[United States Senate Manual, 106th Congress]
[S. Doc. 106-1]
[USCODETITLE]
[Pages 743-762]
[From the U.S. Government Publishing Office, www.gpo.gov]


[[Page 743]]
 
                          TITLE 26.--INTERNAL REVENUE CODE

                              SUBTITLE A.--INCOME TAXES

                        Chapter 1.--NORMAL TAXES AND SURTAXES

                                    * * * * * * *

                    Subchapter B.--Computation of Taxable Income

                                    * * * * * * *

                Part II.--ITEMS SPECIFICALLY INCLUDED IN GROSS INCOME

                                    * * * * * * *

       473
       473  Sec. 84. Transfer of appreciated property to political 
                organization.


     473.1
     473.1  (a) General rule.
                If--
                            (1) any person transfers property to a 
                        political organization, and
                            (2) the fair market value of such property 
                        exceeds its adjusted basis,

            then for purposes of this chapter the transferor shall be 
            treated as having sold such property to the political 
            organization on the date of the transfer, and the transferor 
            shall be treated as having realized an amount equal to the 
            fair market value of such property on such date.

     473.2
     473.2  (b) Basis of property.
                In the case of a transfer of property to a political 
            organization to which subsection (a) applies, the basis of 
            such property in the hands of the political organization 
            shall be the same as it would be in the hands of the 
            transferor, increased by the amount of gain recognized to 
            the transferor by reason of such transfer.

              

     473.3
     473.3  (c) Political organization defined.
                For purposes of this section, the term ``political 
            organization'' has the meaning given to such term by section 
            527(e)(1). (Jan. 3, 1975, Pub. L. 93-625, Sec. 13(a), 88 
            Stat. 2120.)

                                    * * * * * * *

                 Part VI.--ITEMIZED DEDUCTIONS FOR INDIVIDUALS AND 
                                    CORPORATIONS

                                    * * * * * * *

       474
       474  Sec. 162. Trade or business expenses.

     474.1
     474.1  (a) In general.
                There shall be allowed as a deduction all the ordinary 
            and necessary expenses paid or incurred during the taxable 
            year in carrying on any trade or business, including--

[[Page 744]]

                            (1) a reasonable allowance for salaries or 
                        other compensation for personal services 
                        actually rendered;
                            (2) traveling expenses (including amounts 
                        expended for meals and lodging other than 
                        amounts which are lavish or extravagant under 
                        the circumstances) while away from home in the 
                        pursuit of a trade or business; and
                            (3) rentals or other payments required to be 
                        made as a condition to the continued use or 
                        possession, for purposes of the trade or 
                        business, of property to which the taxpayer has 
                        not taken or is not taking title or in which he 
                        has no equity.

            For purposes of the preceding sentence, the place of 
            residence of a Member of Congress (including any Delegate 
            and Resident Commissioner) within the State, congressional 
            district, or possession which he represents in Congress 
            shall be considered his home, but amounts expended by such 
            Members within each taxable year for living expenses shall 
            not be deductible for income tax purposes in excess of 
            $3,000. For purposes of paragraph (2), the taxpayer shall 
            not be treated as being temporarily away from home during 
            any period of employment if such period exceeds 1 year. The 
            preceding sentence shall not apply to any Federal employee 
            during any period for which such employee is certified by 
            the Attorney General (or the designee thereof) as traveling 
            on behalf of the United States in temporary duty status to 
            investigate or prosecute, or provide support services for 
            the investigation or prosecution of, a Federal crime. (Aug. 
            16, 1954, ch. 736, 68A Stat. 45; Oct. 16, 1962, Pub. L. 87-
            834, Sec. 4(b), 76 Stat. 960, 976; Oct. 4, 1976, Pub. L. 94-
            455, Sec. 1901(c) (4), 90 Stat. 1803; Oct. 1, 1981, Pub. L. 
            97-51, Sec. 139(b)(1), 95 Stat. 967; July 18, 1982, Pub. L. 
            97-216, Sec. 215(a), 96 Stat. 194; Oct. 24, 1992, Pub. L. 
            102-486, Sec. 1938(a), 106 Stat. 3033; Aug. 5, 1997, Pub. L. 
            105-34, Sec. 1204(a), 111 Stat. 995; July 22, 1998, Pub. L. 
            105-206, Sec. 6012(a), 112 Stat. 818.)

                                    * * * * * * *

                         Subchapter F.--Exempt Organizations

                                    * * * * * * *

                          Part VI.--POLITICAL ORGANIZATIONS

     474.5
     474.5  Sec. 527. Political organizations.


     474.6
     474.6  (a) General rule.
                A political organization shall be subject to taxation 
            under this subtitle only to the extent provided in this 
            section. A political organization shall be considered an 
            organization exempt from income taxes for the purpose of any 
            law which refers to organizations exempt from income taxes.

     474.7
     474.7  (b) Tax imposed.
                (1) In general.--A tax is hereby imposed for each 
            taxable year on the political organization taxable income of 
            every political organization. Such tax shall be computed by 
            multiplying the political organization taxable income by the 
            highest rate of tax specified in section 11(b).
                (2) Alternative tax in case of capital gains.--If for 
            any taxable year any political organization has a net 
            capital gain, then, in lieu of the tax imposed by paragraph 
            (1), there is hereby imposed a tax (if such

[[Page 745]]

            a tax is less than the tax imposed by paragraph (1)) which 
            shall consist of the sum of--
                            (A) a partial tax, computed as provided by 
                        paragraph (1), on the political organization 
                        taxable income determined by reducing such 
                        income by the amount of such gain, and
                            (B) an amount determined as provided in 
                        section 1201(a) on such gain.

     474.8
     474.8  (c) Political organization taxable income defined.
                (1) Taxable income defined.--For purposes of this 
            section, the political organization taxable income of any 
            organization for any taxable year is an amount equal to the 
            excess (if any) of--
                            (A) the gross income for the taxable year 
                        (excluding any exempt function income), over
                            (B) the deductions allowed by this chapter 
                        which are directly connected with the production 
                        of the gross income (excluding exempt function 
                        income), computed with the modifications 
                        provided in paragraph (2).
                (2) Modifications.--For purposes of this subsection--
                            (A) there shall be allowed a specific 
                        deduction of $100,
                            (B) no net operating loss deduction shall be 
                        allowed under section 172, and
                            (C) no deduction shall be allowed under part 
                        VIII of subchapter B (relating to special 
                        deductions for corporations).
                (3) Exempt function income.--For purposes of this 
            subsection, the term ``exempt function income'' means any 
            amount received as--
                            (A) a contribution of money or other 
                        property,
                            (B) membership dues, a membership fee or 
                        assessment from a member of the political 
                        organization,
                            (C) proceeds from a political fundraising or 
                        entertainment event, or proceeds from the sale 
                        of political campaign materials, which are not 
                        received in the ordinary course of any trade or 
                        business, or
                            (D) proceeds from the conducting of any 
                        bingo game (as defined in section 513(f)(2)),

            to the extent such amount is segregated for use only for the 
            exempt function of the political organization.

