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Revenue Act of 1978 (PL 95-600)

Revenue Act of 1978 (PL 95-600)

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PUBLIC LAW 95-600-NOV. 6, 1978

92 STAT. 2763

Public Law 95-600 95th Congress

An Act
Nov. 6, 1978 [H.R. 13511]

To amend the Internal Revenue Code of 1954 to reduce income taxes, and for other purposes.

Be it enacted by the Senate and House of Representatives of the Revenue Act of United States ofAmerica in Congress assembled,
SECTION 1. SHORT TITLE: TABLE OF CONTENTS. 1978.

(a) SHORT TITLE.-This Act may be cited as the "Revenue Act of 26 USC 1 note. 1978". (b) TABLE OF CONTENTS.Sec. 1. Shor
PUBLIC LAW 95-600-NOV. 6, 1978

92 STAT. 2763

Public Law 95-600 95th Congress

An Act
Nov. 6, 1978 [H.R. 13511]

To amend the Internal Revenue Code of 1954 to reduce income taxes, and for other purposes.

Be it enacted by the Senate and House of Representatives of the Revenue Act of United States ofAmerica in Congress assembled,
SECTION 1. SHORT TITLE: TABLE OF CONTENTS. 1978.

(a) SHORT TITLE.-This Act may be cited as the "Revenue Act of 26 USC 1 note. 1978". (b) TABLE OF CONTENTS.Sec. 1. Shor

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PUBLIC
LAW
95-600-NOV.
6,
1978
Public
Law
95-600
95th
Congress
An
Act
To
amend
theInternal
Revenue
Code
of
1954
to
reduceincome
taxes,
and
Nov.
6,
1978
for
other
purposes.
[H.R.
13511]
Be
it
enacted
by
the
Senate
and
House
of
Representatives
of
the
United
States
ofAmericain
Congress
assembled,
Revenue
Act
of
SECTION
1.
SHORTTITLE:TABLEOF
CONTENTS.
1978.
(a)
SHORT
TITLE.-ThisActmay
be
citedas
the
"Revenue
Act
of
26
USC
1
note.
1978".
(b)
TABLE
OF
CONTENTS.-
Sec.
1.
Shorttitle;
table
of
contents.
Sec. 2.
Amendment
of
1954
Code.Sec.
3.
Policy
withrespectto
additionaltaxreductions.
TITLE
I-PROVISIONS
PRIMARILY
AFFECTINGINDIVIDUAL
INCOME
TAX
Subtitle
A-Tax
Reductions
and
Extensions
Sec.
101.
Widening
of
brackets;
rate
cuts in
certain
brackets;increasein
zero
bracketamounts.
Sec.
102.
Personal
exemptionsincreased
to
$1,000.
Sec.
103.
Earned
income
credit
made
permanent.
Sec.
104.
Increase
in
andsimplificationof
the
earned
income
taxcredit.
Sec.
105.
Advance
payment of
earned
income
credit.
Sec.
106.
Application of
certain
changesin
the
case
of
fiscal
yeartaxpayers.Subtitle
B-Itemized
Deductions
Sec.
111.
Repeal
of
nonbusiness
deduction
for
State
and
local
taxes
on
gasoline
andother
motor
fuels.
Sec.
112.
Unemployment
compensation.
Subtitle
C-Credits
Sec.
121.
Payments
to
related
individuals
under
childcare
credit.Subtitle
D-Deferred
Compensation
PART
I-DEFERRED
COMPENSATION
PROVISIONS
Sec.
131.
Deferred compensation
plans
with respectto
servicefor
State
and
local
governments.
Sec.
132.
Certain
private
deferredcompensation
plans.
Sec.
133.
Clarification
of
deductibility
of
payments
of
deferredcompensation,
etc.,
to
independentcontractors.
Sec.
134.
Tax
treatment
of
cafeteriaplans.
Sec.
135.
Certain
cash
or
deferred
arrangements.
PART
II-EMPLOYEE
STOCK
OWNERSHIP
PLANS
See.
141.
ESOPS.
Sec.
142.
Certainlump
sum
distributions
excludedfromgross
estate
where
recipi-
ent
elects
not
to apply
10-year
averaging.
Sec.
143.
Qualified
plansrequiredto
pass
through
voting
rights
on
employer
securities.
92
STAT.
2763
92 Stat. 2763 1978
 
