Page:United States Statutes at Large Volume 96 Part 1.djvu/593

 PUBLIC LAW 97-248—SEPT. 3, 1982

96 STAT. 551

(B) by striking out "2.1 percent" and inserting in lieu thereof "1.9 percent". (2) TAXPAYER ALLOWED TO ELECT OUT OF APPROXIMATE REVALU-

ATION.—The last sentence of section 818(c) (relating to life insurance reserves computed on preliminary term basis) is amended— (A) by inserting "or in effect for a taxable year beginning in 1981" after "1958" the first place it appears, and (B) by inserting "or 1981, whichever is applicable" after "1958" the second place it appears. (b) EFFECTIVE DATE.—The amendments made by this section shall apply to taxable years beginning after December 31, 1981, but only with respect to reserves established under contracts entered into after March 31, 1982.

26 USC 818.

26 USC 818 note.

PART IV—UNDERPAYMENTS OF ESTIMATED TAX FOR 1982 SEC. 268. UNDERPAYMENTS OF ESTIMATED TAX FOR 1982.

26 USC 802 note.

No addition to the tax shall be made under section 6655 of the Internal Revenue Code of 1954 (relating to failure by corporation to pay estimated income tax) for any period before December 15, 1982, with respect to any underpayment of estimated tax by a taxpayer with respect to any tax imposed by section 802(a), to the extent that such underpayment was created or increased by any provisions of this subtitle.

Subtitle E—Employment Taxes PART I—IN GENERAL SEC. 269. TREATMENT OF REAL ESTATE AGENTS AND DIRECT SELLERS.

(a) GENERAL RULE.—Chapter 25 of the Internal Revenue Code of 1954 is amended by adding at the end thereof the following new section: "SEC. 3508. TREATMENT OF REAL ESTATE AGENTS AND DIRECT SELLERS.

"(a) GENERAL RULE.—For purposes of this title, in the case of services performed as a qualified real estate agent or as a direct seller— "(1) the individual performing such services shall not be treated as an employee, and "(2) the person for whom such services are performed shall not be treated as an employer. "(b) DEFINITIONS.—For purposes of this section— "(1) QUALIFIED REAL ESTATE AGENT.—The term 'qualified real estate agent' means any individual who is a sales person if— "(A) such individual is a licensed real estate agent, "(B) substantially all of the remuneration (whether or not paid in cash) for the services performed by such individual as a real estate agent is directly related to sales or other output (including the performance of services) rather than to the number of hours worked, and "(C) the services performed by the individual are performed pursuant to a written contract between such individual and the person for whom the services are performed and such contract provides that the individual will not be

26 USC 3508.

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