     474.9
     474.9  (d) Certain uses not treated as income to candidate.
                For purposes of this title, if any political 
            organization--
                            (1) contributes any amount to or for the use 
                        of any political organization which is treated 
                        as exempt from tax under subsection (a) of this 
                        section,
                            (2) contributes any amount to or for the use 
                        of any organization described in paragraph (1) 
                        or (2) of section 509(a) which is exempt from 
                        tax under section 501(a), or
                            (3) deposits any amount in the general fund 
                        of the Treasury or in the general funds of any 
                        State or local government,

            such amount shall be treated as an amount not diverted for 
            the personal use of the candidate or any other person. No 
            deduction shall be allowed under this title for the 
            contribution or deposit of any amount described in the 
            preceding sentence.


[[Page 746]]

    474.10
    474.10  (e) Other definitions.
                For purposes of this section--
                            (1) Political organization.--The term 
                        ``political organization'' means a party, 
                        committee, association, fund, or other 
                        organization (whether or not incorporated) 
                        organized and operated primarily for the purpose 
                        of directly or indirectly accepting 
                        contributions or making expenditures, or both, 
                        for an exempt function.
                            (2) Exempt function.--The term ``exempt 
                        function'' means the function of influencing or 
                        attempting to influence the selection, 
                        nomination, election, or appointment of any 
                        individual to any Federal, State, or local 
                        public office or office in a political 
                        organization, or the election of Presidential or 
                        Vice-Presidential electors, whether or not such 
                        individual or electors are selected, nominated, 
                        elected, or appointed. Such term includes the 
                        making of expenditures relating to an office 
                        described in the preceding sentence which, if 
                        incurred by the individual, would be allowable 
                        as a deduction under section 162(a).
                            (3) Contributions.--The term 
                        ``contributions'' has the meaning given to such 
                        term by section 271(b)(2).
                            (4) Expenditures.--The term ``expenditures'' 
                        has the meaning given to such term by section 
                        271(b)(3).

                                    * * * * * * *

    474.11
    474.11  (g) Treatment of newsletter funds.
                (1) In general.--For purposes of this section, a fund 
            established and maintained by an individual who holds, has 
            been elected to, or is a candidate (within the meaning of 
            paragraph (3)) for nomination or election to, any Federal, 
            State, or local elective public office for use by such 
            individual exclusively for the preparation and circulation 
            of such individual's newsletter shall, except as provided in 
            paragraph (2), be treated as if such fund constituted a 
            political organization.
                (2) Additional modifications.--In the case of any fund 
            described in paragraph (1)--
                            (A) the exempt function shall be only the 
                        preparation and circulation of the newsletter, 
                        and
                            (B) the specific deduction provided by 
                        subsection (c)(2)(A) shall not be allowed.
                (3) Candidate.--For purposes of paragraph (1), the term 
            ``candidate'' means, with respect to any Federal, State, or 
            local elective public office, an individual who--
                            (A) publicly announces that he is a 
                        candidate for nomination or election to such 
                        office, and
                            (B) meets the qualifications prescribed by 
                        law to hold such office.
    474.12
    474.12  (h) Special rule for principal campaign committees.
                (1) In general.--In the case of a political organization 
            which is a principal campaign committee, paragraph (1) of 
            subsection (b) shall be applied by substituting ``the 
            appropriate rates'' for ``the highest rate''.
                (2) Principal campaign committee defined.--
                            (A) In general.--For purposes of this 
                        subsection, the term ``principal campaign 
                        committee'' means the political committee 
                        designated by a candidate for Congress as his 
                        principal campaign committee for purposes of--

[[Page 747]]

                                (i) section 302(e) of the Federal 
                            Election Campaign Act of 1971 (2 U.S.C. 
                            432(e)), and

                                (ii) this subsection.

                            (B) Designation.--A candidate may have only 
                        1 designation in effect under subparagraph 
                        (A)(ii) at any time and such designation--

                                (i) shall be made at such time and in 
                            such manner as the Secretary may prescribe 
                            by regulations, and

                                (ii) once made, may be revoked only with 
                            the consent of the Secretary.

                            Nothing in this subsection shall be 
                        construed to require any designation where there 
                        is only one political committee with respect to 
                        a candidate. (Jan. 3, 1975, Pub. L. 93-625, 
                        Sec. 10(a), 88 Stat. 2116; Oct. 4, 1976, Pub. L. 
                        94-455, Sec. 1901(b)(33)(c), 90 Stat. 1801; Oct. 
                        21, 1978, Pub. L. 95-502, Sec. 302(a), 92 Stat. 
                        1702; Nov. 6, 1978, Pub. L. 95-600, 
                        Sec. 301(b)(6), 92 Stat. 2821; Aug. 13, 1981, 
                        Pub. L. 97-34, Sec. 128, 95 Stat. 203; July 18, 
                        1984, Pub. L. 98-369, Secs. 474(r)(16), 722(c), 
                        98 Stat. 843, 973; Oct. 22, 1986, Pub. L. 99-
                        514, Sec. 112(b)(1), 100 Stat. 2085; Nov. 10, 
                        1988, Pub. L. 100-647, Sec. 1001(b)(3)(B), 102 
                        Stat. 3349.)

                                    * * * * * * *

             Subchapter N.--Tax Based on Income From Sources Within or 
                             Without the United States

                                    * * * * * * *

                Part II.--NONRESIDENT ALIENS AND FOREIGN CORPORATIONS

                                    * * * * * * *

                        Subpart D.--Miscellaneous Provisions

                                    * * * * * * *

    474.13
    474.13  Sec. 896. Adjustment of tax on nationals, residents, and 
                corporations of certain foreign countries.

                                    * * * * * * *

    474.14
    474.14  (d) Notification of Congress required.
                No proclamation shall be issued by the President 
            pursuant to this section unless, at lest 30 days prior to 
            such proclamation, he has notified the Senate and the House 
            of Representatives of his intention to issue such 
            proclamation. (Nov. 13, 1966, Pub. L. 89-809, Sec. 105(b), 
            80 Stat. 1563.)

[[Page 748]]

                       Subchapter P.--Capital Gains and Losses

                                    * * * * * * *

             Part III.--GENERAL RULES FOR DETERMINING CAPITAL GAINS AND 
                                       LOSSES

    474.15
    474.15  Sec. 1221. Capital asset defined.
                (a) In general.--For purposes of this subtitle, the term 
            ``capital asset'' means property held by the taxpayer 
            (whether or not connected with his trade or business), but 
            does not include--

                                    * * * * * * *

                (5) a publication of the United States Government 
            (including the Congressional Record) which is received from 
            the United States Government or any agency thereof, other 
            than by purchase at the price at which it is offered for 
            sale to the public, and which is held by--
                            (A) a taxpayer who so received such 
                        publication, or
                            (B) a taxpayer in whose hands the basis of 
                        such publication is determined, for purposes of 
                        determining gain from a sale or exchange, in 
                        whole or in part by reference to the basis of 
                        such publication in the hands of a taxpayer 
                        described in subparagraph (A). (Aug. 16, 1954, 
                        ch. 736. 68A Stat. 321; Oct. 4, 1976, Pub. L. 
                        94-455, Sec. 2132 (a), 90 Stat. 1925; Aug. 13, 
                        1981, Pub. L. 97-34, Sec. 505 (a), 95 Stat 331; 
                        Dec. 17, 1999, Pub. L. 106-170, Sec. 532(a), 113 
                        Stat. 1928.

