78 STAT. ]
PUBLIC LAW 88-272-FEB. 26, 1964
75
(3) PENALTIES FOR FAILURE TO FURNISH STAIT-IMENTS TO PERSONS WITH R E S P E C T TO WHOM RETURNS ARE FILED. S c c t i o U 6 6 7 8 ( r e l a t i n g
to failure to furnish certain statements) is amended— (A) by striking out "section 6042(c)," and inserting in lieu thereof "section 6039(b), 6042(c),"; and (B) by striking out "section 6042(a)(1)," and inserting in lieu thereof "section 6039(a), 6042(a)(l), ' '. (c)
TECHNICAL AMENDMENTS.—
(1) Section 4 0 2 (a)(3)(B) (relating to taxability of beneficiary of employees' trust) is amended by striking out "section 421(d)(2) and (3) " and inserting in lieu thereof "subsections (e) and (f) of section 425". (2) The last sentence of subparagraph (li) of section 691(c) (2) (relating to allowance of deduction for estate tax in case of items constituting income in respect of a decedent) is amended to read as follows: "Such net value shall be determined with respect to the provisions of section 421(c)(2), relating to the deduction for estate tax with respect to stock options to which p a i t II of subchapter D applies." (d)
AntefT'^'37^^^
26'use 6678. ^e use 6042. Ante, p. 73.
68A Stat. 135. 26 USC 402.
Ante,
p. 71.
26 USC 691.
Ante,
p. 63.
CLERICAL AMENDMENTS.—
(1) The table of parts for subchapter I) of chapter 1 is amended by striking out "Part II. Miscellaneous provisions."
and inserting in lieu thereof the following: "Part II. Certain stock options."
(2) The table of sections for subpart A of part III of subchapter A of chapter 61 is amended by striking out "Sec. 6039. Cross references."
and inserting in lieu thereof: "Sec. 6039. Information required in connection with certain options. "Sec. 6040. Cross references." (e)
EFFECTIVE DATES AND TRANSITION RUT.ES.—
(1) Except as provided in paragraphs (2) and (3), the amendments made by this section shall apply to taxable years ending after December 31, 1963. (2) The amendments made by paragraphs (1) and (3) of subsection (b), and paragraph (2) of section 6652(a) of the Internal Revenue Code of 1954 (as amended by paragraph (2) of subsection (b)), shall apply to stock transferred pursuant to options exercised on or after January 1, 1964. (3) I n the case of an option granted after December 31, 1963, and before January 1, 1965— (A) paragraphs (1) and (2) of section 422(b) of the Internal Revenue Code of 1954 (as added by subsection (a)) shall not apply, and (B) paragraph (1) of section 425(h) of such Code (as added by subsection (a)) shall not apply to any change in the terms of such option made before January 1, 1965, to permit such option to qualify under paragraphs (3), (4), and (5) of such section 422(b). SEC. 222. SALES AT RETAIL UNDER REVOLVING CREDIT PLANS. (a)
TREATMENT
I'NDER
INSTALLMENT
METHOD.—Section
453
(relatijjg to installment method of accounting) is amended by adding
- it the end thereof the following new subsection:
"(e) REVOLVING (CREDIT T Y P E PLANS.—For purposes of subsection (a), the teiTO 'histallment plan' includes a revolving credit type plan which provides that the purchaser of personal property at retail may
^5 USC'665*2
^"'^' ^' ^^*
26 USC 453.
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