98 STAT. 942
PUBLIC LAW 98-369—JULY 18, 1984
TITLE VII—TECHNICAL CORRECTIONS 26 USC 31 note.
SEC. 701. COORDINATION WITH OTHER TITLES. For purposes of applying the amendments made by any title of this Act other than this title, the provisions of this title shall be treated as having been enacted immediately before the provisions of such other titles.
Subtitle A—Amendments Related to the Tax Equity and Fiscal Responsibility Act of 1982 SEC. 711. TECHNICAL CORRECTIONS OF PROVISIONS RELATING TO INDIVIDUALS. (a) AMENDMENTS RELATED TO SECTION 201.—
26 USC 55.
(1) DEFINITION OF REGULAR TAX.—Paragraph (2) of section 55(f)
(defining regular tax) is amended by striking out "sections 72(m)(5)(B)" and inserting in lieu thereof "sections 47(a), 72(m)(5)(B)". (2) SPECIAL ELECTION FOR INTANGIBLE DRILLING AND DEVELOPMENT COSTS LIMITED TO WELLS LOCATED IN THE UNITED STATES.—
26 USC 58.
26 USC 57.
26 USC 58.
26 USC 173.
Subparagraph (A) of section 58(i)(4) (relating to special election for intangible drilling and development cost not allocable to interest as limited partner) is amended by inserting "(with respect to wells located in the United States)" after "intangible drilling costs". (3) 3-YEAR AMORTIZATION FOR CIRCULATION EXPENSES.— (A) Subparagraph (B) of section 57(a)(6) (relating to circulation and research and experimental expenditures) is amended to read as follows: "(B) the amount which would have been allowable for the taxable year with respect to expenditures paid or incurred during such taxable year if— "(i) the circulation expenditures described in section 173 had been capitalized and amortized ratably over the 3-year period beginning with the taxable year in which such expenditures were made, or "(ii) the research and experimental expenditures described in section 174 had been capitalized and amortized ratably over the 10-year period beginning with the taxable year in which such expenditures were made." (B) Paragraph (1) of section 58(i) (relating to optional 10year writeoff of certain tax preferences) is amended by striking out "10-year period" and inserting in lieu thereof "10-year period (3-year period in the case of circulation expenditures described in section 173)". (C) Subsection (b) of section 173 is amended by striking out "10-year" and inserting in lieu thereof "3-year". (4) LOSSES TREATED AS INVESTMENT LOSSES.—Subparagraph (B)
26 USC 55.
of section 55(e)(8) is amended to read as follows: "(B) INCOME AND LOSSES TAKEN INTO ACCOUNT IN COMPUT-
ING QUALIFIED NET INVESTMENT INCOME.—Any income or loss derived from a limited business interest shall be taken
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