90 STAT. 1520
PUBLIC LAW 94-455—OCT. 4, 1976
Public Law 94-455 94th Congress An Act Oct. 4, 1976
To reform the tax laws of the United States.
[H.R. 10612]
Tax Reform
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
Act of 1976. SECTION 1. TABLE OF CONTENTS Sec.
1. Table of contents.
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TITLE I—SHORT TITLE AND AMENDMENT OF 1954 CODE Sec. 101. Short title. Sec. 102. Amendment of 1954 Code. TITLE II—AMENDMENTS RELATED TO TAX SHELTERS Sec. 201. Capitalization and amortization of real property construction period interest and taxes. Sec. 202. Recapture of depreciation on real property. Sec. 203. Amendment of section 167(k). Sec. 204. Limitations on deductions for expenses. Sec. 205. Gain from disposition of interest in oil and gas property. Sec. 206. Amendments to farm loss recapture rules. Sec. 207. Limitations on deductions in case of farming syndicates; capitalization of certain orchard and vineyard expenses and method of accounting for corporations engaged in farming. Sec. 208. Treatment of prepared interest. Sec. 209. Limitation on interest deduction. Sec. 210. Amortization of production cost of motion pictures, books, records, and other similar property. Sec. 211. Clarification of definition of produced film rents. Sec. 212. Basis limitation for and recapture of depreciation on player contracts. Sec. 213. Certain partnership provisions. Sec. 214. Scope of waiver of statute of limitations in case of activities not engaged in for profit. TITLE III—MINIMUM TAX AND MAXIMUM TAX Sec. 301. Minimum tax. Sec. 302. Maximum tax. TITLE IV—EXTENSIONS OF INDIVIDUAL INCOME TAX REDUCTIONS Sec. 401. Extensions of individual income tax reductions. Sec. 402. Refunds of earned income credit disregarded in the administration of Federal programs and federally assisted programs. TITLE V—TAX SIMPLIFICATION IN THE INDIVIDUAL INCOME TAX Sec. Sec. Sec. Sec. Sec.
501. 502. 503. 504. 505.
Revision of tax tables for individuals. Deduction for alimony allowed in determining adjusted gross income. Revision of retirement income credit. Credit for child care expenses. _ Changes in exclusions for sick pay and certain military, etc., disability pensions; certain disability income. Sec. 506. Moving expenses. Sec. 507. Tax revision study. , Sec. 508. Effective date. TITLE VI—BUSINESS RELATED INDIVIDUAL INCOME TAX PROVISIONS Sec. 601. Deductions for expenses attributable to business use of homes, rental of vacation homes, etc. Sec. 602. Deductions for attending foreign conventions. Sec. 603. Change in tax treatment of qualified stock options. Sec. 604. State legislators' travel expenses away from home. Sec. 605. Deduction for guarantees of business bad debts to guarantors not involved in business.
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