                                    * * * * * * *

                      SUBTITLE F.--PROCEDURE AND ADMINISTRATION

                        Chapter 61.--INFORMATION AND RETURNS

                                    * * * * * * *
            
                       Subchapter B.--Miscellaneous Provisions

                                    * * * * * * *

       475
       475  Sec. 6103. Confidentiality and disclosure of returns and 
                return information.

                                    * * * * * * *

     475.1
     475.1  (f) Disclosure to committees of Congress.
                (1) Committee on Ways and Means, Committee on Finance, 
            and Joint Committee on Taxation.--Upon written request from 
            the chairman of the Committee on Ways and Means of the House 
            of Representatives, the chairman of the Committee on Finance 
            of the Senate, or the chairman of the Joint Committee on 
            Taxation, the Secretary shall furnish such committee with 
            any return or return information specified in such request, 
            except that any return or return information which can be 
            associated with, or otherwise identify, directly or 
            indirectly, a particular taxpayer shall be furnished to such 
            committee only when sitting in closed executive session 
            unless such taxpayer otherwise consents in writing to such 
            disclosure.
                (2) Chief of Staff of Joint Committee on Taxation.--Upon 
            written request by the Chief of Staff of the Joint Committee 
            on Taxation, the Secretary shall furnish him with any return 
            or return information speci

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            fied in such request. Such Chief of Staff may submit such 
            return or return information to any committee described in 
            paragraph (1), except that any return or return information 
            which can be associated with, or otherwise identify, 
            directly or indirectly, a particular taxpayer shall be 
            furnished to such committee only when sitting in closed 
            executive session unless such taxpayer otherwise consents in 
            writing to such disclosure.
                (3) Other committees.--Pursuant to an action by, and 
            upon written request by the chairman of, a committee of the 
            Senate or the House of Representatives (other than a 
            committee specified in paragraph (1)) specially authorized 
            to inspect any return or return information by a resolution 
            of the Senate or the House of Representatives or, in the 
            case of a joint committee (other than the joint committee 
            specified in paragraph (1)) by concurrent resolution, the 
            Secretary shall furnish such committee, or a duly authorized 
            and designated subcommittee thereof, sitting in closed 
            executive session, with any return or return information 
            which such resolution authorizes the committee or 
            subcommittee to inspect. Any resolution described in this 
            paragraph shall specify the purpose for which the return or 
            return information is to be furnished and that such 
            information cannot reasonably be obtained from any other 
            source.
                (4) Agents of committees and submission of information 
            to Senate or House of Representatives.--
                            (A) Committees described in paragraph (1).--
                        Any committee described in paragraph (1) or the 
                        Chief of Staff of the Joint Committee on 
                        Taxation shall have the authority, acting 
                        directly, or by or through such examiners or 
                        agents as the chairman of such committee or such 
                        chief of staff may designate or appoint, to 
                        inspect returns and return information at such 
                        time and in such manner as may be determined by 
                        such chairman or chief of staff. Any return or 
                        return information obtained by or on behalf of 
                        such committee pursuant to the provisions of 
                        this subsection may be submitted by the 
                        committee to the Senate or the House of 
                        Representatives, or to both. The Joint Committee 
                        on Taxation may also submit such return or 
                        return information to any other committee 
                        described in paragraph (1), except that any 
                        return or return information which can be 
                        associated with, or otherwise identify, directly 
                        or indirectly, a particular taxpayer shall be 
                        furnished to such committee only when sitting in 
                        closed executive session unless such taxpayer 
                        otherwise consents in writing to such 
                        disclosure.
                            (B) Other committees.--Any committee or 
                        subcommittee described in paragraph (3) shall 
                        have the right, acting directly, or by or 
                        through no more than four examiners or agents, 
                        designated or appointed in writing in equal 
                        numbers by the chairman and ranking minority 
                        member of such committee or subcommittee, to 
                        inspect returns and return information at such 
                        time and in such manner as may be determined by 
                        such chairman and ranking minority member. Any 
                        return or return information obtained by or on 
                        behalf of such committee or subcommittee 
                        pursuant to the provisions of this subsection 
                        may be submitted by the committee to the Senate 
                        or the House of Representatives, or to both, 
                        except that any return or return information 
                        which can be associated with, or otherwise 
                        identify, directly or indirectly, a particular 
                        taxpayer, shall be fur

[[Page 750]]

                        nished to the Senate or the House of 
                        Representatives only when sitting in closed 
                        executive session unless such taxpayer otherwise 
                        consents in writing to such disclosure.
                (5) Disclosure by whistleblower.--Any person who 
            otherwise has or had access to any return or return 
            information under this section may disclose such return or 
            return information to a committee referred to in paragraph 
            (1) or any individual authorized to receive or inspect 
            information under paragraph (4)(A) if such person believes 
            such return or return information may relate to possible 
            misconduct, maladministration, or taxpayer abuse.
     475.2
     475.2  (g) Disclosure to President and certain other persons.

                                    * * * * * * *

     475.3
     475.3  (5) Reporting requirements.--
                Within 30 days after the close of each calendar quarter, 
            the President and the head of any agency requesting returns 
            and return information under this subsection shall each file 
            a report with the Joint Committee on Taxation setting forth 
            the taxpayers with respect to whom such requests were made 
            during such quarter under this subsection, the returns or 
            return information involved, and the reasons for such 
            requests. The President shall not be required to report on 
            any request for returns and return information pertaining to 
            an individual who was an officer or employee of the 
            executive branch of the Federal Government at the time such 
            request was made. Reports filed pursuant to this paragraph 
            shall not be disclosed unless the Joint Committee on 
            Taxation determines that disclosure thereof (including 
            identifying details) would be in the national interest. Such 
            reports shall be maintained by the Joint Committee on 
            Taxation for a period not exceeding 2 years unless, within 
            such period, the Joint Committee on Taxation determines that 
            a disclosure to the Congress is necessary. (Pub. L. 105-65, 
            Title V, (Sec. 542(b), 111 Stat. 1412; July 22, 1998, Pub. 
            L. 105-206, Title I, Sec. 1101(b), Title III, Secs. 3702(a), 
            (b), 3708(a), 3711(b), Title VI, Secs. 6007(f)(4), 6009(d), 
            6012(b)(2), (4), 6019(c), 6023(22), 112 Stat. 696, 776, 777, 
            778, 781, 810, 812, 819, 823, 826; Oct. 21, 1998, Pub. L. 
            105-277, Div. J, Title I, Sec. 1006, Title IV, 
            Secs. 4002(a), (h), 4006(a), 112 Stat. 2681-900, 2681-906, 
            2681-907, 2681-912; Dec. 17, 1999, Pub. L. 106-170, Title V, 
            Sec. 521(a)(1), 113 Stat. 1925.)

