Page:United States Statutes at Large Volume 96 Part 1.djvu/670

 96 STAT. 628

PUBLIC LAW 97-248—SEPT. 3, 1982 (3) AMENDMENTS MADE BY SUBSECTION (C). — The amendments

m a d e by subsection (c) shall t a k e effect on January 1, 1985. (4) PERIODIC PAYMENTS BEGINNING BEFORE JANUARY i, 1983.—

Regulations.

For purposes of section 3405(a) of the I n t e r n a l Revenue Code of 1954, in the case of periodic payments beginning before January 1, 1983, the first periodic payment after December 31, 1982, shall be t r e a t e d as the first such periodic payment. (5) DELAY IN APPLICATION.—The Secretary of the Treasury shall prescribe such regulations which delay (but not beyond June 30, 1983) the application of some or all of the amendments made by this section with respect to any payor until such t i m e as such payor is able to comply without undue h a r d s h i p with the requirements of such provisions. (6) WAIVER OF PENALTY.—No penalty shall be assessed under section 6672 with respect to any failure to withhold as required by the amendments made by this section if such failure was before July 1, 1983, and if the person m a d e a good faith effort to comply with such withholding requirements. SEC. 33.5. PARTIAL ROLLOVERS OF IRA DISTRIBUTIONS PERMITTED. (a) GENERAL RULE. —

26 USC 408.

(1) Paragraph (3) of section 408(d) is amended by adding a t the end thereof the following new subparagraph: "(C) PARTIAL ROLLOVERS PERMITTED.—

"(i) IN GENERAL.—If any a m o u n t paid or distributed out of a n individual retirement account or individual retirement a n n u i t y would meet the requirements of subparagraph (A) b u t for the fact that the e n t i r e a m o u n t was not paid into a n eligible plan as required by clause (i), (ii), or (iii) of subparagraph (A), such a m o u n t shall be t r e a t e d as meeting the requirements of subparagraph (A) to the extent it is paid into a n eligible plan referred to in such clause not l a t e r than the 60th day referred to in such clause. "(ii) ELIGIBLE P L A N. — For purposes of clause (i), the

26 USC 409.

term 'eligible plan' means any account, a n n u i t y, bond, contract, or plan referred to in subparagraph (A)." (2) Paragraph (3) of section 409(b) is amended by adding a t the end thereof the following new subparagraph: "(D) P A R T I A L ROLLOVERS PERMITTED.—Rules s i m i l a r to the

rules of section 408(d)(3)(C) shall apply for purposes of subparagraph (C)." 26 USC 408 note. (b) EFFECTIVE DATE.—The amendments m a d e by subsection (a) shall apply to distributions made after December 31, 1982, in taxable years ending after such date.

Subtitle F—Transactions Outside the United States or Involving Foreign Persons SEC. 336. JURISDICTION OF COURT AND ENFORCEMENT OF SUMMONS IN CASE OF PERSONS RESIDING OUTSIDE THE UNITED STATES. 26 USC 7701.

(a) GENERAL RULE. — S u b s e c t i o n (a) of section

7701 ( r e l a t i n g

to

definitions) is amended by adding at the end thereof the following new paragraph:

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