Page:United States Statutes at Large Volume 96 Part 2.djvu/332

 96 STAT. 1694 Ante, p. 442.

26 USC 170.

95 Stat. 248. 26 USC 172. 26 USC 183.

Ante, p. 432.

26 USC 280.

26 USC 280A.

PUBLIC LAW 97-354—OCT. 19, 1982

(20) SECTION 168(f).—Subclause (I) of section 168(f)(8)(C)(i) (as added by subsection (a) of section 209 of the Tax Equity and Fiscal Responsibility Act of 1982) is amended by striking out "an electing small business corporation within the meaning of section 1371(b)" and inserting in lieu thereof "an S corporation". (21) SECTION 170 (e).—

(A) Subparagraph (A) of section 170(e)(3) (defining qualified contributions) is amended by striking out "an electing small business corporation within the meaning of section 1371(b))" and inserting in lieu thereof "an S corporation)". (B) Clause (i) of section 170(e)(4)(D) is amended to read as follows: "(i) an S corporation,". (22) SECTION 172 (f).—Subsection (f) of section 172 (relating to disallowance of net operating loss of electing small business corporations) is hereby repealed. (23) SECTION 183 (a).—Subsection (a) of section 183 (relating to activities not engaged in for profit) is amended by striking out "an electing small business corporation (as defined in section 1371(b))" and inserting in lieu thereof "an S corporation". (24) SECTION 189 (d).—Paragraph (2) of section 189(d) is amended by striking out "an electing small business corporation (within the meaning of section 1371(b))" and inserting in lieu thereof "an S corporation". (25) SECTION 280 (a).—The second sentence of subsection (a) of section 280 (relating to certain expenditures incurred in production of films, books, records, or similar property) is amended by striking out "an electing small business corporation (as defined in section 1371(b))," and inserting in lieu thereof "an S corporation,". (26) SECTION 280A.— (A) Subsection (a) of section 280A (relating to disallowance of certain expenses in connection with business use of home, rental of vacation homes, etc.) is amended by striking out "an electing small business corporation," and inserting in lieu thereof "an S corporation,". (B) Paragraph (1) of section 280A(e) is amended by striking out "an electing small business corporation" and inserting in lieu thereof "an S corporation". (C) Paragraph (2) of section 280A(f) is amended to read as follows: "(2) PERSONAL USE BY SHAREHOLDERS OF S CORPORATION.—In

the case of an S corporation, subparagraphs (A) and (B) of subsection (d)(2) shall be applied by substituting 'any shareholder of the S corporation' for 'the taxpayer' each place it appears." Ante, p. 423.

(27) SECTION 2 9 1. —

(A) Subsections (a) and (b) of section 291 are each amended by striking out "an applicable corporation" each place it appears and inserting in lieu thereof "a corporation". (B) Subsection (e) of section 291 is amended by striking out paragraph (2) and by redesignating paragraph (3) as paragraph (2).

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