                                    * * * * * * *

     475.5
     475.5  Sec. 6104. Publicity of information required from certain 
                exempt organizations and certain trusts.

     475.6
     475.6  (a) Inspection of applications for tax exemption.
                (1) Public inspection.--
                            (A) Organizations described in section 
                        501.--If an organization described in section 
                        501 (c) or (d) is exempt from taxation under 
                        section 501(a) for any taxable year, the 
                        application filed by the organization with 
                        respect to which the Secretary made his 
                        determination that such organization was 
                        entitled to exemption under section 501(a), 
                        together with any papers submitted in support of 
                        such application, and any letter or other 
                        document issued by the Internal Revenue Service 
                        with respect to such application shall be open 
                        to public inspection at the national office of 
                        the Internal Revenue Service. In the case of any 
                        application filed after the date

[[Page 751]]

                        of the enactment of this subparagraph, a copy of 
                        such application and such letter or document 
                        shall be open to public inspection at the 
                        appropriate field office of the Internal Revenue 
                        Service (determined under regulations prescribed 
                        by the Secretary). Any inspection under this 
                        subparagraph may be made at such times, and in 
                        such manner, as the Secretary shall by 
                        regulations prescribe. After the application of 
                        any organization has been opened to public 
                        inspection under this subparagraph, the 
                        Secretary shall, on the request of any person 
                        with respect to such organization, furnish a 
                        statement indicating the subsection and 
                        paragraph of section 501 which it has been 
                        determined describes such organization.
                            (B) Pension, etc., plans.--The following 
                        shall be open to public inspection at such times 
                        and in such places as the Secretary may 
                        prescribe:

                                (i) any application filed with respect 
                            to the qualification of a pension, profit-
                            sharing, or stock bonus plan under section 
                            401(a) or 403(a), an individual retirement 
                            account described in section 408(a), or an 
                            individual retirement annuity described in 
                            section 408(b),

                                (ii) any application filed with respect 
                            to the exemption from tax under section 
                            501(a) of an organization forming part of a 
                            plan or account referred to in clause (i),

                                (iii) any papers submitted in support of 
                            an application referred to in clause (i) or 
                            (ii), and

                                (iv) any letter or other document issued 
                            by the Internal Revenue Service and dealing 
                            with the qualification referred to in clause 
                            (i) or the exemption from tax referred to in 
                            clause (ii).

            Except in the case of a plan participant, this subparagraph 
            shall not apply to any plan referred to in clause (i) having 
            not more than 25 participants.

                            (C) Certain names and compensation not to be 
                        open to public inspection.--In the case of any 
                        application, document, or other papers, referred 
                        to in subparagraph (B), information from which 
                        the compensation (including deferred 
                        compensation) of any individual may be 
                        ascertained shall not be opened to public 
                        inspection under subparagraph (B).
                            (D) Withholding of certain other 
                        information.--Upon request of the organization 
                        submitting any supporting papers described in 
                        subparagraph (A) or (B), the Secretary shall 
                        withhold from public inspection any information 
                        contained therein which he determines relates to 
                        any trade secret, patent, process, style of 
                        work, or apparatus, of the organization, if he 
                        determines that public disclosure of such 
                        information would adversely affect the 
                        organization. The Secretary shall withhold from 
                        public inspection any information contained in 
                        supporting papers described in subparagraph (A) 
                        or (B) the public disclosure of which he 
                        determines would adversely affect the national 
                        defense.
                (2) Inspection by committee of Congress.--Section 
            6103(f) shall apply with respect to--
                            (A) the application for exemption of any 
                        organization described in section 501(c) or (d) 
                        which is exempt from taxation under section 
                        501(a) for any taxable year, and any application 
                        referred to in subparagraph (B) of subsection 
                        (a)(1) of this section, and

[[Page 752]]

                            (B) any other papers which are in the 
                        possession of the Secretary and which relate to 
                        such application,

            as if such papers constituted returns. (Sept. 2, 1958, Pub. 
            L. 85-866, Sec. 75(a) 72 Stat. 1660; Sept. 2, 1974, Pub. L. 
            93-406, Sec. 1022(g)(1), (2), 88 Stat. 940; Oct. 4, 1976, 
            Pub. L. 94-455, Secs. 1201(d), 1906(b)(13)(A), 90 Stat. 
            1667, 1834; Nov. 6, 1978, Pub. L. 95-600, Sec. 703(m), 92 
            Stat. 2943; July 18, 1984, Pub. L. 98-369 Sec. 491(d)(49), 
            98 Stat. 852.)

                                    * * * * * * *

            Chapter 78.--DISCOVERY OF LIABILITY AND ENFORCEMENT OF TITLE

                                    * * * * * * *

                      Subchapter A.--Examination and Inspection

                                    * * * * * * *

   475.6-1
   475.6-1  Sec. 7608. Authority of internal revenue enforcement 
                officers.

                                    * * * * * * *

   475.6-2
   475.6-2  (c) Rules relating to undercover operations.

                                    * * * * * * *

            (4) Audits.--
                (A) The Service shall conduct a detailed financial audit 
            of each undercover investigative operation which is closed 
            in each fiscal year; and
                            (i) submit the results of the audit in 
                        writing to the Secretary; and
                            (ii) not later than 180 days after such 
                        undercover operation is closed, submit a report 
                        to the Congress concerning such audit.
                (B) The Service shall also submit a report annually to 
            the Congress specifying as to its undercover investigative 
            operations--
                            (i) the number, by programs, of undercover 
                        investigative operations pending as of the end 
                        of the 1-year period for which such report is 
                        submitted;
                            (ii) the number, by programs, of undercover 
                        investigative operations commenced in the 1-year 
                        period for which such report is submitted;
                            (iii) the number, by programs, of undercover 
                        investigative operations closed in the 1-year 
                        period for which such report is submitted; and
                            (iv) the following information with respect 
                        to each undercover investigative operation 
                        pending as of the end of the 1-year period for 
                        which such report is submitted or closed during 
                        such 1-year period--

                                (I) the date the operation began and the 
                            date of the certification referred to in the 
                            last sentence of paragraph (1),

                                (II) the total expenditures under the 
                            operation and the amount and use of the 
                            proceeds from the operation,

                                (III) a detailed description of the 
                            operation including the potential violation 
                            being investigated and whether the operation 
                            is being conducted under grand jury 
                            auspices, and

                                (IV) the results of the operation 
                            including the results of criminal 
                            proceedings.

