102 STAT. 3686
PUBLIC LAW 100-647—NOV. 10, 1988 the Secretary of the Treasury or his delegate before the date 1 year after the date of the enactment of this paragraph, and no interest on such credit or refund shall be allowed for any period before such date of enactment.".
20 USC 1113b note.
SEC. 6005. INTERIM TREATMENT OF CERTAIN AMOUNTS AWARDED TO CHRISTA McAULIFFE FELLOWS.
(a) IN GENERAL.—In the case of an individual who is a Christa McAuliffe Fellow (as defined in section 561(b) of the Higher Education Act of 1965) and is awarded a fellowship pursuant to section 561 of such Act, for purposes of the 1986 Code, gross income shall not include any amount of such fellowship award— (1) which is expended for a project approved by the Secretary of Education pursuant to section 563(b) of such Act, and (2) which is not expended directly or indirectly for the personal use or benefit of such individual. (b) EFFECTIVE DATE.—Subsection (a) shall apply to amounts received before July 1, 1990, in taxable years beginning before such date. SEC. 6006. ELECTION TO CLAIM CERTAIN UNEARNED INCOME OF CHILD ON PARENT'S RETURN.
(a) IN GENERAL.—Subsection (i) of section 1 of the 1986 Code (relating to persons required to make returns of income) is amended by adding at the end thereof the following new paragraph: "(7) ELECTION TO CLAIM CERTAIN UNEARNED INCOME OF CHILD ON PARENT'S RETURN.— "(A) IN GENERAL.—If—
"(i) any child to whom this subsection applies hsis gross income for the taxable year only from interest and dividends (including Alaska Permanent Fund dividends), "(ii) such gross income is more than $500 and less than $5,000, "(iii) no estimated tax payments for such year are made in the name and TIN of such child, and no amount has been deducted and withheld under section 3406, and "(iv) the parent of such child (as determined under paragraph (5)) elects the application of subparagraph (B), such child shall be treated as having no gross income for such year and shall not be required to file a return under section 6012. "(B) INCOME INCLUDED ON PARENT'S RETURN.—In the case of a parent making the election under this paragraph— "(i) the gross income of each child to whom such election applies (to the extent the gross income of such child exceeds $1,000) shall be included in such parent's gross income for the taxable year, "(ii) the t€« imposed by this section for such year with respect to such parent shall be the amount equal to the sum of— "(I) the amount determined under this section after the application of clause (i), plus
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