PUBLIC LAW 97-248—SEPT. 3, 1982 "(e)
DEFINITIONS
AND SPECIAL
RULES.—For
purposes
96 STAT. 501 of
this
section— "(1) BOND.—The term 'bond' means a bond, debenture, note, or certificate or other evidence of indebtedness. "(2) STRIPPED BOND.—The term 'stripped bond' means a bond issued a t any time with interest coupons w h e r e the r e is a separation in ownership between the bond and any coupon which has not yet become payable. "(3) STRIPPED COUPON.—The term 'stripped coupon' means any coupon relating to a stripped bond. "(4)
STATED
REDEMPTION
PRICE
AT MATURITY.—The
term
'stated redemption price a t m a t u r i t y ' has the m e a n i n g given such term by the t h i r d sentence of section 1232(b)(1). "(5) COUPON.—The term 'coupon' includes any right to receive interest on a bond (whether or not evidenced by a coupon). This paragraph shall apply for purposes of subsection (c) only in the case of purchases after July 1, 1982. "(f) REGULATION AUTHORITY. — The Secretary may prescribe regu-
lations providing that where, by reason of varying r a t e s of interest, put or call options, extendable m a t u r i t i e s, or other circumstances, the tax t r e a t m e n t under this section does not accurately reflect the income of the bolder of a stripped coupon or stripped bond, or of the person disposing of such bond or coupon, a s the case may be, for any period, such t r e a t m e n t shall be modified to r e q u i r e that the proper a m o u n t of income be included for such period." (b) CONFORMING AMENDMENT. — S e c t i o n 1232 is amended by strik-
26 USC 1232.
ing out subsections (c) and (d). (c) CLERICAL AMENDMENT. — The table of sections for such part IV is amended by inserting after the item r e l a t i n g to section 1232A the following: "Sec. 1232B. Tax treatment of stripped bonds."
PART VIII—OTHER BUSINESS PROVISIONS SEC. 233. TARGETED JOBS TAX CREDIT.
(a) 2-YEAR E X T E N S I O N. — Paragraph (3) of section 51(c) (relating to termination of credit for employment of certain new employees) is amended by striking out "1982" and inserting in lieu thereof "1984". (b) QUALIFIED S U M M E R Y O U T H EMPLOYEE.—Subsection (d) of sec-
tion 51 (defining m e m b e r s of targeted groups) is amended— (1) by striking out " o r " a t the end of subparagraph (H), (2) by striking out the period a t the end of subparagraph (I) and inserting in lieu thereof ", or", (3) by inserting after subparagraph (I) the following n e w subparagraph: "(J) a qualified s u m m e r youth employee.", (4) by redesignating paragraph s (12), (13), (14), and (15) as paragraph s (13), (14), (15), and (16), respectively, and (5) by inserting after paragraph (11) the following new paragraph: "(12) QUALIFIED SUMMER YOUTH EMPLOYEE.—
"(A) IN GENERAL.—The term 'qualified s u m m e r youth employee' means a n individual— "(i) who performs services for the employer between May 1 and September 15,
95 Stat. 260.
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