Sec. 221. Deadwood provisions
6,504 words·~30 min read·
/bill/113/hr/5771/eh/section-221A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Paragraph
(7)of section 1(f) is amended to read as follows: In prescribing tables under paragraph
(1)which apply to taxable years beginning in a calendar year after 1994, the cost-of-living adjustment used in making adjustments to the dollar amounts at which the 36 percent rate bracket begins or at which the 39.6 percent rate bracket begins shall be determined under paragraph
(3)by substituting 1993 for 1992 . . Subpart B of part IV of subchapter A of chapter 1 is amended by striking section 30 (and by striking the item relating to such section in the table of sections for such subpart). Subsection
(b)of section 38 , as amended by section 209(f)(1) of this Act, is amended by inserting plus at the end of paragraph (35), by striking paragraph (36), and by redesignating paragraph
(37)as paragraph (36). Subclause
(VI)of section 48C(c)(1)(A)(i) is amended by striking , qualified plug-in electric vehicles (as defined by section 30(d)), . Section 1016(a) is amended by striking paragraph (25). Section 6501(m) is amended by striking section 30(e)(6), . Paragraph
(1)of section 32(b) is amended— by striking subparagraphs
(B)and (C), and by striking
(A)in subparagraph
(A)and moving the table 2 ems to the left. In general .—In the case of taxable years beginning after 1995: Subparagraph
(B)of section 32(b)(2) is amended by striking increased by and all that follows and inserting increased by $3,000. . Section 6213(g)(2), as amended by section 214(a)(2) of this Act, is amended by striking subparagraph (P). Subpart C of part IV of subchapter A of chapter 1 is amended by striking section 36A (and by striking the item relating to such section in the table of sections for such subpart). Subparagraph
(A)of section 6211(b)(4) is amended by striking , 36A . Section 6213(g)(2) is amended by striking subparagraph (N). Subsection
(d)of section 38 is amended by striking paragraph (3). Subclause
(I)of section 42(h)(3)(C)(ii) is amended by striking ($1.50 for 2001) . Section 53 is amended by striking subsections
(e)and (f). The amendment made by clause
(i)striking subsection
(f)of section 53 of the Internal Revenue Code of 1986 shall not be construed to allow any tax abated by reason of section 53(f)(1) of such Code (as in effect before such amendment) to be included in the amount determined under section 53(b)(1) of such Code. Paragraph
(4)of section 6211(b)(4) is amended by striking , 53(e) . Clause
(ii)of section 56(g)(4)(F) is amended by striking In the case of any taxable year beginning after December 31, 1992, clause and inserting Clause . Paragraph
(1)of section 57(a) is amended by striking Effective with respect to taxable years beginning after December 31, 1992, this and inserting This . Clause
(i)of section 57(a)(2)(E) is amended by striking In the case of any taxable year beginning after December 31, 1992, this and inserting This . Clause
(ii)of section 57(a)(2)(E) is amended by striking (30 percent in case of taxable years beginning in 1993) . Subchapter A of chapter 1 is amended by striking part VII (and by striking the item relating to such part in the table of parts for such subchapter). Paragraph
(2)of section 26(b) is amended by striking subparagraph (B). Section 30A(c) is amended by striking paragraph
(1)and by redesignating paragraphs (2), (3), and
(4)as paragraphs (1), (2), and (3), respectively. Subsection
(a)of section 164 is amended by striking paragraph (5). Section 275(a) is amended by striking the last sentence. Section 882(a)(1) is amended by striking , 59A . Section 936(a)(3) is amended by striking subparagraph
(A)and by redesignating subparagraphs (B), (C), and
(D)as subparagraphs (A), (B), and (C), respectively. Section 1561(a) is amended— by inserting and at the end of paragraph (2), by striking , and at the end of paragraph
(3)and inserting a period, and by striking paragraph (4), and by striking , the amount specified in paragraph (3), and the amount specified in paragraph
(4)and inserting and the amount specified in paragraph
(3). Section 4611(e) is amended— by striking section 59A, this section, in paragraph (2)(B) and inserting this section , and in paragraph (3)(A)— by striking section 59A, , and by striking the comma after rate) . Section 6425(c)(1)(A) is amended by inserting plus at end of clause (i), by striking plus and inserting over at the end of clause (ii), and by striking clause (iii). Section 6655 is amended— in subsections (e)(2)(A)(i) and (e)(2)(B)(i), by striking taxable income, alternative minimum taxable income, and modified alternative minimum taxable income and inserting taxable income and alternative minimum taxable income , in subsection (e)(2)(B), by striking clause (iii), and in subsection (g)(1)(A), by inserting plus at the end of clause (ii), by striking clause (iii), and by redesignating clause
(iv)as clause (iii). Section 9507(b)(1) is amended by striking 59A, . So much of paragraph
(1)of section 63(c) as follows the sum of— is amended to read as follows: the basic standard deduction, and the additional standard deduction. . Subsection
(c)of section 63 is amended by striking paragraphs (7), (8), and (9). Section 72 is amended— in subsection (c)(4), by striking ; except that if such date was before January 1, 1954, then the annuity starting date is January 1, 1954 , and in subsection (g)(3), by striking January 1, 1954, or and , whichever is later . Section 85 is amended by striking subsection (c). Section 105(f) is amended by striking or
(d). Section 106(c)(1) is amended by striking Effective on and after January 1, 1997, gross and inserting Gross . Subsection
(c)of section 112 is amended— by striking (after June 24, 1950) in paragraph (2), and by striking such zone; and all that follows in paragraph
(3)and inserting such zone. . Part III of subchapter B of chapter 1 is amended by striking section 120 (and by striking the item relating to such section in the table of sections for such subpart). Section 414(n)(3)(C) is amended by striking 120, . Section 414(t)(2) is amended by striking 120, . Section 501(c) is amended by striking paragraph (20). Section 3121(a) is amended by striking paragraph (17). Section 3231(e) is amended by striking paragraph (7). Section 3306(b) is amended by striking paragraph (12). Section 6039D(d)(1) is amended by striking 120, . Section 209(a)(14) of the Social Security Act is amended— by striking subparagraph (B), and by striking (14)(A) and inserting
(14). Section 121(b)(3) is amended— by striking subparagraph (B), and in subparagraph (A), by striking
(A)and moving the text 2 ems to the left. In general .— Section 122(b)(1) is amended by striking after December 31, 1965, . Section 126(a) is amended by striking paragraph
(6)and by redesignating paragraphs (7), (8), (9), and
(10)as paragraphs (6), (7), (8), and (9), respectively. Section 162(g) is amended by striking the last sentence. Paragraph
(4)of section 162(h) is amended by striking For taxable years beginning after December 31, 1980, this and inserting This . Section 163 is amended— by striking paragraph
(6)of subsection (d), and by striking paragraph
(5)of subsection (h). Section 56(b)(1)(C) is amended by striking clause
(ii)and by redesignating clauses (iii), (iv), and
(v)as clauses (ii), (iii), and (iv), respectively. Section 164 , as amended by section 209(c) of this Act, is amended by striking subsections (a)(6) and (b)(6). Subsection
(h)of section 165 is amended by striking paragraph
(3)and by redesignating paragraphs
(4)and
(5)as paragraphs
(3)and (4), respectively. Paragraph
(3)of section 165(h), as so redesignated, is amended by striking paragraphs
(2)and
(3)and inserting paragraph
(2). Subsection
(i)of section 165 is amended— in paragraph (1)— by striking (as defined by clause
(ii)of subsection (h)(3)(C)) , and by striking (as defined by clause
(i)of such subsection) , by striking (as defined by subsection (h)(3)(C)(i) in paragraph (4), and by adding at the end the following new paragraph: For purposes of this subsection— The term Federally declared disaster means any disaster subsequently determined by the President of the United States to warrant assistance by the Federal Government under the Robert T. Stafford Disaster Relief and Emergency Assistance Act. The term disaster area means the area so determined to warrant such assistance. . Section 1033(h)(3) is amended by striking section 165(h)(3)(C) and inserting section 165(i)(5) . Section 170 is amended— by striking paragraph
(3)of subsection (b), by striking paragraph
(6)of subsection (e), and by striking subsection (k). Subparagraph
(B)of section 171(b)(1) is amended to read as follows: with reference to the amount payable on maturity (or if it results in a smaller amortizable bond premium attributable to the period before the call date, with reference to the amount payable on the earlier call date), in the case of a bond described in subsection (a)(1), and with reference to the amount payable on maturity or on an earlier call date, in the case of a bond described in subsection (a)(2). . Paragraphs
(2)and (3)(B) of section 171(b) are each amended by striking paragraph (1)(B)(ii) and inserting paragraph (1)(B)(i) . Section 172 , as amended by section 211(c)(1)(B) of this Act, is amended— by striking subparagraphs (D), (H), (I), and
(J)of subsection (b)(1) and by redesignating subparagraphs (E), (F), and
(G)as subparagraphs (D), (E), and (F), respectively, and by striking subsections
(g)and
(j)and by redesignating subsections (h), (i), and
(k)as subsections (g), (h), and (i), respectively. Each of the following provisions of section 172 (as amended by section 211(c)(1)(B) of this Act and as redesignated by subparagraph (A)) are amended as follows: By striking ending after August 2, 1989 in subsection (b)(1)(D)(i)(II). By striking subsection
