Summary of Revenue Provisions of H.R. 2488, The "Financial Freedom Act of 1999"

Subtitle A: 10-Percent Reduction in Individual Income Tax Rates.- Amends the Internal Revenue Code (IRC) to provide for the phase-in of a ten percent individual income tax rate.

Subtitle B: Marriage Penalty Tax Relief. - Phases-in a standard deduction on a joint (married) return equal to twice the deduction of a single (not married) return.

(Sec. 112) Makes the modified adjusted gross income limitation applicable in determining the deduction for interest on educational loans on a joint return double the limit of a single return.

(Sec. 113) Raises from $100,000 (currently applicable to any filing status) to $160,000 (in the case of a joint return) the adjusted gross income limit applicable to rollovers from regular IRAs to Roth IRAs.

Subtitle C: Repeal of Alternative Minimum Tax on Individuals. - Phases-in a repeal of the alternative minimum tax for individuals.

TITLE II: Relief from Taxation on Savings & Investments

Excludes from gross income a limited amount of dividends and interest otherwise includible in gross income.

(Sec. 202) Reduces the individual capital gains tax rate.

(Sec. 203) Applies the capital gains tax rates to capital gains of designated settlement funds.

(Sec. 204) Provides, with respect to exclusion of gain from the sale of a principal residence, for the suspension of the five-year ownership and use requirement during the time that a member (or spouse) of the uniformed services or Foreign Service is on qualified official extended duty (as defined by this Act).

(Sec. 205) Treats certain dealer derivative financial instruments, hedging transactions, and supplies as ordinary assets.

(Sec. 206) Revises provisions concerning the worthless securities of financial institutions.

TITLE III: Incentives for Business Investment & Job Creation

Phases-in a corporate capital gains tax rate reduction.

(Sec. 302) Phases-in a repeal of the alternative minimum tax on corporations. Repeals the 90 percent limitation on the utilization of the foreign tax credit.

TITLE IV: Education Savings Incentives

Renames education individual retirement accounts education savings accounts. Increases to $2,000 the maximum annual contribution allowed to such accounts. Permits tax-free expenditures from such accounts for elementary and secondary education expenses required for attendance at a public, private, or religious school, or for home schooling that meets State requirements. Waives certain age limitations in cases of children with special needs. Permits corporations to contribute to such accounts.

(Sec. 402) Permits private educational institutions to maintain qualified tuition programs which are comparable to qualified State tuition programs. Excludes qualified distributions from such accounts from gross income.

(Sec. 403) Excludes from gross income certain amounts received under the National Health Corps Scholarship Program, the Armed Forces Health Professions Scholarship and Financial Assistance Program, the National Institutes of Health Undergraduate Scholarship Program, or any similar State program.

(Sec. 404) Increases the amount by which certain governmental bonds used to finance public school capital expenditures may be exempted from specified arbitrage bond provisions.

(Sec. 405) Modifies arbitrage rebate rules applicable to public school construction bonds.

(Sec. 406) Repeals the 60-month limitation period on the allowance of the interest deduction on loans for higher education expenses.

TITLE V: Health Care Provisions

Phases-in a 100 percent deduction (for both itemizers and nonitemizers) for the health and long-term care insurance costs of individuals not participating in employer-subsidized health plans.

(Sec. 502) Permits offering long-term care insurance under cafeteria plans and flexible spending arrangements.

(Sec. 503) Revises medical savings accounts provisions to: (1) repeal the limitation on the number of accounts; (2) make all employers (currently limited to small employers) eligible to offer accounts; (3) increase contribution deduction amounts; (4) permit employer and employee contributions; (5) reduce high deductible health plan deductibles; and (6) permit accounts to be offered under cafeteria plans.

(Sec. 504) Permits a taxpayer an additional exemption for certain elderly family members who need long-term care and who reside with the taxpayer.

(Sec. 505) Expands the time frame for human clinical trials qualifying for the orphan drug credit.

(Sec. 506) Adds to the list of taxable vaccines any conjugate vaccine of streptococcus pneumoniae.

TITLE VI: Estate Tax Relief

Subtitle A: Estate, Gift, and Generation-Skipping Taxes; Repeal of Step Up in Basis At Death. - Repeals the estate tax, gift tax, and the tax on generation-skipping transfers, effective January 1, 2009.

