Page:United States Statutes at Large Volume 96 Part 2.djvu/1030

 96 STAT. 2392 26 USC 4988.

26 USC 4989.

26 USC 4991.

26 USC 4992.

PUBLIC LAW 97-448—JAN. 12, 1983

(1) Paragraph (3) of section 4988(b) (defining taxable income from the property) is amended by striking out "purposes of paragraph (2) and inserting in lieu thereof "purposes of this subsection". (2) Clause (ii) of section 4988(b)(3)(C) (relating to taxable income reduced by cost depletion) is amended by striking out "all taxable periods" and inserting in lieu thereof "all taxable years". (b) AMENDMENT TO SECTION 4989.—Paragraph (3) of section 4989(b) (relating to inflation adjustment) is amended— (1) by striking out "paragraphs (1) and (2)" and inserting in lieu thereof "paragraphs (I)(A) and (2)", and (2) by adding at the end thereof the following new sentence: "For purposes of applying paragraph (I)(B), the revision of the price deflator which is most consistent with the revision used for purposes of paragraph (1)(A) shall be used." (c) AMENDMENT TO SECTION 4991.—Subparagraph (B) of section 4991(d)(1) (defining tier 2 oil) is amended by striking out "National Petroleum Reserve" and inserting in lieu thereof "Naval Petroleum Reserve". (d) AMENDMENTS TO SECTION 4992.— (1) Subsection (b) of section 4992 (defining independent producer) is amended to read as follows: "(b) INDEPENDENT PRODUCER DEFINED.—For purposes of this section— "(1) IN GENERAL.—The term 'independent producer' means, with respect to any quarter in any calendar year, any person other than a person to whom subsection (c) of section 613A does not apply for such calendar year by reason of paragraph (2) (relating to certain retailers) or paragraph (4) (relating to certain refiners) of section 613A(d). "(2) RULES FOR APPLYING PARAGRAPHS (2) AND (4) OF SECTION

26 USC 4993.

26 USC 4994.

613A (d).—For purposes of paragraph (1), paragraphs (2) and (4) of section 613A(d) shall be applied by substituting 'calendar year' for 'taxable year' each place it appears in such paragraphs." (2) Paragraph (2) of section 4992(c) (relating to allocation where production exceeds independent producer amount) is amended— (A) by striking out "such person's production for such quarter of domestic crude oil' and inserting in lieu thereof 'such person's qualified production of oil for such quarter", (B) by striking out "such person's domestic crude oil" and inserting in lieu thereof "such person's qualified production of oil", and (C) by striking out the last sentence. (3) Clause (i) of section 4992(d)(3)(B) (relating to small producer transfer exemption) is amended by striking out "has the property" and inserting in lieu thereof "has the interest". (e) AMENDMENT TO SECTION 4993.—Subparagraph (B) of section 4993(c)(2) (relating to requirements for qualified tertiary recovery project) is amended to read as follows: "(B) the date on which the injection of liquids, gases, or other matter begins is after May 1979,". (f) AMENDMENTS TO SECTION 4994.— (1) Subparagraph (A) of section 4994(c)(2) (relating to refunds for tertiary projects of integrated producers) is amended by

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