[[Page 753]]

            (Nov. 18, 1988, Pub. L. 100-690, Sec. 7601(c)(2), 102 Stat. 
            4504; July 30, 1996, Pub. L. 104-168, Sec. 1205(c)(1), 110 
            Stat. 1471.)

                                    * * * * * * *

                              Chapter 79.--DEFINITIONS

     475.7
     475.7  Sec. 7701. Definitions.

                                    * * * * * * *

     475.8
     475.8  (j) Tax treatment of Federal Thrift Savings Fund.
                (1) In general.--For purposes of this title--
                            (A) the Thrift Savings Fund shall be treated 
                        as a trust described in section 401(a) which is 
                        exempt from taxation under section 501(a);
                            (B) any contribution to, or distribution 
                        from, the Thrift Savings Fund shall be treated 
                        in the same manner as contributions to or 
                        distributions from such a trust; and
                            (C) subject to section 401(k)(4)(B) and any 
                        dollar limitation on the application of section 
                        402(e)(3), contributions to the Thrift Savings 
                        Fund shall not be treated as distributed or made 
                        available to an employee or Member nor as a 
                        contribution made to the Fund by an employee or 
                        Member merely because the employee or Member 
                        has, under the provisions of subchapter III of 
                        chapter 84 of title 5, United States Code, and 
                        section 8351 of such title 5, an election 
                        whether the contribution will be made to the 
                        Thrift Savings Fund or received by the employee 
                        or Member in cash.
                (2) Nondiscrimination requirements.--Notwithstanding any 
            other provision of the law, the Thrift Savings Fund is not 
            subject to the nondiscrimination requirements applicable to 
            arrangements described in section 401(k) or to matching 
            contributions (as described in section 401(m)), so long as 
            it meets the requirements of this section.
                (3) Coordination with Social Security Act.--Paragraph 
            (1) shall not be construed to provide that any amount of the 
            employee's or Member's basic pay which is contributed to the 
            Thrift Savings Fund shall not be included in the term 
            ``wages'' for the purposes of section 209 of the Social 
            Security Act or section 3121(a) of this title.
                (4) Definitions.--For purposes of this subsection, the 
            terms ``Member'', ``employee'', and ``Thrift Savings Fund'' 
            shall have the same respective meanings as when used in 
            subchapter III of chapter 84 of title 5, United States Code.
                (5) Coordination with other provisions of law.--No 
            provision of law not contained in this title shall apply for 
            purposes of determining the treatment under this title of 
            the Thrift Savings Fund or any contribution to, or 
            distribution from, such Fund. (Oct. 22, 1986, Pub. L. 99-
            514, Sec. 1147(a), 100 Stat. 2493; Dec. 22, 1987, Pub. L. 
            100-202, Sec. 624(a), 101 Stat. 1329-429; Nov. 10, 1988, 
            Pub. L. 100-647, Sec. 1011A(m)(1), 102 Stat. 3483; Nov. 5, 
            1990, Pub. L. 101-508, Sec. 11704(a)(34), 104 Stat. 1388-
            519; July 3, 1992, Pub. L. 102-318, Sec. 521(b)(43), 106 
            Stat. 313.)

                                    * * * * * * *

     475.9
     475.9  (k) Treatment of certain amounts paid to charity.
                In the case of any payment which, except for section 
            501(b) of the Ethics in Government Act of 1978, might be 
            made to any officer or employee of the Federal Government 
            but which is made instead on

[[Page 754]]

            behalf of such officer or employee to an organization 
            described in section 170(c)--
                            (1) such payment shall not be treated as 
                        received by such officer or employee for all 
                        purposes of this title and for all purposes of 
                        any tax law of a State or political subdivision 
                        thereof, and
                            (2) no deduction shall be allowed under any 
                        provision of this title (or of any law of a 
                        State or political subdivision thereof) to such 
                        officer or employee by reason of having such 
                        payment made to such organization.

            For purposes of this subsection, a Senator, a Representative 
            in, or a Delegate or Resident Commissioner to, the Congress 
            shall be treated as an officer or employee of the Federal 
            Government. (Nov. 30, 1989, Pub. L. 101-194, Sec. 602, 103 
            Stat. 1762; Aug. 14, 1991, Pub. L. 102-90, Sec. 314(e), 103 
            Stat. 469-470.)

                                    * * * * * * *

                             Chapter 80.--GENERAL RULES

                                    * * * * * * *

                 Subchapter A.--Application of Internal Revenue Laws

                                    * * * * * * *

    475.10
    475.10  Sec. 7802. Internal Revenue Service Oversight Board.

                                    * * * * * * *

    475.11
    475.11  (d) Specific responsibilities.

                                    * * * * * * *

                (4) Budget.--To--
                            (A) review and approve the budget request of 
                        the Internal Revenue Service prepared by the 
                        Commissioner;
                            (B) submit such budget request to the 
                        Secretary of the Treasury; and
                            (C) ensure that the budget request supports 
                        the annual and long-range strategic plans.

                                    * * * * * * *

            The Secretary shall submit the budget request referred to in 
            paragraph (4)(B) for any fiscal year to the President who 
            shall submit such request, without revision, to Congress 
            together with the President's annual budget request for the 
            Internal Revenue Service for such fiscal year.

                                    * * * * * * *

    475.12
    475.12  (f) Administrative matters.

                                    * * * * * * *

                (3) Reports.--
                            (A) Annual.--The Oversight Board shall each 
                        year report with respect to the conduct of its 
                        responsibilities under this title to the 
                        President, the Committees on Ways and Means, 
                        Government Reform and Oversight, and 
                        Appropriations of the House of Representatives 
                        and the Committees on Finance, Governmental 
                        Affairs, and Appropriations of the Senate.
                            (B) Additional report.--Upon a determination 
                        by the Oversight Board under subsection 
                        (c)(1)(B) that the organization and operation of 
                        the Internal Revenue Service are not allowing it 
                        to carry out

[[Page 755]]

                        its mission, the Oversight Board shall report 
                        such determination to the Committee on Ways and 
                        Means of the House of Representatives and the 
                        Committee on Finance of the Senate. (July 22, 
                        1998, Pub. L. 105-206, Sec. 1101(a), 112 Stat. 
                        691.)

                                    * * * * * * *

    475.13
    475.13  Sec. 7803. Commissioner of Internal Revenue; other 
                officials.

                                    * * * * * * *

    475.14
    475.14  (c) Office of the Taxpayer Advocate.

                                    * * * * * * *

                (2) Functions of office.

