Page:United States Statutes at Large Volume 98 Part 1.djvu/1100

 98 STAT. 1052 15 USC 80b-20. 26 USC 851.

Ante, p. 1050.

Ante, p. 577.

PUBLIC LAW 98-369—JULY 18, 1984 (Ill) registered under the Investment Company Act of 1940 as either a management company or a unit investment trust, and (ii) to which the provisions of part I of subchapter M of chapter 1 of the Internal Revenue Code of 1954 applied for its first taxable year beginning after November 8, 1983, for purposes of section 852(a)(3)(A) of such Code (as amended by paragraph (3)), the provisions of part I of subchapter M of chapter 1 of such Code shall be treated as applying to such investment company for its first taxable year ending after November 8, 1983. For purposes of the preceding sentence, all members of an affiliated group (as defined in section 1504(a) of such Code) filing a consolidated return shall be treated as 1 taxpayer. (b) SHORT-TERM OBLIGATIONS ISSUED ON A DISCOUNT BASIS.—

26 USC 852.

26 USC 852 note.

(1) IN GENERAL.—Paragraph (2) of section 852(b) (defining investment company taxable income) is amended by adding at the end thereof the following new subparagraph— "(F) The taxable income shall be computed without regard to section 454(b) (relating to short-term obligations issued on a discount basis) if the company so elects in a manner prescribed by the Secretary." (2) EFFECTIVE DATE.—The amendment made by paragraph (1) shall apply to taxable years beginning after December 31, 1978. SEC. 1072. TECHNICAL MODIFICATIONS TO TIP REPORTING REQUIREMENTS. (a) LOWER ALLOCATION OF GROSS RECEIPTS.—Subparagraph (C) of

26 USC 6053.

Regulations. 26 USC 6053 note.

section 6053(c)(3) (relating to employee allocation of 8 percent of gross receipts) is amended— (1) by striking out "The Secretary" and inserting in lieu thereof "Upon the petition of the employer or the majority of employees of such employer, the Secretary", and (2) by striking out "5 percent" and inserting in lieu thereof "2 percent". Qa) RECORDKEEPING BY TIPPED EMPLOYEES.—The Secretary of the

Treasury shall prescribe by regulations within 1 year after the date of the enactment of this Act the applicable recordkeeping requirements for tipped employees. (c) 50 PERCENT OWNERS NOT TREATED AS EMPLOYEES FOR CERTAIN PURPOSES.—

26 USC 6053.

26 USC 6053 note.

(1) IN GENERAL.—Paragraph (4) of section 6053(c) (defining large food or beverage establishment) is amended by inserting before the period at the end of the last sentence the following: ", and an individual who owns 50 percent or more in value of the stock of the corporation operating the establishment shall not be treated as an employee'. (2) EFFECTIVE DATE.—The amendment made by paragraph (1) shall apply to calendar years beginning after December 31, 1982. SEC. 1073. TIPS TREATED AS WAGES FOR PURPOSES OF FEDERAL UNEMPLOYMENT TAX.

97 Stat 123. 26 USC 3306.

(a) GENERAL RULE.—Section 3306 (relating to definitions for purposes of Federal unemployment tax) is amended by adding at the end thereof the following new subsection:

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