Page:United States Statutes at Large Volume 94 Part 1.djvu/258

 94 STAT. 208

26 USC 465. 26 USC 465 note.

PUBLIC LAW 96-222—APR. 1, 1980 "(D) EXCLUSION FOR REAL PROPERTY.—In the case of activities described in subparagraph (A), the holding of real property (other than mineral property) shall be treated as a separate activity, and subsection (a) shall not apply to losses from such activity. For purposes of the preceding sentence, personal property and services which are incidental to making real property available as living accommodations shall be treated as part of the activity of holding such real property." (iii) Paragraph (5) of section 465(b) is amended by striking out "to which this section applies" and inserting in lieu thereof "to which subsection (a) applies". (E) CLERICAL AMENDMENT TO EFFECTIVE DATE.—Subparagraph (A) of section 204(b)(2) of the Revenue Act of 1978 (relating to special transitional rules for leasing activities) is amended by striking out "this section" and inserting in lieu thereof "this subtitle". (2) AMENDMENTS RELATED TO SUBTITLE B OF TITLE II OF THE

92 Stat. 2817. 26 USC 6501.

26 USC 6511.

26 USC 761.

ACT.— (A) AMENDMENT OF SECTION 6501.—Section 6501 (relating

to limitations on assessment and collection) is amended by redesignating the subsection added by section 212(a) of the Revenue Act of 1978 as subsection (o). (B) AMENDMENT OF SECTION 65ii(g)(2).—Paragraph (2) of section 6511(g) (relating to special rule for partnership items of federally registered partnerships) is amended by striking out "6501(q)" and inserting in lieu thereof "6501(o)'\ (C) AMENDMENT OF SECTION 761.—Subsection (a) of section 761 (defining partnership) is amended by striking out "or" at the end of paragraph (1), by inserting "or" at the end of paragraph (2), and by inserting after paragraph (2) the following new paragraph: "(3) by dealers in securities for a short period for the purpose of underwriting, selling, or distributing a particular issue of securities,", (b) EFFECTIVE DATE.— For general effective date, see section 201.

92 Stat. 2820.

SEC. 103. AMENDMENTS RELATED TO TITLE IIL (a) GENERAL RULE.— (1) AMENDMENT RELATED TO SECTION 301 OF THE ACT.—Subpara-

26 USC 857.

92 Stat. 2824.

26 USC 46. 26 USC 48. 26 USC 1 note.

graph (A) of section 857(b)(4) (relating to imposition of tax on income from foreclosure property) is amended to read as follows: "(A) IMPOSITION OF TAX.—A tax is hereby imposed for each taxable year on the net income from foreclosure property of every real estate investment trust. Such tax shall be computed by multiplying the net income from foreclosure property by the highest rate of tax specified in section 11(b)." (2) AMENDMENTS RELATED TO SECTION 312 OF THE ACT.— (A) CLARIFICATION OF FLOW-THROUGH PROVISIONS.—Para-

graph (2) of section 312(c) of the Revenue Act of 1978 (relating to repeal of certain obsolete provisions) is amended to read as follows: "(2) Paragraphs (1) and (2) of section 46(f) and subparagraph (B) of section 48(a)(7) are each amended by striking out 'described in section 50' and inserting in lieu thereof 'described in section 50 (as in effect before its repeal by the Revenue Act of 1978)'."

