Page:United States Statutes at Large Volume 92 Part 1.djvu/71

 PUBLIC LAW 9 5 - 2 2 7 — F E B. 10, 1978 "(3)

CERTAIN FUTURE OBLIGATIONS.—The a m o u n t

92 STAT. 17 determined

under this paragraph for the taxable year is the sum of— " (A) the amount which is necessary to meet the expenses of the trust described in clause (iii) of section 501(c) (21)(A) Ante, p. 15. for the taxable year, and " (B) the lesser of— " (i) the amount which, when added to the fair market value of the assets of the trust as of the beginning of the taxable year, is necessary to provide all expected future payments with respect to black lung benefit claims which to v •?" > are approved, including any such claims which have been filed and which have not been disapproved, as of the end of the taxable year, or " ( i i) twice the amount which is necessary to provide ^^^v:. all expected future payments with respect to the greater of— " (I) black lung benefit claims filed during the • taxable year or any one of the 3 immediately preceding taxable years, or " ( II) such claims approved during any one of those 4 taxable years. "(c)

SPECIAL RULES. — " (1) DETERMINATION OF EXPECTED FUTURE

PAYMENTS.—The

amounts described in subsection (b) shall be determined by using reasonable actuarial assumptions which are not inconsistent with regulations prescribed by the Secretary. " (2) B E N E F I T PAYMENTS TAKEN INTO ACCOUNT.—In determin-

ing the amounts described in subsection (b), only those black lung benefit claims the payment of which is expected to be made from the trust shall be taken into account. "(3)

T I M E W H E N CONTRIBUTIONS DEEMED MADE.—For purposes

of this section, a taxpayer shall be deemed to have made a payment of a contribution on the last day of a taxable year if the payment is on account of that taxable year and is made not later than the time prescribed by law for filing the return for that taxable year (including extensions thereof). "(4)

CONTRIBUTIONS TO BE I N CASH OR CERTAIN OTHER I T E M S. —

No deduction shall be allowed under subsection (a) with respect to any contribution to a trust described in section 501(c) (21) other than a contribution in cash or in items in which such trust may invest under clause (ii) of section 501(c) (21)(B). "(d)

CARRYOVER OF EXCESS CONTRIBUTIONS.—If the amount of the

deduction determined under subsection (a) for the taxable year (without regard to the limitation imposed by subsection (b)) with respect to a trust exceeds the limitation imposed by subsection (b) for the taxable year, the excess shall be carried over to the succeeding taxable year and treated as contributed to the trust during that year. " (e) DEFINITION OF BLACK L U N G B E N E F I T C L A I M. — For purposes of

this section, the term 'black lung benefit claim' means a claim for compensation for disability or death due to pneumoconiosis under part C of title IV of the Federal Coal Mine Health and Safety Act of 1969 30 USC 931. or under any State law providing for such compensation.". (2) CLERICAL AMENDMENT.—The table of sections for such part is amended by adding a t the end thereof the following new item: "Sec. 192. Contributions to black lung benefit trust.".

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