Page:United States Statutes at Large Volume 94 Part 1.djvu/273

 PUBLIC LAW 96-222—APR. 1, 1980

94 STAT. 223

(D) The section 6698 which relates to failure to file infor- 26 USC 6698A. mation with respect to carryover basis property is redesig26 USC 6698A. nated as section 6698A. (E) The table of sections for subchapter B of chapter 68 is amended by striking out "Sec. 6698. Failure to file information with respect to carryover basis property."

and inserting in lieu thereof the following: "Sec. 6698A. Failure to file information with respect to carryover basis property."

(F)(i) If the executor elects the benefits of this subparagraph with respect to any estate, section 2035(b) of the Internal Revenue Code of 1954 (relating to adjustments for gifts made within 3 years of decedent's death) shall be applied with respect to transfers made by the decedent during 1977 as if paragraph (2) of such section 2035(b) read as follows: "(2) to any gift to a donee made during 1977 to the extent of the amount of such gift which was excludable in computing taxable gifts by reason of section 2503(b) (relating to $3,000 annual exclusion for purposes of the gift tax) determined without regard to section 2513(a)." (ii) The election under clause (i) with respect to any estate shall be made on or before the later of— (I) the due date for filing the estate tax return, or (II) the day which is 120 days after the date of the enactment of this Act. (3) AMENDMENTS RELATED TO SECTION 703 OF THE ACT.—

26 USC 2035 note. 26 USC 2035.

26 USC 2503. 26 USC 2513.

92 Stat. 2939. 26 USC 46.

(A) The first sentence of paragraph (8) of section 46(f) is amended by striking out "subsection (a)(7)(D)" and inserting in lieu thereof "subsection (a)(7)(C)". (B) Subsection (e) of section 703 of the Revenue Act of 1978 Repeal. is hereby repealed. 26 USC 911. (C) Paragraph (1) of section 703(q) of the Revenue Act of 26 USC 103. 1978 is amended by striking out "section 103(d)" and inserting in lieu thereof section 103(c)".

(b) EFFECTIVE DATE.— Post, p. 228. For general effective date, see section 201. SEC. 108. AMENDMENTS RELATED TO CERTAIN OTHER ACTS ENACTED DURING 1978. 26 USC 1 note. (a) FOREIGN EARNED INCOME ACT OF 1978.— (1) IN GENERAL.— (A) TAX TABLES TO APPLY TO INDIVIDUALS CLAIMING SECTION 92 Stat. 3098.

911 EXCLUSION.—Section 202 of the Foreign Earned Income e 43, Act of 1978 is amended by redesignating subsection (f) as 26 u s 1304, 911, 1302, subsection (g) and by inserting after subsection (e) the 6012, 6091. 1402, following new subsection:

"(f) TAX TABLES TO APPLY TO INDIVIDUALS CLAIMING SECTION 911

EXCLUSION.—Paragraph (1) of section 3(b) (relating to tax tables not 26 USC 3. to apply to certain individuals) is amended by striking out subparagraph (A)." (B) DETERMINATION OF HOUSING DEDUCTION.—

(i) Clause (i) of section 913(e)(3)(A) is amended by 26 USC 913. striking out "earned income" each place it appears and inserting in lieu thereof "housing income". (ii) Subsection (e) of section 913 is amended by adding at the end thereof the following new paragraphs:

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