Technical Corrections Act

(Reported to Senate from the Committee on Finance with amendment, S. Rept. 95-745)

Technical Correction Act - Makes technical amendments to income tax and administrative provisions in the Internal Revenue Code pertaining to: (1) retirement income credit; (2) the minimum tax; (3) sick pay; (4) net operating losses; (5) construction period interest and taxes; (6) the preservation of historic structures; (7) foreign conventions; (8) rental of principal residence; (9) corporate liquidations; (10) investment company transactions; (11) risk provisions; (12) the use of accrual accounting for farming; (13) foreign personal holding companies; (14) condominium management associations; (15) personal holding companies; (16) gains on property transferred to trust at less than fair market value; (17) foreign tax credit for accumulation distribution; (18) amounts distributed from accumulation trust to nonresident regulated investment companies; (21) real estate investment trusts; (22) foreign income; (23) sales of depreciable property between related persons; (24) depreciation on player contracts; (25) pensions and annuities; (26) subchapter corporations; (27) taxes on certain individuals engaged in fishing; (28) individual retirement accounts; (29) taxpayer information and returns; (30) income tax return preparers; (31) declaratory judgments; (32) government publications contributions; and (33) light-duty truck parts.

Amends estate and gift tax provisions pertaining to: (1) section 306 stock; (2) coordination of deduction for estate taxes attributable to income in respect of a decedent with the capital gain deductions; (3) real property valuation; (4) payment provisions for closely held businesses; (5) annual exclusions and transfers within three years of death; (6) estate tax marital deduction; (7) estate tax treatment of certain gifts by married persons; (8) stock transferred with retained voting rights; (9) individual retirement accounts and bonds; (10) joint interests; (11) the orphans' exclusion; (12) surviving spouse disclaimers; (13) generation-skipping transfers tax; (14) adjustments in income tax for estate and generation-skipping transfer taxes; (15) relief of executor from personal liability in the case of reliance on gift tax returns; (16) governing instruments to meet requirements for gifts of split interest to charity; (17) indexing of federal tax liens; and (18) clerical amendments. Corrects punctuation, spelling, cross references and other errors in the Tax Reform Act.