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COMMITTEE ON FINANCE

RUSSELL B. LONG, Louisiana, Chairman HERMAN E. TALMADGE, Georgia

CARL T. CURTIS, Nebraska VANCE HARTKE, Indiana

PAUL J, FANNIN, Arizona ABRAHAM RIBICOFF, Connecticut

CLIFFORD P. HANSEN, Wyoming HARRY F. BYRD, JR., Virginia

ROBERT DOLE, Kansas GAYLORD NELSON, Wisconsin

BOB PACKWOOD, Oregon WALTER F. MONDALE, Minnesota

WILLIAM V. ROTH, JR., Delaware MIKE GRAVEL, Alaska

BILL BROCK, Tennessee
LLOYD BENTSEN, Texas
WILLIAM D. HATHAWAY, Maine
FLOYD K. HASKELL, Colorado

MICHAEL STERN, Staff Director
DONALD V. MOOBEHEAD, Chief Minority Counsel

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I. Summary

II. Revenue Estimates..

III. Explanation of Additional Committee Amendment to H.R. 10612, As

Reported

A. Title XXII-Estate and Gift Taxes_

1. Allowance of credit against estate tax.

2. Increase in estate tax marital deduction..

3. Valuation for purposes of the Federal estate tax of

certain real property devoted to farming, wood-

lands, scenic open spaces, and historic sites.--

4. Extension of time for payment of estate tax.----

5. Generation-skipping transfers...

6. Gift tax treatment of certain annuities_

B. Title XXIII-Other Amendments.-

1. Outdoor advertising displays..

2. Tax treatment of large cigars.-

3. Treatment of gain from sales or exchanges between

related parties---

4. Application of section 117 to certain education pro-

grams for members of the uniformed services..

5. Tax counseling for the elderly -

6. Credit for certain expenses incurred in providing

education.-

7. Commission on value added taxation.

8. Interest on certain governmental obligations for

hospital construction...

9. Group legal services plans -

10. Exchange funds -

11. Distributions by subchapter S corporations

C. Title XXIV-International Trade Commission Amendments.

D. Title XXV-Miscellaneous Amendments..

1. Sick pay and military, etc., pension exclusion-injuries

resulting from acts of terrorism.--

2. Changes in treatment of foreign income.

a. Ordering of foreign tax credit carryover..

b. Exclusion of income earned abroad.

c. Recapture of foreign losses --

d. Tax treatment of corporations conducting

trade or business in Puerto Rico or posses-

sions of the United States.---

3. Treatment of certain individuals employed in fishing

as self-employed...

4. Energy related provisions.-

a. Special credit for wind-related residential

energy equipment.--

b. Special investment credit for wind-related

energy equipment used in the production of

electricity---

5. Sliding-scale inclusion ratio for capital gains..

6. Pensions, ESOP's and related items.-

a. Taxable status of Pension Benefit Guaranty

Corporation..

b. Level premium annuity contracts held by

H.R. 10 plans.-

c. Employee stock ownership plans..

d. Election not to participate in an employee

stock ownership plan.

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Page

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76 77 78 79

III. Explanation of Additional Committee Amendment to H.R. 10612, As

Reported—Continued
D. Title XXV_Miscellaneous Amendments—Continued

7. Tax-exempt organizations and charitable contribu

tions.
a. Unrelated business income from services pro-

vided by a tax-exempt hospital to other

tax-exempt hospitals---
b. Hospital laundry facilities.-
c. Donation of government publications..
d. Certain charitable contributions of inventory-
e. Lobbying activities of public charities..
f. Tax liens, etc., not to constitute "acquisition

indebtedness”.
g. Extension of private foundation transition

rule for sale of business holdings --
h. Private operating foundations; imputed in-

terest...
8. Low income allowance.
9. Equipment leasing-transitional rule for "at risk"

limitation
10. Architectural, etc., barriers to handicapped persons-

to include the deaf and blind.--
IV. Costs of Carrying out the Bill and Vote of the Committee in Report-

85

87

88 90

91

92

ing the Committee Amendment to H.R. 10612, As Reported.-V. Changes in Existing Law---

93 95

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