Welcome to Scribd, the world's digital library. Read, publish, and share books and documents. See more
Download
Standard view
Full view
of .
Look up keyword
Like this
2Activity
0 of .
Results for:
No results containing your search query
P. 1
Revenue Act of 1971 (PL_92-178)

Revenue Act of 1971 (PL_92-178)

Ratings: (0)|Views: 246 |Likes:
Published by Tax History

More info:

Published by: Tax History on Aug 10, 2011
Copyright:Attribution Non-commercial

Availability:

Read on Scribd mobile: iPhone, iPad and Android.
download as PDF, TXT or read online from Scribd
See more
See less

02/20/2014

pdf

text

original

 
85
STAT. ]
PUBLIC
LAW
92-178-DEC.
10,
1971
497
Public
Law 92-178
AN
ACT
December
10,
1971
To
provide
a
jobdevelopment
investment
credit,
to reduce
individual
income
[H.
R,
10947]
taxes,
to reduce
certain
excise
taxes,
and
for other
purposes.
Be
it
enacted
by
the
Senate
and
House of
Representatives
of the
UnitedStatesof
America
in
Congressassembled,
Reenue
Act
SECTION
1.
SHORT
TITLE,
ETC.
(a)
SHORT
TrrLE.-This
Act
may
be
cited
as
the
"Revenue
Act
of
1971".
(b)
TAmL
oF
CONTENTS.-
TITLE
I-JOB
DEVELOPMENTINVESTMENT
CREDIT;
DEPRECIATIONREVISION
See.
101.
Restoration
of
investmentcredit.
Sec.
102.
Determination
ofqualified
investment.
See.
103.
Limitation
of
credit
to
domestic
products.
Sec.
104.
Definition of section
38
property.
Sec.
105.
Regulated
companies.
Sec.
1M6.
Investment
credit
carryovers
and
carrybacks.
Sec.
107.
Treatment
of
casualties
and
certain
replacements.
Sec.
108.
Availability
of
credit
to
certain
lessors.
See.
109.
Reasonableallowance
for
depreiation;
repair
allowance.
TITLE IL-CHANGES
IN
PERSONAL EXEMPTIONS,
MINIMUMSTANDARD
DEDUCTION, WITHHOLDING,
ETC.
Sec.
201.
Increase
in
personal
exemption.
Sec.
202.
Increase
in
percentage
standard
deduction.
Sec.
203.
Low
income
allowance.
Sec.
204.
Filing
requirements.
Sec.
205.
Certain
fiscal
year
taxpayers.
Sec.
206.
Election of
standard
deduction.
See.
207.
Waiver of
penalty
for
underpayment
of
1971
estimated
income
tax.
Sec. 208.
Adjustment
of
withholding.
Sec. 209.
Changes
in
requirements
of
declaration
of
estimated
income
tax
by
individuals.
Sec.
210.
Expensesto enable
individuals
to
be
gainfully
employed.
See.
211.
Levies
on
salaries
and
wages.
TITLE
III-STRUCTURAL
IMPROVEMENTS
Sec.
301.
Unearned
income
of
taxpayers
who
are
dependents
of
other
taxpayers.
Sec.
302.
Limitation
on
arryovcrs
of
unused
credits
and
capital
losses.
Sec. 303.
Amortization
of
certain
expenditures
for
on-the-job
training
and
for
child care
centers.
Sec.
304.
Excess investment
interest.
Sec.
305.
Farm
lossesof
electing
small
business
corporations.
Sec.
306.
Capital
gain
distributions
of
certain
trusts.
Sec.
307.
Application
of
Western
Hemisphere
Trade Corporation
provision
under
theVirgin
Islands
tax
laws.
Sec.
308.
Capital
gains
andstock options.
Sec.
309.
Certain
treaty
cases.
Sec. 310.
Bribes,
kickbacks, medical
referral
payments,
etc.
Sec.
311.
Activities not
engaged in
for
profit.
Sec. 312.
Certain
distributions
to
foreign
corporations.
Sec.
313.
Original issue
discount.
Sec.
314.
Income from
certain
aircraft
and
vessels.
Sec. 315.
Industrial
development bonds.
Sec.
316.
Disclosureor
useof
information
by
preparers
of
income
tax
returns.TITLE
IV-EXCISE
TAX
Sec.
401.
Repealor suspension
of
manufacturers
excise
tax
on
passenger auto-
mobiles,
light-duty
trucks,
etc.
Sec.
402.
Credit
against tax
on
coin-operatedgaming
devices.
85 Stat. 497 1971
 
