Miscellaneous Revenue Act of 1980

Summary

Miscellaneous Revenue Act of 1980 - Title I: Amendments Relating to Income Tax Generally - Amends the Internal Revenue Code to provide that in cases where married couples live apart at all times during the calendar year, do not file a joint return, report earned income which is community income under State or foreign community property laws, and do not transfer such income between themselves before the close of the calendar year, such community income shall be treated in the same manner as community income of a U.S. citizen who is married to a nonresident alien is treated for Federal income tax purposes (income is attributable to the individual spouse who earns it). Permits a taxpayer election to amortize, based on a period of not less than 60 months, start-up expenses incurred in the creation or acquisition of a new business. Expands the types of partial interests in real property which qualify for the income tax deduction for charitable contributions for conservation to include the entire interest of a donor in real property other than the rights to subsurface minerals. Makes permanent the income tax deduction for charitable contributions for conservation purposes. Qualifies rehabilitated buildings leased to a tax-exempt organization or government unit for investment tax credit treatment. Treats income from the lease of certain spacecraft as income from sources within the United States for purposes of the income tax. Imposes upon the non-exempt income of homeowners associations a 30 percent income tax. Provides that any income received or accrued by a tax-exempt mutual or cooperative electric or telephone company from qualified pole rentals, or by a cooperative telephone company from the sale of display listings in a directory furnished to company members, shall not be treated as unrelated business income subject to tax. Defines "qualified pole rental" as any rental of a pole (or other structure used to support wires) if: (1) such pole or structure is used by the telephone or electric company in providing telephone or electric services to its members; and (2) the use of such pole or structure pursuant to the rental is in connection with transmission by wire of electricity or of telephone or other communications. Provides for a tax refund of amounts included in the gross incomes of State police officers as cash meal allowances during calendar years 1975, 1976, and 1977. Exempts amounts paid as entertainment expenses which are includible in the gross income of the recipient, who is not an employee of the taxpayer, from the requirement that such expenses be shown to be directly related to the active conduct of the taxpayer's trade or business in order to qualify for tax deductibility. Title II: Amendments Relating to Pension Plans - Amends the Internal Revenue Code to aggregate employees of adjunct professional organizations and the employees of the professional organizations which are related to such adjunct organizations for purposes of determining the eligibility of such organizations to participate in tax-qualified pension plans. Revises the existing tax treatment of employee stock ownership plans with respect to: (1) stock bonus plans which provide a cash distribution option to participants; (2) the limitation on annual additions to participant accounts under employee stock ownership plans; (3) valuation of employer securities in stock ownership plans; (4) participation of second tier subsidiary corporations in employee stock ownership plans; (5) participation rules for certain tax credit employee stock ownership plans; and (6) the application of cash or deferred arrangement rules to cafeteria plans. Title III: Amendments Relating to Estate Tax - Amends the Internal Revenue Code to permit executors of an estate to elect the alternate valuation date for estate assets (six months after decedent's death) even though the estate tax return is filed after the due date. Extends, through December 31, 1980, the period during which agreements governing the transfer of estate assets for public, charitable, and religious uses may be amended to meet the requirements for a gift of a split interest to charity.

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Documents

7 official files

• Public Law (PDF)

  Public Law · EN · 29 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 · 9 September 1980

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• Reported to House with amendment(s)

  summary · EN · 4 September 1980

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• Introduced in House

  summary · EN · 19 August 1980

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