(h)in subsection (b)(1)(D)(ii) and inserting subsection
(g). By striking section 165(h)(3)(C)(i) in subsection (b)(1)(E)(ii)(II) and inserting section 165(i)(5) . By striking subsection
(i)and all that follows in the last sentence of subsection (b)(1)(E)(ii) and inserting subsection (h)). . By striking subsection
(i)in subsection (b)(1)(F) and inserting subsection
(h). By striking subparagraph
(F)of paragraph
(2)of subsection (g). By striking subsection (b)(1)(E) each place it appears in subsection (g)(4) and inserting subsection (b)(1)(D) . By striking the last sentence of subsection (h)(1). By striking subsection (b)(1)(G) each place it appears in subsection (h)(3) and inserting subsection (b)(1)(F) . Subsection
(d)of section 56 is amended by striking paragraph (3). Paragraph
(5)of section 382(l) is amended by striking subparagraph
(F)and by redesignating subparagraphs
(G)and
(H)as subparagraphs
(F)and (G), respectively. Subparagraph
(A)of section 174(a)(2) is amended to read as follows: A taxpayer may, without the consent of the Secretary, adopt the method provided in this subsection for his first taxable year for which expenditures described in paragraph
(1)are paid or incurred. . Paragraph
(2)of section 174(b) is amended by striking beginning after December 31, 1953 . Paragraph
(1)of section 175(d) is amended to read as follows: A taxpayer may, without the consent of the Secretary, adopt the method provided in this section for the taxpayer’s first taxable year for which expenditures described in subsection
(a)are paid or incurred. . Part VI of subchapter A of chapter 1 is amended by striking section 179A (and by striking the item relating to such section in the table of sections for such part). Section 30C(e) is amended by adding at the end the following: For purposes of this section, any reference to section 179A shall be treated as a reference to such section as in effect immediately before its repeal. . Section 62(a) is amended by striking paragraph (14). Section 263(a)(1) is amended by striking subparagraph (H). Section 280F(a)(1) is amended by striking subparagraph (C). Section 312(k)(3) is amended by striking 179A, each place it appears. Section 1016(a) is amended by striking paragraph (24). Section 1245(a) is amended by striking 179A, each place it appears in paragraphs (2)(C) and (3)(C). Part VI of subchapter A of chapter 1 is amended by striking section 198A (and by striking the item relating to such section in the table of sections for such part). Section 183(e)(1) is amended by striking the last sentence. Subsection
(a)of section 199 is amended— by striking paragraph (2), by redesignating subparagraphs
(A)and
(B)of paragraph
(1)as paragraphs
(1)and (2), respectively, and by moving paragraphs
(1)and
(2)(as so redesignated) 2 ems to the left, and by striking and all that follows through Allowance of deduction. — There shall be allowed and inserting the following: There shall be allowed . Paragraphs
(2)and (6)(B) of section 199(d) are each amended by striking (a)(1)(B) and inserting (a)(2) . Subparagraph
(A)of section 219(b)(5) is amended to read as follows: The deductible amount is $5,000. . Clause
(ii)of section 219(b)(5)(B) is amended to read as follows: For purposes of clause (i), the applicable amount is $1,000. . Paragraph
(5)of section 219(b) is amended by striking subparagraph
(C)and by redesignating subparagraph
(D)as subparagraph (C). Clause
(ii)of section 219(g)(2)(A) is amended by striking for a taxable year beginning after December 31, 2006 . Section 219(g)(3)(B) is amended by striking clauses
(i)and
(ii)and inserting the following: In the case of a taxpayer filing a joint return, $80,000. In the case of any other taxpayer (other than a married individual filing a separate return), $50,000. . Paragraph
(8)of section 219(g) is amended by striking the dollar amount in the last row of the table contained in paragraph (3)(B)(i), the dollar amount in the last row of the table contained in paragraph (3)(B)(ii), and the dollar amount contained in paragraph (7)(A), and inserting each of the dollar amounts in paragraphs (3)(B)(i), (3)(B)(ii), and (7)(A) . Section 219 is amended by striking paragraph
(4)of subsection
(f)and subsection (h). Section 6652 is amended by striking subsection (g). Paragraph
(1)of section 221(b) is amended by striking shall not exceed and all that follows and inserting shall not exceed $2,500. . Sections 244 and 247 are hereby repealed, and the table of sections for part VIII of subchapter B of chapter 1 is amended by striking the items relating to sections 244 and 247. Paragraph
(5)of section 172(d) is amended to read as follows: The deductions allowed by section 243 (relating to dividends received by corporations) and 245 (relating to dividends received from certain foreign corporations) shall be computed without regard to section 246(b) (relating to limitation on aggregate amount of deductions). . Paragraph