                                    * * * * * * *

                (B) Annual reports.--
                            (i) Objectives.--Not later than June 30 of 
                        each calendar year, the National Taxpayer 
                        Advocate shall report to the Committee on Ways 
                        and Means of the House of Representatives and 
                        the Committee on Finance of the Senate on the 
                        objectives of the Office of the Taxpayer 
                        Advocate for the fiscal year beginning in such 
                        calendar year. Any such report shall contain 
                        full and substantive analysis, in addition to 
                        statistical information.
                            (ii) Activities.--Not later than December 31 
                        of each calendar year, the National Taxpayer 
                        Advocate shall report to the Committee on Ways 
                        and Means of the House of Representatives and 
                        the Committee on Finance of the Senate on the 
                        activities of the Office of the Taxpayer 
                        Advocate during the fiscal year ending during 
                        such calendar year. (July 22, 1998, Pub. L. 105-
                        206, Sec. 1102(a), 112 Stat. 697.)

                                    * * * * * * *

    475.15
    475.15  Sec. 7805. Rules and regulations.

                                    * * * * * * *

    475.16
    475.16  (b) Retroactivity of regulations.

                                    * * * * * * *

                (6) Congressional authorization.--The limitation of 
            paragraph (1) may be superseded by a legislative grant from 
            Congress authorizing the Secretary to prescribe the 
            effective date with respect to any regulation. (July 30, 
            1996, Pub. L. 104-168, Sec. 1101(a), 110 Stat. 1468.)

                                    * * * * * * *

                    SUBTITLE G.--THE JOINT COMMITTEE ON TAXATION

               Chapter 91.--ORGANIZATION AND MEMBERSHIP OF THE JOINT 
                                     COMMITTEE

       476
       476  Sec. 8001. Authorization.
                There shall be a joint congressional committee known as 
            the Joint Committee on Taxation (hereinafter in this 
            subtitle referred to as the ``Joint Committee''). (Aug. 16, 
            1954, ch. 736, 68A Stat. 925; Oct. 4, 1976, Pub. L. 94-455, 
            Sec. 1907(a)(1), 90 Stat. 1835.)

[[Page 756]]


     476.1
     476.1  Sec. 8002. Membership.

     476.2
     476.2  (a) Number and selection.
                The Joint Committee shall be composed of 10 members as 
            follows:
                (1) From Committee on Finance.--Five members who are 
            members of the Committee on Finance of the Senate, three 
            from the majority and two from the minority party, to be 
            chosen by such Committee; and
                (2) From Committee on Ways and Means.--Five members who 
            are members of the Committee on Ways and Means of the House 
            of Representatives, three from the majority and two from the 
            minority party, to be chosen by such Committee.
     476.3
     476.3  (b) Tenure of office.
                (1) General limitation.--No person shall continue to 
            serve as a member of the Joint Committee after he has ceased 
            to be a member of the committee by which he was chosen, 
            except that--
                (2) Exception.--The members chosen by the Committee on 
            Ways and Means who have been reelected to the House of 
            Representatives may continue to serve as members of the 
            Joint Committee notwithstanding the expiration of the 
            Congress.
     476.4
     476.4  (c) Vacancies.
                A vacancy in the Joint Committee--
                            (1) Effect.--Shall not affect the power of 
                        the remaining members to execute the functions 
                        of the Joint Committee; and
                            (2) Manner of filling.--Shall be filled in 
                        the same manner as the original selection, 
                        except that--

                                (A) Adjournment or recess of Congress.--
                            In case of a vacancy during an adjournment 
                            or recess of Congress for a period of more 
                            than 2 weeks, the members of the Joint 
                            Committee who are members of the Committee 
                            entitled to fill such vacancy may designate 
                            a member of such Committee to serve until 
                            his successor is chosen by such Committee; 
                            and

                                (B) Expiration of Congress.--In the case 
                            of a vacancy after the expiration of a 
                            Congress which would be filled by the 
                            Committee on Ways and Means, the members of 
                            such Committee who are continuing to serve 
                            as members of the Joint Committee may 
                            designate a person who, immediately prior to 
                            such expiration, was a member of such 
                            Committee and who is reelected to the House 
                            of Representatives, to serve until his 
                            successor is chosen by such Committee.

     476.5
     476.5  (d) Allowances.
                The members shall serve without compensation in addition 
            to that received for their services as members of Congress; 
            but they shall be reimbursed for travel, subsistence, and 
            other necessary expenses incurred by them in the performance 
            of the duties vested in the Joint Committee, other than 
            expenses in connection with meetings of the Joint Committee 
            held in the District of Columbia during such times as the 
            Congress is in session. (Aug. 16, 1954, ch. 736, 68A Stat. 
            925.)
     476.6
     476.6  Sec. 8003. Election of chairman and vice chairman.
                The Joint Committee shall elect a chairman and vice 
            chairman from among its members. (Aug. 16, 1954, ch. 736, 
            68A Stat. 926.)

[[Page 757]]


     476.7
     476.7  Sec. 8004. Appointment and compensation of staff.
                Except as otherwise provided by law, the Joint Committee 
            shall have power to appoint and fix the compensation of the 
            Chief of Staff of the Joint Committee and such experts and 
            clerical, stenographic, and other assistants as it deems 
            advisable. (Aug. 16, 1954, ch. 736, 68A Stat. 926; Oct. 4, 
            1976, Pub. L. 94-455, Sec. 1907(a)(2), 90 Stat. 1835.)
     476.8
     476.8  Sec. 8005. Payment of expenses.
                The expenses of the Joint Committee shall be paid one-
            half from the contingent fund of the Senate and one-half 
            from the contingent fund of the House of Representatives, 
            upon vouchers signed by the chairman or the vice chairman. 
            (Aug. 16, 1954, ch. 736, 68A Stat. 926.)

                Chapter 92.--POWERS AND DUTIES OF THE JOINT COMMITTEE

       477
       477  Sec. 8021. Powers.

     477.1
     477.1  (a) To obtain data and inspect income returns.
                            For powers of the Joint Committee to obtain 
                        and inspect income returns, see section 6103(f).
     477.2
     477.2  (b) Relating to hearings and sessions.
                The Joint Committee, or any subcommittee thereof, is 
            authorized--
                            (1) To hold.--To hold hearings and to sit 
                        and act at such places and times;
                            (2) To require attendance of witnesses and 
                        production of books.--To require by subpoena (to 
                        be issued under the signature of the chairman or 
                        vice chairman) or otherwise the attendance of 
                        such witnesses and the production of such books, 
                        papers, and documents;
                            (3) To administer oaths.--To administer such 
                        oaths; and
                            (4) To take testimony.--To take such 
                        testimony;

            as it deems advisable.

     477.3
     477.3  (c) To procure printing and binding.
                The Joint Committee, or any subcommittee thereof, is 
            authorized to have such printing and binding done as it 
            deems advisable.
     477.4
     477.4  (d) To make expenditures.
                The Joint Committee, or any subcommittee thereof, is 
            authorized to make such expenditures as it deems advisable.
            (e) Investigations.--
                The Joint Committee shall review all requests (other 
            than requests by the chairman or ranking member of a 
            committee or subcommittee) for investigations of the 
            Internal Revenue Service by the General Accounting Office, 
            and approve such requests when appropriate, with a view 
            towards eliminating overlapping investigations, ensuring 
            that the General Accounting Office has the capacity to 
            handle the investigation, and ensuring that investigations 
            focus on areas of primary importance to tax administration.

