PUBLIC LAW 94-455—OCT. 4, 1976 ,.
90 STAT. 178:^
(152) AMENDMENT OF SECTION 1378.Section 1378(b) (relat- 26 USC 1378. i n g to the taxation of capital gain in the case of electing small business corporations) is amended by striking out the last sentence. (153) AMENDMENTS o r SECTION 13 8 8.—
(A) Section 1388(c)(2)(B)(i) (relating to patronage 26 USC 1388.; dividends) is amended by striking out "the date of the enactment of the Revenue Act of 1962" and inserting in lieu thereof "October 16, 1962". (B) Section 1388(h)(2)(B)(i) (relating to per-unit retain certificates) is amended by striking out " the date of the enactment of this subsection" and inserting in lieu thereof "Novem<j. , ber 13, 1966". '
(154) AMENDMENTS OF SECTION 14 O i.—
(A) Section 1401(a) (relating to rate of tax on selfemployment income) is amended to read as follows: "(a)
26 USC 1401.
O L D - A G E, SURVIVORS, AND DISABILITY INSURANCE. — I n a d d i t i o n
to other taxes, there shall be imposed for each taxable year, on the self-employment income of every individual, a tax equal to 7.0 percent of the amount of the self-employment income for such taxable year." (B) Section 1401(b) (relating to rate of tax on self-employment income for hospital insurance) is amended by striking out paragraph s (1) and (2) and by redesignating paragraph s • (3), (4), (5), and (6), as paragraph s (1), (2), (3) and (4), respectively. (155)
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AMENDMENTS OF SECTION I 4 0 2. —
(A) Paragraph (1) of section 1402(b) (relating to defini- 26 USC 1402. tion of self-employment income) is amended to read as follows: " (1) that part of the net earnings from self-employment which is in excess of (i) an amount equal to the contribution and benefit base (as determined under section 230 of the Social Security Act) 42 USC 430, which is effective for the calendar year in which such taxable year begins, minus (ii) the amount of the wages paid to such individual during such taxable year s; or". (B) Section 1402 amended by striking out subsection (g) 26 USC\1402, (relating to treatment of self-employment income for years .^r; prior to 1962), and by redesignating subsections (h) and (i) as subsections (g) and (h), respectively. (C) Section 1 4 0 2 (g)(2) (relating to self-employment income of members of certain religious f a i t h s), as redesignated by subparagraph (B) of this paragraph, is amended to read as follows: " (2) T I M E FOR FILING APPLICATIONS.—For purposes of this sub-
section, an application must be filed on or before the time prescribed for filing the return (including any extension thereof) for the first taxable year for which the individual has self-employment income (determined without regard to this subsection or subsection (c)(6)), except that an application filed after such date but on or before the last d a y of the t h i r d calendar month following the calendar month in which the taxpayer is first notified in writing by the Secretary that a timely application for an exemption from the tax imposed by this chapter has not been filed by h i m shall be deemed to be filed timely." (156) EEPEAL or SECTION 14 e 5.—Section 1465 (relating to definition of withholding agent) is repealed. (157)
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26 USC 1465.
AMENDMENTS OF SECTION I 4 8 I. —
(A) Section 1 4 8 1 (a)(1)(A) (relating to mitigation of effect of renegotiation of Government contracts) is amended
9-194 O—78—pt. 2
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26 USC 14fil.
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