBCHAPTER D OF CHAPTER 39; COTTON FUTURES.

(c) DEFINITIONS.—For purposes of this section— (1) COTTON FUTURES CONTRACT.—The term "cotton futures contract" means any contract of sale of cotton for future delivery made at, on, or in any exchange, board of trade, or similar institution or place of business which has been designated a "contract market" by the Commodity Futures Trading Commission pursuant to the Commodity Exchange Act and the term "contract of 7 USC 1. sale" as so used shall be held to include sales, agreements of sale, and agreements to sell. (2) FUTURE DELIVERY.—The term "future delivery" shall not include any cash sale of cotton for deferred shipment or deliy^e^l (3) PERSON.—The term "person" includes an individual, tnilfc, estate, partnership, association, company, or corporation. (4) SECRETARY.—The term "Secretary" means tM '§Ui9§ of Agriculture of the United States. (5) STANDARDS.—The term "standards"meansthe officiaLlcbHon standards of the United States established tfy the Secretary pursuant to the United States Cotton Standards Act, as atneiided. (d) BONA FIDE SPOT MARKETS AND 06|itefcitciAL DIFFERENCES.—

(1) DEFINITION.—For purposes of thi^geCtionj the 6riij^ markets which shall be considered bon^'flde'^^t Markets shall be those which the Secretary shall, ffdm time to flme,'.&Mr ih^fetigati determine and designate t^ be SuCh, ahd'bf wHifeRHe '^hall give public notice.

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