Page:United States Statutes at Large Volume 98 Part 1.djvu/1096

 98 STAT. 1048

PUBLIC LAW 98-369—JULY 18, 1984

SEC. 1065. RULES TREATING INDIAN TRIBAL GOVERNMENTS AS STATES MADE PERMANENT.

26 USC 7871 note.

(a) IN GENERAL.—Section 204 of the Indian Tribal Governmental Tax Status Act of 1982 is amended— (1) by striking out "and before January 1, 1985," each place it appears, and (2) by striking out ", and shall cease to apply at the close of December 31, 1984" in paragraph (5) thereof.

97 Stat. 87 26 USC 7871.

Paragraph (6) of section 7871 (relating to Indian tribal governments treated as States for certain purposes) is amended by striking out subparagraphs (B) and (C) and inserting in lieu thereof the following: "(B) section 105(e) (relating to accident and health plans), "(C) section 117(b)(2)(A) (relating to scholarships and fellowship grants), "(D) section 162(e) (relating to appearances, etc., with respect to legislation) "(E) section 403(b)(l)(A)(ii) (relating to the taxation of contributions of certain employers for employee annuities), and "(F) section 454(b)(2) (relating to discount obligations). (c) EFFECTIVE DATE.—The amendment made by subsection Oa) shall apply to taxable years beginning after December 31, 1984.

0?) TREATMENT AS STATE EXPANDED FOR CERTAIN PURPOSES.—

26 USC 7871 "ote.

SEC. 1066. TRANSITIONAL RULE FOR TREATMENT OF CERTAIN INCOME FROM S CORPORATIONS. 26 USC 163 note.

26 USC 1 note.

(a) IN GENERAL.—If—

(1) a corporation had an election in effect under subchapter S of the Internal Revenue Code of 1954 for the taxable years of such corporation beginning in 1982, 1983, and 1984, and (2) a shareholder of such corporation makes an election to have this section apply, then any qualified income which such shareholder takes into account by reason of holding stock in such corporation for any taxable year of such corporation beginning in 1983 or 1984 shall be treated for purposes of section 163(d) of the Internal Revenue Code of 1954 as such income would have been treated but for the enactment of the Subchapter S Revision Act of 1982. (b) QUALIFIED INCOME.—For purposes of subsection (a), the term "qualified income" means any income other than income which is attributable to personal services performed by the shareholder for the corporation. (c) ELECTION.—The election under subsection (a)(2) shall be made at such time and in such manner as the Secretary of the Treasury or his delegate may by regulations prescribe. SEC. 1067. SPECIAL LEASING RULES FOR CERTAIN COAL GASIFICATION FACILITIES.

(a) IN GENERAL.—Paragraph (3) of section 208(d) of the Tax Equity 26 USC 168 note, and Fiscal Responsibility Act of 1982 is amended by adding at the end thereof the following new subparagraph: "(G) COAL GASIFICATION FACILITIES.—

"(i) IN GENERAL.—Property is described in this subparagraph if such property—

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