PUBLIC LAW 97-248—SEPT. 3, 1982
96 STAT. 511
1982. For purposes of the preceding sentence, the o u t s t and i n g balance of any loan which is renegotiated, extended, renewed, or revised after such date shall be t r e a t e d as a n a m o u n t received as a loan on the date of such renegotiation, extension, renewal, or revision. (2) EXCEPTION FOR CERTAIN LOANS USED TO REPAY OUTSTANDING OBLIGATIONS.—
(A) IN GENERAL.—Any qualified refunding loan shall not be t r e a t e d as a distribution by reason of the amendments m a d e by this section to the e x t e n t such loan is repaid before August 14, 1983. (B) QUALIFIED REFUNDING L O A N. — For purposes of s u b p a r -
a g r a p h (A), the term "qualified refunding l o a n " means any loan m a d e after August 13, 1982, and before August 14, 1983, to the extent such loan is used to m a k e a required principal payment. (C) REQUIRED PRINCIPAL P A Y M E N T. — For purposes of sub-
paragraph (B), the term "required principal payment " means any principal r e payment on a loan m a d e under the plan which w a s o u t s t and i n g on August 13, 1982, if such r e payment is required to be m a d e after August 13, 1982, and before August 14, 1983.
PART II—REPEAL OF SPECIAL LIMITATIONS ON PLANS BENEFITING SELF-EMPLOYED INDIVIDUALS OR OWNER-EMPLOYEES SEC. 237. REPEAL OF SPECIAL QUALIFICATION REQUIREMENTS. (a) GENERAL RULE. — S u b s e c t i o n
(d) of section
401 ( r e l a t i n g to
26 USC 401.
additional requirements for qualifications of t r u s t s and plans benefiting owner-employees) is amended— (1) by striking out paragraph s (1) through (7), and (2) by redesignating paragraph s (9), (10), and (11) a s paragraph s (1), (2), and (3), respectively. (b) R E P E A L OF LIMITATIONS O N A M O UNT OF COMPENSATION T A K E N I N TO ACCOUNT A N D ON CERTAIN D E F I N E D B E N E F I T P L A N S. — P a r a -
g r a p h s (17) and (18) of section 401(a) a r e hereby repealed. (c) R E P E A L OF EXCISE T A X ON EXCESS CONTRIBUTIONS FOR S E L F EMPLOYED INDIVIDUALS.—
(1) Section 4972 (relating to tax on excess contributions for 26 USC 4972. self-employed individuals) is hereby repealed. (2) The table of sections for chapter 43 is amended by striking out the item relating to section 4972. (d) PENALTY FOR P R E M A T U R E WITHDRAWALS EMPLOYEES IN TO P - H E A V Y P L A N S. —
LIMITED
TO K E Y
(1) Subparagraph (A) of section 72(m)(5) is amended— (A) by striking o u t " a n owner-employee" the first place it a p p e a r s and inserting in lieu thereof " a key employee", (B) by striking out "while h e w a s a n owner-employee" and inserting in lieu thereof "while h e was a key employee in a top-heavy plan", and (C) by striking, out " a n owner-employee" in clause (ii) and inserting in lieu thereof "a key employee". (2) Paragraph (5) of section 72(m) is amended by adding a t the end thereof the following new subparagraph:
26 USC 72.
�
