90 STAT. 1776 26 USC 461.
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PUBLIC LAW 94-455—OCT. 4, 1976 (A) Section 461(c) (relating to accrual of real property taxes) is amended by striking out paragraph (2) and by redesignating paragraph (3) as paragraph (2). (B) Section 461(c)(2) (relating to elections without consent), as redesignated by subparagraph (A), is amended by striking out "his first taxable year which begins after December 31, 1953, and ends after the date of enactment of this title in which the taxpayer" and inserting in lieu thereof "his first taxable year in which he". (70)
26 USC 481.
(A) Section 481(b) (relating to limitation on tax where substantial adjustments are required by a change in accounting method) is amended by striking out paragraphs (4), (5), and (6) (relating to pre-1954 adjustments). (B) Section 481(b)(1) and (2) are each amended by striking out ", other than the amount of such adjustments to which paragraph (4) or (5) applies," each place it appears. (71)
26 USC 508.
AMENDMENTS OF SECTION 481.—
AMENDMENTS OF SECTION SO8.—
(A) Subsections (a) and (b) of section 508 (relating to special rules relating to 501(c)(3) organizations) are each amended by striking out the last sentence therein. (B) Section 508(e)(2) (relating to special rules for existing private foundations) is amended by striking out subparagraph (A) (relating to taxable years beginning before 1972), by redesignating subparagraphs (B) and (C) as subparagraphs (A) and (B), respectively, and by striking out " (B) " in subparagraph (B) (as so redesignated) and inserting in lieu thereof " (A) ". (C) Section 508(d)(2)(A) (relating to disallowance of deductions for certain charitable gifts or bequests) is amended by striking out "(e)(2)(B) and (C) " and inserting in lieu thereof " (e)(2) ". (72) AMENDMENTS OF SECTION 5 1 4. —
26 USC 514.
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26 USC 534.
(A) Section 514(c)(1) (relating to definition of acquisition indebtedness) is amended by striking out the comma at the end of subparagraph (C) and all that follows, and inserting in lieu thereof a period. (B) Section 514 (relating to unrelated debt-financed income) is amended by striking out subsection (f) (relating to definition of business lease), by striking out subsection (g) (relating to definition of business lease indebtedness), and by redesignating subsection (h) as subsection (f). (C) Section 514(b)(3)(C) (iii) (relating to definition of debt-financed property) is amended to read as follows: "(iii) shall not apply to property subject to a lease which is a business lease (as defined in this section immediately before the enactment of the Tax Reform Act of 1976)." (D) Section 514(f) (relating to personal property leased with real property), as redesignated by subparagraph (B) of this paragraph, is amended by striking out "and the term 'premises' include" and inserting in lieu thereof "includes". (73) AMENDMENTS or SECTION 534.— ( ^) Section 534(b) (relating to mailing notices of deficiency) is amended by striking out the last sentence. (B) Subsection (e) of section 534 (relating to effective date of section) is repealed.
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