Page:United States Statutes at Large Volume 92 Part 3.djvu/265

 PUBLIC LAW 95-600—NOV. 6, 1978

92 STAT. 2897

"SEC. 6039B. RETURN OF GENERAL STOCK OWNERSHIP CORPORATION. "Every general stock ownership corporation (as defined in section 1391) which makes the election provided by section 1392 shall make a return for each taxable year, stating specifically the items of its gross income and the deductions allowable by subtitle A, the amount of investment credit or additional tax, as the case may be, the names and addresses of all persons owning stock in the corporation at any time during the taxable year, the number of shares of stock owned by each shareholder at all times during the taxable year, the amount of money and other property distributed by the corporation during the taxable year to each shareholder, the date of each such distribution, and such other information, for the purpose of carrying out the provisions of subchapter U of chapter 1, as the Secretary may by regulation prescribe. Any return filed pursuant to this section shall, for purposes of chapter 66 (relating to limitations), be treated as a return filed by the corporation under section 6012. Eveiy GSOC shall file an annual report with the Secretary summarizing its operations for such year."

26 USC 6039B. 26 USC 1391, 1392.

26 USC 6501 et 26 USC 6012.

(c) CLERICAL AMENDMENTS.—

(1) The table of subchapters for chapter 1 is amended by adding at the end thereof the following: "SUBCHAPTER U.—General stock ownership plans."

(2) The table of sections for subpart A of part III of subchapter A of chapter 61 is amended by adding at the end thereof the following: "Sec. 6039B. Return of general stock ownership corporation." EFFECTIVE DATE.—The amendments made by this section

(d) shall ^6 USC 1391 apply with respect to corporations chartered after December 31, 1978, "*^^^and before January 1, 1984. s:

TITLE VII—TECHNICAL CORRECTIONS OF THE TAX REFORM ACT OF 1976 SEC. 701. TECHNICAL AMENDMENTS TO INCOME TAX PROVISIONS AND ADMINISTRATIVE PROVISIONS. (a) AMENDMENTS RELATING TO RETENTION OF PRIOR LAW FOR RETIREMENT INCOME CREDIT UNDER SECTION 37(e).— 26 USC 37. (1) CLARIFICATION THAT SPOUSE UNDER AGE 65 MUST HAVE PUBLIC RETIREMENT SYSTEM INCOME.—Paragraph (2) of section

37(e) (relating to election of prior law with respect to public retirement system income) is amended by striking out "who has not attained age 65 before the close of the taxable year" and inserting in lieu thereof "who has not attained age 65 before the close of the taxable year (and whose gross income includes income described in paragraph (4)(B))". (2) CLARIFICATION THAT QUALIFYING SERVICES MUST HAVE BEEN PERFORMED BY TAXPAYER OR SPOUSE.—Subparagraph (B) of sec-

tion 37(e)(4) (defining retirement income) is amended by inserting "and who performed the services giving rise to the pension or annuity (or is the spouse of the individual who performed the services)" after "before the close of the taxable year". (3) DISREGARD OF COMMUNITY PROPERTY LAWS.—Subsection (c)

of section 37 (relating to election of prior law with respect to public retirement system income) is amended—

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