(1)of section 243(c) is amended to read as follows: In the case of any dividend received from a 20-percent owned corporation, subsection (a)(1) shall be applied by substituting 80 percent for 70 percent . . Section 243(d) is amended by striking paragraph (4). Section 246 is amended— by striking , 244, in subsection (a)(1), in subsection (b)(1)— by striking sections 243(a)(1), 244(a), and inserting section 243(a)(1) , by striking 244(a), the second place it appears, and by striking subsection
(a)or
(b)of section 245, and 247, and inserting and subsection
(a)or
(b)of section 245, , and by striking , 244, in subsection (c)(1). Section 246A is amended by striking , 244, both places it appears in subsections
(a)and (e). Sections 263(g)(2)(B)(iii), 277(a), 301(e)(2), 469(e)(4), 512(a)(3)(A), subparagraphs (A), (C), and
(D)of section 805(a)(4), 805(b)(5), 812(e)(2)(A), 815(c)(2)(A)(iii), 832(b)(5), 833(b)(3)(E), and 1059(b)(2)(B) are each amended by striking , 244, each place it appears. Section 1244(c)(2)(C) is amended by striking 244, . Section 805(a)(4)(B) is amended by striking , 244(a), each place it appears. Section 810(c)(2)(B) is amended by striking 244 (relating to dividends on certain preferred stock of public utilities), . The amendments made by this paragraph shall not apply to preferred stock issued before October 1, 1942 (determined in the same manner as under section 247 of the Internal Revenue Code of 1986 as in effect before its repeal by such amendments). Section 248(c) is amended by striking beginning after December 31, 1953, and by striking the last sentence. Section 249(b)(1) is amended by striking , in the case of bonds or other evidences of indebtedness issued after February 28, 1913, . Section 267(d) is amended by striking (or by reason of section 24(b) of the Internal Revenue Code of 1939) in paragraph (1), by striking after December 31, 1953, in paragraph (2), by striking the second sentence, and by striking or by reason of section 118 of the Internal Revenue Code of 1939 in the last sentence. Paragraphs
(1)and
(2)of section 269(a) are each amended by striking or acquired on or after October 8, 1940, . Paragraph
(3)of section 274(n) is amended— by striking
(A), In general .— by striking substituting and inserting the applicable percentage for substituting , and 80 percent for by striking subparagraph (B). Section 279 is amended— by striking after December 31, 1967, in subsection (a)(2), by striking after October 9, 1969, in subsection (b), by striking after October 9, 1969, and in subsection (d)(5), and by striking subsection
(i)and redesignating subsection
(j)as subsection (i). The amendments made by this paragraph shall not— apply to obligations issued on or before October 9, 1969 (determined in the same manner as under section 279 of the Internal Revenue Code of 1986 as in effect before such amendments), and be construed to require interest on obligations issued on or before December 31, 1967, to be taken into account under section 279(a)(2) of such Code (as in effect after such amendments). Clause
(iii)of section 304(b)(3)(D) is repealed. The heading of subparagraph
(D)of section 304(b)(3) is amended by striking . and special rule Subsection
(d)of section 312 is amended by striking paragraph
(2)and redesignating paragraph
(3)as paragraph (2). Paragraph
(3)of section 355(d) is amended by striking after October 9, 1990, and each place it appears. Section 362 is amended by striking on or after June 22, 1954 in subsection
(a)and by striking , on or after June 22, 1954, each place it appears in subsection (c). Section 401(a)(9) is amended by striking subparagraph (H). Clause
(i)of section 408(p)(2)(E) is amended to read as follows: For purposes of subparagraph (A)(ii), the applicable amount is $10,000. . Section 409 is amended by striking subsection (q). Clauses
(i)and
(ii)of section 414(v)(2)(B) are amended to read as follows: In the case of an applicable employer plan other than a plan described in section 401(k)(11) or 408(p), the applicable dollar amount is $5,000. In the case of an applicable employer plan described in section 401(k)(11) or 408(p), the applicable dollar amount is $2,500. . Section 423(a) is amended by striking after December 31, 1963, . Section 402(g)(1)(B) is amended by striking shall be and all that follows and inserting is $15,000. . Subparagraph
(D)of section 417(e)(3) is amended— by striking clauses
(ii)and (iii), by striking if— and all that follows through section 430(h)(2)(D) and inserting if section 430(h)(2)(D) , and by striking described in such section, and inserting described in such section. . Clause
(iii)of section 205(g)(3)(B) of the Employee Retirement Income Security Act of 1974 ( 29 U.S.C. 1055(g)(3)(B) ) is amended— by striking subclauses
