TECHNICAL CORRECTIONS ACT OF 1979 HEARING BEFORE THE SUBCOMMITTEE ON TAXATION AND OF THE COMMITTEE ON FINANCE NINETY-SIXTH CONGRESS FIRST SESSION ON S. 873. A BILL TO AMEND THE INTERNAL REVENUE CODE OF 1954 S. 1549 A BILL TO AMEND THE INTERNAL REVENUE CODE OF 1954 TO H.R. 2797.. AN ACT TO MAKE TECHNICAL CORRECTIONS RELATED TO THE CONTENTS ADMINISTRATION WITNESS Page American Bar Association, Lipman Redman, tax section Boothby, Charles L., executive secretary, National Association of Conservation Doumar, Albert G., chairman, Fiduciary Committee of the Committee on Banking Institutions on Taxation, accompanied by Patrick A. Naughton Foodservice and Lodging Institute, Thomas W. Power, general counsel Howard, Gene, vice president, ZEBCO, a Brunswick Co.... Institutional Pension Consultants, Inc., Matthew E. Newman, technical direc- Kiley, Daniel L., vice president, taxation, Norfolk & Western Railway Co. Lehrfeld, William J., Shriner's Hospitals for Crippled Children. Norfolk & Western Railway Co., Daniel L. Kiley, vice president, taxation. 130 143 168 170 Skinner, Robert, incoming president, Western Association of Equipment Les- sors 181 Small Business Council of America, Converse Murdoch. Stone, Hon. Richard, a U.S. Senator from the State of Florida Storm, Richard, vice president, Storm Manufacturing Co........... Davis, Thomas A., Washington tax counsel, National Cattlemen's Association. Gants, Robert M., director, United States and Overseas Tax Fairness Commit- tee, and vice president, government relations, National Constructors Associ- General Electric Co., P. S. Welch, manager, tax accounting operation Halladay, Robert, president, Stamford Historical Society, Stamford, Conn Healy, Patrick B., secretary, National Milk Producers Federation Krzyminski, James S., associate general counsel, National Council of Farmer Cooperatives 335 Lindquist, John R., McDermott, Will & Emery 382 Maffin, Robert W., executive director, National Association of Housing & 283 Maritz, Inc 305 Mazawey, Louis T., attorney, Groom & Nordberg, on behalf of Prudential Life 380 Monroney, Michael, vice president, government relations, TRW, Inc 311 National Association of Housing & Redevelopment Officials, Robert W. Maffin, executive director.... 283 National Association of Life Companies 303 National Cattlemen's Association, Thomas A. Davis, Washington tax counsel.. National Council of Farmer Cooperatives, James S. Krzyminski, associate general counsel 309 335 National League of Cities, Alan Beals, executive director 310 333 National Realty Committee. 380 National Rural Electric Cooperative Association, Carolyn Herr Watts, legislative representative 320 Ondov, Raymond B., the Hormel Foundation 321 Oppenheimer, Jerry L., and Robert H. Swart, Mayer, Brown & Platt 280 Premium Corp. of America Prudential Life Insurance Co. of America, Louis T. Mazawey, attorney, Groom & Nordberg.. 305 380 Ribicoff, Hon. Abraham, a U.S. Senator from the State of Connecticut. 268 311 S. & H. Motivation & Travel, Inc 305 Stamford Historical Society, Stamford, Conn., Robert Halladay, president 319 269 318 Top Value Enterprises 305 TRW, Inc., Michael Monroney, vice president, government relations 311 Watts, Carolyn Herr, legislative representative, National Rural Electric Cooperative Association...... 320 Welch, P. S., manager, tax accounting operation, General Electric Co 379 ADDITIONAL INFORMATION Committee press releases Text of the bills H.R. 2797, S. 873, and S. 1549 Description of S. 873 and S. 1549 Description of H.R. 2797 1355 87 95 TECHNICAL CORRECTIONS ACT OF 1979 WEDNESDAY, NOVEMBER 7, 1979 U.S. SENATE, SUBCOMMITTEE ON TAXATION AND DEBT MANAGEMENT, COMMITTEE ON FINANCE, Washington, D.C. The subcommittee convened at 2:40 p.m., pursuant to call, in room 2221, Dirksen Senate Office Building, Senator Harry F. Byrd, Jr., presiding. Present: Senators Byrd and Boren. [The press releases announcing this hearing and the bills H.R. 2797, S. 873 and S. 1549 and Joint Committee on Taxation description of S. 873 and S. 1549 and description of H.R. 2797 follow:] [Press Release No. H-66, Oct. 16, 1979] FINANCE SUBCOMMITTEE ON TAXATION AND DEBT MANAGEMENT SETS HEARING ON TECHNICAL CORRECTIONS ACT OF 1979 Senator Harry F. Byrd, Jr. (I., Va.), Chairman of the Subcommittee on Taxation and Debt Management of the Senate Committee on Finance announced today that the Subcommittee will hold a hearing on Wednesday, November 7, 1979 on the Technical Corrections Act of 1979. The hearing will begin at 2:30 p.m. in Room 2221 of the Dirksen Senate Office Building. The bill, which the House of Representatives passed on July 18, 1979, contains technical, clerical, conforming, and clarifying amendments to provisions enacted by the Revenue Act of 1978 and other 1978 tax legislation. Senator Byrd said, "In any major tax legislation, especially legislation enacted under great time pressure, minor errors and omissions escape detection. Such errors may not involve major questions of tax policy. However, they do make it more difficult for both taxpayers and the Internal Revenue Service in dealing with the tax law. Accordingly, enactment of corrective legislation should be of substantial assistance to the tax community, both in and out of government. "Prior to the creation of the present subcommittee structure it was difficult to find time in the legislative process to consider technical material such as the items contained in this bill. One of the important functions of the Subcommittee on Taxation and Debt Management, however, is to perform the difficult detail work which is required if the Internal Revenue Code is to remain a properly-functioning law." Testimony is invited both on the bill as passed by the House of Representatives and on any propoed additions to or deletions from that bill. It is recommended, however, that witnesses who only wish to support provisions now contained in the House bill limit their testimony to the submission of written statements. It is also recommended that written and oral statements deal both with the merits of the issue involved and with the question of whether it is or is not a technical rather than a policy change. Witnesses who desire to make oral statements at the hearing should submit a written request to Michael Stern, Staff Director, Committee on Finance, Room 2227 Dirksen Senate Office Building, Washington, D.C. 20510, by no later than the close of business on November 1, 1979. Legislative Reorganization Act.-Senator Byrd stated that the Legislative Reorganization Act of 1946, as amended, requires all witnesses appearing before Commit (1) |