580
PUBLIC LAW 91-172-DEC. 30, 1969
68A Stat. 301.
(3) Section 1016(c) is amended to read as follows: "(c)
Ante, p. 577.
[33 STAT
CROSS REFERENCES.—
"(1) For treatment of certain expenses incident to the purchase of a residence which were deducted as moving expenses by the taxpayer OP his spouse under section 217(a), see section 217(e). ^ "(2) For treatment of separate mineral interests as one property see section 614." ^' (d) EFFECTIVE DATES.—The amendments made by this section shall apply to taxable years beginning after December 31, 1969, except that-. (1) section 217 of the Internal Revenue Code of 1954 (as amended by subsection (a)) shall not apply to any item to the extent that the taxpayer received or accrued reimbursement or other expense allowance for such item in a taxable year beginning on or before December 31, 1969, which was not included in his gross income; and (2) the amendments made by this section shall not apply (at the election of the taxpayer made at such time and manner as the Secretary of the Treasury or his delegate prescribes) with respect to moving expenses paid or incurred before July 1, 1970, in connection with the commencement of work by the taxpayer as an employee at a new principal place of work of which the taxpayer had been notified by his employer on or before December 19, 1969.
TITLE III—MINIMUM TAX; ADJUSTMENTS PRIMARILY AFFECTING INDIVIDUALS Subtitle A—Minimum Tax
SEC. 3 1 MINIMUM TAX FOR TAX PREFERENCES. 0. s^t^^^V?^' 82f Stat. 252 26 USC 1-51.
(^) ^ ^ GENERAL.—Subchapter A of chapter 1 (relating to determination of tax liability) is amended by adding at the end thereof the following new part: "PART VI—MINIMUM T A X FOR T A X P R E F E R E N C E S
26 USC 531,
541
68A Stat. 13. 76 Stat. 962.
"Sec. 56. Imposition of tax. "Sec. 57. Items of tax preference. "Sec. 58. Rules for application of this part. "SEC. 56. IMPOSITION OF TAX. " (a) IN GENERAL.—In addition to the other taxes imposed by this chapter, there is hereby imposed for each taxable year, with respect to the income of every person, a tax equal to 10 percent of the amount (if any) by which— " (1) the sum of the items of tax preference in excess of $30,000, is greater than "(2) the taxes imposed by this chapter for the taxable year (computed without regard to this part and without regard to the taxes imposed by sections 531 and 541) reduced by the sum of the credits allowable under— u ^^^ section 33 (relating to foreign tax credit), " (B) section 37 (relating to retirement income), and " (C) section 38 (relating to investment credit). " (b) DEFERRAL or TAX LIABILITY I N CASE OF CERTAIN N E T OPERATING LOSSES.—
Post, p. 619.
" (1) IN GENERAL.—If for any taxable year a person— " (A) has a net operating loss any portion of which (under section 172) remains as a net operating loss carryover to a succeeding taxable year, and " (B) has items of tax preference in excess of $30,000,
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