Page:United States Statutes at Large Volume 98 Part 1.djvu/1094

 98 STAT. 1046 26 USC 1034 •^ot®-

PUBLIC LAW 98-369—JULY 18, 1984

(b) EFFECTIVE DATE.—The amendments made by this section shall apply to sales of old residences (within the meaning of section 1034 of the Internal Revenue Code of 1954) after the date of the enactment of this Act. SEC. 1054. TREATMENT OF HOME WON IN LOCAL RADIO CONTEST AND SPECIALLY DESIGNED FOR HANDICAPPED FOSTER CHILD.

26 USC 1 et seq.

(a) IN GENERAL.—If the Federal income tax attributable to the receipt of the prize described in subsection (b) is paid not later than one year after the date of the enactment of this Act, such payment shall be treated for purposes of the Internal Revenue Code of 1954 as being in full satisfaction of such tax and all interest, additions to the tax, additional amounts, and penalties in respect of liability for such Federal income tax, 0?) DESCRIPTION OF PRIZE.—For purposes of subsection (a), the prize described in this subsection is a residence which— (1) was won by the taxpayer in a local radio contest, (2) was specially designed to meet the needs of a handicapped foster child of the taxpayer, (3) is the principal residence (within the meaning of section 1034 of such Code) of the taxpayer, and (4) had a lien placed on it by the Internal Revenue Service on May 24, 1983, after an Internal Revenue Service supervisor had overruled two payment schedules negotiated with the taxpayer for the payment of taxes, interest, and penalties on income attributable to such residence for the taxpayer's 1980 taxable year. (c) TAX DETERMINED WITHOUT REGARD TO INTEREST, ETC.—For

purposes of subsection (a), the Federal income tax attributable to the prize described in subsection Oo) shall be determined without regard to interest, additions to the tax, additional amounts, and penalties.

Subtitle G—Extension of Existing Provisions and Transition Rules SEC. 1061. EXTENSION OF PAYMENT-IN-KIND TAX TREATMENT ACT OF 1983 TO WHEAT FOR 1984 CROP YEAR. (a) EXTENSION.—

26 USC 61 note.

(1) IN GENERAL.—Section 5 of the Payment-in-Kind Tax Treatment Act of 1983 (relating to definitions and special rules) is amended by redesignating subsection O> as subsection (c) and by t) inserting after subsection (a) the following new subsection: "(b) EXTENSION TO WHEAT PLANTED AND HARVESTED IN 1984.—In the case of wheat— "(1) any reference in this Act to the 1983 crop year shall include a reference to the 1984 crop year, and "(2) any reference to the 1983 payment-in-kind program shall include a reference to any program for the 1984 year for wheat which meets the requirements of subparagraphs (A) and (B) of subsection (a)(1)." (2) DEFINITION OF CROP YEAR.—Paragraph (2) of section 5(a) of

such Act is amended to read as follows: "(2) CROP YEAR.—The term '1983 crop year' means the crop year for any crop the planting or harvesting period for which occurs during 1983. The term '1984 crop year' means the crop

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