PUBLIC
LAW
95-600-NOV.
6,
1978
Subtitle
E-Retirement
Plans
Sec.
152.
Simplified employee
pensions.
Sec.
153,
Defined
benefit plan limits.
Sec.
154.
Custodial accounts
for
regulated investment
company stock.
Sec.
155.
Pension
plan
reserves.
Sec. 156.
Rollover
of
section
40(b)
annuities
permitted.
Sec.
157
Individual
retirement
account
technical
changes.
Subtitle
F-Other
Individual Items
Sec.
161.
CertainGovernmentscholarship and award programs.
Sec.
162.
Cancellation
of
student
loans.
Sec.
163.
Tax
counseling
for
the
elderly.
Sec.
164.
Exclusion
of
value
of
certain
educational assistance programs.
TITLE
I1-TAX
SHELTERPROVISIONS
Subtitle
A-Provisions
Related
toAt
Risk
Rules
Sec.
201.
Extension of
section
465
at
risk rulesto all activities
other
than
realestate.
Sec.
202.
Extension
of
at
risk
provisions
to
closely
held corporations.
Sec.
203.
Recaptureof
losses
where
amount
at
risk
is
less
than
zero.
Sec.
204.
Effective
dates.Subtitle
B-Partnership
Provisions
Sec.
211.
Penalty
for
failure
tofile
partnershipreturn.
Sec.
212.
Extension
of
statute
of
limitations
in
the
case
of
partnership
items.
TITLE
III-PROVISIONS
PRIMARILYAFFECTING BUSINESS
INCOME
TAX
Subtitle
A-Corporate
Rate
Reductions
Sec.
301.
Corporate
rate
reductions.Subtitle
B-Credits
Sec.
311.
10-percent
investmenttax
credit and
$100,000
limitation
on
used
property
made
permanent.
Sec. 312.
Increase
in
limitation
on
investment credit
to
90
percent
of
tax liability.
Sec.
813.
Investment credit
for
pollution control
facilities.
Sec.
314.
Investmentcredit
for
certain
single purpose
agricultural
or
horticulturalstructures.
Sec. 315.
Investmentcredit
allowed
for
certain
rehabilitated
buildings.
Sec.316.
Tax
treatment
of
theinvestmentcredit
in
the
case
of
cooperative
organi-zations.
Sec.
317.
Transfersto
ConRail
not
treated
as
dispositions
for
purposes
of
the
invest-
ment
credit.Subtitle
C-Targeted
Jobs Credit;
WIN
Credit
Sec.
321.
Targeted
jobs
credit.
Sec.
322.
Work
incentive programcredit
changes.
Subtitle
D-Tax
Exempt
Bonds
PART
I-INDUSTRIAL
DEVELOPMENT BONDS
Sec.
331.
Increase
in
limit
on
small
issues
of
industrial
development
bonds.
Sec.
332.
Local
furnishing
of
electric
energy.
Sec.
333.
Industrial
development bonds
for
water
facilities.
Sec.
334.
Advance
refunding of
industrial
development
bonds for
qualified
public
facilities.
PART
II-OTHER
TAx-EXEMPT
BOND PROVISIONS
Sec.336.
Declaratory judgment
procedure
for
judicial
review
of
determinations
re-
lating
to
governmental
obligations.
Sec.
337.
Disposition
of
amountsgenerated
by
advance
refunding of
certain
govern-
mental
obligations.
92
STAT.
2764
92 Stat. 2764 1978
 
PUBLIC
LAW
95-600-NOV.
6,
1978
Subtitle
E-Small
BusinessProvisions
PART
I-PROVISIONs
RELATING
TO
SUBCHAPTER
S
Sec.
341.
Subchapter
S
corporations
allowed
15
shareholders.
Sec.
342.
Permitted
shareholders
of
subchapter
S
corporations.
Sec.343.
Extension of period
for
makingsubchapter
S
elections.
Sec.344.
Effective
date.
PART
II-OTHER
PROVISIONS
Sec.
345.
Small
business
corporation
stock.
Subtitle
F-Accounting
Provisions
Sec.
851.
Treatment
of
certain
closely
held
farm corporations
for purposes
of
rule
requiringaccrual
accounting.
Sec.
852.
Accountingforgrowing crops.
Sec.353.
Treatment
of
certain
farms
forpurposes
ofrule requiring accrualaccounting.Subtitle
G-Other
Business Provisions
Sec.
361.
Disallowanceof
certain
deductions
for
yachts,
hunting
lodges,
etc.
Sec.862.
Deficiency
dividendprocedure
for
regulated investment
companies.
Sec.
363.
Real
estate
investment
trust
provisions.
Sec. 364.
Contributions inaid of construction.
Sec. 365.
Liabilities
of controlled corporations.
Sec.
366.
Medical
expense
reimbursement plans.
Sec.
367.
Three-year extension
of provision
for
60-month
depreciation
ofexpendi-
tures
to
rehabilitate
low-income
rental
housing.
Sec. 868.
Delay in
application
of
new
net
operating
loss
rules.
Sec.869.
Use
of
certain
expired
net
operating
loss
carryovers.
Sec.870.
Income
from
certain railroadrolling
stock
treated
as
income
from sources
within
the
United States.
Sec.
371.
Net
operating
losses
attributable
toproduct liability
losses.
Sec.
872.
Exclusion from gross
income
with respect to
magazines,
paperbacks,
and
records
returnedafter the
close
of
the
taxable
year.
Sec. 873.
Qualified
discount
couponsredeemed
after
close
oftaxable
year.
TITLE
IV-CAPITAL
GAINS;
MINIMUM
TAX;
MAXIMUM TAX
Subtitle
A-Capital
Gains
Sec.
401.
Repeal
of
alternative
tax
on
capital gains
of
individuals.
Sec. 402.
Increased
capitalgains
deductions
for
individuals.
Sec.
403.
Redwtion
of
alternative
capital gains
tax
for
corporations.
Sec.404.
One-ti-ne
exclusion of
gain
fromsaleof
principal
residence
by
individual
who
has
attained
age
55.
Sec.
405.
Waiver
ol
certain
18-month
rules
of
section
1034
when sale of
residence is
connected withcommencing work
at
new place.
Subtitle
B-Minimum
TaxProvisions
Sec.
421.
Alternative
minimum tax
for
taxpayers
other
than
corporations.
Sec.
422.
Treatment
of intangibledrilling
cost forpurposesof
the
minimum
tax.
Subtitle
C-Maximum
Tax Provisions
Sec. 441.
Treatment
of capital gains
for purposes
of
the
maximum
tax.
Sec.
442.
Determination
of
personal
service
income
from
nonsalaried
trade
or
busi-ness
activities.
92
STAT.
2765
92 Stat. 2765 1978

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