Page:United States Statutes at Large Volume 98 Part 1.djvu/554

 98 STAT. 506 26 USC 48 note.

Ante, p. 505.

PUBLIC LAW 98-369—JULY 18, 1984 SEC. 18. EFFECTIVE DATE.

(a) GENERAL RULE.—The amendments made by this part shall apply to taxable years ending after December 31, 1983. (b) SPECIAL RuLE FOR SECTION 14.—The amendment made by section 14 shall not apply in the case of a tax credit employee stock ownership plan if— (1) such plan was favorably approved on September 23, 1983, by employees, and (2) not later than January 11, 1984, the employer of such employees was 100 percent owned by such plan. PART II—ESTATE AND GIFT TAX RATES SEC. 21. MAXIMUM RATE.

26 USC 2001.

26 USC 2001 note.

(a) GENERAL RULE.—Paragraph (2) of section 2001(c) (relating to phase-in of 50 percent maximum rate) is amended— (1) by striking out "1985" in subparagraph (A) and inserting in lieu thereof "1988", and (2) by striking out "1984" each place it appears in subparagraph (D) and inserting in lieu thereof "1984, 1985, 1986, or 1987". (b) EFFECTIVE DATE.—The amendments made by subsection (a) shall apply to the estates of decedents dying after, and gifts made after, December 31, 1983. PART III—EXCISE TAXES

26 USC 4987.

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SEC. 25. TAX RATE ON NEWLY DISCOVERED OIL. (a) GENERAL RuLE.—Subparagraph (B) of section 4987(b)(3) (relating to rate of tax on newly discovered oil) is amended by striking out the table contained therein and inserting in lieu thereof the following: "For taxable periods beginning in: 1984, 1985, 1986, or 1987 1988 1989 and thereafter!!!!!"!!!!!!!"^

The applicable percentage is: 22^! 20 15."

(b) CONTINUATION OF PERCENTAGE DEPLETION FOR OIL AND GAS FROM SECONDARY OR TERTIARY PROCESS.—

26 USC 613A.

(1) Paragraph (2) of section 613A(c) (relating to exemption for independent producers and royalty owners) is amended by striking out the last sentence. (2) Subparagraph (A) of section 613A(c)(3) (defining depletable oil quantity) is amended by adding at the end thereof the following new sentence: "Clause (ii) shall not apply after December 31, 1983." (3) Subparagraph (E) of section 613A(c)(7) is amended by adding at the end thereof the following new sentence: "This subparagraph shall not apply after December 31, 1983." (4) Subparagraph (A) of section 613A(c)(9) (relating to transfer of oil or gas property) is amended by striking out "paragraph (1)" and inserting in lieu thereof "this subsection". (c) EFFECTIVE DATES.—

26 USC 4987 note.

(1) SUBSECTION (a).—The amendment made by subsection (a) shall apply to taxable periods beginning after December 31, 1983.

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