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TITLE 26-INTERNAL REVENUE CODE 921, 929, 952, 957, 986, 993, 994, 1033; Apr. 15, 1976, Pub. L. 94-267, § 1(c)(3), 90 Stat. 367; Oct. 4, 1976, Pub. L. 94-455, title XV, § 1502(a)(2), title XIX, §§ 1901(a)(59), 1906(b)(13)(A), 90 Stat. 1737, 1774, 1834.) REFERENCES IN TEXT The Social Security Act, referred to in subsec. (a)(1)(C), is act Aug. 14, 1935, ch. 531, 49 Stat. 620, as amended. Title II of the Social Security Act is classi- fied generally to subchapter II (§ 401 et seq.) of Title 42, The Public Health and Welfare. For complete clas- sification of this Act to the Code, see section 1305 of Title 42, and Tables volume. Sections 4062, 4063 and 4064 of the Employee Re- tirement Income Security Act of 1974, referred to in subsec. (g), are classified to sections 1362, 1363 and 1364, respectively, of Title 29, Labor. AMENDMENTs 1976-Subsecs. (a)(1)(B), (8)(C). Pub. L. 94-455. § 1906(b)(13)(A), struck out "or his delegate" following "Secretary". Subsec. (a)(2). Pub. L. 94-267 substituted "(19), and (20)" for "and (19)". Subsec. (d). Pub. L. 94-455, § 1901(a)(59), struck out subsec. (d) which related to the taxability of the bene- ficiary under certain forfeitable contracts purchased by exempt organizations. Subsecs. (e)(2)(B), (3). Pub. L. 94-455, § 1906(b)(13)(A), struck out "or his delegate" following "Secretary". Subsec. (e)(4). Pub. L. 94-455, § 1502(a)(2), added provisions following subpar. (B). 1974-Subsec. (a)(1). Pub. L. 93-406, § 1013(c)(1), ex- panded subpars. (A), (B), and (C) to accommodate the increased minimum funding standards required by sec- tion 412. Subsec. (a)(2). Pub, L. 93-406, §§ 1016(a)(3), 2001(g)(2)(E). 2004(c)(1), inserted references to the re- quirements of section 401(a)(11), (12), (13), (14), (15), (16), (17), (18), and (19), and, if applicable, the require- ments of section 401(a)(17) and (18). Subsec. (a)(3)(A). Pub. L. 93-406, § 2004(b), inserted but the amount so deductible under this sentence in any one succeeding taxable year together with the amount so deductible under the first sentence of this subparagraph shall not exceed 25 percent of the com- pensation otherwise paid or accrued during such tax- able year to the beneficiaries under the plan" follow- ing "If in any taxable year there is paid into the trust, or a similar trust then in effect, amounts less than the amounts deductible under the preceding sentence, the excess, or if no amount is paid, the amounts deduct- ible, shall be carried forward and be deductible when paid in the succeeding taxable years in order of time, but the amount so deductible under this sentence in any such succeeding taxable year shall not exceed 15 percent of the compensation otherwise paid or accrued during such succeeding taxable year to the beneficia- ries under the plan". Subsec. (a)(6). Pub. L. 93-406, § 1013(c)(2), substitut- ed provisions covering only taxpayers operating on the accrual basis for provisions covering the time when contributions shall be deemed made. Subsec. (a)(7). Pub. L. 93-406, § 1013(c)(3), inserted reference to the amount of contributions made to or under the trusts or plans to the extent such contribu- tions do not exceed the amount of employer contribu- tions necessary to satisfy the minimum funding stan- dards provided by section 412 for the plan year which ends with or within such taxable year (or for any prior plan year) and substituted "25 percent" for "30 per- cent" in the provision covering amounts paid into trusts or under an annuity plan in any taxable year in excess of the amount allowable with respect to such year. Subsec. (a)(9)(B)(ii). Pub. L. 93-406, § 2001(g)(2)(F), substituted "the second sentence of paragraph (3)" for "paragraph (1)(D), the