PUBLIC LAW 94-164—DEC. 23, 1975
89 STAT. 975
Section 962(c) of such Code (relating to surtax exemption for individuals electing to be subject to tax a t corporate rates) as such section is in effect for taxable years ending after December 31, 1975, is amended by striking out "$25,000" and inserting in lieu thereof "the surtax exemption". (2) Section 21(f) of such Code (relating to increase in surtax exemptions) is amended— (A) by striking out "INCREASE" in the caption and inserting " C H A N G E " in lieu thereof, and (B) by inserting after " T a x Reduction Act of 1975" the following: "and the change made by section 3(c) of the Revenue Adjustment Act of 1975". (e) EFFECTIVE DATES.—The amendments made by subsections (b), (c), and (d) apply to taxable years beginning after December 31, 1975. The amendment made by subsection (c) ceases to apply for taxable years beginning after December 31, 1976. S E a 5. WITHHOLDING; ESTIMATED TAX PAYMENTS. (a)
26 USC 962.
26 USC 21.
26 USC 11 note,
WITHHOLDING.—
(1) IN GENERAL.—Section 3402(a) of the I n t e r n a l Revenue Code of 1954 (relating to income tax collected at source), as 26 USC 3402. amended by section 205 of the T a x Reduction Act of 1975, is Ante, p. 32. amended by inserting after the second sentence thereof the following: " The tables so prescribed with respect to wages paid after December 31, 1975, and before July 1, 1976, shall be the same as the tables prescribed under this subsection which were in effect on December 10, 1975.". (2) TECHNICAL AMENDMENT.—Section 209(c) of the T a x Reduc-
tion Act of 1975 is amended by striking out " January 1, 1976" ^«^«' P- 35. and inserting in lieu thereof " July 1, 1976". 26 USC 3402 (b)
ESTIMATED T A X P A Y M E N T S BY INDIVIDUALS.—Section 6153
of
"°*®'
such Code (relating to installment payments of estimated income 26 USC 6153. tax by individuals) is amended by adding at the end thereof the following new subsection: "(g)
S IX - M O N T H APPLICATION or
REVENUE ADJUSTMENT ACT OF
1975 CHANGES.—In the case of a taxpayer who has as his taxable year the calendar year 1976, the amount of any installment the payment of which is required to be made after December 31, 1975, and before July 1, 1976, may be computed without regard to section 4 2 (a)(2), 4 3 (a)(2), 43(b)(2), 141(b)(2), or 141(c)(2). ". 26 USC 42, 43, (c) ESTIMATED T A X P A Y M E N T S BY CORPORATIONS.—Section 6154 of
141.
such Code (relating to installment payments of estimated income 26 USC 6154. tax by corporations) is amended by a d d i n g at the end thereof the following new subsection: "(h)
S IX - M O N T H APPLICATION or
REVENUE ADJUSTMENT ACT OF
1975 C H A N G E S. — I n the case of a corporation which has as its taxable year the calendar year 1976, the amount of any installment the payment of which is required to be made after December 31, 1975, and before July 1, 1976, may be computed without regard to sections 11(b)(2), 11 (c)(2), and 11(d)(2). ". SEC. 6. ROLLING STOCK. (a)
EXCLUSION
FROM INCOME.—Section 883(a) of the
Internal
Revenue Code of 1954 is hereby amended by a d d i n g at the end thereof the following new paragraph: "(3)
26 USC 11.
RAILROAD ROLLING STOCK OF FOREIGN CORPORATIONS.—Earn-
ings derived from payments by a common carrier for the use on a temporary basis (not expected to exceed a total of 90 days in any taxable year) of railroad rolling stock owned by a corporation of
26 USC 883.
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