90 STAT. 1792 26 USC 242. 26 USC 822.
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' > 26 USC 832.
26 USC 852, 857. 26 USC 1244. " '•' 26 USC 1402. 26 USC 1503.
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PUBLIC LAW 94-455—OCT. 4, 1976 by section 242 (as modified by section 804(a)(3))," and by striking out the comma after '^809(d)(8)(B)) ". (P) Section 822(c)(2) is amended by striking out "partially tax-exempt interest and". (Q) Section 822(c)(6)(A) is amended by striking out "or to the deduction provided in section 242 for partially taxexempt interest". (R) Section 822(c)(7) is amended by striking out "partially tax-exempt interest and to". (S) Section 822(d)(2) is amended by striking out ", the deduction provided in subsection (c)(1), and the deduction allowed by section 242 (relating to partially tax-exempt interest)" and inserting in lieu wiereof "and the deduction provided in subsection (c)(1)". (T) Section 832(c)(5)(A) is amended by striking out "or to the deductions provided in section 242 for partially taxexempt interest". (U) Section 832(c) (12) is amended by striking out "partially tax-exempt interest and to". (V) Sections 852(b)(1) and 857(b)(1) are each amended by striking out the last sentence. (W) Section 1244(c)(1)(E) is amended by striking out "sections 172, 242, 243" and inserting in lieu thereof "sections 172 243". (X) Section 1402(a)(2) is amended by striking out" (other than interest described in section 35)". (Y) Section 1503(b)(3) is amended by striking out subparagraph (C). (Z) The taole of sections for subpart A of part IV of subchapter A of chapter 1 is amended by striking out the item relating to section 35. (AA) The table of sections for part VIII of subchapter B of chapter 1 is amended by striking out the item relating to section 242. (2)
AMENDMENT CONFORMING TO REPEAL OP SECTION 5I.—The
table of parts for subchapter A of chapter 1 is amended by striking out the item relating to part V. (3) AMENDMENTS CONFORMING TO ADDITIONS OF SECTIONS 64 AND
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65.—
26 USC 341.
26 USC 483.
26 USC 707. 26 USC 735.
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(A) Paragraphs (1)(C), (5)(A), (6)(D), and (12) of section 341(e) are each amended by striking out "gain from the sale or exchange of property which is neither a capital asset nor property described in section 1231(b)" each place it appears and inserting in lieu thereof "ordinary income". (B) Section 483(f)(3) is amended by striking out "no part of any gain on such" and inserting in lieu thereof "all of the gain, if any, on vSuch" and by striking out "gain from the sale or exchange of a capital asset or property described in section 1231" and inserting in lieu thereof "ordinary income". (C) Section 707(b)(2) is amended by striking out "as gain from the sale or exchange of property other than a capital asset" and inserting in lieu thereof "as ordinary income". (D) Paragraphs (1) and (2) of section 735(a) are each amended by striking out "gain or loss from the sale or exchange of property other than a capital asset" and inserting in lieu thereof "as ordinary income or as ordinary loss, as the case may be".
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