Page:United States Statutes at Large Volume 94 Part 1.djvu/274

 94 STAT. 224

26 USC 911.

PUBLIC LAW 96-222—APR. 1, 1980 "(6) HOUSING INCOME.—For purposes of this subsection, the term 'housing income' has the meaning given to the term 'earned income' by section 9110t>) (determined with the rule set forth in paragraph (3) of section 911(c)). "(7) RECAPTURE OF EXCESS HOUSING DEDUCTIONS ATTRIBUTABLE TO TREATMENT OF AFTER-RECEIVED COMPENSATION.—

"(A) IN GENERAL.—There shall be included in the gross income of the individual for the taxable year in which any after-received compensation is received an amount equal to any excess housing deduction determined for such year. "(B) EXCESS HOUSING DEDUCTION.—For purposes of subpar-

agraph (A), the excess housing deduction determined for any taxable year is the excess (if any) of^ "(i) the aggregate amount which has been allowed as a housing deduction (for such taxable year and all prior taxable years), over "(ii) the aggregate amount which would have been allowable as a housing deduction (for such taxable year and all prior taxable years for which a housing deduction has been allowed), by taking after-received compensation into account under this subsection as if it had been received in the taxable year in which the services were performed. In applying the preceding sentence to any taxable year, proper adjustment shall be made for the effect of applying such sentence for purposes of all prior taxable years. "(C) TREATMENT OP AMOUNT INCLUDED IN INCOME.—Any

26 USC 911.

26 USC 217.

amount included in gross income under subparagraph (A) shall not be treated as income for purposes of applying subsection (c) of this section. "(D) DEFINITIONS.—For purposes of this paragraph— "(i) HOUSING DEDUCTION.—The t^rm 'housing deduction' means that portion of the deduction allowable under subsection (a) for any taxable year which is attributable to qualified housing expenses. For such purpose, qualified housing expenses shall be taken into account after all other amounts described in subsection (b). "(ii) AFTER-RECEIVED COMPENSATION.—The term 'after-received compensation' means compensation received by an individual in a taxable year which is attributable to services performed by such individual in the third preceding, second preceding, or first preceding taxable year." (C) CLERICAL AMENDMENT.—Paragraph (2) of section 911(a) (relating to income earned by individuals in certain camps) is amended by striking out "qualified foreign" and inserting in lieu thereof "a foreign country or". (D) AMENDMENT OF LAST SENTENCE OP SECTION 911(a).— The last sentence of section 911(a) (relating to income earned by individuals in certain camps) is amended— (i) by inserting "any deduction," after "his gross income", and (ii) by striking out "deductions allowed by sections 217" and inserting in lieu thereof "deduction allowed by section 217".

