Page:United States Statutes at Large Volume 95.djvu/200

 95 STAT. 174

PUBLIC LAW 97-34—AUG. 13, 1981 Subtitle C—Reinvestment of Dividends in Public Utilities Sec. 321. Encouragement of reinvestment of dividends in the stock of public utilities. Subtitle D—Employee Stock Ownership Provisions Sec. 331. PayroU-based credit for establishing employee stock ownership plan. Sec. 332. Termination of the portion of the investment credit attributable to employee plan percentage. Sec. 333. Tax treatment of contributions attributable to principal and interest payments in connection with an employee stock ownership plan. Sec. 334. Cash distributions from an employee stock ownership plan. Sec. 335. Put option for stock bonus plans. Sec. 336. Put option requirements for banks; put option period. Sec. 337. Distribution of employer securities from a tax credit employee stock ownership plan in the case of a sale of employer assets or stock. Sec. 338. Pass through of voting rights on employer securities. Sec. 339. Effective date. TITLE IV-ESTATE AND GIFT TAX PROVISIONS Subtitle A—Increase in Unified Credit; Rate Reduction; Unlimited Marital Deduction Sec. 401. Increase in unified credit. Sec. 402. Reduction in maximum rates of tax. Sec. 403. Unlimited marital deduction. Subtitle B—Other Estate Tax Provisions Sec. 421. Valuation of certain farm, etc., real property. Sec. 422. Coordination of extensions of time for payment of estate tfix where estate consists largely of interest in closely held business. Sec. 423. Treatment of certain contributions of works of art, etc. Sec. 424. Gifts made within 3 years of decedent's death not included in gross estate. Sec. 425. Basis of certain appreciated property transferred to decedent by gift within one year of death. Sec. 426. Disclaimers. Sec. 427. Repeal of deduction for bequests, etc., to certain minor children. Sec. 428. Postponement of generation-skipping tax effective date. Sec. 429. Credit against estate tax for transfer to Smithsonian. Subtitle C—Other Gift Tax Provisions Sec. 441. Increase in annual gift tax exclusion; unlimited exclusion for certain transfers. Sec. 442. Time for payment of gift taxes. TITLE V—TAX STRADDLES Sec. 501. Postponement of recognition of losses, etc. Sec. 502. Capitalization of certain interest and carrying charges in the case of straddles. Sec. 503. Regulated futures contracts marked to market. Sec. 504. Carryback of losses from regulated futures contracts to offer prior gains from such contracts. Sec. 505. Certain governmental obligations issued at discount treated as capital assets. Sec. 506. Prompt identification of securities by dealers in securities. Sec. 507. Treatment of gain or loss from certain terminations. Sec. 508. Effective dates. Sec. 509. Election for extension of time for payment and application of section 1256 for the taxable year including June 23, 1981.

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