Page:United States Statutes at Large Volume 96 Part 2.djvu/821

 PUBLIC LAW 97-424—JAN. 6, 1983

96 STAT. 2183

(5) FLOOR STOCKS TAXES.—Paragraph (1) of section 6412(a) 26 USC 6412.

(relating to floor stocks refunds) is amended— (A) by striking out "1985" each place it appears and inserting in lieu thereof "1989", and (B) by striking out "1984" each place it appears and inserting in lieu thereof "1988". (6) OTHER PROVISIONS.—Paragraph (2) of section 6156(e) (relat- 26 USC 6156, ing to installment payments of tax on use of highway motor ^^^^ vehicles) and subsection (h) of section 6421 (relating to tax on gasoline used for certain nonhighway purposes or by local transit systems) are each amended by striking out "1984" and inserting in lieu thereof "1988". (b) TERMINATION OF EXEMPTIONS.—

dXA) Subsection (f) of section 4041 is amended by adding at the end thereof the following new parcigraph: "(3) TERMINATION.—On and after October 1, 1988, paragraph (1) shall not apply." (B) Subsection (g) of section 4041 is amended by adding at the end thereof the following new sentence: "Paragraphs (2) and (4) shall not apply on and after October 1, 1988." (2) Subsection (a) of section 4221 (relating to certain tax resales) is amended by adding a t the end thereof the following new sentence: "In the case of taxes imposed by section 4051, 4071, or 4081, paragraphs (4) and (5) shall not apply on and after October 1, 1988." (3) Section 4483 (relating to exemption for highway use tax) is amended by adding after subsection (d) thereof the following new subsection: "(e) TERMINATION OP EXEMPTIONS.—Subsections (a) and (c) shall not apply on and after October 1, 1988." (4) Section 6420 (relating to gasoline used on farms) is amended by redesignating subsection (h) as subsection (i) and by inserting after subsection (g) the following new subsection: "(h) TERMINATION.—This section shall apply only with respect to gasoline purcheised before October 1, 1988. (5) Section 6427 is amended by redesignating subsection (k) as subsection G) and by inserting after subsection (j) the following new subsection:

26 USC 404i.

26 USC 4221.

26 USC 4483.

26 USC 6420.

26 USC 6427.

"(k) TERMINATION OF SUBSECTIONS (a), (b), (c), AND (d).—Subsec-

tions (a), (b), (c), and (d) shall only apply with respect to fuels purchased before October 1, 1988." SEC.

517. TREATMENT OF CERTAIN MOTOR CARRIER OPERATING AUTHORITIES ACQUIRED BY TAXPAYERS OTHER THAN CORPORATIONS.

(a) GENERAL RULE.—Paragraph (2) of section 266(c) of the Economic Recovery Tax Act of 1981 (relating to stock acquisitions of 26 USC 165 note. motor carrier operating authorities) is amended by redesignating subparagraph (B) as subparagraph (C) and by inserting after subparagraph (A) the following new subparagraph: "(B) TREATMENT OF CERTAIN NONCORPORATE TAXPAYERS.—

Under regulations prescribed by the Secretary of the Treasury or his delegate, and at the election of the holder of the authority, in any case in which— "(i) a noncorporate teixpayer or group of noncorporate taxpayers on or before July 1, 1980, acquired in one purchase stock in a corporation which held, directly or

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