(Sec. 602) Terminates, effective January 1, 2009, the current provisions providing for determining the basis of property the acquired from a decedent and sets forth new provisions for determining the basis of certain property acquired from a decedent dying after December 31, 2008.

Subtitle B: Reductions of Estate and Gift Tax Rates Prior to Repeal. - Sets forth additional estate and gift tax reductions applicable to the period prior to repeal.

Subtitle C: Unified Credit Replaced Unified Exemption Amount. - Replaces the unified credit with a unified exemption amount.

Subtitle D: Modifications of Generation-Skipping Tax. - Amends provisions concerning the special rules for allocation of the generation-skipping tax (GST) exemption to provide, as a general rule, that: (1) if any individual makes an indirect skip during such individual's lifetime, any unused portion of such individual's GST exemption shall be allocated to the property transferred to the extent necessary to make the inclusion ratio for such property zero; and (2) if the amount of the indirect skip exceeds such unused portion, the entire unused portion shall be allocated to the property transferred.

TITLE VII: Tax Relief for Distressed Communities & Industries

Subtitle A: American Community Renewal Act of 1999. - Authorizes the Secretary of Housing and Urban Development to designate (upon local or State nomination) up to 20 renewal communities, of which at least four shall be in rural areas.

Requires for nomination purposes that: (1) the area be experiencing high rates of poverty and unemployment and general distress; and (2) State and local governments enter into written contracts with community organizations to promote specified economic growth and employment activities.

Excludes from gross income capital gains on the sale or exchange of a qualified community asset (stock, business property, or partnership interest) held for more than five years.

Allows a specified deduction for amounts paid into a family development account on behalf of a renewal community resident. Excludes from gross income account distributions used for qualified family development expenses (postsecondary education, first-home purchase, business capitalization, medical, and rollovers). Provides a penalty (with exceptions) in addition to inclusion as gross income for nonqualifying distributions.

Provides for designation of up to five qualifying renewal communities as matching demonstration areas eligible to receive family development account matching contributions.

Authorizes: (1) designation of earned income tax credit payments for family development account deposit; (2) a commercial building revitalization tax deduction; (3) increased first year expensing for renewal community businesses; (4) extension of environmental remediation cost expensing and the work opportunity credit for renewal communities; and (5) similar tax treatment of renewal communities and enterprise zones for specified youth residence requirements.

Permits a deduction for contributions to a family development account whether or not a taxpayer itemizes.

(Sec. 705) Makes conforming amendments to provisions respecting: (1) tax on excess contributions and prohibited transactions; (2) trust and annuity information; (3) tax exemption applications; and (4) the commercial revitalization credit.

(Sec. 706) Sets forth reporting requirements.

Subtitle B: Farming Incentive. - Disregards any option to accelerate the receipt of any payment under a production flexibility contract which is payable under the Federal Agriculture Improvement and Reform Act of 1996, as in effect on the date of the enactment of this Act, in determining the taxable year for which such payment is properly includible in gross income for purposes of the IRC.

Subtitle C: Oil and Gas Incentive. - Permits a five-year net operating loss carryback for losses attributable to operating mineral interests of independent oil and gas producers.

Subtitle D: Timber Incentive. - Increases the maximum permitted amortization of reforestation expenditures.

Subtitle E: Steel Industry Incentive. - Increases, for steel companies, the credit allowed against the regular tax for prior year minimum tax liability.

TITLE VIII: Relief for Small Businesses

Provides for the deduction of 100 Percent of the health insurance costs of self-employed individuals.

(Sec. 802) Increases to $30,000 the amount which may be expensed as section 179 property.

(Sec. 803) Makes the 6.2 percent Federal Unemployment Tax Act rate effective through calendar year 2004 (currently, 2007) and the 6.0 percent rate effective through calendar year 2005 (currently, 2008).

(Sec. 804) Phases-in an 80 percent meal expenses deduction.

TITLE IX: International Tax Relief

Permits, for interest allocation rule purposes, treating each electing worldwide affiliated group an affiliated group.

(Sec. 902) Revises provisions concerning the of application of look-thru rules to dividends from noncontrolled section 902 corporations to provide, in general, that any dividend from a noncontrolled section 902 corporation with respect to the taxpayer shall be treated as income in a separate category in proportion to the ratio of: (1) the portion of earnings and profits attributable to income in such category; to (2) the total amount of earnings and profits.

