PUBLIC LAW 95-600—NOV. 6, 1978
92 STAT. 2765
Subtitle E—Small Business Provisions PART I—PROVISIONS REIATING TO SUBCHAPTER S
Sec. Sec. Sec. Sec.
341. 342. 343. 344.
Subchapter S corporations allowed 15 shareholders. Permitted shareholders of subchapter S corporations. Extension of period for making subchapter S elections. Effective date. PART II—OTHER PROVISIONS
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Sec. 345. Small business corporation stock. Subtitle F—Accounting Provisions Sec. 351. Treatment of certain closely held farm corporations for purposes of rule requiring accrual accounting. Sec. 352. Accounting for growing crops. Sec. 353. Treatment of certain farms for purposes of rule requiring accrual accounting. Subtitle G—Other Business Provisions Sec. Sec. Sec. Sec. Sec. Sec. Sec.
361. 362. 363. 364. 365. 366. 367.
Sec. 368. Sec. 369. Sec. 370. Sec. 371. Sec. 372. Sec. 373.
Disallowance of certain deductions for yachts, hunting lodges, etc. Deficiency dividend procedure for regulated investment companies. Real estate investment trust provisions. Contributions in aid of construction. Liabilities of controlled corporations. Medical expense reimbursement plans. Three-year extension of provision for 60-month depreciation of expenditures to rehabilitate low-income rental housing. Delay in application of new net operating loss rules. Use of certain expired net operating loss carryovers. Income from certain railroad rolling stock treated as income from sources within the United States. Net operating losses attributable to product liability losses. Exclusion from gross income with respect to magazines, paperbacks, and records returned after the close of the taxable year. Qualified discount coupons redeemed after close of taxable year.
TITLE IV—CAPITAL GAINS; MINIMUM TAX; MAXIMUM TAX Subtitle A—Capital Gains Sec. Sec. Sec. Sec.
401. 402. 403. 404.
Repeal of alternative tax on capital gains of individuals. Increased capital gains deductions for individuals. Reduction of alternative capital gains tax for corporations. One-time exclusion of gain from sale of principal residence by individual who has attained age 55. Sec. 405. Waiver of certain 18-month rules of section 1034 when sale of residence is connected with commencing work at new place. Subtitle B—Minimum Tax Provisions Sec. 421. Alternative minimum tax for taxpayers other than corporations. Sec. 422. Treatment of intangible drilling cost for purposes of the minimum tax. Subtitle C—Maximum Tax Provisions Sec. 441. Treatment of capital gains for purposes of the maximum tax. Sec. 442. Determination of personal service income from nonsalaried trade or business activities.
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