An Act to revise miscellaneous timing requirements of the revenue laws, and for other purposes.

(House agreed to Senate amendments with amendments)

Amends the Internal Revenue Code to revise the time period for payments of certain expenses to related taxpayers who qualify for deductions.

Provides that the adjusted basis of property distributed by a corporation shall include all recognized gains of the distributor. Extends the time periods for making Subchapter S elections and for exchanging property in corporate liquidations with nonrecognized gains and losses in the case of involuntary conversions. Provides for the perfection of a Subchapter S election which was not timely filed, under certain circumstances.

Provides that the filing deadline for income tax returns by certain tax exempt organizations shall be the 15th of the fifth month after the taxable year. Expands the class of taxpayers qualifying as farmers or fishermen with respect to declarations of estimated tax. Shortens the period of limitations for carrybacks of the investment credit while applying the same period of limitations to carrybacks of the work incentive program and new employee credits.

Amends the Tariff Schedules of the United States to permit the duty-free importation of boric acid, mineral wool, or glass fibers until June 30, 1979.

Allows a gift and estate tax deduction to nonresident aliens for contributions to the Foundation Josee et Rene de Chambrun, a French charity created to preserve the home of General LaFayette.