(II)and (III), by striking if— and all that follows through section 303(h)(2)(D) and inserting if section 303(h)(2)(D) , and by striking described in such section, and inserting described in such section. . Paragraph
(5)of section 430(c) is amended by striking subparagraph
(B)and by striking
(A). In general .— Paragraph
(5)of section 303(c) of the Employee Retirement Income Security Act of 1974 ( 29 U.S.C. 1083(c) ) is amended by striking subparagraph
(B)and by striking
(A). In general .— Paragraph
(2)of section 430(h) is amended by striking subparagraph (G). Paragraph
(2)of section 303(h) of the Employee Retirement Income Security Act of 1974 ( 29 U.S.C. 1083(h) ) is amended by striking subparagraph (G). Paragraph
(3)of section 436(j), as added by section 113(a)(1)(B) of the Pension Protection Act of 2006, is amended by striking subparagraphs
(B)and
(C)and by striking
(A). In general .— Subparagraph
(C)of section 206(g)(9) of the Employee Retirement Income Security Act of 1974 ( 29 U.S.C. 1056(g)(9) ) is amended by striking clauses
(ii)and
(iii)and by striking
(i). In general .— Section 436(j) is amended by striking the paragraph
(3)added by section 203(a)(2) of the Preservation of Access to Care for Medicare Beneficiaries and Pension Relief Act of 2010. Section 206(g)(9) of the Employee Retirement Income Security Act of 1974 ( 29 U.S.C. 1056(g)(9) ) is amended by striking subparagraph (D). Section 436 is amended by striking subsection (m). Section 206(g) of the Employee Retirement Income Security Act of 1974 ( 29 U.S.C. 1056(g) ) is amended by striking paragraph (11). Section 457(e)(15)(A) is amended by striking shall be and all that follows and inserting is $15,000. . Section 464 is amended by striking any farming syndicate (as defined in subsection (c)) both places it appears in subsections
(a)and
(b)and inserting any taxpayer to whom subsection
(d)applies . Subsection
(c)of section 464 is hereby moved to the end of section 461 and redesignated as subsection (j). Such subsection
(j)is amended— by striking For purposes of this section in paragraph
(1)and inserting For purposes of subsection (i)(4) , and by adding at the end the following new paragraphs: For purposes of this subsection, the term farming has the meaning given to such term by section 464(e). For purposes of this subsection, the term limited entrepreneur means a person who— has an interest in an enterprise other than as a limited partner, and does not actively participate in the management of such enterprise. . Paragraph
(4)of section 461(i) is amended by striking section 464(c) and inserting subsection
(j). Section 464 is amended— by striking subsections
(e)and
(g)and redesignating subsections
(d)and
(f)as subsections
(c)and (d), respectively, and by adding at the end the following new subsection: For purposes of this section, the term farming means the cultivation of land or the raising or harvesting of any agricultural or horticultural commodity including the raising, shearing, feeding, caring for, training, and management of animals. For purposes of the preceding sentence, trees (other than trees bearing fruit or nuts) shall not be treated as an agricultural or horticultural commodity. . Subsection
(d)of section 464 of such Code (as redesignated by subparagraph (C)) is amended— by striking paragraph
(1)and redesignating paragraphs (2), (3), and
(4)as paragraphs (1), (2), and (3), respectively, and by striking in the heading. Subsections
(a)and
(b)to apply to Subparagraph
(A)of section 58(a)(2) is amended by striking section 464(c) and inserting section 461(j) . Subparagraph
(A)of section 465(c)(3) is amended by striking In the case of taxable years beginning after December 31, 1978, this and inserting This . Section 469 is amended by striking subsection (m). Subsection
(b)of section 58 is amended by adding and at the end of paragraph (1), by striking paragraph (2), and by redesignating paragraph
(3)as paragraph (2). Section 481(b)(3) is amended by striking subparagraph (C). Section 501 is amended by striking subsection (s). Section 503(a)(1) is amended to read as follows: An organization described in paragraph
(17)or
(18)of section 501(c), or described in section 401(a) and referred to in section 4975(g)
(2)or (3), shall not be exempt from taxation under section 501(a) if it has engaged in a prohibited transaction. . Paragraph
(2)of section 503(a) is amended by striking described in section 501(c)(17) or
(18)or paragraph (a)(1)(B) and inserting described in paragraph
(1). Subsection
(c)of section 503 is amended by striking described in section 501(c)(17) or
(18)or subsection (a)(1)(B) and inserting described in subsection (a)(1) . Paragraph
(1)of section 535(b) and paragraph
(1)of section 545(b) are each amended by striking section 531 and all that follows and inserting section 531 or the personal holding company tax imposed by section 541. . Subsection
