Page:United States Statutes at Large Volume 92 Part 3.djvu/466

 92 STAT. 3098

26 USC 117 note. •'. • • '; I

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26 USC 167. \,

PUBLIC LAW 95-615—NOV. 8, 1978 SEC. 6. APPLICATION OF SECTION 117 TO CERTAIN EDUCATION PROGRAMS FOR MEMBERS OF THE UNIFORMED SERVICES. Subsection (c) of section 4 of the Act entitled " A n Act to suspend until the close of June 30, 1975, the d u t y on certain carboxmethyl cellulose salts, and for other purposes", approved October 26, 1974 (Public Law 93-483), is amended to read as follows: " (c) EFFECTIVE D A T E. — The provisions of this section shall apply with respect to amounts received during calendar years 1973, 1974, and 1975, and, in the case of a member of a uniformed service receiving t r a i n i n g after 1975 and before 1979 in programs described in subsection (a), with respect to amounts received after 1975 and before 1983." SEC. 7. EXTENSION OF 5-YEAR AMORTIZATION FOR LOW-INCOME HOUSING. (a) IN GENERAL.—Subsection (k) of section 167 of the I n t e r n a l Revenue Code of 1954 (relating to depreciation of expenditures to rehabilitate low-income rental housing) is amended by striking out " January 1, 1978" each place it appears and inserting in lieu thereof " January 1, 1979". (b) TECHNICAL AMENDMENT.—Subsection (b) of section 203 of the

26 USC 167note.

26 USC 382, 383. 26 use382 note, 383 note.

Foreign Earned Income Act of l^ukr °°*®" 26 USC 1. 26 USC 911.

Pos^ p. 3100.

T a x Reform Act of 1976 is amended by striking out ", and before January 1, 1978, and expenditures made pursuant to a binding contract entered into before January 1, 1978". SEC. 8. RULES FOR CARRYOVERS WHERE LOSS CORPORATIONS ARE ACQUIRED (SECTIONS 382 AND 383 OF THE INTERNAL REVENUE CODE OF 1954). Paragraph s (2) and (3) of section 806(g) of the T a x 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". SEC. 201. SHORT TITLE, ETC. (a) SHORT TITLE. — T h i s Act may be cited as the "Foreign E a r n e d Income Act of 1978". ^^^ AMENDMENTS o r 1954 CODE.—Except as otherwise expressly provided, whenever in this Act an amendment or repeal is expressed in terms of an amendment to, or repeal of, a section or other provision, the reference shall be considered to be made to a section or other provision of the I n t e r n a l Revenue Code of 1954. SEC. 202. INCOME EARNED BY INDIVIDUALS IN CERTAIN CAMPS. (a) SECTION 911 EXCLUSION.—Subsection (a) of section 911 (relating to earned income from sources without the United States) is amended to read as follows: " (a) GENERAL RULE. — I n the case of an individual described in section 913(a) who, because of his employment, resides in a camp located in a h a r d s h i p area, the following items shall not be included in gross income and shall be exempt from taxation under this subtitle: " (1) BONA FIDE RESIDENT OF FOREIGN COUNTRY.—If such indi-

vidual is described in section 913(a)(1), amounts received from sources within a foreign country or countries (except amounts paid by the United States or any agency thereof) which constitute earned income attributable to services performed during the period of bona fide residence. The amount excluded under this paragraph for any taxable year shall be computed by applying the special rules contained in subsection (c).

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