Page:United States Statutes at Large Volume 96 Part 2.djvu/1016

 96 STAT. 2378

PUBLIC LAW 97-448—JAN. 12, 1983 "(2) Subparagraph (J) of section 402(e)(4) (relating to tax on lump sum distribution) is amended by adding at the end thereof the following new sentence: 'This subparagraph shall not apply to distributions of accumulated deductible employee contributions (within the meaning of section 72(o)(5)).' "

95 Stat. 283.

26 USC 408.

26 USC 401.

26 USC 72 note.

95 Stat. 286.

26 USC 408.

26 USC 408. 95 Stat. 287.

26 USC 305.

((J) AMENDMENTS RELATED TO SECTION 3 1 2. — (1) SiMPUFIED EMPLOYEE PENSIONS.—

(A) Clause (ii) of section 408(k)(3)(C) (relating to uniform relationships of contributions) is amended by striking out "on behalf of each employee" and inserting in lieu thereof "on behalf of each employee (other than an employee within the meaning of section 401(c)(1))". (B) Subsection (j) of section 408 is amended by striking out "$15,000" and inserting in lieu thereof "$17,000". (2) CONFORMING AMENDMENT.—The last sentence of section 401(j)(3) is amended— (A) by striking out "subsection (j)(2)" and inserting in lieu thereof "paragraph (2)", and (B) by inserting "with respect only to such change" after "participation". (3) CLARIFICATION OF EFFECTIVE DATE.—Paragraph (1) of Section 312(f) of the Economic Recovery Tax Act of 1981 (relating to effective date) is amended by striking out "plans which include employees within the meaning of section 401(c)(l) with respect to". (e) AMENDMENTS RELATED TO SECTION 3 1 4. —

(1) Paragraph (1) of section 314(b) of the Economic Recovery Tax Act of 1981 is amended by striking out "by redesignating subsection (n) as subsection (o) and by inserting after subsection (m)" and inserting in lieu thereof "by redesignating subsection (m) as subsection (n) and by inserting after subsection (1)". (2) Section 408 is amended by redesignating the subsection added by section 314(b)(l) of the Economic Recovery Tax Act of 1981 as subsection (m). (f) AMENDMENTS RELATED TO SECTION 3 2 1. —

(1) Subparagraph (A) of section 305(e)(3) (defining qualified public utility) is amended to read as follows: "(A) IN GENERAL.—For purposes of this subsection, the term 'qualified public utility' means, for any tsixable year of the corporation, a domestic corporation which, for the 10-year period ending on the day before the beginning of the taxable year, placed in service qualified long-life public utility property having a cost equgd to at least 60 percent of the aggregate cost of all tangible property described in subparagraph (A) or (B) of section 1245(a)(3) placed in service by the corporation during such period." (2) Clause (ii) of section 305(e)(3)(C) is amended to read as follows: "(ii) QUALIFIED LONG-LIFE PUBLIC UTILITY PROPERTY.—

The term 'qualified long-life public utility property' means any tangible property which— "(I) is described in subparagraph (A) or (B) of section 1245(a)(3), "(II) has a present class life (as defined in section 168(g)(2)) of more than 18 years, and "(III) is public utility property (within the meaning of section 167(1)(3)(A))."

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