Page:United States Statutes at Large Volume 96 Part 2.djvu/1033

 PUBLIC LAW 97-448—JAN. 12, 1983

96 STAT. 2395

"(B) the qualified costs allocable to such portion shall be treated as paid or incurred by such person (and only by such person)." (E) If 90 percent or more of the remaining production referred to in subparagraph (B) of section 4996(h)(l) of the Internal Revenue Code of 1954 is to be received by governmental entities, and organizations described in clause (i), (ii), or (iii) of section 4994(b)(1)(A) of such Code, which do not share in the costs referred to in subparagraph (A) of such section 4996(h)(l), then the requirement of paragraph (1) of section 4996(h) of such Code that the agreement be entered into (or renewed) after March 31, 1982, shall not apply. (2)(A) Paragraph (1) of section 4996(b) (defining crude oil) is amended by adding at the end thereof the following new sentence: "In the case of crude oil which is condensate recovered off the premises by mechanical separation, such crude oil shall be treated as removed from the premises on the date on which it is so recovered." (B) Paragraph (3) of section 4996(b) (defining domestic) is amended by striking out "an oil well" and inserting in lieu thereof "a well", (i) AMENDMENTS RELATED TO SECTION 4997.— (1) IN GENERAL.—Subsection (a) of section 4997 (relating to records and information; regulations) is amended by striking out "such information" and inserting in lieu thereof "such statements and other information".

26 USC 4996 '^°^-

26 USC 4996.

26 USC 4997.

(2) PENALTY FOR FAILURE TO MAKE A RETURN.—

(A) Subsection (a) of section 6652 (relating to failure to file 26 USC 6652. certain information returns, registration statements, etc.) is amended by striking out "or" at the end of subparagraph (F) of paragraph (1), by adding "or" at the end of paragraph (2), and by inserting after paragraph (2) the following new paragraph: "(3) to make a return required by section 4997(a) (relating to information with respect to windfall profit tax on crude oil)," (B) Subsection (a) of section 6652 is amended by striking out "paragraph (2)" and inserting in lieu thereof "paragraph (2) or (3)". (3) PENALTY FOR FAILURE TO FURNISH CERTAIN STATEMENTS.—

Paragraph (3) of section 6678 (relating to failure to furnish 26 USC 6678. certain statements) is amended by redesignating subparagraphs (A) through (D) as subparagraphs (B) through (E), respectively, and by inserting before subparagraph (B) (as so redesignated) the following: "(A) section 4997(a) (relating to statements with respect to windfall profit tax on crude oil),", (j) AMENDMENTS TO ESTIMATED TAX PROVISIONS.—

(1) Paragraph (3) of section 6015(d) (defining estimated tax in 26 USC 6015. the case of an individual) is amended to read as follows: "(3) the amount which the individual estimates as the sum of— "(A) any credits against tax provided by part IV of subchapter A of chapter 1, and 26 USC 31. "(B) to the extent allowed under regulations prescribed by the Secretary, any overpayment of the tax imposed by section 4986."

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