(Sec. 903) Excludes from the definition of "foreign base company oil related income" the pipeline transportation of oil or gas within such foreign country.

(Sec. 904) Excludes from the definition of "foreign base company services income" income derived in connection with the performance of services which are related to the transmission of high voltage electricity.

(Sec. 905) Defines overall domestic loss and sets forth provisions for determining taxable income for any taxpayer sustaining such a loss.

(Sec. 906) Repeals the special rule for military property with respect to exempt foreign trade income.

(Sec. 907) Exempts from taxation certain regulated investment company dividends received by nonresident aliens. Treats certain regulated investment company stock owned by nonresident noncitizens as non-U.S. property for estate tax purposes.

(Sec. 908) Repeals section 907 (Special Rules In Case of Foreign Oil and Gas Income) of the IRC.

(Sec. 909) Requires a study and a report on the feasibility of treating all countries in the European Union as one country under subpart F (Controlled Foreign Corporations) of part III (Income From Sources Without the United States) of subchapter N (Tax Based on Income From Sources Within or Without the United States) of chapter 1 (Normal Taxes and Surtaxes) of the IRC.

(Sec. 910) Permits the President to determine that the continued denial of the foreign tax credit with respect to a foreign country is no longer in the national interests of the United States.

(Sec. 911) Treats advance pricing agreements as confidential taxpayer information.

(Sec. 912) Phases in an increase in the dollar limitation on the section 911 (Citizens or Residents of the United States Living Abroad) exclusion.

TITLE X: Provisions Relating To Tax-Exempt Organizations

Exempts an organization from income tax if it is created by a State to provide property and casualty insurance coverage for property for which such coverage is otherwise unavailable.

(Sec. 1002) Amends the Tax Reform Act of 1984 to revise the special arbitrage rule.

(Sec. 1003) Amends the IRC to disallow a deduction for the transfer of a charitable contribution to or for the use of a State or charitable tax-exempt organization or trust if in connection with such transfer: (1) the organization directly or indirectly pays, or has previously paid, any premium on any personal benefit contract (life insurance, annuity, or endowment contract, also known as charitable split-dollar life insurance) with respect to the transferor; or (2) there is an understanding (side agreement) that any person will directly or indirectly pay any premium on such contract with respect to such transferor. Imposes on such organization an excise tax equal to the premiums paid by it on the personal benefit contract.

Provides that certain persons shall not be treated as indirect beneficiaries: (1) in certain cases in which a charitable organization purchases an annuity contract to fund an obligation to pay a charitable gift annuity; or (2) solely by reason of being a noncharitable recipient of an annuity or unitrust amount paid by a charitable remainder trust that holds a life insurance, annuity or endowment contract.

(Sec. 1004) Requires the Secretary of the Treasury to establish a procedure for exemption from the self-dealing tax.

(Sec. 1005) Revises provisions concerning: (1) declaratory judgments relating to tax-exempt organizations; and (2) the special rules for certain amounts of unrelated business taxable income received from controlled entities.

TITLE XI: Real Estate Provisions

Subtitle A: Provisions Relating to Real Estate Investment Trusts. - Part I: Treatment of Income and Services Provided by Taxable REIT Subsidiaries - Excludes taxable REIT subsidiaries (TRSs) from the five and ten percent asset tests.

(Sec. 1102) Allows TRSs to provide non-customary tenant services.

(Sec. 1103) Allows a REIT to establish a TRS (as defined).

(Sec. 1104) Includes in the definition of "disqualified interest" (Sec. 163 of the IRC) any interest paid or accrued by a TRS to the REIT.

(Sec. 1105) Imposes a 100 percent tax on any interest payments by a TRS to the REIT in excess of the commercially reasonable interest rate.

Part II: Health Care REITs - Includes within the definition of the term "foreclosure property" any qualified health care property acquired by a REIT as the result of the termination of a lease of such property.

Part III: Conformity With Regulated Investment Company Rules - Changes the distribution requirement from 95 percent to 90 percent.

Part IV: Clarification of Exception From Impermissible Tenant Service Income - Provides, with respect to the definition of an independent contractor, that in the event that any class of stock of is regularly traded on an established securities market, only owners who own, directly or indirectly, more than five percent of such class of stock shall be taken into account as owning any of the stock of such class for purposes of applying the 35 percent limitation.

