Tax Administrative Provisions Revision Act of 1979

Summary

Tax Administrative Provisions Revision Act of 1979 - Amends the Internal Revenue Code to provide for the payment of interest to an individual whose property is w wrongfully seized by the Internal Revenue Service. Repeals the requirement that an individual who transfers property with a fair market value in excess of $50,000 to a tax-exempt organization must file an informational return detailing such transaction. Repeals the additional 25 percent tax penalty (jeopardy assessments) for taxpayers who attempt to evade payment of taxes by removing their property from the country or by concealing it. Repeals provisions which require corporations to file informational returns with respect to stock options granted to their employees. Conforms the due dates for gift tax returns when an extension for filing the donor's income tax return is granted. Sets the payment date for excise tax on the sale of certain sporting goods at the close of the quarter immediately following the quarter in which such goods are sold. Permits domestic wines to be used by officials of foreign governments and their families free of the excise tax on alcoholic beverages. Grants tire manufacturers excise tax credits or refunds on tread rubber where tax-paid tread rubber is: (1) destroyed or wasted in the recapping or retreading process process; (2) used in the recapping or retreading of tires the sales of which are later adjusted under a warranty or guarantee; or (3) used in the recapping or retreading of tires which are exported, used, or sold as supplies for vessels or aircraft, sold to State or local governments, or sold to nonprofit educationall institutions. Provides for excise tax credits or refunds on retreaded tires which have been sold by a subsequent manufacturer on or in connection with another article manufactured by him, and exported or sold for specified purposes. Provides that the period for allowing a credit or making a refund for tire or tread rubber tax filed as a result of a warranty or guarantee adjustment shall be one year from the date on which the adjustment is made. Provides that tires which are exported from the United States, recapped, or retreaded outside the United States and imported into the United States shall be taxed as imported tread rubber to the extent that such rubber is used in the recapping or retreading. Grants an additional one year suspension of the 18 month holding requirement for the deferral of gain on the sale of a principal residence in the case of members of the armed services stationed overseas or required to reside in Government-owned quarters. Provides that an auxiliary of a tax-exempt fraternal beneficiary society shall not lose its tax-exempt status on the basis of religious discrimination, if such society limits its membership to the members of a particular religion.

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Documents

7 official files

• Public Law (PDF)

  Public Law · EN · 25 December 1980

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• Passed Senate amended

  summary · EN · 13 December 1980

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• House agreed to Senate amendment with amendment

  summary · EN · 13 December 1980

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• Reported to Senate with amendment(s)

  summary · EN · 25 November 1980

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• Passed House amended

  summary · EN · 30 October 1979

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• Reported to House with amendment(s)

  summary · EN · 23 October 1979

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• Introduced in House

  summary · EN · 5 October 1979

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