96 STAT. 512
95 Stat. 284.
PUBLIC LAW 97-248—SEPT. 3, 1982 "(C) For purposes of this paragraph, the terms 'key employee' and 'top-heavy plan' have the same meanings as when used in section 416." (3) Paragraph (6) of section 72(m) is amended by striking out "except in applying paragraph (5),". (e) CONFORMING AMENDMENTS.—
26 USC 401.
(1) Paragraph (10) of section 401(a) is amended to read as follows: "(10) OTHER REQUIREMENTS.— "(A) PLANS BENEFITING OWNER-EMPLOYEES.—In the case of
26 USC 404.
26 USC 408.
12 USC 1752.
any plan which provides contributions or benefits for employees some or all of whom are owner-employees (as defined in subsection (c)(3)), a trust forming part of such plan shall constitute a qualified trust under this section only if the requirements of subsection (d) are also met." (2) Paragraph (2) of section 404(a) is amended— (A) by striking out "(8), (11)" and inserting in lieu thereof "(8), (9), (11)", and (B) by striking out "section 401(a)(9), (10), (17), and (18), and of section 401(d) (other than paragraph (1))" and inserting in lieu thereof "section 401(a)(10) and of section 401(d)". (3)(A) Paragraph (2) of section 408(a) (defining individual retirement account) is amended by striking out "as defined in section 401(d)(1)" and inserting in lieu thereof "as defined in subsection (n)". (B) Section 408 is amended by redesignating the subsection relating to cross references as subsection (o) and by inserting immediately before such subsection the following new subsection: "(n) BANK.—For purposes of subsection (a)(2), the term 'bank' means— "(1) any bank (as defined in section 581), "(2) an insured credit union (within the meaning of section 101(6) of the Federal Credit Union Act), and "(3) a corporation which, under the laws of the State of its incorporation, is subject to supervision and examination by the Commissioner of Banking or other officer of such State in charge of the administration of the banking laws of such State." SEC. 238. REPEAL OF SPECIAL LIMITATIONS ON DEDUCTION FOR SELFEMPLOYED INDIVIDUALS AND SUBCHAPTER S CORPORATIONS. (a) REPEAL OF LIMIT OF LOWER OF $15,000 OR 15 PERCENT OF
26 USC 404.
EARNED INCOME.—Subsection (e) of section 404 (relating to special limitations for self-employed individuals) is amended to read as follows: "(e) CONTRIBUTIONS ALLOCABLE TO LIFE INSURANCE PROTECTION FOR SELF-EMPLOYED INDIVIDUALS.—In the case of a self-employed
individual described in section 401(c)(1), contributions which are allocable (determined under regulations prescribed by the Secretary) to the purchase of life, accident, health, or other insurance shall not be taken into account under this section." (b) REPEAL OF LIMITATIONS ON DEFINED BENEFIT PLANS.—Subsec-
26 USC 401.
tion (j) of section 401 (relating to defined benefit plans providing benefits for self-employed individuals and shareholder-employees) is hereby repealed.
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