Soc. work
Gift
5-10-78

TABLE OF CONTENTS

Socia! Work
KF
6275.5
1A43

I. Introduction

II. Description of Provisions___.

1. At-Risk Limitation for Limited Partners (sec. 210 of the bill) __

2. Refunds of Unutilized Investment Tax Credits (sec. 802 of the

bill)

Page

1

2

4

3. Expiring Investment and Foreign Tax Credits (sec. 803 of the

bill)

5

4. Investment Credit in the Case of Vessels Constructed from

Capital Construction Funds (sec. 806 of the bill).

5. Foreign Trusts Having One or More U.S. Beneficiaries To Be

Taxed Currently to Grantor (sec. 1011 of the bill)__

6. Investment in U.S. Property by Controlled Foreign Corpora-

tions (sec. 1021 of the bill).

7. Exclusion from Subpart F of Certain Earnings of Insurance

Companies (sec. 1023 of the bill).

8. Shipping Profits of Foreign Corporations (sec. 1024 of the

bill)

7

7

8

9. Limitation on Definition of Tax Haven Income for Agricultural

Products (sec. 1025 of the bill).

10. Repeal of the Per-Country Foreign Tax Credit Limitation (sec.

1031 of the bill)_.

11. Recapture of Foreign Losses (sec. 1032 of the bill)

12. Transitional Carryback of Foreign Taxes on Oil and Gas

Extraction Income (sec. 1035 of the bill).

13. Transitional Rule for Recapture of Foreign Oil-Related Losses

(sec. 1035 of the bill).

14. Definition of Foreign Oil-Related Income (sec. 1035 of the

bill)

16

15. Taxation of Foreign Oil-Extraction Income of Individuals (sec.

1035 of the bill).

18

16. Creditable Taxes on Oil Payments Where No Economic Inter-

est Exists (sec. 1035 of the bill).

17. Foreign Tax Credits Arising Through Oil and Gas Production

Sharing Contracts (sec. 1035 of the bill).

18. Source of Underwriting Income (sec. 1036 of the bill).

19. Third-tier Foreign Tax Credit Under Subpart F (sec. 1037 of

the bill).

20. Bank Deposits in the United States of Nonresident Aliens and

Foreign Corporations (sec. 1041 of the bill).

21. Sales or Exchanges Giving Rise to Dividends (sec. 1042 of the

bill)

22. Contiguous Country Branches of Domestic Life Insurance Com-

panies (sec. 1043 of the bill).

23. Transitional Rule for Bond, Etc., Losses of Foreign Banks (sec.

1044 of the bill).

24. Western Hemisphere Trade Corporations (sec. 1052 of the

bill)

25. Treatment of Certain Individuals Employed in Fishing As Self-

Employed Individuals (sec. 1207 of the bill).

26. Tax Treatment of Certain 1972 Disaster Loans (sec. 1303 of the

bill)

27. Tax Treatment of Certain Debts Owed by Political Parties to

Accrual Basis Taxpayers (sec. 1304 of the bill).

28. Prepublication Expenses (sec. 1305 of the bill).

(III)

29. Treatment of Face Amount Certificates (sec. 1307 of the bill)___

30. Income from Lease of Intangible Property as Personal Holding

Company Income (sec. 1308 of the bill).

31. Excise Tax on Parts for Light-Duty Trucks and Buses (sec.

1310 of the bill).

32. Certain Franchise Transfers (sec. 1311 of the bill)

33. Clarification of an Employer's Duty to Keep Records and to

Report Tips (sec. 1312 of the bill).

40

34. Qualification of Fishing Organizations as Tax-Exempt Agricul-

tural Organizations (sec. 1314 of the bill)

41

35. Limitation on Percentage Depletion for Oil and Gas Wells (sec.

1317 of the bill).

41

36. Simultaneous Liquidation of Parent and Subsidiary Corpora-

tions (sec. 1320 of the bill) -

44

37. Prohibition of State-Local Taxation of Vessels Using Inland

Waterways (sec. 1321 of the bill)__

45

38. Contributions to Capital of Regulated Public Utilities in Aid

of Construction (sec. 1322 of the bill) ––

39. Prohibition of Discriminatory State Taxes on Generation of

Electricity (sec. 1323 of the bill)_.

40. Tax-Exempt Annuity Contracts in Closed-End Mutual Funds

(sec. 1505 of the bill) __.

41. Pension Fund Investments in Segregated Asset Accounts of

Life Insurance Companies (sec. 1506 of the bill) ––.

42. Extension of Study of Salary Reduction and Cash or Deferred

Profit-Sharing Plans (sec. 1507 of the bill).

46

43. Consolidated Returns for Life and Mutual Insurance Com-

panies (sec. 1508 of the bill)_

44. Modifications in Investment Credit for Railroads (sec. 1701 of

the bill).

45. Amortization of Railroad Assets (sec. 1701 and 1702 of the

bill)

46. Residential Insulation Credit (sec. 2001 of the bill).

47. Residential Heat Pump Credit (sec. 2002 of the bill).

48. Investment Credits Relating to Energy Conservation and Pro-

duction (sec. 2003 of the bill) –.

49. Deduction for Production and Intangible Drilling Costs of Geo-

thermal Resources (sec. 2004 of the bill)

50. Recycling Tax Credit (sec. 2006 of the bill)

51. Repeal of Manufacturers Excise Tax on Buses and Bus Parts

(sec. 2007 of the bill)

52. Exemption From the Retailers Excise Tax on Special Motor

Fuels for Certain Nonhighway Use (sec. 2009 of the bill).

53. Oil Swaps (sec. 2010 of the bill ) __

54. Modification of Transitional Rule for Sales of Leased Property

by Private Foundations (sec. 2101 of the bill).

55. Extension of Time To Conform Charitable Remainder Trusts

for Estate Tax Purposes (sec. 2104 of the bill).

56. Income From Fairs, Expositions, and Trade Shows (sec. 2106

of the bill).

57. Generation-Skipping Transfers (sec. 2202 of the bill).

58. Gift Tax Treatment of Certain Annuities (sec. 2203 of the bill) – 78

59. Outdoor Advertising Displays (sec. 2301 of the bill)_.

60. Interest on Certain Governmental Obligations for Hospital

Construction (sec. 2308 of the bill).

80

61. Group Legal Services Plans (sec. 2309 of the bill).

62. Exchange Funds (sec. 2310 of the bill).

81

83

63. Special Credit for Wind-Related Energy Equipment (sec. 2505

of the bill) ––

86

64. Income Earned Abroad by U.S. Citizens Living or Residing

Abroad (sec. 2503 of the bill)....

87

65. Level Premium Annuity Contracts Held by H.R. 10 Plans (sec.

2508 of the bill)-

49