PUBLIC
LAW
92-178-DEC.
10,1971
TITLE
V-DOMESTIC
INTERNATIONALSALES CORPORATIONS
See.
501.
Domestic
international
sales
corporations.
See.
502.
Deductions,
credits,
etc.
See.
503.
Source ofincome.
See.504.
Procedureand
administration.
See.
505.
Export
trade
corporations.
See.
506.
Submission
of
annualreports
toCongress.
See.
507.
General
effective
date
of
title.
TITLE
VI-JOB
DEVELOPMENT
RELATED
TO
WORK
INCENTIVE
PROGRAM
See.
601.
Tax creditfor certain
expenses
incurred
in
work
incentive
program.
TITLE
VII-TAX
INCENTIVESFOR
CONTRIBUTIONS
TO
CANDIDATES
FOR PUBLIC
OFFICE
Sec.
701.
Allowance
of
credit.
Sec.
702.
Deduction
in
lieu of
credit.
See.
703.
Effective
date.TITLE
VIII-FINANCING
OP
PRESIDENTIAL
ELECTION
CAMPAIGNS
See.
801.
Presidential
Election
Campaign
Fund
Act.
Sec.
802.
Miscellaneous
amendments.
(c)
AMENDMENT
OF
1954
CoDE.-Exceptas
otherwise
expressly
provided,
wheneverin
thisAct
anamendment
is
expressed
in
terms
of
anamendment
to
a
section
or
other
provision,thereference
is
to
a
68A
Stat.
3.
sectionor
other
provision
of the
Internal
Revenue
Code
of
1954.
26
USC
1
et
seq.
TITLE
I-JOB
DEVELOPMENTINVEST-
MENTCREDIT;
DEPRECIATION
REVI-
SION
SEC.
101.
RESTORATIONOF
INVESTMENT
CREDIT.
76
Stat.
963.
26
USc
46.
(a)
Subpart
B
of
part IV
of subchapterA ofchapter
1
(relating
to
rules
for
computing
credit
for
investment
in
certain
depreciable
property)
is
amendedby
adding
at
the
end
thereof
the
following
new
section:
"SEC.
50.
RESTORATION
OF
CREDIT.
83
Stat.
660.
"(a)
GENERAL
RULE.-Section
49(a)(relating
to
termination
of
credit)shall
not
apply
to
property-
"(1)
the construction,reconstruction,
or
erection
of
which-"(A)
is
completed
by
the
taxpayer
after
August
15,
1971,
or
"(B)
isbegunby
the
taxpayer
after
March
31,
1971,
or
"(2)
which
is
acquired
by
the
taxpayer-
"(A)
after
August
15,
1971,
or
"(B)
after
March
31,
1971,
and
before
August
16,
1971,
pursuant
to
an
order
which
the
taxpayer
establishes
was
placed
after
March
31,
1971.
"(b)
TRANsrrONAL
RULE.-In
applying
section
46(c)
(1)
(A)
in
the
case
of property
described
in
subsection
(a)
(1)
(A)
the
construc-
tion,
reconstruction,
orerection
of
which
is
begunbefore
April
1.
1971,
there
shall
be
taken
into
accountonly
that
portion
of
the
basis which
is
properly
attributable
to
construction,reconstruction,
or
erection
after
August
15,
1971.
This
subsection
shall
not
apply
to
pre-termination
property
(within
the meaning
of
section
49(b))."
(b)
CONFORMING
AMENDIIENTS.-
(1)
Section
49(a)
(relating
to
termination
of
credit)
is
amendedby
adding
at
the
end
thereof
thefollowing
newsen-
tence:"This
subsection
shall
notapply
to
property
described
in
section
50."
[85
STAT.
85 Stat. 498 1971
 
