510
PUBLIC LAW 92-178-DEC. 10, 1971 (e)
Ante, p. 508.
[85 STAT.
TKANSITIONAL, RULES,— (1) REAL PROPERTY.—In the case of buildings and other items
of section 1250 property for which a separate guideline life is prescribed in Revenue Procedure 62-21 (as amended and supplemented), the class lives first prescribed by the Secretary of the Treasury or his delegate under section 167(m) of the Internal RevBuue Code of 1954 shall be the same as the guideline lives for such property in effect on December 31, 1970. Any such property which is placed in service by the taxpayer during the period beginning on January 1, 1971, and ending on December 31, 1973 (or such earlier date on which a class life subsequently prescribed by the Secretary of the Treasury or his delegate under such section becomes effective for such property) may, in accordance with regulations prescribed by the Secretary of the Treasury or his delegate, be excluded by the taxpayer from an election under such section if a life for such property shorter than the class life prescribed in accordance with the preceding sentence is justified under Revenue Procedure 62-21 (as amended and supplemented). (2) SUBSIDIARY ASSETS.—If a significant portion of a class of property first prescribed by the Secretary of the Treasury or his delegate under section 167(m) of the Internal Revenue Code of 1954 consists of subsidiary assets, all such subsidiary assets in such class placed in service by the taxpayer during the period beginning on January 1, 1971, and ending on December 31, 1973 (or such earlier date on which a class which includes such subsidiary ass^ets subsequently prescribed by the Secretary of the Treasury or his delegate under such section becomes effective), may, in accordance with regulations prescribed by the Secretary of the Treasury or his delegate, be excluded by the taxpayer from an election under such section.
TITLE II—CHANGES IN PERSONAL EXEMPTIONS, MINIMUM STANDARD DEDUCTION, WITHHOLDING, ETC.
ssstatTvel^' 26 USC 15*1.
SEC. 201. INCREASE IN PERSONAL EXEMPTION. (a) INCREASE I N PERSONAL EXEMPTION TO $675 FOR 1971.—Effective with respect to taxable years beginning after December 31, 1970, and before January 1, 1972— ^^^ section 151 (relating to allowance of deductions for personal exemptions) is amended by striking out "$650" each place it appears and inserting in lieu thereof "$675"; and (2) section 6013(b)(3)(A) (relating to assessment and collection in case of certain returns of husband and wife) is amended by striking out "$650" each place it appears and inserting in lieu thereof "$675"; and by striking out "$1,300" each place it appears and inserting in lieu thereof "$1,350". (b) INCREASE I N PERSONAL EXEMPTION TO $750 FOR 1972 AND S U B SEQUENT YEARS.—Effective with respect to taxable years beginning after December 31, 1971— (1) section 151 (relating to allowance of deductions for personal exemptions) is amended by striking out "$675" each place it appears and inserting in lieu thereof $750"; and (2) section 6013(b)(3)(A) (relating to assessment and collection in the case of certain returns of husband and wife) is amended by striking out "$675" each place it appears and inserting in lieu thereof "$750"; and by striking out "$1,350" each place it appears and inserting in lieu thereof "$1,500".
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