Page:United States Statutes at Large Volume 98 Part 1.djvu/1060

 98 STAT. 1012 26 USC 1231. 26 USC 1232.

26 USC 1233. 26 USC 1234. 26 USC 1235. 26 USC 1246. 26 USC 1247. 26 USC 1248.

Ante, p. 853. 26 USC 631.

PUBLIC LAW 98-369—JULY 18, 1984 (15) Section 1231 (relating to property used in the trade or business and involuntary conversions). (16) Paragraph (2) of section 1232(a) (relating to sale or exchange in the case of bonds and other evidences of indebtedness). (17) Subsections (b), (d), and subparagraph (A) of subsection (e)(4) of section 1233 (relating to gains and losses from short sales). (18) Paragraph (1) of section 1234(b) (relating to treatment of the grantor of an option in the case of stock, securities, or commodities). (19) Subsection (a) of section 1235 (relating to sale or exchange of patents). (20) Paragraph (4) of section 1246(a) (relating to holding period in the case of gain on foreign investment company stock). (21) Subsection (i) of section 1247 (relating to loss on sale or exchange of certain stock in the case of foreign investment companies electing to distribute income currently). (22) Subsections (b) and (g)(3)(C) of section 1248 (relating to gain from certain sales or exchanges of stock in certain foreign corporations). (23) Subparagraph (A) of section 1251(e)(l) (defining farm recapture property).

(c) TECHNICAL AMENDMENT RELATING TO TIMBER, COAL, AND DOMESTIC IRON ORE.—Section 631 (relating to gain or loss in the case of

timber, coal, or domestic iron ore) is amended— (1) by striking out "for a period of more than 1 year" in the first sentence of subsection (a) and inserting in lieu thereof "on the first day of such year and for a period of more than 6 months before such cutting", and (2) by striking out "1 year" in subsections Oa) and (c) and inserting in lieu thereof "6 months". 26 USC 1232.

26 USC 166 note.

(d) TECHNICAL AMENDMENT RELATING TO CERTAIN SHORT-TERM GOVERNMENT OBLIGATIONS.—Section 1232(a)(3)(A) (relating to cer-

tain short-term government obligations) is amended by striking out "held less than 1 year". (e) EFFECTIVE DATE.—The amendments made by this section shall apply to property acquired after June 22, 1984, and before January 1, 1988. SEC. 1002. REPEAL OF SPECIAL RULE FOR PRE-1970 LOSSES.

26 USC 1212. 26 USC 1212 note.

(a) IN GENERAL.—Paragraph (3) of section 12120)) (relating to transitional rule for taxpayers other than corporations) is repealed. (b) EFFECTIVE DATE.—The repeal made by subsection (a) shall apply to taxable years beginning after December 31, 1986.

Subtitle B—Excise Tax Provisions PART I—BOATING SAFETY AND SPORT FISH RESTORATION Subpart A—Boating Safety Amendments 46 USC 13101 note.

SEC. 1010. POLICY.

It is declared to be the policy of Congress and the purpose of this part to improve recreational boating safety and to foster greater development, use, and enjoyment of all waters of the United States

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