(b)of section 614 is amended— by striking paragraphs (3)(C) and (5), and in paragraph (4), by striking whichever of the following years is later: The first taxable year beginning after December 31, 1963, or . Subparagraph
(A)of section 691(d)(1) is amended by striking after December 31, 1953, and . Section 692(a)(1) is amended by striking after June 24, 1950 . Paragraph
(7)of section 807(e) is amended by striking subparagraph
(B)and redesignating subparagraph
(C)as subparagraph (B). Section 832(e) is amended by striking of taxable years beginning after December 31, 1966, . Section 832(e)(6) is amended by striking In the case of any taxable year beginning after December 31, 1970, the and inserting The . Section 848 is amended by striking subsection (j). Subparagraph
(B)of section 871(a)(1) is amended to read as follows: gains described in subsection
(b)or
(c)of section 631, . Paragraph
(2)of section 904(d) is amended by striking subparagraph (J). Clause
(i)of section 911(b)(2)(D) is amended to read as follows: The exclusion amount for any calendar year is $80,000. . Section 1014(a)(2) is amended to read as follows: in the case of an election under section 2032, its value at the applicable valuation date prescribed by such section, . Section 1014(b) is amended by striking paragraphs
(7)and (8). Section 1016(a) is amended by striking paragraph (12). Section 1019 is amended by striking the last sentence. Section 1033 is amended by striking subsection
(j)and by redesignating subsections
(k)and
(l)as subsections
(j)and (k), respectively. Section 1051 is hereby repealed, and the table of sections for part IV of subchapter O of chapter 1 is amended by striking the item relating to section 1051. Section 1222 is amended by striking the last sentence. Paragraph
(1)of section 1223 is amended by striking after March 1, 1954, . Paragraph
(4)of section 1223 is amended by striking . (or under so much of section 1052(c) as refers to section 113(a)(23) of the Internal Revenue Code of 1939) Paragraphs
(6)and
(8)of section 1223 are repealed. Subparagraph
(A)of section 1231(c)(2) is amended by striking beginning after December 31, 1981 . Section 1235 is amended— by striking subsection
(c)and by redesignating subsections
(d)and
(e)as subsections
(c)and (d), respectively, and by striking subsection
(d)in subsection (b)(2)(B) and inserting subsection
(c). Subsection
(b)of section 1236 is amended by striking after November 19, 1951, . Subsection
(a)of section 1249 is amended by striking after December 31, 1962, . Paragraph
(1)of section 1252(a) is amended— by striking after December 31, 1969 the first place it appears, and by striking after December 31, 1969, in subparagraph (A). Subsection
(c)of section 1271 is amended to read as follows: On the sale or exchange of debt instruments issued by a government or political subdivision thereof after December 31, 1954, and before July 2, 1982, or by a corporation after December 31, 1954, and on or before May 27, 1969, any gain realized which does not exceed— an amount equal to the original issue discount, or if at the time of original issue there was no intention to call the debt instrument before maturity, an amount which bears the same ratio to the original issue discount as the number of complete months that the debt instrument was held by the taxpayer bears to the number of complete months from the date of original issue to the date of maturity, shall be considered as ordinary income. (a)(2)(A) not to apply Subsection (a)(2)(A) shall not apply to any debt instrument referred to in paragraph
(1)of this subsection. For current inclusion of original issue discount, see section 1272. . Section 1314 is amended by striking subsection
(d)and by redesignating subsection
(e)as subsection (d). Clause
(iii)of section 1362(d)(3)(A) is amended by striking unless and all that follows and inserting unless the corporation was an S corporation for such taxable year. . Subsection
(a)of section 1401 is amended by striking the following percent and all that follows and inserting 12.4 percent of the amount of the self-employment income for such taxable year. . Paragraph
(1)of section 1401(b) is amended by striking: the following percent and all that follows and inserting 2.9 percent of the amount of the self-employment income for such taxable year. . Paragraph
(3)of section 1402(e) is amended— by striking whichever of the following dates is later:
(A), and by striking ;or
(B)’ and all that follows and inserting a period. The first sentence of subsection
(b)of section 1441 and the first sentence of paragraph
(5)of section 1441(c) are each amended by striking gains subject to tax and all that follows through October 4, 1966 and inserting and gains subject to tax under section 871(a)(1)(D) . Subparagraph
(A)of section 1504(a)(3) is amended by striking for a taxable year which includes any period after December 31, 1984 in clause
(i)and by striking in a taxable year beginning after December 31, 1984 in clause (ii). Subsection
