Page:United States Statutes at Large Volume 92 Part 1.djvu/1309

 92 STAT. 1 2 5 5

PUBLIC LAW 9 5 - 4 5 8 — O C T. 14, 1978

Public Law 95-458 95th Congress An Act To amend the Internal Revenue Code of 1954 with respect to excise tax on certain trucks, buses, tractors, et cetera, home production of beer and wine, refunds of the taxes on gasoline and special fuels to aerial applicators, and partial rollovers of lump sum distributions.

Be it enacted by the Senate amd House of Representatives United States of America in Congress assembled,

Oct. 14. 1978 [H.R. 1337]

of the

Internal Revenue Code SECTION 1 EXCISE TAX ON CERTAIN TRUCKS, BUSES, TRACTORS, ETC. of 1954, . amendments. (a) IN GENERAL. — Paragraph (1) of section 4216(b) of the I n t e r n a l 26 USC 4216.

Revenue Code of 1954 (relating to constructive sale price) is amended by inserting after the second sentence thereof the following new sentence: " I n the case of an article the sale of which is taxable under section 4061(a) and which is sold a t retail, the computation under the 26 USC 4061 first sentence of this paragraph shall be a percentage (not greater than 100 percent) of the actual selling price based on the highest price for which such articles are sold by manufacturers and producers in the ordinary course of trade (determined without regard to any individual manufacturer's or producer's cost)". (b) CONFORMING AMENDMENT. — The second sentence of paragraph

,

,. j

(1) of such section 4216(b) is amended by inserting " ( other than an article the sale of which is taxable under section 4061(a)) " after "sold at retail". (c) EFFECTIVE D A T E. — The amendments made by this section shall 26 USC 4216 apply to articles sold by the manufacturer or producer on or after note. the first d a y of the first calendar quarter beginning 30 days or more after the date of enactment of t h i s Act. SEC. 2. HOME PRODUCTION OF BEER AND WINE. (a) E X E M P T I O N F R O M T A X ON W I N E. — S e c t i o n 5042(a)(2) of the

26 USC 5042.

I n t e r n a l Revenue Code of 1954 (relating to production of wine for personal consumption) is amended to read as follows: " (2) W I N E FOR PERSONAL OR FAMILY USE.—Subject to regula-

tions prescribed by the Secretary— " (A) EXEMPTION.—Any adult may, without payment of tax, produce wine for personal or family use and not for sale. " (B) L I M I T A T I O N. — The aggregate amount of wine exempt from tax under this paragraph with respect to any household shall not exceed— " (i) 200 gallons per calendar year if there are 2 or more adults in such household, or " ( i i) 100 gallons per calendar year if there is only 1 adult in such household. " (C) ADULTS.—For purposes of this paragraph, the term 'adult' means a n individual who has attained 18 years of age, or the minimum age (if any) established by law applicable ^^,;,_,,, in the locality in which the household is situated at which wine may be sold to individuals, whichever is greater.". (b) E X E M P T I O N F R O M T A X ON B E E R. — (1) IN GENERAL.—-Section 5053 of such Code (relating to 26 USC 5053. exemptions from excise tax on beer) is amended by redesignat-

