Page:United States Statutes at Large Volume 96 Part 2.djvu/1029

 PUBLIC LAW 97-448—JAN. 12, 1983 SEC. 107. AMENDMENTS RELATED TO TITLE VII OF THE ACT, (a) AMENDMENTS RELATED TO SECTION 722.—

96 STAT. 2391 95 Stat. 341.

(1) AGGREGATION OF PROPERTIES.—Subsection (d) of section

6659 (relating to underpayment must be at least $1,000) is amended by striking out "the valuation overstatement" and inserting in lieu thereof "valuation overstatements".

26 USC 6659.

(2) CLARIFICATION OF DEFINITION OF VALUATION OVERSTATE-

MENT.—Paragraph (1) of section 6659(c) (defining valuation overstatement) is amended by striking out "exceeds 150 percent o f and inserting in lieu thereof 'Is 150 percent or more of. (3) CLARIFICATION OF INCREASE IN NEGUGENCE PENALTY.—

Subparagraph (B) of section 6653(a)(2) (relating to additional amount for portion attributable to negligence, etc.) is simended by inserting "(or, if earlier, the date of the payment of the tax)" ^ t e r "assessment of the tax". (b) AMENDMENTS RELATED TO SECTION 724.—Subsection (c) of section 5761 (relating to application of section 6659) is amended— (1) by striking out "section 6659(a)" and inserting in lieu thereof "section 6660(a)", and (2) by striking out "Section 6659" in the heading and inserting in lieu thereof Section 6660". (c) AMENDMENT RELATING TO SECTION 725.— (1) Paragraph (1) of section 6654(f) (relating to exception to penalty for failure to pay estimated tax where tax is small amount) is amended by striking out "is less than" and inserting in lieu thereof ", reduced by the credit allowable under section 31, is less than". (2) Subsection (a) of section 6015 (relating to requirement of declaration of estimated income tax by individuals) is amended by striking out "entitled under subsection (b)" each place it appears and inserting in lieu thereof "entitled under subsection

26 USC 6653.

95 Stat. 344. 26 USC 5761.

95 Stat. 345. 26 USC 6654.

26 USC 6015.

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SEC. 108. AMENDMENTS RELATED TO TITLE VIII OF THE ACT. (a) AMENDMENT RELATED TO SECTION 802.—Subsection (e) of section 120 (relating to termination of exclusion for amounts received under qualified group legal service plans) is amended by striking out "This section" and inserting in lieu thereof "This section and section 501(c)(20)". (b) AMENDMENT RELATED TO SECTION 823.—Subparagraph (A) of section 4942(j)(3) is amended by striking out "and" at the end of clause (i) and inserting in lieu thereof "or. SEC. 109. EFFECTIVE DATE. Except as otherwise provided in this title, any amendment made by this title shall take effect as if it had been included in the provision of the Economic Recovery Tax Act of 1981 to which such amendment relates.

95 Stat. 349. 26 USC 120.

95 Stat. 351. 26 USC 4942.

26 USC i note. 95 Stat. 172. 26 USC i note.

TITLE II—AMENDMENTS RELATED TO CRUDE OIL WINDFALL PROFIT TAX ACT OF 1980 SEC. 201. AMENDMENTS RELATED TO WINDFALL PROFIT TAX. (a) AMENDMENTS TO SECTION 4988.—

26 USC 1 note. 26 USC 4988.

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