Page:United States Statutes at Large Volume 94 Part 1.djvu/268

 94 STAT. 218 26 USC 666.

26 USC 5. 26 USC 55. 92 Stat. 2878.

26 USC 1348 ^°^-

PUBLIC LAW 96-222—APR. 1, 1980 (vi) The second sentence of section 666(c) (relating to pro rata portion of taxes deemed distributed) is amended by inserting "(other than the tax imposed by section 55)" after "equal to the taxes". (vii) Paragraph (4) of section 5(a) is amended by striking out "section 55" and inserting in lieu thereof "sections 55 and 56". (viii) Paragraph (2) of section 55(b) is amended by inserting "409(c)," after "408(f),". (5) AMENDMENTS RELATED TO SECTION 441 OP THE ACT.—

(A) TRANSITIONAL RULE.—Paragraph (2) of section 441(b) of the Revenue Act of 1978 (relating to transitional rules) is amended to read as follows: "(2) TAXABLE YEARS WHICH STRADDLE NOVEMBER i, 1978.—In

26 USC 1348. 26 USC 57.

26 USC 1348. 26 USC 1201 ^° '

the case of a taxable year which begins before November 1, 1978, and ends after October 31, 1978, the amount taken into account under section 1348(b)(2)(B) of the Internal Revenue Code of 1954 by reason of section 57(a)(9) of such Code shall be 50 percent of the lesser of— "(A) the net capital gain for the taxable year, or "(B) the net capital gain taking into account only gain or loss properly taken into account for the portion of the taxable year before November 1, 1978." (B) CLERICAL AMENDMENT.—Subsection (a) of section 441 of the Revenue Act of 1978 is amended by striking out "subparagraph 0))" and inserting in lieu thereof "subparagraph (B)". (b) EFFECTIVE DATES.— (1) SPECIAL EFFECTIVE DATE FOR SUBSECTION (a)(2)(B).—The

amendments made by subsection (a)(2)(B) shall apply to taxable years beginning in 1978. (2) GENERAL EFFECTIVE DATE.—

Post, p. 228.

For general effective date, see section 201.

SEC. 105. AMENDMENTS RELATED TO TITLE V. 92 Stat. 2879.

26 USC 7463.

(a) GENERAL RULE.— (1) AMENDMENTS RELATED TO SECTION 502 OF THE ACT.—

26 USC 7456.

(A) Subsection (g) of section 7463 (relating to small tax case procedures) is hereby repealed. (B) Subsection (c) of section 7456 (relating to commissioners of the Tax Court) is amended by striking out "sections 7428" and inserting in lieu thereof "sections 7428, 7463".

92 Stat. 2880.

(2) AMENDMENT RELATED TO SECTION 504 OF THE ACT.—Para-

26 USC 6411.

graph (2) of section 6411(d) (relating to tentative refund of tax under claim of right adjustment) is amended to read as follows: "(2) ALLOWANCE OF ADJUSTMENTS.—Within a period of 90 days from the date on which an application is filed under paragraph (1) or from the date of the overpayment (determined under section 1341(b)(1)), whichever is later, the Secretary shall— "(A) review the application, "(B) determine the amount of the overpayment, and "(C) apply, credit, or refund such overpayment, in a manner similar to the manner provided in subsection Qo)."

26 USC 1341.

92 Stat. 2881.

(3) AMENDMENTS RELATED TO SECTION 511 OF THE ACT.— (A) AGGREGATE ADJUSTED CONSIDERATION MUST BE LESS

26 USC 2040.

THAN VALUE.—Paragraph (2) of section 2040(c) (relating to limitations) is amended by adding at the end thereof the following new subparagraph:

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