Part V: Modification of Earnings and Profits Rules - Provides rules for determining whether a Regulated Investment Company (RIC) has earnings and profits form a non-RIC year.

Part VI: Study Relating to Taxable REIT Subsidiaries - Directs the: (1) Commissioner of the Internal Revenue shall conduct a study to determine how many taxable REIT subsidiaries are in existence and the aggregate amount of taxes paid by such subsidiaries; and (2) the Secretary of the Treasury to submit a report to the Congress describing the results of such study.

Subtitle B: Modification of At-Risk Rules for Publicly Traded Securities. - Revises, with respect to real property, provisions concerning the treatment under the at-risk rules of publicly traded nonrecourse debt.

Subtitle C: Treatment of Construction Allowances and Certain Contributions To Capital of Retailers. - Amends provisions which exclude from the gross income of a lessee any amount received in cash by a lessee from a lessor under a short-term lease of retail space used for the purpose of such lessee's constructing or improving long-term real property for use in the lessee's business to makes such exclusion inapplicable under a short-term lease if the lessee is a qualified retail business.

(Sec. 1172) Defines the term "contribution to the capital of the taxpayer" to include any amount of money or other property received by the taxpayer if: (1) the taxpayer has entered into an agreement to operate a qualified retail business at a particular location for at least 15 years; (2) immediately after the receipt of such money or other property, the taxpayer owns the land and the structure to be used by the taxpayer in carrying on a qualified retail business at such location, or the taxpayer uses such amount to acquire ownership of at least such land and structure; (3) such amount meets the requirements of the expenditure rule; and (4) the contributor of such amount does not hold a beneficial interest in any property located on the premises of such qualified retail business other than de minimis amounts of property associated with the operation of property adjacent to such premises. Defines the terms "expenditure rule" and "qualified retail business."

TITLE XII: Provisions Relating to Pensions

Subtitle A: Expanding Coverage. - Increases the $90,000 limit on defined benefit plans to $160,000. Changes the age from which such limit will be reduced from the social security retirement age to 62 and the age from which the limit will be increased from the social security retirement age to 65. Increases the $30,000 limit for defined benefit contribution plans to $40,000. Increases the $150,000 compensation limit to $200,000. Increases the elective deferral limit to $15,000.

(Sec. 1202) Eliminates certain current rules concerning plan loans made to an owner-employee.

(Sec. 1203) Revises the definition of a top-heavy plan and a key employee for purposes of the special rules for top-heavy plans. Takes into account: (1) matching contributions for minimum contribution requirements; and (2) distributions during the last year before the determination date.

(Sec. 1204) Provides that elective deferral contributions are not subject to deduction limits.

(Sec. 1205) Amends the Employee Retirement Income Security Act of 1974 to provide that, during the first five years of a new single- employer plan of a small employer (100 or fewer employees), the flat rate Pension Benefit Guaranty Corporation (PGBC) premium will be five dollars per plan participant. Provides for a reduced additional PGBC variable premium for new and small employers.

(Sec. 1207) Repeals specified coordination requirements under the Code for deferred compensation plans of State and local governments and tax-exempt organizations.

(Sec. 1208) Eliminates user fee requirements for requests to the IRS concerning the status of pension plans.

(Sec. 1209) Revises the definition of compensation, for purposes of the deduction rules, to include salary reduction amounts treated as a participant's compensation.

(Sec. 1210) Provides for optional treatment of elective deferrals as plus contributions. Defines such contributions.

(Sec. 1211) Phases-in an increase in the minimum annual benefit permitted under a defined benefit contribution plan.

Subtitle B: Enhancing Fairness for Women. - Allows additional salary reduction catch-up contributions for those approaching retirement under IRC requirements relating to: (1)elective deferrals; (2) simple retirement accounts; and (3) deferred compensation plans of State and local governments and tax-exempt organizations.

(Sec. 1222) Sets forth requirements relating to equitable treatment for contributions of employees to defined contribution plans. Requires that certain contributions by church plans are not to be treated as exceeding a specified limit.

(Sec. 1223) Provides for faster vesting of certain employer matching contributions.

(Sec. 1224) Revises minimum distribution rules under the IRC. Directs the Secretary of the Treasury to: (1) simplify and finalize the regulations relating to minimum distribution requirements; and (2) modify such regulations to reflect increases in life expectancy, and revise required distribution methods so that, under reasonable assumptions, the amount of the required minimum distribution does not decrease over a participant's life expectancy. Provides that, during the first year that such revised regulations are in effect, required distributions for future years may be redetermined, with the opportunity to choose a new designated beneficiary and to elect a new method of calculating life expectancy.

