Page:United States Statutes at Large Volume 94 Part 3.djvu/935

 PUBLIC LAW 96-613—DEC. 28, 1980

94 STAT. 3579

Public Law 96-613 96th Congress An Act To make certain miscellaneous changes in the tax laws.

Dec. 28, 1980 [H.R. 7171]

Be it enacted by the Senate and House of Representatives of the Tax laws, United States of America in Congress assembled, SECTION 1. ANNUITY CONTRACTS PURCHASED BY THE UNIFORMED SERVICES UNIVERSITY OF THE HEALTH SCIENCES.

miscellaneous changes.

(a) IN GENERAL.—An annuity contract purchased by the Uniformed Services University of the Health Sciences for any employee who is a member of the civilian faculty or staff of such university shall, for purposes of section 4030t)) of the Internal Revenue Code of 1954, be 26 USC 403. treated as an annuity contract purchased for an employee by an employer described in section 501(c)(3) of such Code which is exempt 26 USC 501. from tax under section 501(a) of such Code. (b) EFFECTIVE DATE.—Subsection (a) shall apply to service after December 31, 1979, in taxable years ending after such date. SEC. 2. RETIREMENT-REPLACEMENT-BETTERMENT METHOD OF DEPRECIATION.

(a) IN GENERAL.—Section 167 of the Internal Revenue Code of 1954 (relating to allowance for depreciation) is amended by redesignating subsection (r) as subsection (s) and by inserting after subsection (q) the following new subsection: "(r) RETIREMENT-REPLACEMENT-BETTERMENT METHOD.—In the case of railroad track used by a common carrier by railroad (including a railroad switching company or a terminal company), the term 'reasonable allowance' as used in subsection (a) includes an allowance for such tract computed under the retirement-replacement-betterment method.". (b) EFFECTIVE DATE.—The amendments made by subsection (a) shall apply with respect to taxable years ending after December 31, 1953. . SEC. 3 TREATMENT OF CERTAIN RAILROAD STOCK FOR PURPOSES OF CONSOLIDATED RETURN REGULATIONS. (a) IN GENERAL.—For purposes of the consolidated return regulations prescribed under section 1502 of the Internal Revenue Code of 1954, if the determination of whether or not there has been a deemed disposition of stock in a transferor railroad (as defined in section 374(c)(5)(B) of such Code) depends on a determination of final value by the special court under the Regional Rail Reorganization Act of 1973, that deemed disposition shall not be treated as occurring before the earlier of— (1) the date on which such determination becomes final, or (2) the first date on which there is an actual disposition of the stock or a deemed disposition not described above. (b) EFFECTIVE DATE.—Subsection (a) shall apply to taxable years ending after March 31, 1976.

26 USC 167.

26 USC 167 note.

26 USC 1502. 26 USC 374. 45 USC 701 note.

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