Page:United States Statutes at Large Volume 95.djvu/377

 PUBLIC LAW 97-34—AUG. 13, 1981

95 STAT. 351

An obligation shall be treated as described in this subparagraph only for the period which is held by the First Bank and Trust Company of Indianapolis, Indiana. (C) FiREFiGHTiNG PROPERTY.—For purposes of subparagraph (B), the term "firefighting property" means property— (i) which is of a character subject to the allowance for depreciation, and (ii)(I) which is used in the training for the performance of, or in the performance of, firefighting or ambulance services, or (II) which is exclusively used to house the property described in subclause (I).

Subtitle C—Excise Taxes SEC. 821. EXTENSION OF TELEPHONE EXCISE TAX.

(a) IN GENERAL.—The table contained in paragraph (2) of section 4251(a) (relating to imposition of tax on communications) is amended by striking out the last line and inserting in lieu thereof the following: "During 1982, 1983, or 1984

1".

(b) CONFORMING AMENDMENT.—Subsection (b) of section 4251 is 26 USC 4251. amended by striking out "1983" and inserting in lieu thereof "1985". SEC. 822. EXCLUSION OF CERTAIN SERVICES FROM FEDERAL UNEMPLOYMENT TAX ACT.

(a) IN GENERAL.—Section 3306(c) (relating to the definition 26 USC 3306. of employment under the Federal Unemployment Tax Act) is amended— (1) by striking out "or" at the end of paragraph (17); (2) by redesignating paragraph (18) as paragraph (19); and (3) by inserting after paragraph (17) the following new paragraph: "(18) service described in section 3121(b)(20); or". (b) EFFECTIVE DATE.—The amendments made by subsection (a) 26 USC 3306 shall be effective with respect to remuneration paid during 1981. ^°^SEC. 823. PRIVATE FOUNDATION DISTRIBUTIONS. (a) GENERAL RULE. —

(1) Paragraph (1) of section 4942(d) (defining distributable 26 USC 4942. amount) is amended by striking "or the adjusted net income (whichever is higher)". (2) Paragraph (3)(A) of section 4942(j) (defining operating foundation) is amended to read as follows: "(A) which makes qualifying distributions (within the meaning of paragraph (1) or (2) of subsection (g)) directly for the active conduct of the activities constituting the purpose or function for which it is organized and operated equal to substantially all of the lesser of— "(i) its adjusted net income (as defined in subsection (f)), and "(ii) its minimum investment return; and". (3) Paragraph (3) of section 4942(j) is amended by adding at the end thereof the following new sentence: "Notwithstanding the provisons of subparagraph (A), if the qualifying distributions (within the meaning of paragraph (1) or (2) of subsection (g)) of an

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