Page:United States Statutes at Large Volume 98 Part 3.djvu/1084

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PUBLIC LAW 98-000—MMMM. DD, 1984

98 STAT. 3456

CONCURRENT RESOLUTION S — J U N E 29, 1984

(22) In section 163(e)(2) of the Code (as added by section 42(a) of the bill), strike out subparagraph (C). "(23) In section 483 of the Code (as added by section 41(b) of the bill), redesignate subsections (e), (f), and (g) as subsections (f), (g), and (h), respectively, and insert after subsection (d) the following new subsection: "(e) INTEREST RATES IN CASE OF SALES OF PRINCIPAL RESIDENCES OR FARM LANDS.—

"(1) IN GENERAL.—In the case of any debt instrument arising from a sale or exchange to which this subsection applies subsections (b) and (c)(1)(B) shall be applied by using, in lieu of the discount rates determined under such subsections, discount rates determined under subsections (b) and (c)(1), respectively, of this section as it was in effect before the amendments made by the Tax Reform Act of 1984. "(2) SALES OR EXCHANGES TO WHICH SUBSECTION APPLIES.—

This subsection shall apply— "(A) to any sale or exchange by an individual of his principal residence (within the meaning of section 1034), and "(B) to any sale or exchange by a person of land used by such person as a farm (within the meaning of section 6420(c)(2)). "(3) LIMITATION.—Paragraph (1) shall apply to any sale or exchange by an individual of his principal residence (within the meaning of section 1034), only to the extent the purchase price of such residence does not exceed $250,000. For purposes of the preceding sentence, the purchase price of a residence shall be determined without regard to this section." (24) In paragraph (1) of section 53(b) of the bill, strike out "section 246(c)" and insert in lieu thereof "section 246". (25) In section 301(e)(2) of the Code (as added by section 54(b) of the bill), strike out "section 1248(f)(2)" and insert in lieu thereof "section 1248". (26) In the section heading for section 59 of the bill, strike out "EXCEPTIONS" and insert in lieu thereof "EXCEPTION" and amend the table of contents of the bill accordingly. (27) Strike out paragraph (2) of section 67(e) of the bill and insert in lieu thereof the following: "(2) SPECIAL RULE FOR CONTRACT AMENDMENTS.—Any contract

entered into before June 15, 1984, which is amended after June 14, 1984, in any significant relevant aspect shall be treated as a contract entered into after June 14, 1984." (28) In section 291(a)(4) of the Code (as amended by section 68(b) of the bill), strike out subparagraphs (A) and (B) and insert the following: "(A) *30 percent' for *32 percent' in paragraph (2), and "(B) '15/23' for '16/23' in paragraph (3)." (29) Strike out subparagraphs (C) and (D) of section 706(d)(2) of the Code (as added by section 72(a) of the bill) and insert in lieu thereof the following: "(C) ITEMS ATTRIBUTABLE TO PERIODS NOT WITHIN TAXABLE

YEAR.—If any portion of any allocable cash basis item is attributable to— "(i) any period before the beginning of the taxable year, such portion shall be assigned under subpara-