(a)of section 1551 is amended— by striking paragraph
(1)and by redesignating paragraphs
(2)and
(3)as paragraphs
(1)and (2), respectively, and by striking after June 12, 1963, each place it appears. Section 1551(b) is amended— by striking or
(2)in paragraph (1), and by striking (a)(3) in paragraph
(2)and inserting (a)(2) . Part II of subchapter A of chapter 11 is amended by striking section 2011 (and by striking the item relating to such section in the table of sections for such subpart). Section 2106(a)(4) is amended by striking section 2011(a) and inserting 2058(a) . Subchapter A of chapter 13 is amended by striking section 2604 (and by striking the item relating to such section in the table of sections for such subpart). Clause
(ii)of section 164(b)(4)(A) is amended by inserting (as in effect before its repeal) after section 2604 . Section 2654(a)(1) is amended by striking (computed without regard to section 2604) . Subsection
(c)of section 2031 is amended by striking paragraph
(3)and by amending paragraph (1)(B) to read as follows: $500,000. . Part IV of subchapter A of chapter 11 is amended by striking section 2057 (and by striking the item relating to such section in the table of sections for such subpart). Paragraph
(10)of section 2031(c) is amended by inserting (as in effect before its repeal) immediately before the period at the end thereof. Subsection
(c)of section 2104 is amended by striking With respect to estates of decedents dying after December 31, 1969, deposits and inserting Deposits . Subsection
(a)of section 3101 is amended by striking the following percentages and all that follows and inserting 6.2 percent of the wages (as defined in section 3121(a)) received by the individual with respect to employment (as defined in section 3121(b)) . Subsection
(a)of section 3111 is amended by striking the following percentages and all that follows and inserting 6.2 percent of the wages (as defined in section 3121(a)) paid by the employer with respect to employment (as defined in section 3121(b)). . Subsection
(b)of section 3111 is amended by striking the following percentages and all that follows and inserting 1.45 percent of the wages (as defined in section 3121(a)) paid by the employer with respect to employment (as defined in section 3121(b)). . Section 3121(b) is amended by striking paragraph (17). Section 210(a) of the Social Security Act is amended by striking paragraph (17). Subsection
(b)of section 3201 is amended to read as follows: In addition to other taxes, there is hereby imposed on the income of each employee a tax equal to the percentage determined under section 3241 for any calendar year of the compensation received during such calendar year by such employee for services rendered by such employee. . Subsection
(b)of section 3211 is amended to read as follows: In addition to other taxes, there is hereby imposed on the income of each employee representative a tax equal to the percentage determined under section 3241 for any calendar year of the compensation received during such calendar year by such employee representative for services rendered by such employee representative. . Subsection
(b)of section 3221 is amended to read as follows: In addition to other taxes, there is hereby imposed on every employer an excise tax, with respect to having individuals in his employ, equal to the percentage determined under section 3241 for any calendar year of the compensation paid during such calendar year by such employer for services rendered to such employer. . Subsection
(b)of section 3231 is amended— by striking compensation; except and all that follows in the first sentence and inserting compensation. , and by striking the second sentence. Paragraph
(4)of section 3302(f) is amended— by striking subsection— and all that follows through
(A)and inserting In general .—The subsection, the , by striking subparagraph (B), by redesignating clauses
(i)and
(ii)as subparagraphs
(A)and (B), respectively, and by moving the text of such subparagraphs (as so redesignated) 2 ems to the left. Paragraph
(5)of section 3302(f) is amended by striking subparagraph
(D)and by redesignating subparagraph
(E)as subparagraph (D). Section 3510(b) is amended by striking paragraph (4). Chapter 31 is amended by striking subchapter A (and by striking the item relating to such subchapter in the table of subchapters for such chapter). Section 4221 is amended— in subsections
(a)and (d)(1), by striking subchapter A or and inserting subchapter , in subsection (a), by striking In the case of taxes imposed by subchapter A of chapter 31, paragraphs (1), (3), (4), and
(5)shall not apply. , and in subsection (c), by striking 4001(c), 4001(d), or . Section 4222 is amended by striking 4001(c), 4001(d), . Section 4293 is amended by striking subchapter A of chapter 31, . Section 4261(e) is amended— in paragraph (1), by striking subparagraph (C), and by striking paragraph (5). Subsection
