Page:United States Statutes at Large Volume 94 Part 1.djvu/264

 94 STAT. 214

PUBLIC LAW 96-222—APR. 1, 1980 of applying such amendment, there shall not be taken into account any amount reimbursed before January 1, 1980."

92 Stat. 2857.

26 USC 374.

92 Stat. 2859. 26 USC 172.

(14) AMENDMENT RELATED TO SECTION 369 OF THE ACT.—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 by striking out "March 31, 1967" and inserting in lieu thereof "March 31, 1976". (15) AMENDMENT RELATED TO SECTION 371 OF THE ACT.—Paragraph (2) of section 371(a) of the Revenue Act of 1978 (relating to net operating losses attributable to product liability losses) is amended by striking out "Clause (i) of section 172(b)(1)(A)" and inserting in lieu thereof "Subparagraph (A) of section 172(b)(1)".

92 Stat. 2863.

(16) AMENDMENT RELATED TO SECTION 373 OF THE ACT. — S u b p a r -

26 USC 466.

agraph (B) of section 466(e)(2) (relating to initial opening balance of suspense account) is amended by striking out "first taxable years" and inserting in lieu thereof "first taxable year", (b) EFFECTIVE DATES.—

26 USC 51 note.

(1) SPECIAL EFFECTIVE DATE.—The amendment made by subsection (a)(5)(F) shall apply to wages paid or incurred on or after November 27, 1979, in taxable years ending on or after such date. (2) GENERAL EFFECTIVE DATE.—

Post, p. 228.

For general effective date, see section 201. SEC. 104. AMENDMENTS RELATED TO TITLE IV.

92 Stat. 2866.

26 USC 877.

(a) IN GENERAL.— (1) AMENDMENT RELATED TO SECTION 4 0 1 OF THE ACT.—SubseC-

tion (b) of section 877 is amended by striking out "402(e)(1), or section 1201(b)" and inserting in lieu thereof "or 402(e)(1)".

92 Stat. 2867.

(2) AMENDMENTS RELATED TO SECTION 402 OF THE ACT.— (A) AMENDMENTS OF TRANSITIONAL RULE.—Subsection (c) of

26 USC 1202.

section 1202 (relating to transitional rule of taxable years which include November 1, 1978) is amended— (i) by striking out so much of such subsection as precedes "a taxpayer other than a corporation" and inserting in lieu thereof: "(c) TRANSITIONAL RULE.—If for any taxable year ending after October 31, 1978, and beginning before November 1, 1979,"; and (ii) by amending subparagraph (B) of paragraph (1) to read as follows: "(B) the net capital gain taking into account only gain or loss properly taken into account for the portion of the taxable year after October 31, 1978, plus". (B) COMPUTATION OF MAXIMUM 25 PERCENT ALTERNATIVE CAPITAL G A I N S TAX FOR 1978.—

26 USC 1201.

(i) Paragraph (1) of section 1201(b) (as such paragraph was in effect for taxable years beginning before January 1, 1979) is amended by striking out "50 percent of the net capital gain" and inserting in lieu thereof "the excess of the net capital gain over the deduction under section 1202". (ii) Subsection (c) of section 1201 (as such subsection was in effect for taxable years beginning before January 1, 1979) is amended to read as follows: "(c) COMPUTATION OF TAX WHERE CAPITAL GAIN EXCEEDS $50,000.—

26 USC 1,511.

The tax computed for purposes of subsection (b)(3) amount by which a tax determined under section 1 amount equal to the taxable income (but not less than the net capital gain over the deduction under section

shall be the or 511 on an the excess of 1202) for the

