Page:United States Statutes at Large Volume 92 Part 1.djvu/1386

 92 STAT. 1332

PUBLIC LAW 95-472—OCT. 17, 1978

Public Law 95-472 95th Congress An Act Oct. 17, 1978 [H.R. 8811]

U.S. Tax Court, judges' ^oTviKr^iIli 26 UbC 7447.

rjo amend section 7447 of the Internal Revenue Code of 1954 with respect to the revocation of an election to receive retired pay as a judge of the Tax Court.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That section 7447 of the Internal Revenue Code of 1954 (relating to retirement of Tax Court judges) is amended by adding at the end thereof the following ^^^ subsection: "(i) REVOCATION or ELECTION To RECEIVE RETIRED P A T. —

26 USC 7448.

26 USC 7447 note.

"(1) IN GENERAL.—Notwithstanding subsection (e)(2), an individual who has filed an election to receive retired pay under subsection (d) may revoke such election at any time before the first day on which retired pay (or compensation under subsection (c) in lieu of retired pay) would (but for such revocation) begin to accrue with respect to such individual. "(2) MANNER or REVOKING.—Any revocation under this subsection shall be made by filing a notice thereof in writing with the Civil Service Commission. The Civil Service Commission shall transmit to the chief judge a copy of each notice filed under this subsection. "(3) EFFECT OF REVOCATION.—In the case of any revocation under this subsection— "(A) for purposes of this section, the individual shall be treated as not having filed an election to receive retired pay under subsection (d), "(B) for purposes of section 7448— "(i) the individual shall be treated as not having filed an election under section 7448(b), and "(ii) section 7448(g) shall not apply, and the amount credited to such individual's account (together with interest at 4 percent per annum to December 31, 1947, and 3 percent per annum thereafter, compounded on December 31 of each year to the date on which the revocation is filed) shall be returned to such individual, "(C) no credit shall be allowed for any service as a judge of the Tax Court unless with respect to such service either there has been deducted and withheld the amount required by the civil service retirement laws or there has been deposited in the Civil Service Retirement and Disability Fund an amount equal to the amount so required, with interest, "(D) the Tax Court shall deposit in the Civil Service Retirement and Disability Fund an amount equal to the additional amount it would have contributed to such Fund but for the election under subsection (e), and " (E) if subparagraph (D) is complied with, service on ... the Tax Court shall be treated as service with respect to which deductions and contributions had been made during the period of service." SEC. 2. (a) The amendment made by the first section of this Act shall

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