(g)of section 4942 is amended by striking For all taxable years beginning on or after January 1, 1975, subject in paragraph (2)(A) and inserting Subject . Section 4942(i)(2) is amended by striking beginning after December 31, 1969, and . Section 4945(f) is amended by striking (excluding therefrom any preceding taxable year which begins before January 1, 1970) . Section 4682(h) is amended— by striking paragraph
(1)and redesignating paragraphs (2), (3), and
(4)as paragraphs (1), (2), and (3), respectively, and in paragraph
(1)(as so redesignated)— by striking the heading and inserting , and In general by striking after 1991 in subparagraph (C). Subsection
(a)of section 6039D is amended by striking beginning after December 31, 1984, . Subsection
(c)of section 6060 is amended by striking and all that follows and inserting year year. . Section 6302 is amended— in subsection (e)(2), by striking imposed by and all that follows through with respect to and inserting imposed by sections 4251, 4261, or 4271 with respect to , by striking the last sentence of subsection (f)(1), and in subsection (h)— by striking paragraph
(2)and redesignating paragraphs
(3)and
(4)as paragraphs
(2)and (3), respectively, and by amending paragraph
(3)(as so redesignated) to read as follows: Under regulations, any tax required to be paid by electronic fund transfer under section 5061(e) or 5703(b) shall be paid in such a manner as to ensure that the requirements of the second sentence of paragraph (1)(A) of this subsection are satisfied. . Section 6404(f) is amended by striking paragraph (3). Subchapter B of chapter 65 is amended by striking section 6428 (and by striking the item relating to such section in the table of sections for such subchapter). Subparagraph
(A)of section 6211(b)(4) is amended by striking 6428, . Paragraph
(2)of section 6213(g), as amended by section 214(a)(2) of this Act and paragraphs
(4)and (5)(C) of this subsection, is amended by striking subparagraph (Q), by redesignating subparagraph
(O)as subparagraph (N), by inserting and at the end of subparagraph (M), and by striking the comma at the end of subparagraph
(N)(as so redesignated) and inserting a period. Paragraph
(2)of section 1324(b) of title 31, United States Code, is amended by striking 6428, or 6431, and inserting or 6431 . Subchapter B of chapter 65 is amended by striking section 6429 (and by striking the item relating to such section in the table of sections for such subchapter). Clause
(i)of section 6655(g)(4)(A) is amended by striking (or the corresponding provisions of prior law) . Section 7447(i)(3)(B)(ii) is amended by striking at 4 percent per annum to December 31, 1947, and 3 percent per annum thereafter , and inserting at 3 percent per annum . Paragraph
(2)of section 7448(a) is amended— by striking or under section 1106 of the Internal Revenue Code of 1939 , and by striking or pursuant to section 1106(d) of the Internal Revenue Code of 1939 . Subsection
(g)of section 7448 is amended by striking or other than pursuant to section 1106 of the Internal Revenue Code of 1939 . Subsections (g), (j)(1), and (j)(2) of section 7448 are each amended by striking at 4 percent per annum to December 31, 1947, and 3 percent per annum thereafter and inserting at 3 percent per annum . Paragraph
(4)of section 7518(g) is amended by striking any nonqualified withdrawal and all that follows through ‘shall be determined and inserting any nonqualified withdrawal shall be determined . Subsection
(c)of section 7520 is amended by striking paragraph
(2)and redesignating paragraph
(3)as paragraph (2). Paragraph
(2)of section 7520(c) (as redesignated by subparagraph (A)) is amended— by striking Not later than December 31, 1989, the and inserting The , and by striking thereafter in the last sentence thereof. Section 7701(a)(20) is amended by striking chapter 21 and all that follows and inserting chapter 21. . Except as otherwise provided in subsection
(a)or paragraph
(2)of this subsection, the amendments made by this section shall take effect on the date of enactment of this Act. If— any provision amended or repealed by the amendments made by this section applied to— any transaction occurring before the date of the enactment of this Act, any property acquired before such date of enactment, or any item of income, loss, deduction, or credit taken into account before such date of enactment, and the treatment of such transaction, property, or item under such provision would (without regard to the amendments or repeals made by this section) affect the liability for tax for periods ending after date of enactment, nothing in the amendments or repeals made by this section shall be construed to affect the treatment of such transaction, property, or item for purposes of determining liability for tax for periods ending after such date of enactment.
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