Page:United States Statutes at Large Volume 91.djvu/188

 91 STAT. 154

PUBLIC LAW 95-30—MAY 23, 1977 " (B) EXCESS INTAXGIBLE DRILLING COSTS.—For purposes of

subparagraph (A), the amount of the excess intangible drilling costs arising in the taxable year is the excess of— " (i) the intangible drilling and development costs described in section 263(c) paid or incurred in connection with oil and gas wells (other than costs incurred in drilling a nonproductive well) allowable under this chapter for the taxable year, over " ( i i) the amount which would have been allowable for the taxable year if such costs h a d been capitalized and straight line recovery of intangibles (as defined in subsection (d)) had been used with respect to such costs. '

"(C)

N E T INCOME FROM OIL AND GAS PROPERITIES.—For

purposes of subparagraph (A), the amount of the net income of the taxpayer from oil and gas properties for the taxable year is the excess of— " (i) the aggregate amount of gross income (within the meaning of section 13(a)) from all oil and gas properties of the taxpayer received or accrued by the taxpayer during the taxable year, over " ( i i j the amount of any deductions allocable to such properties reduced by the excess described in subparagraph (B) for such taxable year." 26 USC 57 note. (b) P^FFECTIVE DATE.—The amendment made by subsection (a) shall apply with respect to taxable years beginning after December 31, 1976, and before January 1, 1978. SEC. 309. TRANSFERS OF PARTIAL INTERESTS IN PROPERTY FOR CONSERVATION PURPOSES. 26 USC 170. (a) IN GENERAL.—Clause (iii) of section 1 7 0 (f)(3)(B) (relating to exceptions from denial of deduction in case of certain contributions of partial interests in property) is amended to read as follows: " ( i i i) a lease on, option to purchase, or easement with ,,,,:; J respect to real property granted in perpetuity to an organization described in subsection (b)(1)(A) exclusively for conservation purposes, or", (b) EFFECTIVE D A T E S. —

26 USC 170note.

26 USC 170 note.

(1) The amendment made by subsection (a) shall apply with respect to contributions or transfers made after June 13, 1977, and before June 14, 1981. (2) Paragraph (4) of section 2124(e) of the T a x Keform Act of 1976 is amended by striking out " June 14, 1977" and inserting in lieu thereof " June i4, 1981".

TITLE IV—MISCELLANEOUS PROVISIONS SEC. 401. AUTHORIZATION OF ADDITIONAL APPROPRIATIONS FOR THE WORK INCENTIVE PROGRAM. 42 USC 602 note.

42 USC 601. 42 USC 602, 603, 635.

(a)

M A T C H I N G F U N D S DISREGARDED.—The Secretary

of

Health,

Education, and Welfare and the Secretary of Labor are authorized to carry out the work incentive program under title IV of the Social Security Act from the sums appropriated pursuant to this Act without regard to the requirements for non-Federal matching funds contained in sections 402(a) (19)(C), 402(a) (19)(G), 4 0 3 (a)(3)(A), 403 (d), and 435 of the Social Security Act.

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