second and third sentences of paragraph (3), and the second sentence of paragraph (7)". Subsec. (c). Pub. L. 93-406, § 2007(a), (b). substituted "or pensions" for "and pensions" in par. (1), substitut. ed "The first and third sentences of this subsection" for "This subsection" in provisions covering amounts contributed to a trust on or after any date on which such trust is qualified for exemption from tax under section 501(a), inserted provisions setting out specified treatment to be accorded individuals who before July 1, 1974, were participants in plans described in the subsections, and inserted provision that section 277 (relating to deductions incurred by certain member- ship organizations in transactions with members) does not apply to any trust described in the subsection. Subsec. (e)(1). Pub. L. 93-406, § 2001(a)(1), substitut- ed "subject to paragraphs (2) and (4), not exceed $7,500, or 15 percent" for "subject to the provisions of paragraph (2), not exceed $2,500, or 10 percent". Subsec. (e)(2)(A). Pub. L. 93-406, § 2001(a)(2), substi- tuted "shall (subject to paragraph (4)) not exceed $7,500, or 15 percent" for "shall not exceed $2,500 or 10 percent". Subsec. (e)(4). Pub. L. 93-406, §2001(a)(3), added subsee. (e)(4). Subsec. (g). Pub. L. 93-406, § 4081(a), added subsec. (g). 1969-Subsec. (a)(5). Pub. L. 91-172 substituted "If the plan is not one included in paragraph (1), (2), or (3), in the taxable year In which an amount attribut- able to the contribution is includible in the gross income of employees participating in the plan, but, in the case of a plan in which more than one employee participates only if separate accounts are maintained for each employee" for "In the taxable year when paid, if the plan is not one included in paragraph (1), (2), or (3), if the employees' rights to or derived from such employer's contribution or such compensation are nonforfeitable at the time the contribution or compensation is paid". 1966-Subsec. (a). Pub. L. 89-809, § 204(a), repealed par. (10) which provided for a special limitation on the amount allowed as a deduction for self-employed indi- viduals. Subsec. (e). Pub. L. 89-809, § 204(b)(2), (3), struck out references to par. (10) of subsec. (a) wherever appear- ing. 1962-Subsec. (a)(2). Pub. L. 87-863 inserted ", or re- tirement annuities and medical benefits as described In section 401(h)," following "purchase of retirement annuities", and ", or such retirement annuities and medical benefits" following "such retirement annu- ities." Pub. L. 87-792, § 3(a)(1), substituted "(5), (6), (7), and (8), and, if applicable, the requirements of section 401(a)(9) and (10) and of section 401(d) (other than paragraph (1))," for "(5), and (6),". Subsecs. (a)(8) to (10). Pub. L. 87-792, § 3(a)(2), added pars. (8) to (10). Subsecs. (e), (f). Pub. L. 87-792, § 3(b), added subsecs. (e) and (f). 1958-Subsec. (a). Pub. L. 85-866 substituted "income); but, if" for "income) but If" preceding par. (1). EFFECTIVE DATE OF 1976 AMENDMENT Amendment of subsec. (d) by section 1901(a)(59) of 'Pub. L. 94-455 effective for taxable years beginning after Dec. 31, 1976, see section 1901(d) of Pub. L. 94- 455, set out as an Effective Date of 1976 Amendment note under section 2 of this title. Amendment of subsec. (e) by section 1502(a)(2) of Pub. L. 94-455 effective for taxable years beginning after Dec. 31, 1975, see section 1502(b) of Pub. L. 94- 455, set out as an Effective Date of 1976 Amendments note under section 415 of this title. Amendment by Pub. L. 94-267 applicable with re- spect to payments made to an employee on or after July 4, 1974, see section l(e) of Pub. L. 94-267, set out as an Effective Date of 1976 Amendment note under section 401 of this title. Page 311 § 404