[[Page 758]]

            (f) Relating to Joint Reviews.
                            (1) In general.--The Chief of Staff, and the 
                        staff of the Joint Committee, shall provide such 
                        assistance as is required for joint reviews 
                        described in paragraph (2).
                            (2) Joint reviews.--Before June 1 of each 
                        calendar year after 1998 and before 2004, there 
                        shall be a joint review of the strategic plans 
                        and budget for the Internal Revenue Service and 
                        such other matters as the Chairman of the Joint 
                        Committee deems appropriate. Such joint review 
                        shall be held at the call of the Chairman of the 
                        Joint Committee and shall include two members of 
                        the majority and one member of the minority from 
                        each of the Committees on Finance, 
                        Appropriations, and Governmental Affairs of the 
                        Senate, and the Committees on Ways and Means, 
                        Appropriations, and Government Reform and 
                        Oversight of the House of Representatives.

            (Aug. 16, 1954, ch. 736, 68A Stat. 927; Oct. 4, 1976, Pub. 
            L. 94-455, Sec. 1907(a)(3), 90 Stat. 1835; Nov. 10, 1988, 
            Pub. L. 100-647, Sec. 1018(s)(1), 102 Stat. 3586; July 22, 
            1998, Pub. L. 105-206, Sec. 4001(a), 112 Stat. 783.)

     477.5
     477.5  Sec. 8022. Duties.
                It shall be the duty of the Joint Committee--
     477.6
     477.6      (1) Investigation.--
                            (A) Operation and effects of law.--To 
                        investigate the operation and effects of the 
                        Federal system of internal revenue taxes;
                            (B) Administration.--To investigate the 
                        administration of such taxes by the Internal 
                        Revenue Service or any executive department, 
                        establishment, or agency charged with their 
                        administration; and
                            (C) Other investigations.--To make such 
                        other investigations in respect of such system 
                        of taxes as the Joint Committee may deem 
                        necessary.
     477.7
     477.7      (2) Simplification of law.--
                            (A) Investigation of methods.--To 
                        investigate measures and methods for the 
                        simplification of such taxes, particularly the 
                        income tax; and
                            (B) Publication of proposals.--To publish, 
                        from time to time, for public examination and 
                        analysis, proposed measures and methods for the 
                        simplification of such taxes.
     477.8
     477.8      (3) Reports.--
                            (A) To report, from time to time, to the 
                        Committee on Finance and the Committee on Ways 
                        and Means, and, in its discretion, to the Senate 
                        or House of Representatives, or both, the 
                        results of its investigations, together with 
                        such recommendations as it may deem advisable.
                            (B) Subject to amounts specifically 
                        appropriated to carry out this subparagraph, to 
                        report, at least once each Congress, to the 
                        Committee on Finance and the Committee on Ways 
                        and Means on the overall state of the Federal 
                        tax system, together with recommendations with 
                        respect to possible simplification proposals and 
                        other matters relating to the administration of 
                        the Federal tax system as it may deem advisable.
                            (C) To report, for each calendar year after 
                        1998 and before 2004, to the Committees on 
                        Finance, Appropriations, and Governmental

[[Page 759]]

                        Affairs of the Senate, and to the Committees on 
                        Ways and Means, Appropriations, and Government 
                        Reform and Oversight of the House of 
                        Representatives, with respect to--
                                (i) strategic and business plans for the 
                            Internal Revenue Service;
                                (ii) progress of the Internal Revenue 
                            Service in meeting its objectives;
                                (iii) the budget for the Internal 
                            Revenue Service and whether it supports its 
                            objectives;
                                (iv) progress of the Internal Revenue 
                            Service in improving taxpayer service and 
                            compliance;
                                (v) progress of the Internal Revenue 
                            Service on technology modernization; and
                                (vi) the annual filing season.

     477.9
     477.9      (4) Cross reference.--
                            For duties of the Joint Committee relating 
                        to refunds of income and estate taxes, see 
                        section 6405. (Aug. 16, 1954, ch. 736, 68A Stat. 
                        927; July 22, 1998, Pub. L. 105-206, 
                        Sec. 4002(a), 112 Stat. 784.)
       478
       478  Sec. 8023. Additional powers to obtain data.

     478.1
     478.1  (a) Securing of data.
                The Joint Committee or the Chief of Staff of the Joint 
            Committee, upon approval of the Chairman or Vice Chairman, 
            is authorized to secure directly from the Internal Revenue 
            Service or the office of the Chief Counsel for the Internal 
            Revenue Service, or directly from any executive department, 
            board, bureau, agency, independent establishment, or 
            instrumentality of the Government, information, suggestions, 
            rulings, data, estimates, and statistics, for the purpose of 
            making investigations, reports, and studies relating to 
            internal revenue taxation. In the investigation by the Joint 
            Committee on Taxation of the administration of the internal 
            revenue taxes by the Internal Revenue Service, the Chief of 
            Staff of the Joint Committee on Taxation is authorized to 
            secure directly from the Internal Revenue Service such tax 
            returns, or copies of tax returns, and other relevant 
            information, as the Chief of Staff deems necessary for such 
            investigation, and the Internal Revenue Service is 
            authorized and directed to furnish such tax returns and 
            information to the Chief of Staff together with a brief 
            report, with respect to each return, as to any action taken 
            or proposed to be taken by the Service as a result of any 
            audit of the return.
     478.2
     478.2  (b) Furnishing of data.
                The Internal Revenue Service, the office of the Chief 
            Counsel for the Internal Revenue Service, executive 
            departments, boards, bureaus, agencies, independent 
            establishments, and instrumentalities are authorized and 
            directed to furnish such information, suggestions, rulings, 
            data, estimates, and statistics directly to the Joint 
            Committee or to the Chief of Staff of the Joint Committee, 
            upon request made pursuant to this section.
     478.3
     478.3  (c) Application of subsections (a) and (b).
                Subsections (a) and (b) shall be applied in accordance 
            with their provisions without regard to any reorganization 
            plan becoming effective on, before, or after the date of the 
            enactment of this subsection. (Aug. 16, 1954, ch. 736, 68A 
            Stat. 928; Sept. 22, 1959, Pub. L. 86-368, Sec. 2(b),

[[Page 760]]

            73 Stat. 648; Oct. 4, 1976, Pub. L. 94-455, Secs. 1210(c), 
            1907(a)(4), 90 Stat. 1711, 1835.)

                                    * * * * * * *

              SUBTITLE H.--FINANCING OF PRESIDENTIAL ELECTION CAMPAIGNS

                  Chapter 95.--PRESIDENTIAL ELECTION CAMPAIGN FUND

                                    * * * * * * *

     478.5
     478.5  Sec. 9009. Reports to Congress; regulations.

