Page:United States Statutes at Large Volume 90 Part 2.djvu/429

 PUBLIC LAW 94-455—OCT. 4, 1976

90 STAT. 1897

SEC. 2010. CREDIT AGAINST CERTAIN ESTATE TAXES

(a) IN GENERAL.—Subject to the provisions of subsections (b), (c), and (d), credit against the tax imposed by chapter 11 of the Internal Revenue Code of 1954 (relating to estate tax) with respect to the estate 26 USC 2001. of LaVere Kedfield shall be allowed by the Secretary of the Treasury or his delegate for the conveyance of real property located within the boundaries of the Toiyabe National Forest. (b) AMOUNT OF CREDIT.—The amount treated as a credit shall be equal to the fair market value of the real property transferred as of the valuation date used for purposes of the tax imposed (and interest thereon) by chapter 11 of the Internal Revenue Code of 1954. (c) DEED REQUIREMENTS.—The provisions of this section shall apply ^ only if the executrixes of the estate execute a deed (in accordance with the laws of the State in which such real estate is situated) transferring title to the United States which is satisfactory to the Attorney General or his designee. (d) ACCEPTANCE AS NATIONAL FOREST.—The provisions of this section shall apply only if the real property transferred is accepted by the Secretary of Agriculture and added to the Toiyabe National Forest. The lands shall be transferred to the Secretary of Agriculture without reimbursement or payment from the Department of Agriculture. (e) INTEREST.—Unless the Secretary of Agriculture determines and certifies to the Secretary of the Treasury that there has been an expeditious transfer of the real property under this section, no interest payable with respect to the tax imposed by chapter 11 of the Internal Revenue Code of 1954 shall be deemed to be waived by reason of the provisions of this section for any period before the date of such transfer. (f) EFFECTIVE DATE.—The provisions of this section shall be effective on the date of the enactment of this Act.

TITLE XXI—MISCELLANEOUS PROVISIONS SEC. 2101. TAX TREATMENT OF CERTAIN HOUSING ASSOCIATIONS.

(a) GENERAL RULE.—Subchapter F of chapter 1 (relating to exempt organizations) is amended by adding at the end thereof the following new part: "PART VII—CERTAIN HOMEOWNERS ASSOCIATIONS "Sec. 528. Certain homeowners associations. "SEC. 528. CERTAIN HOMEOWNERS ASSOCIATIONS. 26 USC 528. " (a) GENERAL RULE.—A homeowners association (as defined in sub-

section (c)) shall be subject to taxation under this subtitle only to the extent provided in this section. A homeowners association shall be considered an organization exempt from income taxes for the purpose of any law which refers to organizations exempt from income taxes. "(b) TAX IMPOSED.—

"(1) IN GENERAL.—A tax is hereby imposed for each taxable year on the homeowners association taxable income of every homeowners association. Such tax shall consist of a normal tax and surtax computed as provided in section 11 as though the homeowners association were a corporation and as though the

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