Page:United States Statutes at Large Volume 96 Part 1.djvu/458

 96 STAT. 416

Post, pp. 509, Post, p. 585.

PUBLIC LAW 97-248—SEPT. 3, 1982 "(i) as a limited part n e r in a partnership, or "(ii) as a s h a r e h o l d e r in a n electing small business corporation (as defined in section 1371(b)) if the taxpayer does not actively participate in the m a n a g e m e n t of such corporation. "(t) OTHER DEFINITIONS.—For purposes of this section— "(1) EXEMPTION AMOUNT.—The term 'exemption a m o u n t ' means— "(A) $40,000 in the case of— "(i) a joint r e t u r n, or "(ii) a surviving spouse (as defined in section 2(a)), "(B) $30,000 in the case of a n individual who— "(i) is not a m a r r i e d individual (as defined in section 143), and "(ii) is not a surviving spouse (as so defined), and "(C) $20,000 in the case of— "(i) a m a r r i e d individual (as so defined) who files a s e p a r a t e r e t u r n, or "(ii) a n estate or t r u s t. "(2) REGULAR TAX.—The term 'regular tax ' means the taxes imposed by this chapter for the tax a b l e year (computed without regard to this section and without regard to the taxes imposed by sections 72(m)(5)(B), 72(q), 402(e), 408(f), 409(c), and 667(b)) reduced by the s u m of the credits allowable under subpart A of part IV of this subchapter (other than under sections 31, 39, and 43). For purposes of this paragraph, the a m o u n t of the credits allowable under such subpart shall be determined without regard to this section." (b) ITEMS OF T A X P R E F E R E N C E. —

26 USC 57.

(1) I^f GENERAL.—Subsection (a) of section 57 (relating to items of tax preference) is amended— (A) by striking out paragraph (1) and inserting in lieu thereof the following new paragraph: "(1)

EXCLUSION OF INTEREST AND DIVIDENDS.—Any

amount

excluded from gross income for the taxable year under section 116 or 128.", (B) by striking out paragraph s (5) and (6) and inserting in lieu thereof the following new paragraph s: "(5)

MINING

EXPLORATION

AND DEVELOPMENT

COSTS.—With

respect to each m i n e or other n a t u r a l deposit (other than a n oil or gas well) of the taxpayer, an a m o u n t equal to the excess of— "(A) the a m o u n t allowable as a deduction under section 616(a) or 617, over "(B) the a m o u n t which would h a v e been allowable if the expenditures had been capitalized and amortized r a t a b l y over the 10-year period beginning with the taxable year in which such expenditures were made. "(6) CIRCULATION AND RESEARCH AND EXPERIMENTAL EXPENDI-

TURES.—An a m o u n t equal to the excess of— "(A) the a m o u n t allowable as a deduction under section 173 or 174(a) for the taxable year, over "(B) the a m o u n t which would have been allowable for the taxable year if the circulation expenditures described in section 173 or the research and e x p e r i m e n t a l expenditures described in section 174 had been capitalized and amortized ratably over the 10-year period beginning with the taxable year in which such expenditures were made.", and

