Page:United States Statutes at Large Volume 110 Part 3.djvu/26

This page needs to be proofread.


Sec. Sec. Sec. Sec. Sec. Sec. Sec. Sec. Sec. Sec. Sec. Sec. Sec. Sec. Sec. 1303. 1304. 1305. 1306. 1307. 1308. 1309. 1310. 1311. 1312. 1313. 1314. 1315. 1316. 1317. 110 STAT. 1756 PUBLIC LAW 104-188—AUG. 20, 1996 Expansion of post-death qualification for certain trusts. Financial institutions permitted to hold safe harbor debt. Rules relating to inadvertent terminations and invalid elections. Agreement to terminate year. Expansion of post-termination transition period. S corporations permitted to hold subsidiaries. Treatment of distributions during loss years. Treatment of S corporations under subchapter C. Elimination of certain earnings and profits. Carryover of disallowed losses and deductions under at-risk rules allowed. Adjustments to basis of inherited S stock to reflect certain items of income. S corporations eligible for rules applicable to real property subdivided for sale by noncorporate taxpayers. Financial institutions. Certain exempt organizations allowed to be shareholders. Effective date. Subtitle D—Pension Simplification CHAPTER 1—SIMPLIFIED DISTRIBUTION RULES Sec. 1401. Repeal of 5-year income averaging for lump-sum distributions. Sec. 1402. Repeal of $5,000 exclusion of employees' death benefits. Sec. 1403. Simplified method for taxing annuity distributions under certain employer plans. Sec. 1404. Required distributions. CHAPTER 2—INCREASED ACCESS TO RETIREMENT PLANS SUBCHAPTER A—SIMPLE SAVINGS PLANS Sec. 1421. Establishment of savings incentive match plans for employees of small employers. Sec. 1422. Extension of simple plan to 401(k) arrangements. SUBCHAPTER B—OTHER PROVISIONS Sec. 1426. Tax-exempt organizations eligible under section 401(k). Sec. 1427. Homemakers eligible for full IRA deduction. CHAPTER 3—NONDISCRIMINATION PROVISIONS Sec. 1431. Definition of highly compensated employees; repeal of family aggregation. Sec. 1432. Modification of additional participation requirements. Sec. 1433. Nondiscrimination rules for qualified cash or deferred arrangements and matching contributions. Sec. 1434. Definition of compensation for section 415 purposes. CHAPTER 4—MISCELLANEOUS PROVISIONS Sec. 1441. Plans covering self-employed individuals. Sec. 1442. Elimination of special vesting rule for multiemployer plans. Sec. 1443. Distributions under rural cooperative plans. Sec. 1444. Treatment of governmental plans under section 415. Sec. 1445. Uniform retirement age. Sec. 1446. Contributions on behalf of disabled employees. Sec. 1447. Treatment of deferred compensation plans of State and local governments and tax-exempt organizations. Sec. 1448. Trust requirement for deferred compensation plans of State and local governments. Sec. 1449. Transition rule for computing maximum benefits under section 415 limitations. Sec. 1450. Modifications of section 403(b). Sec. 1451. Special rules relating to joint and survivor annuity explanations. Sec. 1452. Repeal of limitation in case of defined benefit plan and defined contribution plan for same employee; excess distributions. Sec. 1453. Tax on prohibited transactions. Sec. 1454. Treatment of leased employees. Sec. 1455. Uniform penalty provisions to apply to certain pension reporting requirements. Sec. 1456. Retirement benefits of ministers not subject to tax on net earnings from self-employment. Sec. 1457. Sample language for spousal consent and qualified domestic relations forms.