     478.6
     478.6  (a) Reports.
                The Commission shall, as soon as practicable after each 
            presidential election, submit a full report to the Senate 
            and House of Representatives setting forth--
                            (1) the qualified campaign expenses (shown 
                        in such detail as the Commission determines 
                        necessary) incurred by the candidates of each 
                        political party and their authorized committees;
                            (2) the amounts certified by it under 
                        section 9005 for payment to the eligible 
                        candidates for each political party;
                            (3) the amount of payments, if any, required 
                        from such candidates under section 9007, and the 
                        reasons for each payment required;
                            (4) the expensees incurred by the national 
                        committee of a major party or minor party with 
                        respect to a presidential nominating convention;
                            (5) the amounts certified by it under 
                        section 9008(g) for payment to each such 
                        committee; and
                            (6) the amount of payments, if any, required 
                        from such committees under section 9008(h), and 
                        the reasons for each such payment.

            Each report submitted pursuant to this section shall be 
            printed as a Senate document.

     478.7
     478.7  (b) Regulations, etc.
                The Commission is authorized to prescribe such rules and 
            regulations in accordance with the provisions of subsection 
            (c), to conduct such examinations and audits (in addition to 
            the examinations and audits required by section 9007(a)), to 
            conduct such investigations, and to require the keeping and 
            submission of such books, records, and information, as it 
            deems necessary to carry out the functions and duties 
            imposed on it by this chapter.
     478.8
     478.8   (c) Review of regulations.
                (1) The Commission, before prescribing any rule or 
            regulation under subsection (b), shall transmit a statement 
            with respect to such rule or regulation to the Senate and to 
            the House of Representatives, in accordance with the 
            provisions of this subsection. Such statement shall set 
            forth the proposed rule or regulation and shall contain a 
            detailed explanation and justification of such rule or 
            regulation.
                (2) If either such House does not, through appropriate 
            action, disapprove the proposed rule or regulation set forth 
            in such statement no later than 30 legislative days after 
            receipt of such statement, then the Commission may prescribe 
            such rule or regulation. Whenever a committee of the House 
            of Representatives reports any resolution relating to any 
            such rule or regulation, it is at any time thereafter in 
            order

[[Page 761]]

            (even though a previous motion to the same effect has been 
            disagreed to) to move to proceed to the consideration of the 
            resolution. The motion is highly privileged and is not 
            debatable. An amendment to the motion is not in order, and 
            it is not in order to move to reconsider the vote by which 
            the motion is agreed to or disagreed to. The Commission may 
            not prescribe any rule or regulation which is disapproved by 
            either such House under this paragraph.
                (3) For purposes of this subsection, the term 
            ``legislative days'' does not include any calendar day on 
            which both Houses of the Congress are not in session.
                (4) For purposes of this subsection, the term ``rule or 
            regulation'' means a provision or series of interrelated 
            provisions stating a single separable rule of law. (Dec. 10, 
            1971, Pub. L. 92-178, Sec. 801, 85 Stat. 569; Oct. 15, 1974, 
            Pub. L. 93-443, Secs. 404(c)(12), (13), 406(b), 88 Stat. 
            1292, 1296; May 11, 1976, Pub. L. 94-283, Sec. 304(a), 90 
            Stat. 498.)

                                    * * * * * * *

             Chapter 96.--PRESIDENTIAL PRIMARY MATCHING PAYMENT ACCOUNT

                                    * * * * * * *
    478.10
    478.10  Sec. 9039. Reports to Congress; regulations.

    478.11
    478.11  (a) Reports.
                The Commission shall, as soon as practicable after each 
            matching payment period, submit a full report to the Senate 
            and House of Representatives setting forth--
                            (1) the qualified campaign expenses (shown 
                        in such detail as the Commission determines 
                        necessary) incurred by the candidates of each 
                        political party and their authorized committees,
                            (2) the amounts certified by it under 
                        section 9036 for payment to each eligible 
                        candidate, and
                            (3) the amount of payments, if any, required 
                        from candidates under section 9038, and the 
                        reasons for each payment required.

            Each report submitted pursuant to this section shall be 
            printed as a Senate document.

    478.12
    478.12  (b) Regulations, etc.
                The Commission is authorized to prescribe rules and 
            regulations in accordance with the provisions of subsection 
            (c), to conduct examinations and audits (in addition to the 
            examinations and audits required by section 9038(a)), to 
            conduct investigations, and to require the keeping and 
            submission of any books, records, and information, which it 
            determines to be necessary to carry out its responsibilities 
            under this chapter.
    478.13
    478.13  (c) Review of regulations.
                (1) The Commission, before prescribing any rule or 
            regulation under subsection (b), shall transmit a statement 
            with respect to such rule or regulation to the Senate and to 
            the House of Representatives, in accordance with the 
            provisions of this subsection. Such statement shall set 
            forth the proposed rule or regulation and shall contain a 
            detailed explanation and justification of such rule or 
            regulation.
                (2) If either such House does not, through appropriate 
            action, disapprove the proposed rule or regulation set forth 
            in such statement

[[Page 762]]

            no later than 30 legislative days after receipt of such 
            statement, then the Commission may prescribe such rule or 
            regulation. Whenever a committee of the House of 
            Representatives reports any resolution relating to any such 
            rule or regulation, it is at any time thereafter in order 
            (even though a previous motion to the same effect has been 
            disagreed to) to move to proceed to the consideration of the 
            resolution. The motion is highly privileged and is not 
            debatable. An amendment to the motion is not in order, and 
            it is not in order to move to reconsider the vote by which 
            the motion is agreed to or disagreed to. The Commission may 
            not prescribe any rule or regulation which is disapproved by 
            either such House under this paragraph.
                (3) For purposes of this subsection, the term 
            ``legislative days'' does not include any calendar day on 
            which both Houses of the Congress are not in session.
                (4) For purposes of this subsection, the term ``rule or 
            regulation'' means a provision or series of interrelated 
            provisions stating a single separable rule of law. (Oct. 15, 
            1974, Pub. L. 93-443, Sec. 408(c), 88 Stat. 1301; May 11, 
            1976, Pub. L. 94-283, Sec. 304(b), 90 Stat. 499.)

                                    * * * * * * *

                            SUBTITLE I.--TRUST FUND CODE

                            Chapter 98.--TRUST FUND CODE

                                    * * * * * * *

                          Subchapter B.--General Provisions

                                    * * * * * * *

    478.14
    478.14  Sec. 9602. Management of trust funds.

    478.15
    478.15  (a) Report.
                It shall be the duty of the Secretary of the Treasury to 
            hold each Trust Fund established by subchapter A, and (after 
            consultation with any other trustees of the Trust Fund) to 
            report to the Congress each year on the financial condition 
            and the results of the operations of each such Trust Fund 
            during the preceding fiscal year and on its expected 
            condition and operations during the next 5 fiscal years. 
            Such report shall be printed as a House document of the 
            session of the Congress to which the report is made. (Dec. 
            29, 1981, Pub. L. 97-119, Sec. 103(a), 95 Stat. 1638.)