(Sec. 1225) Revises requirements relating to tax treatment of division of section 457 plan benefits upon divorce.

Subtitle C: Increasing Portability for Participants. - Permits rollovers from and to various types of plans under the IRC.

(Sec. 1232) Permits individual retirement plan (IRA) rollovers only if certain conditions are met.

(Sec. 1233) Permits rollover of after-tax contributions in an exempt trust under specified conditions.

(Sec. 1234) Sets forth a hardship exception to the 60-day rule.

(Sec. 1235) Sets forth requirements for treatment of forms of distribution available under transferor and transferee plans, under the IRC.

(Sec. 1236) Revises restrictions on distributions, including the same desk exception.

(Sec. 1237) Authorizes trustee-to-trustee transfers to purchase permissive service credit with respect to governmental defined benefit plans.

(Sec. 1238) Allows employers to disregard rollovers for purposes of cash-out amounts, under retirement plan provisions of the Code and ERISA.

(Sec. 1239) Revises minimum distribution and inclusion requirements for section 457 plans.

Subtitle D: Strengthening Pension Security and Enforcement. - Amends the IRC to revise the percentage of current liability funding limit.

(Sec. 1242) Revises maximum contribution deduction rules and applies them to all defined benefit plans under the IRC.

(Sec. 1243) Amends ERISA to revise requirements relating to missing participants. Directs the PBGC to prescribe rules relating to missing participants for multiemployer plans covered by the PBGC that terminate. Allows the administrator of a plan not otherwise subject to such PBGC regulation to elect to transfer a missing participant's benefits to the PBGC upon termination of the plan, under specified conditions.

(Sec. 1244) Amends the IRC to allow an employer, in determining the amount of nondeductible contributions for any taxable year, to elect not to take into account any contributions to a defined benefit plan except to the extent that they exceed the full-funding limitation.

(Sec. 1245) Imposes an excise tax on a plan failing to provide required notice of a significant reduction in the rate of future benefit accrual.

Subtitle E: Reducing Regulatory Burdens. -Repeals a multiple use test. Directs the Secretary prescribe regulations permitting appropriate aggregation of plans and contributions.

(Sec. 1252) Amends the Code and ERISA to revise requirements relating to timing of plan valuations.

(Sec. 1253) Directs the Secretary of the Treasury to modify regulations in order to expand the ability of a pension plan to demonstrate compliance with the nondiscrimination and line of business requirements.

(Sec. 1254) Amends ERISA rules for substantial owners relating to plan terminations to revise: (1) the phase-in of the guarantee; and (2) the allocation of assets.

(Sec. 1255) Amends IRC requirements for applicable dividends to allow dividends of employee stock ownership plans to be reinvested without loss of dividend deduction.

(Sec. 1256) Revises the notice and consent period regarding distributions. Directs the Secretary to modify certain regulations to provide that the description of a participant's right, if any, to defer receipt of a distribution shall also describe the consequences of failing to defer such receipt.

(Sec. 1257) Repeals a transition rule relating to certain highly compensated employees under the Tax Reform Act of 1986.

(Sec. 1258) Directs the Secretary to modify certain regulations with respect to certain plan participation by employees of tax-exempt entities under the IRC.

(Sec. 1259) Excludes qualified retirement planning services from gross income (as a fringe benefit).

(Sec. 1260) Prescribes requirements for plan amendments or annuity contract amendments under the IRC.

(Sec. 1261) Directs the Secretary of the Treasury to issue model defined contribution and benefit plans that fit the needs of small businesses.

(Sec. 1262) Directs the Secretary to provide for the filing of a simplified annual return in the case of a retirement plan covering less than 25 employees.

(Sec. 1263) Directs the Secretary to continue to update and improve the Employee Plans Compliance Resolution System.

TITLE XIII: Miscellaneous Provisions

Subtitle A: Provisions Primarily Affecting Individuals. - Provides that the exclusion of State or local government foster care payments from the gross income of foster care providers shall also apply to payments by qualifying placement agencies.

(Sec. 1302) Excludes from an individual's gross income amounts received as reimbursement regarding the use of a passenger automobile for the benefit of a charitable organization. Relieves the organization of certain reporting requirements regarding the reimbursements.