85
STAT.]
PUBLIC
LAW
92-178-DEC.
10,1971
(2)
Section
49(b)
(defining
pre-termination
property)
is
83
Stat.
660.
amendedby
striking
out
"For
purposesof
this
section"
andinsert-
26USC
49.
ing
in
lieu
thereof
'For
purposes
of
thissubpart".
(3)
Section
49(d)
(relating
to
property
placed
in
service
after
Repeat.
1975)
is
hereby
repealed.
(4)
Theheadingfor
section
49
is
amended
to
read
as
follows:
"SEC.
49.
TERMINATION
FOR
PERIODBEGINNINGAPRIL
19,
1969,
AND
ENDINGDURING
1971."
(5)
Thetableof
sections
for
subpart
B
of
part
IV
of
subchap-
ter
A of
chapter
1
is
amendedby
striking
outthe
item
relating
to
section
49
and
insertingin
lieu
thereof
the
following:
"Sec.
49.
Termination
for
period beginningApril
19,
1969,
andending
during
1971.
'"Sec.
50.
Restoration
of
credit."
(c)
ACCOUNTING
FOR
INVESTMENT
CREDIT
IN
CERTAIN
FINANCIAL
REPORTS
AND
REPORTS
TO
FEDEiAL
AGENCIES.-
(1)
IN
OENERAL.-It
was
the
intent
of the
Congress
in
enact-
ing,
in
the
Revenue
Act of
1962,
theinvestmentcredit
allowed
by
section
38
of
the
Internal
Revenue
Code
of
1954,
and
it
is
the
76
Stat.
962.
intent
of
the
Congress
in
restoring
that
creditin
this
Act,
to
pro-
vide
an
incentive
for
modernizationand
growth
of
private
indus-
try.
Accordingly,
notwithstanding
any
other provision
of
law,
on
and
after
the
date
of
the
enactment
of this
Act-(A)
no
taxpayer
shall
be
requiredto
use,
for
purposes
of
financial
reports
subject
to
the
jurisdiction
of any
Tederal
agency
orreports
made
to
any
Federal
agency,
any
particu-
lar
method
ofaccounting
for
thecredit
allowed
by
such
sec-
tion
38,
(B)
a
taxpayer
shall
disclose,
in any
such
report, the
method
ofaccounting
for
such
credit
used by
him
for pur-
poses
of
such
report,
and
(C)
a
taxpayer
shall
use
the
same
method of
accounting
for
such
credit
in
all
such
reports
made by
him,
unless
the
Secretary of the
Treasury
or his
delegate
consents
to
a
changetoanother
method.
(2)
ExcEnTIoNs.-Paragraph
(1)
shall
not
apply to
taxpayers
who
are subject
to
the
provisionsof
section
46(e)
of
the
Internal
Revenue
Code
of
1954
(as
added
by
section
105
(c)
of
thisAct)
or
Post,
P.
503.
to section203(e)
of the
Revenue
Act of
1964
(as
modifiedby
sec-
tion
105
(e)
of
this
Act).
Post,
p.
506.
SEC.
102.
DETERMINATION
OF
QUALIFIEDINVESTMENT.
(a)
CHANGEIN USEFUL
LIFE
BRACKETS.-7
(1)
Section 46(c)
(2)
(relating
toapplicable
percentage
for
76
stat.
963.
purposes
of
determining
qualified
investment)
is
amended-(A)by
striking
out
"4
years"and
inserting in
lieuthereof
"3
years",
(B)
by
striking
out
"6
years"
each
place
it
appearsand
inserting
in
lieu
thereof
"5
years",
and
(C)
by
striking
out
"8
years"
each
place
it
appears
and
inserting
in
lieu
thereof
"7
years".
(2)
The
second sentence
of
section
48(a)
(1)
(defining
section
38
property)
is
amended
by
striking
out
"4
years"
and
inserting
in
lieu
thereof
"3
years".
(b)
USEFUL
LIFE
FOR
INVEST1ENT
CREDIT
PurPOsEs.-The
second
sentence
of
section
46
(c)
(2)
is
amended
to
read
asfollows:
"For
purposes
of
this
subpart,
the
useful
life
of
any
property
shall
be
the
useful
life
used
in computing the
allowance
for
depre-
ciationunder
section
167
for
thetaxableyearin
which
the
prop-
Post,
P.
508.
erty
is
placed in
service."
75-432
0
-
72
-
34
85 Stat. 499 1971

Activity (2)

You've already reviewed this. Edit your review.
1 thousand reads
1 hundred reads

You're Reading a Free Preview

Download
scribd
/*********** DO NOT ALTER ANYTHING BELOW THIS LINE ! ************/ var s_code=s.t();if(s_code)document.write(s_code)//-->