PUBLIC LAW 94-528—OCT. 17, 1976
90 STAT. 24SS
Public Law 94-528 94th Congress An Act To amend the Internal Revenue Code of 1954 to provide for a distribution deduction for certain cemetery perpetual care fund, to modify the effective dates of certain provision of the Tax Reform Act of 1976, and for other purposes.
Oct. 17, 1976 [H.R. 1142]
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That (a) section Taxes. 642 of the I n t e r n a l Revenue Code of 1954 (relating to special rules Cemetery for credits and deductions of estates and trusts) is amended by redes- perpetual care ignating subsection (j) as subsection (k) and by a d d i n g after sub- W^^fcp fuio section (i) the following new subsection: "(j)
CERTAIN
DISTRIBUTIOXS
BY
CEMETERY
PERPETUAL
CARE
F U N D S. — I n the case of a cemetery perpetual care fund which— " (1) was created pursuant to local law by a taxable cemetery corporation for the care and maintenance of cemetery property, and " (2) is treated for the taxable year as a t r u s t for purposes of this subchapter, any amount distributed by such fund for the care and maintenance of gravesites which have been purchased from the cemetery corporation before the beginning of the taxable year of the trust and with respect to which there is an obligation to furnish care and maintenance shall be considered to be a distribution solely for purposes of sections 651 and 661, but only to the extent that the aggregate amount so distributed during the taxable year does not exceed $5 multiplied by the aggregate number of such gravesites.". (b) EFFECTIVE DATE.—The amendments made by subsection (a) shall take effect on October 1, 1977, and shall apply to amounts distributed during taxable years ending after December 31, 1963. SEC. 2. (a) Subsection (d) of section 1204 of the T a x Reform Act of 1976 (relating to jeopardy and termination assessments) is amended by striking out "December 31, 1976" and inserting in lieu thereof " February 28, 1977". (b) Subsection (c) of section 1205 of the T a x Reform Act of 1976 (relating to administrative summons) is amended by striking out "December 31, 1976" and inserting in lieu thereof " February 28, 1977". (c) Subsection (e) of section 1209 of the T a x Reform Act of 1976 (relating to minimum exemption from levy for wages, salary, and other income) is amended by striking out "December 31, 1976" and inserting in lieu thereof " February 28, 1977". (d) Subsection (c) of section 7809 of the I n t e r n a l Revenue Code of 1954 (relating to deposit of collections) is amended—
26 USC 651, 661. 26 USC 642 note,
Ante, p. 1695. Ante, p. 1699. Ante, p. 1709.
26 USC 7809.
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