Page:United States Statutes at Large Volume 98 Part 1.djvu/1104

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PUBLIC LAW 98-000—MMMM. DD, 1984

98 STAT. 1056

PUBLIC LAW 98-369—JULY 18, 1984 (A) the period for making the election under subsection (c) shall not expire before the date which is 1 year after the date of the enactment of this Act, and (B) if, after the application of subparagraph (A), refund or credit of any overpayment of tax resulting from the application of this section is prevented at any time before the close of such 1-year period by the operation of any law or rule of law (including res judicata), refund or credit of such overpayment (to the extent attributable the application of this section) may, nevertheless, be made or allowed if claim therefore is filed before the close of such 1-year period.


Post, p. 1207.

Ante, p. 494.

Paragraph (1) of section 501(c) (relating to list of exempt organizations), as amended by section 2813 of the bill, is amended by striking out subparagraph (A) thereof and inserting in lieu thereof the following: "(A) is exempt from Federal income taxes— "(i) under such Act as amended and supplemented before the date of the enactment of the Tax Reform Act of 1984, or

"(ii) under this title without regard to any provision of law which is not contained in this title and which is not contained in a revenue Act, or".


(a) IN GENERAL.—The Secretary of the Treasury or his delegate shall conduct a study covering the advisability of— (1) replacing only the Federal individual income tax, or (2) replacing both the Federal individual income tax and the Federal corporate income tax, with an alternative tax system. (b) CONTENTS OF STUDY.—Such study shall take into account the administrative complexity of the existing Federal income tax system and address the ramifications of replacing that system with an alternative tax system. Such study shall focus on (but not be limited to) the following factors: (1) protecting the economically disadvantaged, (2) increasing economic efficiency in both the private and public sectors of the economy, (3) reducing paperwork and auditing requirements, reducing taxpayer fraud and evasion, and expediting resolution of tax disputes between taxpayers and the Federal Government, (4) increasing economic incentives for capital formation and productivity, (5) removing economic disincentives to employment, (6) excluding certain items, such as social security benefits, from gross income, (7) equalizing the tax burden on taxpayers with equal ability to pay taxes, and (8) achieving the appropriate burden of taxes for each income class of taxpayers.