Page:United States Statutes at Large Volume 95.djvu/1666

 95 STAT. 1640

PUBLIC LAW 97-119—DEC. 29, 1981

Subtitle B—Miscellaneous Revenue Amendments SEC. 111. ADDITIONAL 2-YEAR DELAY IN APPLICATION OF THE NET OPERATING LOSS RULES ADDED BY THE TAX REFORM ACT OF 1976.

Paragraphs (2) and (3) of section 806(g) of the Tax Reform Act of 26 USC 382 note. 1976 (relating to effective dates for the amendments to sections 382 26 USC 382, 383. and 383 of the Internal Revenue Code of 1954) are amended by striking out "1982" each place it appears and inserting in lieu thereof "1984". SEC. 112. INFORMATION RETURNS WITH RESPECT TO SAFE HARBOR LEASES. 26 USC 168 note.

Ante, p. 204.

(a) REQUIREMENT OF RETURN.—

(1) IN GENERAL.—Except as provided in paragraph (2), paragraph (8) of section 168(f) of the Internal Revenue Code of 1954 (relating to special rule for leases) shall not apply with respect to an agreement unless a return, signed by the lessor and lessee and containing the information required to be included in the return pursuant to subsection (b), has been filed with the Internal Revenue Service not later than the 30th day after the date on which the agreement is executed. (2) SPECIAL RULES FOR AGREEMENTS EXECUTED BEFORE JANUARY 1, 1982.—

(A) IN GENERAL.—In the case of an agreement executed before January 1, 1982, such agreement shall cease on February 1, 1982, to be treated as a lease under section 168(0(8) unless a return, signed by the lessor and containing the information required to be included in subsection (b), has been filed with the Internal Revenue Service not later than January 31, 1982. (B) FiuNG BY LESSEE.—If the lessor does not file a return under subparagraph (A), the return requirement under subparagraph (A) shall be satisfied if such return is filed by the lessee before January 31, 1982. (3) CERTAIN FAILURE TO FILE.—If—

(A) a lessor or lessee fails to file any return within the time prescribed by this subsection, and (B) such failure is shown to be due to reasonable cause and not due to willful neglect, the lessor or lessee shall be treated as having filed a timely return if a return is filed within a reasonable time after the failure is ascertained. 0)) INFORMATION REQUIRED.—The information required to be included in the return pursuant to this subsection is as follows: (1) The name, address, and taxpayer identifying number of the lessor and the lessee (and parent company if a consolidated return is filed); (2) The district director's office with which the income tax returns of the lessor and lessee are filed; (3) A description of each individual property with respect to which the election is made; (4) The date on which the lessee places the property in service, the date on which the lease begins and the term of the lease;

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