Page:United States Statutes at Large Volume 92 Part 3.djvu/177

 PUBLIC LAW 95-600—NOV. 6, 1978

92 STAT. 2809

the Secretary may waive the tax imposed by subsection (a) for the taxable year." (2) EFFECTIVE DATE.—The amendment made by paragraph (1) 26 USC 4974 shall apply to taxable years beginning after December 31, 1975. note. (j) REMOVAL OF CERTAIN LIMITATIONS ON PROVISION ALLOWING CORRECTION OF EXCESS CONTRIBUTIONS.— (1) GENERAL RULE.—The last sentence of section 4973(b) (defin- 26 USC 4973.

ing excess contributions) is amended to read as follows: "For purposes of this subsection, any contribution which is distributed from the individual retirement account, individual retirement annuity, or bond in a distribution to which section 408(d)(4) 26 USC 408. applies shall be treated as an amount not contributed." (2) EFFECTIVE DATE.—The amendment made by paragraph (1) 26 USC 4973 shall apply to contributions made for taxable years beginning note. after December 31, 1977. (k) SIMPLIFICATION OF RETURN REQUIREMENTS WITH RESPECT TO INDIVIDUAL RETIREMENT PLANS.—

(1) IN GENERAL.—Section 6058 (relating to information 26 USC 6058. required in connection with certain plans of deferred compensation) is amended by redesignating subsection (d) as subsection (f) and by striking out subsection (c) and inserting in lieu thereof the following new subsections. "(c) EMPLOYER.—For purposes of this section, the term 'employer* includes a person described in section 401(c)(4) and an individual who 26 USC 401. establishes an individual retirement plan. "(d) COORDINATION WITH INCOME TAX RETURNS, ETC.—An individ-

ual who establishes an individual retirement plan shall not be required to file a return under this section with respect to such plan for any taxable year for which there is— "(1) no special IRP tax, and "(2) no plan activity other than— "(A) the making of contributions (other than rollover contributions), and "(B) the making of distributions. "(e) SPECIAL IRP TAX DEFINED.—For purposes of this section, the term 'special IRP tax' means a tax imposed by— "(1) section 408(f), "(2) section 409(c), "(3) section 4973, or "(4) section 4974.".

26 26 26 26

use use use use

408. 4090. 4973. 4974.

(2) INDIVIDUAL RETIREMENT PLAN DEFINED.—Subsection (a) of

section 7701 (relating to definitions of general application throughout the Code) is amended by adding at the end thereof the following new paragraph: "(37) INDIVIDUAL RETIREMENT PLAN.—The term 'individual retirement plan' means— "(A) an individual retirement account described in section 408(a), "(B) an individual retirement annuity described in section 408(b), and "(C) a retirement bond described in section 409." (3) EFFECTIVE DATE.—The amendments made by paragraph (1) shall apply to returns for taxable years beginning after December 31, 1977. The amendment made by paragraph (2) shall apply to taxable years beginning after December 31, 1974.

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26 USC 7701.

26 USC 408. 26 USC 409. 26 USC 6058 note.

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