Section, added [Pub. L. 91–172, title VIII, § 804(a)], Dec. 30, 1969, [83 Stat. 685]; amended [Pub. L. 93–406, title II, § 2005(c)(14)], Sept. 2, 1974, [88 Stat. 992]; [Pub. L. 94–455, title III, § 302(a)], Oct. 4, 1976, [90 Stat. 1554]; [Pub. L. 95–600, title IV], §§ 441(a), 442(a), title VII, § 701(x)(1), (2), Nov. 6, 1978, [92 Stat. 2878], 2920; [Pub. L. 95–600, title IV, § 441(a)], as amended [Pub. L. 96–222, title I, § 104(a)(5)(B)], Apr. 1, 1980, [94 Stat. 218], provided for a 50-percent maximum rate on personal service income.
Effective Date of Repeal
Repeal effective for taxable years beginning after Dec. 31, 1981, see [section 101(f)(1) of Pub. L. 97–34], set out as an Effective Date of 1981 Amendment note under [section 1 of this title].
Transitional Rule in Case of Taxable Year Beginning Before Nov. 1, 1978, and Ending After Oct. 31, 1978
[Pub. L. 95–600, title IV, § 441(b)(2)], Nov. 6, 1978, [92 Stat. 2878], as amended by [Pub. L. 96–222, title I, § 104(a)(5)(A)], Apr. 1, 1980, [94 Stat. 218], provided that in the case of a taxable year which began before Nov. 1, 1978, and ended after Oct. 31, 1978, the amount taken into account under subsec. (b)(2)(B) of [section 1348 of this title] by reason of [section 57(a)(9) of this title] be 50 percent of the lesser of the net capital gain for the taxable year or the net capital gain taking into account only gain or loss properly taken into account for the portion of the taxable year before Nov. 1, 1978.
