Page:United States Statutes at Large Volume 98 Part 3.djvu/619

 PUBLIC LAW 98-573—OCT. 30, 1984

98 STAT. 2991

(A) by inserting "(a)" immediately before the first word thereof; (B) by redesignating paragraphs (a) and (b) as paragraphs (1) and (2), respectively; and (C) by adding at the end thereof the following new subsection: "(b) The exemption from the customs laws of the United States provided under subsection (a) shall not be available before June 30, 1986, to bicycle component parts unless such parts are reexported from the United States, whether in the original package, as components of a completely assembled bicycle, or otherwise.". (3) The amendments made by paragraph (2) shall take effect on the fifteenth day after the date of the enactment of this Act. mi) Section 15 of such Act of June 18, 1934 (19 U.S.C. 81o) is amended by adding at the end thereof the following new subsection: "(e) Tangible personal property imported from outside the United States and held in a zone for the purpose of storage, sale, exhibition, repackaging, assembly, distribution, sorting, grading, cleaning, mixing, display, manufacturing, or processing, and tangible personal property produced in the United States and held in a zone for exportation, either in its original form or as altered by any of the above processes, shall be exempt from State and local ad valorem taxation.". (2) The amendment made by paragraph (1) shall take effect on January 1, 1983.

Effective date. 19 USC 81c note.

Effective date. 19 USC 81o note.

SEC. 232. DENIAL OF DEDUCTION FOR CERTAIN FOREIGN ADVERTISING EXPENSES.

(a) Section 162 of the Internal Revenue Code of 1954 (relating to trade or business expenses) is amended by redesignating subsection (j) as subsection (k) and by inserting after subsection (i) the following new subsection:

26 USC 162.

"0") CERTAIN FOREIGN ADVERTISING EXPENSES.—

"(1) IN GENERAL.—No deduction shall be allowed under subsection (a) for any expenses of an advertisement carried by a foreign broadcast undertaking and directed primarily to a market in the United States. This paragraph shall apply only to foreign broadcast undertakings located in a country which denies a similar deduction for the cost of advertising directed primarily to a market in the foreign country when placed with a United States broadcast undertaking. "(2) BROADCAST UNDERTAKING.—For purposes of paragraph (1), the term 'broadcast undertaking' includes (but is not limited to) radio and television stations.". (b) The amendment made by subsection (a) shall apply to taxable years beginning after the date of the enactment of this Act.

Effective date. 26 USC 162 note.

SEC. 233. CERTAIN RELICS AND CURIOS.

Section 925 of title 18, United States Code, is amended by inserting at the end thereof the following: "(e) Notwithstanding any other provision of this title, the Secretary shall authorize the importation of, by any licensed importer, the following: "(1) All rifles and shotguns listed as curios or relics by the Secretary pursuant to section 921(a)(13), and "(2) All handguns, listed as curios or relics by the Secretary pursuant to section 921(a)(13), provided that such handguns are

Firearms.

18 USC 921.

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