(Sec. 1303) Requires a W-2 to include employer Social Security taxes paid.

Subtitle B: Provisions Primarily Affecting Businesses. - Includes income from publicly traded partnerships as qualifying income of regulated investment companies. Excludes distributions from the source-based inclusion limitation applicable to other partnerships.

(Sec. 1312) Applies specified passive activity provisions for publicly traded partnerships to regulated investment companies.

(Sec. 1313) Makes certain large electric trucks, vans and buses eligible for the $50,000 clean-fuel property deduction, but not the $4,000 electric vehicle credit.

(Sec. 1314) Modifies the special rules concerning nuclear decommissioning costs.

(Sec. 1315) Repeals certain provisions concerning the filing of consolidated returns by insurance companies.

Subtitle C: Provisions Relating to Excise Taxes. - Combines the Hazardous Substance Superfund and the Leaking Underground Storage Tank Trust Fund (LUST) into the Environmental Remediation Trust Fund (established by this Act).

(Sec. 1322) Repeals the: (1) LUST taxes on fuel used in trains; and (2) 4.3-cents-per-gallon General Fund excise tax on diesel fuel used by railroads and on fuels used by barges operating on designated inland waterways.

(Sec. 1323) Repeals the excise tax on fishing tackle boxes.

Subtitle D: Other Provisions. - Amends IRC provisions concerning State private activity bond volume limits to repeal the adjustment for years after 1987.

(Sec. 1332) Permits, in general, an electing Alaska Native Settlement Trust to exclude contributions, during the year of contribution, from the gross income of a beneficiary.

Subtitle E: Tax Court Provisions. - Authorizes the Tax Court to charge a filing fee of up to $60 in all cases commenced by petition.

(Sec. 1342) Authorizes the Tax Court to make the $30 practice fee available to pro se taxpayers.

(Sec. 1343) Permits the Tax Court to apply the doctrine of equitable recoupment to the same extent that it is available in civil tax cases.

TITLE XIV: Extensions of Expiring Provisions

Extends, for five years, the: (1) research credit; (2) subpart F (Controlled Foreign Corporations) exemption for active income financing; (3) taxable income limit on percentage depletion for marginal oil and gas wells; and (4) work opportunity credit and the welfare-to-work credit.

TITLE XV: Revenue Offset

Amends provisions involving returns relating to the cancellation of indebtedness by certain entities to include within the definition of "applicable financial entity" any organization a significant trade or business of which is the lending of money.

(Sec. 1502) Directs the Secretary to establish a program requiring the payment of user fees for requests to the IRS for ruling letters, opinion letters, determination letters, and other similar requests. Terminates fees October 1, 2007.

(Sec. 1503) Modifies rules relating to the exemption of certain ten or more employer plans from welfare benefit fund provisions.

(Sec. 1504) Increases the withholding rate for nonperiodic distributions from 10 to 15 percent.

(Sec. 1505) Makes a controlled entity ineligible to be a REIT. Defines "controlled entity."

(Sec. 1506) Treats a gain as an ordinary gain to the extent such gain exceeds the net underlying long-term capital gain where the taxpayer has gain from a constructive ownership transaction with respect to any financial position and such gain otherwise would be treated as a long-term capital gain. Provides that, to the extent such gain is treated as a long-term capital gain after the application of the previous sentence, the determination of the applicable capital gain rate (or rates) shall be determined on the basis of the respective rate (or rates) that would have been applicable to the net underlying long-term capital gain. Sets forth definitions and exceptions.

(Sec. 1507) Prohibits transfers of excess pension assets to retiree health account made after September 30, 2009, (currently, after December 31, 2000) from being treated as qualified transfers.

(Sec. 1508) Prohibits, in general, the use of the installment method of accounting for accrual method dispositions.

TITLE XVI: Technical Corrections

Sets forth amendments concerning, among other things: (1) the Tax and Trade Relief Extension Act of 1998; (2) the Internal Revenue Service Restructuring and Reform Act of 1998; (3) the Taxpayer Relief Act of 1997; (4) the treatment of worthless securities of affiliated corporations; (5) the IRA contribution amount of the lesser earning spouse; (6) modified endowment contracts; (7) lump-sum distributions; and (8) tentative carryback adjustments of losses from section 1256 contracts.

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