92 STAT. 2814 Ante, p. 2811. 26 USC 3121.
42 USC 409.
26 USC 127 note.
PUBLIC LAW 95-600—NOV. 6, 1978 able to exclude such payment or benefit from income under section 127.". (3) Section 3121(a) (relating to the definition of wages for purposes of the Federal Insurance Contributions Act) is amended— (A) by striking out "or" at the end of paragraph (16); (B) by striking out the period at the end of subparagraph (17) and inserting in lieu thereof "; or"; and (C) by adding at the end thereof the following new paragraph: "(18) any payment made, or benefit furnished, to or for the benefit of an employee if at the time of such payment or such furnishing it is reasonable to believe that the employee will be able to exclude such payment or benefit from income under section 127.". (4) Section 209 of the Social Security Act is amended— (A) by striking out "or" at the end of subsection (o); (B) by striking out the period at the end of subsection (p) and inserting in lieu thereof "; or"; and (C) by inserting after subsection (p) and before the sentence beginning with "For purposes of this title, in the case of domestic service" the following new subsection: "(q) Any payment made, or benefit furnished, to or for the benefit of an employee if at the time of such payment or such furnishing it is reasonable to believe that the employee will be able to exclude such payment or benefit from income under section 127 of the Internal Revenue Code of 1954." (c) CLERICAL AMENDMENT.—The table of sections for such part is amended by striking out the item relating to section 124 and inserting in lieu thereof the following: "Sec. 124. Educational assistance programs. "Sec. 125. Cross references to other Acts.". EFFECTIVE DATE.—The amendments made
(d) by this section shall apply with respect to taxable years beginning after December 31,
1978.
TITLE II—TAX SHELTER PROVISIONS Subtitle A—Provisions Related To At Risk Rules 26 USC 465.
SEC. 201. EXTENSION OF SECTION 465 AT RISK RULES TO ALL ACTIVITIES OTHER THAN REAL ESTATE. (a) EXTENSION.—Subsection (c) of section 465 (relating to activities to which section applies) is amended by adding at the end thereof the following new paragraph: "(3) EXTENSION TO OTHER ACTIVITIES.—
"(A) IN GENERAL.—In the case of taxable years beginning after December 31, 1978, this section also applies to each activity— "(i) engaged in by the taxpayer in carrying on a trade or business or for the production of income, and "(ii) which is not described in paragraph (1). "(B) AGGREGATION OF ACTIVITIES WHERE TAXPAYER ACTIVELY PARTICIPATES IN MANAGEMENT OF TRADE OR BUSI-
�
