98 STAT. 788
26 USC 4943 note.
PUBLIC LAW 98-369—JULY 18, 1984 is amended by adding at the end thereof the following new paragraph: "(4) DISQUALIFIED PERSON.—The term 'disqualified person' (as defined in section 4946(a)) does not include a plan described in section 4975(e)(7) with respect to the holdings of a private foundation described in paragraphs (4) and (5) of subsection (c).". (2) The amendment made by paragraph (1) shall apply with respect to taxable years beginning after the date of the enactment of this Act.
TITLE IV—TAX SIMPLIFICATION Subtitle A—Revision and SimpliHcation of Estimated Income Tax for Individuals 26 USC 6654.
26 USC 1 et seq. 26 USC 1401 et
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SEC. 411. REVISION OF PENALTY FOR FAILURE TO PAY ESTIMATED INCOME TAX. Section 6654 (relating to addition to the tax for failure by individual to pay estimated income tax) is amended to read as follows: "SEC. 6654. FAILURE BY INDIVIDUAL TO PAY ESTIMATED INCOME TAX. "(a) ADDITION TO THE TAX.—Except as otherwise provided in this section, in the case of any underpayment of estimated tax by an individual, there shall be added to the tax under chapter 1 and the ^^^ under chapter 2 for the taxable year an amount determined by applying— "(1) the applicable annual rate established under section 6621, "(2) to the amount of the underpayment, "(3) for the period of the underpa5rment. "(b) AMOUNT OF UNDERPAYMENT; PERIOD OF UNDERPAYMENT.—For
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purposes of subsection (a)— "(1) AMOUNT.—The amount of the underpayment shall be the excess of— "(A) the required installment, over "(B) the amount (if any) of the installment paid on or before the due date for the installment. "(2) PERIOD OF UNDERPAYMENT.—The period of the underpay-
04 Si 'Jt
ment shall run from the due date for the installment to whichever of the following dates is the earlier— "(A) the 15th day of the 4th month following the close of the taxable year, or "(B) with respect to any portion of the underpayment, the date on which such portion is paid. "(3) ORDER OF CREDITING PAYMENTS.—For purposes of paragraph (2)(B), a payment of estimated tax shall be credited against unpaid required installments in the order in which such installments are required to be paid. "(c) NUMBER OF REQUIRED INSTALLMENTS; DUE DATES.—For purposes of this section— "(1) PAYABLE IN 4 INSTALLMENTS.—There shall be 4 required installments for each taxable year. "(2) TIME FOR PAYMENT OF INSTALLMENTS.—
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