PUBLIC LAW 94-12—MAR. 29, 1975 (b)
89 STAT. 35
SUITS TO RECOVER AMOUNTS or PRICE INCREASES.—If—
(1) any person certifies under section 44(e)(4) of the Internal Revenue Code of 1954 that the price for which a residence was Ante, p. 32. sold is the lowest price at which the residence was ever offered for sale, and (2) the price for which the residence Avas sold exceeded the lowest price at which the residence was ever offered for sale, such person shall be liable to the purchaser of such residence in an amount equal to three times the amount of such excess. The United States district courts shall have jurisdiction of suits to recover such amounts without regard to any other provision of law. I n any suit brought under this subsection in which judgment is entered for the purchaser, he shall also be entitled to recover a reasonable attorney's fee. (c) D E N I A L OF DEDUCTION.—Notwithstanding the provisions of section 162 or 212 of the I n t e r n a l Revenue Code of 1954, no deduction 26 USC 162, shall be allowed in computing taxable income for two-thirds of any 212. amount paid or incurred on a judgment entered against any person in a suit brought under subsection (b). (d)
T E C H N I C A L AND CLERICAL AMENDMENTS. —
(1) The table of sections for such subpart is amended by striking out the last item and inserting in lieu thereof the following: "Sec. 44. Credit for purchase of new principal residence. "Sec. 45. Overpayments of tax." (2) Section 56(a)(2) (relating to imposition of minimum tax) is amended by striking out " and " at the end of clause (v), by striking out "; and " at the end of clause (vi) and inserting in lieu thereof ", and", and by inserting after clause (vi) the following new clause: " ( v i i) section 44 (relating to credit for purchase of new principal residence); and". (3) Section 56(c)(1) (relating to tax carryovers) is amended by striking out " and " at the end of subparagraph (E), by striking out "exceed" at the end of subparagraph (F) and inserting in lieu thereof "and", and by inserting after subparagraph (F) the following new subparagraph: " (G) section 44 (relating to credit for purchase of new principal residence), exceed". (4) Section 6096(b) (relating to designation of income tax payments to Presidential Election Campaign F u n d) is amended by striking out "and 42" and inserting in lieu thereof "42, and 44". SEC. 209. EFFECTIVE DATES. (a) SECTIONS 201, 202 (a), AND 203.—The amendments made by sections 201, 2 0 2 (a), and 203 shall apply to taxable years ending after December 31, 1974. Such amendments shall cease to apply to taxable years ending after December 31, 1975. (b) SECTION 204.—The amendments made by section 204 shall apply to taxable years beginning after December 31, 1974, and before January 1, 1976. (c) SECTIONS 202(b) AND 205.—The amendments made by sections 202(b) and 205 shall apply to wages paid after April 30, 1975, and before January 1, 1976. (d) SECTION 206.—The amendments made by section 206 apply to taxable years beginning after the date of enactment of this Act. (e) SECTION 207.—The amendments made by section 207 shall apply to old residences (within the meaning of section 1034 of the Internal Revenue Code of 1954) sold or exchanged after December 31, 1974, in taxable years ending after such date.
26 USC 56.
26 USC 6096.
26 USC 42 note,
26 USC 43 note, 26 USC 3402 note, 26 USC 214 note, 26 USC 1034 note. 26 USC 1034.
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