Technical Corrections Act of 1982

Summary

Technical Corrections Act of 1982 - Title I: Amendments Related to Economic Recovery Tax Act of 1981 - Amends the Economic Recovery Tax Act of 1981 to change the effective date of changes in the tax rates during a taxable year. Revises the formula for computing the tax rate reduction credit for 1981 in the case of individuals to whom the 50 percent maximum rate or 20 percent capital gain rate applies. Makes certain changes relating to the imposition of the separate tax on certain lump sum distributions. Provides that for purposes of the exclusion of foreign earned income of U.S. citizens living abroad, the amount excluded and the amount of housing costs deducted may not exceed an individual's foreign earned income for the taxable year. Permits a taxpayer to elect not to have provisions apply which provide for a two-year rollover period for the exclusion of gain from the sale of a principal residence. Specifies that tax-exempt dependent care assistance programs may not discriminate in favor of high level employees, owners, or their dependents. Redefines "child with special needs" for purposes of the tax deduction for adoption expenses. Makes technical changes relating to certain transfers of land between related taxpayers and the business expense deduction for certain group health plans. Applies the short taxable year rules to 15-year real property for purposes of the depreciation deduction. Requires the Secretary of the Treasury to prescribe regulations for the tax deduction of depreciable property in the case of a change in the use of such property. Includes as "ten-year property" certain coal utilization property for purposes of the accelerated cost recovery system. Makes technical changes related to: (1) certain unrealized receivables and inventory items; (2) straight line depreciation adjustments; (3) tax preferences; and (4) net operating loss carryovers. Revises the applicable investment tax credit percentage for certain recovery property. Excludes from the definition of "petroleum storage facilities" a building or its structural components. Modifies certain transitional rules for the increased investment tax credit for qualified rehabilitation expenditures. Extends the time during which a taxpayer may make an election to use straight line depreciation. Specifies the types of buildings eligible for the rehabilitation investment tax credit. Redefines "substantially rehabilitated" for purposes of such credit. Makes certain technical changes relating to: (1) the credit for increasing research activities; (2) the definition of a qualified subchapter S trust; and (3) incentive stock options. Provides special rules for the recognition of gain where incentive stock is acquired through the use of other statutory option stock. Makes technical changes relating to: (1) the targeted jobs credit; (2) corporate charitable contributions; and (3) the deduction for loss of motor carrier operating authorities. Revises the definition of qualified net savings to include credit union share accounts for purposes of the exclusion from gross income of interest on such savings. Modifies the formula for computing the interest exclusion which is to take effect in 1985. Revises requirements for the retirement savings deduction. Makes technical changes relating to deductible employee contributions to retirement plans and the estate tax exclusion of certain lump sum distributions. Sets forth the effective dates for certain estate and gift tax provisions. Makes technical amendments relating to simplified employee pensions. Increases the maximum deduction for employer contributions to $17,000. Redefines "qualified public utility" for purposes of the taxation of dividend reinvestment plans. Makes technical amendments related to employee stock ownership plans. Makes technical changes in the requirements for: (1) the estate tax marital deduction; (2) the special estate tax valuation based on use; (3) extensions of time for payment of the estate tax; and (4) the inclusion in the estate of gifts made by a decedent within three years of death. Changes the effective dates for certain estate and gift tax provisions. Defines "unrecognized gain" for purposes of the taxation of tax straddles. Makes technical changes relating to the taxation of straddle losses and gains. Revises requirements for the windfall profit tax on oil produced from transferred property. Makes technical amendments relating to tax administration, including valuation overstatements and declarations of estimated income tax. Makes technical changes in provisions relating to the exclusion for prepaid legal services and to private foundation distributions. Title II: Amendments Related to Crude Oil Windfall Profit Tax Act of 1980 - Makes technical amendments to the Crude Oil Windfall Profit Tax Act of 1980 relating to: (1) the net income limitation on windfall profit; (2) cost depletion; (3) inflation adjustments; (4) independent producers; (5) the small producer transfer exemption; (6) qualified tertiary recovery projects; (7) exempt Alaskan oil; (8) adjustments for withholding errors; and (9) time of payment. Sets forth special requirements for cost recovery oil covered by a net profits agreement. Makes technical changes relating to: (1) records, information, and return requirements; (2) penalties; (3) estimated tax provisions; (4) effective dates; and (5) overpayments of tax. Title III: Amendments Related to Installment Sales Revision Act of 1980 - Amends the Internal Revenue Code to revise the attribution rules for purposes of determining

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Documents

7 official files

• Public Law (PDF)

  Public Law · EN · 13 January 1983

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• Conference report filed in House

  summary · EN · 21 December 1982

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• Passed Senate amended

  summary · EN · 30 September 1982

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• Reported to Senate with amendment(s)

  summary · EN · 27 September 1982

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• Passed House amended

  summary · EN · 14 September 1982

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• Reported to House with amendment(s)

  summary · EN · 8 September 1982

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• Introduced in House

  summary · EN · 1 April 1982

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