Page:United States Statutes at Large Volume 90 Part 2.djvu/439

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PUBLIC LAW 94-000—MMMM. DD, 1976

PUBLIC LAW 94-455—OCT. 4, 1976

9 0 STAT. 1907

to construction, reconstruction, or erection after such date), in taxable years beginning after such date. (2) The amendments made by subsection (b) shall apply to 26 USC 169 taxable years beginning after December 31, 1975. Such amend- note, ments shall not apply in the case of any property with respect to which the amortization period under section 169 of the I n t e r n a l Revenue Code of 1954 has begun before January 1, 1976. SEC. 2113. CLARIFICATION OF STATUS OF CERTAIN FISHERMEN'S ORGANIZATIONS. (a) IN GENERAL.—Section 501 (relating to exemption from tax on 26 USC 501. corporations, etc.) is amended by redesignating subsection (g) as (h) and by inserting after subsection (f) the following new subsection: "(g)

DEFINITION OF AGRICULTURAL.—For purposes of subsection

(c)(5), the term 'agricultural' includes the a r t or science of cultivating land, harvesting crops or aquatic resources, o r raising livestock." (b) EFFECTIVE D A T E. — The amendment made by this section applies to taxable years ending after December 31, 1975. SEC 2114. APPLICATION OF SECTION 6013(e) OF THE INTERNAL REVENUE CODE OF 1954. (a) IN GENERAL.—Section 3 of the Act of January 12, 1971, Public Law 91-679 (84 Stat. 2064), is amended by a d d i n g a t the end thereof the following new sentences: " Upon application by a taxpayer, the Secretary of the Treasury shall redetermine the liability for tax (including interest, penalties, and other amounts) of such taxpayer for taxable years beginning after December 31, 1961, and ending before January 13, 1971. The preceding sentence shall apply solely to a taxpayer to whom the application of the provisions of section 6013(e) of the I n t e r n a l Revenue Code of 1954, as added by this Act, for such taxable years is prevented by the operation of res judicata, and such redetermination shall be made without regard to such rule of law. Any overpayment of tax by such taxpayer for such taxable years resulting from the redetermination made under this Act shall be refunded to such taxpayer." (b) EFFECTIVE DATE.—The application permitted under the amendment made by subsection (a) of this section must be filed with the Secretary of the Treasury during the first calendar year beginning after the date of the enactment of this Act. SEC. 2115. AMENDMENTS TO RULES RELATING TO LIMITATION ON PERCENTAGE DEPLETION IN CASE OF OIL AND GAS WELLS, TRANSFERS OF OIL AND GAS PROPERTY WITHIN THE SAME CONTROLLED GROUP OR FAMILY. (a)

RETAILER E X C L U S I O N. — Paragraph

(2)

of section 6 1 3 A (d)

(relating to the retailer exclusion) is amended by inserting "(excludi n g bulk sales of such items to commercial o r industrial u s e r s) " after " n a t u r a l g a s " where it first appears, and by a d d i n g a t the end thereof the following: "Notwithstanding the preceding sentence this paragraph shall not a p p l y in any case where the combined gross receipts from the sale of such oil, n a t u r a l gas, o r any product derived therefrom, for the taxable year of all retail outlets taken into account for purposes of this paragraph do not exceed $5,000,000. For purposes of this paragraph, sales of oil, n a t u r a l gas, or any product derived from oil o r n a t u r a l g a s shall not include sales made of such items outside the United States, if no domestic production of the taxpayer

26 USC 501 note-

26 USC 6013 note.

26 USC 6013 note.

26 USC 613A.