Page:United States Statutes at Large Volume 93.djvu/1308

 93 STAT. 1276

PUBLIC LAW 96-167—DEC. 29, 1979

"(a) IN GENERAL.—The annual rate established under this section shall be such adjusted rate as is established by the Secretary under subsection (b)." (c) EFFECTIVE DATES.— 26 USC 6343 note. 26 USC 6621 note.

(1) The amendment made by subsection (a) shall apply to levies made after the date of the enactment of this Act. (2) The amendment made by subsection (b) shall take effect on the date of the enactment of this Act. SEC. 5. REPEAL OF REQUIREMENT THAT TRANSFERORS OF CERTAIN PROPERTY TO EXEMPT ORGANIZATIONS MUST FILE RETURNS.

26 USC 6050.

26 USC 6041. 26 USC 6050 note.

(a) GENERAL RULE.—Section 6050 of the Internal Revenue Code of 1954 (relating to returns relating to certain transfers to exempt organizations) is hereby repealed. (b) CLERICAL AMENDMENT.—The table of sections for subpart B of part III of subchapter A of chapter 61 of such Code is amended by striking out the item relating to section 6050. (c) EFFECTIVE DATE.—The amendments made by this section shall apply to transfers after the date of the enactment of this Act. SEC. 6. REPEAL OF ADDITION TO TAX IN CASE OF JEOPARDY.

26 USC 6658.

26 USC 6651. Effective date. 26 USC 6658 note.

(a) GENERAL RULE.—Section 6658 of the Internal Revenue Code of 1954 (relating to addition to tax in case of jeopardy) is hereby repealed. (b) CLERICAL AMENDMENT.—The table of sections for subchapter A of chapter 68 of such Code is amended by striking out the item relating to section 6658. (c) EFFECTIVE DATE.—The amendments made by this section shall apply to violations (or attempted violations) occuring after the date of the enactment of this Act. SEC. 7. REPEAL OF REQUIREMENTS THAT INFORMATION BE FURNISHED TO THE SERVICE IN CONNECTION WITH CERTAIN OPTIONS.

26 USC 6039.

(a) GENERAL RULE.—Section 6039 of the Internal Revenue Code of 1954 (relating to information required in connection with certain options) is amended to read sis follows: "SEC. 6039. INFORMATION REQUIRED IN CONNECTION WITH CERTAIN OPTIONS.

Regulations.

26 USC 423.

26 USC 424.

"(a) FURNISHING OF INFORMATION.—Every corporation— "(1) which in any calendar year transfers a share of stock to any person pursuant to such person's exercise of a qualified stock option or a restricted stock option, or "(2) which in any calendar year records (or has by its agent recorded) a transfer of the legal title of a share of stock— "(A) acquired by the transfer or pursuant to his exercise of an option described in section 423(c) (relating to special rule where option price is between 85 percent and 100 percent of value of stock), or "(B) acquired by the transferor pursuant to his exercise of a restricted stock option described in section 424(c)(l) (relating to options under which option price is between 85 percent and 95 percent of value of stock), shall (on or before January 31 of the following calendar year) furnish to such person a written statement in such manner and setting forth such information as the Secretary may by regulations prescribe. "(b) SPECIAL RULES.—For purposes of this section—

