Page:United States Statutes at Large Volume 92 Part 3.djvu/225

 PUBLIC LAW 95-600—NOV. 6, 1978

92 STAT. 2857

(c) of section 414 shall be treated as employed by a single 26 USC 414. employer for purposes of this section. "(9) REGULATIONS.—The Secretary shall prescribe such regulations as may be necessary to carry out the provisions of this section. "(10) TIME OF INCLUSION.—Any amount paid for a plan year that is included in income by reason of this subsection shall be treated as received or accrued in the taxable year of the participant in which the plan year ends." (b) EFFECTIVE DATE.—The amendments made by this section shall 26 USC 105 apply to taxable years beginning after December 31, 1979. "°*^SEC. 367. THREE-YEAR EXTENSION OF PROVISION FOR 60-MONTH DEPRECIATION OF EXPENDITURES TO REHABILITATE LOWINCOME RENTAL HOUSING.

Subsection (k) of section 167 (relating to depreciation of expendi- 26 USC 167. tures to rehabilitate low-income rental housing) is amended by striking out "January 1, 1979" each place it appears and inserting in lieu thereof "January 1, 1982". SEC. 368. DELAY IN APPLICATION OF NEW NET OPERATING LOSS RULES.

(a) IN GENERAL.—Except as provided in subsection (b), paragraphs (2) and (3) of section 806(g) of the Tax Reform Act of 1976 (relating to effective dates for the amendments to sections 382 and 383 of the Code) are amended by striking out "1978" each place it appears and inserting in lieu thereof "1980".

26 USC 382 "o*^ooo^^^ ^^^' '*"'^-

(b) ELECTION OF PRIOR LAW.—

(1) A taxpayer may elect not to have the amendment made by subsection (a) apply with respect to any acquisition or reorganization occurring before the end of the taxpayer's first taxable year beginning after June 30, 1978, where such acquisition or reorganization occurs pursuant to a written binding contract or option to acquire stock or assets which was entered into before September 27, 1978. (2) An election under this subsection shall be filed with a taxpayer's timely filed return for the first taxable year in which a reorganization or acquisition described in paragraph (1) occurs, or, if later, within 90 days after the date of enactment of this Act. Such election shall apply to all acquisitions and reorganizations to which, but for such election, subsection (a) would apply. SEC. 369. USE OF CERTAIN EXPIRED NET OPERATING LOSS CARRYOVERS. (a) IN GENERAL.—Clause (iv) of section 374(e)(1)(A) (relating to use of expired net operating loss carryovers to offset income arising from certain railroad reorganization proceedings) is amended to read as follows: "(iv) a redemption of a certificate of value of the United States Railway Association issued under section 306 of such Act to such corporation (or issued to another member of the same affiliated group (within the meaning of section 1504) as such corporation for their taxable years which included March 31, 1967),". (b) EFFECTIVE DATE.—The amendment made by subsection (a) shall apply to taxable years ending after March 31, 1976.

39-194 O - 8 0 - p t. 3

15: QU

26 USC 374.

26 USC 306. 26 USC 1504. 26 USC 374 note.

