Page:United States Statutes at Large Volume 92 Part 1.djvu/76

 92 STAT. 22

PUBLIC LAW 95-227—FEB. 10, 1978

26 USC 4953.

"SEC. 4953. TAX ON EXCESS CONTRIBUTIONS TO BLACK LUNG BENEFIT TRUSTS. "(a) TAX IMPOSED.—There is hereby imposed for each taxable year a tax in an amount equal to 5 percent of the amount of the excess contributions made by a person to or under a trust or trusts described in section 501(c) (21). The tax imposed by this subsection shall be paid by the person making the excess contribution. "(b) EXCESS CONTRIBUTION.—For purposes of this section, the teiin 'excess contribution' means the sum of— "(1) the amount by which the amount contributed for the taxable year to a trust or trusts described in section 501(c) (21) exceeds the amount of the deduction allowable to such person for such contributions for the taxable year under section 192, and "(2) the amount determined under this subsection for the preceding taxable year, reduced by the sum of— " (A) the excess of the maximum amount allowable as a deduction under section 192 for the taxable year over the amount contributed to the trust or trusts for the taxable year, and which were excess contributions for the preceding taxable year,
 * " (B) amounts distributed from the trust to the contributor

Anu, p. 15. "Excess contribution."

Ante, p. 16.

"(c)

TREATMENT OF WITHDRAWAL OF EXCESS CONTRIBUTIONS.—

Amounts distributed during the taxable year from a trust described in section 501(c) (21) to the contributor thereof the sum of which does not exceed the amount of the excess contribution made by the contributor shall not be treated as— "(1) an act of self-dealing (within the meaning of section 4951), "(2) a taxable expenditure (within the meaning of section 4952), or "(3) an act contrary to the purposes for which the trust is '-'"•'^"'' exempt from taxation under section 501(a).". '" " '

(2)

CLERICAL AMENDMENTS.—

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(A) Chapter 42 of such Code is amended by striking out the chapter heading and inserting in lieu thereof the following: ^ ^^^^^ _^^^^^, ^^_^^ "CHAPTER 42—PRIVATE FOUNDATIONS; BLACK LUNG B E N E F I T TRUSTS "SUBCHAPTER A. Private foundations. "SUBCHAPTER B. Black lung benefit trusts. "Subchapter A—Private Foundations**. 26 USC 4946.

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(B) Subsections (a)(1) and (b) of section 4946 of such Code are each amended by striking out "For purposes of this chapter" and inserting in lieu thereof "For purposes of this subchapter". (C) The table of chapters for subtitle T> of such Code is amended by striking out the item relating to chapter 42 and inserting in lieu thereof the following: "CHAPTER 42. Private foundations, black lung benefit trusts.".

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