90 STAT. 1580
PUBLIC LAW 94-455—OCT. 4, 1976 (f) CONFORMING AMENDMENTS. —
26 USC 1302. 26 USC 6401. 26 USC 1 note.
(1) Subparagraph (B) of subsection (a)(2), and subparagraph (B) of subsection (b)(2), of section 1302 (definition of averageable income; related definitions) are each amended by striking out " 6 6 8 (a) " and inserting in lieu thereof " 6 6 7 (a) ". (2) Section 6401(b) (relating to excessive credits), as in effect on the d a y before the date of the enactment of the T a x Reduction Act of 1975, is amended by striking out " w a g e s), " and inserting in lieu thereof "wages) and ", and by striking out " and 667(b) (relating to taxes paid by certain t r u s t s) ". (3) Section 6401(b) (relating to excessive credits), as amended by the T a x Reduction Act of 1975, is amended by striking out "lubricating o i l), " and inserting in lieu thereof "lubricating o i l), and", and by striking out " and section 667(b) (relating to taxes paid by certain t r u s t s) ". (g) CLERICAL AMENDMENTS. —
(1) The table of sections for subpart D of part I of subchapter J of chapter 1 is amended by striking out the items relating to sections 667, 668, and 669 and inserting in lieu thereof the following: "Sec. 667. Treatment of amounts deemed distributed by trust in preceding years." (2) The table of sections for subpart A of part I of subchapter J of chapter 1 is amended by a d d i n g at the end thereof the following new item: "Sec. 644. Special rule for gain on property transferred to trust at less tlian fair market value.". 26 USC 667
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(h) EFFECTIVE D A T E S. — The amendments m a d e by subsections (a),
(b), (c), (d), and (f) of this section shall apply to distributions made in taxable years beginning after December 31, 1975. The amendments made by subsection (e) of this section shall apply to transfers in trust made after May 21, 1976.
TITLE VIII—CAPITAL FORMATION 26 USC 48 note.
26 USC 46.
SEC. 801. EXTENSION OF $100,000 LIMITATION ON USED PROPERTY FOR 4 YEARS. Paragraph (2) of section 301(c) of the T a x Reduction Act of 1975 is amended by striking out " January 1, 1977" and inserting in lieu thereof " January 1, 1981". SEC. 802. EXTENSION OF 10 PERCENT CREDIT FOR 4 YEARS AND FIRSTIN-FIRST-OUT TREATMENT OF INVESTMENT TAX CREDIT. (a) IN GENERAL.—Subsection (a) of section 46 (relating to determination of amount of investment credit) is amended— (1) by redesignating paragraph s (2) through (6) as (3) through (7), respectively, and (2) by striking out so much of such subsection as precedes paragraph (3) (as redesignated by paragraph (1) of this subsection) and inserting in lieu thereof the following: " (a) GENERiVL RULE. — " (1) FIRST-IN-FIRST-OUT
RULE.—The
amount
of
the
credit
allowed by section 38 for the taxable year shall be an amount equal to the sum of— " (A) the investment credit carryovers carried to such taxable year,
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