Technical Corrections Act

Summary

Technical Correction Act - Makes technical amendments to income tax and administrative provisions in the Internal Revenue Code pertaining to: (1) retirement income credit; (2) the minimum tax; (3) sick pay; (4) net operating losses; (5) construction period interest and taxes; (6) the preservation of historic structures; (7) foreign conventions; (8) corporate liquidations; (9) investment company transactions; (10) risk provisions; (11) foreign personal holding companies; (12) condominium management associations; (13) gains on property transferred to trust at less than fair market value; (14) foreign tax credit for accumulation distributions; (15) partnership losses; (16) real estate investment trusts; (17) foreign income; (18) sales of depreciable property between related persons; (19) depreciation on player contracts; (20)pensions and annuities; (21) subchapter corporations; (22) individual retirement accounts; (23) taxpayer information and returns; and (24) income tax return preparers. Amends estate and gift tax provisions pertaining to: (1) section 306 stock; (2) coordination of deduction for estate taxes attributable to income in respect of a decedent with the capital gain deductions and (3) real property valuation; (4) payment provisions for closely held businesses; (5) annual exclusions and transfers within three years of death; (6) estate tax marital deduction; (7) estate tax treatment of certain gifts by married persons; (8) stock transferred with retained voting rights; (9) individual retirement accounts and bonds; (10) joint interests; (11) the orphans' exclusion; (12) surviving spouse disclaimers; (13) generation-skipping transfers tax; and (14) adjustments in income tax for estate and generation- skipping transfer taxes. Corrects punctuation, spelling, cross references and other errors in the Tax Reform Act.

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Documents

2 official files

• Reported to Senate with amendment(s)

  summary · EN · 19 April 1978

  Open at official source

• Introduced in House

  summary · EN · 28 April 1977

  Open at official source

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