Miscellaneous Revenue Act of 1981

Title I: Tax Provisions - Miscellaneous Revenue Act of 1981 - Amends the Crude Oil Windfall Profit Tax Act of 1980 to delay until December 31, 1982, the effective date of the requirement that in cases of corporate liquidations a corporation inventorying goods under the last-in, first-out (LIFO) method of accounting treat the LIFO recapture amount with respect to distributed inventory assets as ordinary income.

Amends the Internal Revenue Code to provide a ten-year carryback and a five-year carryover of that portion of the net operating loss of the Federal National Mortgage Association (FNMA) which exceeds the FNMA mortgage disposition loss (excess of losses over gains from the sale of mortgages and other debt instruments to the extent of the net operating loss for the taxable year in which the excess occurs).

Permits reasonable litigation costs, including attorneys' fees, to be awarded to the prevailing party (other than the United States or a creditor of the prevailing party) in any civil proceeding in any court of the United States for the determination, collection, or refund of any tax, interest, or penalty imposed under the Internal Revenue Code if it is determined that the position of the United States was unreasonable. Requires such party to have exhausted the available administrative remedies within the Internal Revenue Service. Limits such award to $50,000.

Disallows costs of proceedings involving declaratory judgments, except those involving the revocation of an organization's status as a tax-exempt public charity.

Includes as attorneys' fees any amounts paid to an individual who is not an attorney but who is authorized to practice before the Tax Court.

Defines "prevailing party" as a party who substantially prevails with respect to the amount in controversy or the most significant issue or set of issues. Disqualifies costs of proceedings commenced after September 30, 1984.

Increases from $500 to $5,000 the maximum penalty for instituting Tax Court proceedings for purposes of delay and imposes such penalty for the bringing of proceedings which are frivolous or groundless. Revises the test for whether proceedings are brought for purposes of delay.

Exempts accrual basis taxpayers from the application of tax rules limiting the acceleration of accrual of taxes by a taxing jurisdiction if they so elect or if they were not liable for any tax prior to the effective period of acceleration. Sets forth rules for the accounting of accruals in the case of taxpayers who make such an election.

Revises the formula used for purposes of the personal holding company tax to determine whether the sum of the deductions directly allocable to the conduct of a lending or finance business allows the exclusion of such a business from the definition of a personal holding company.

Increases from 60 to 144 months the limitation on the maturity of commercial paper and loans dealt in or made by a lending or finance business. Excepts from the definition of "lending or finance business" the making of loans, notes, or installment obligations under open end credit agreements.

Amends the Energy Tax Act of 1978, with respect to refunds resulting from the repeal of the manufacturers excise tax on buses, to extend to December 31, 1982, the period for reimbursement of tax to the ultimate purchaser and revise requirements regarding proof of reimbursement.

Title II: Unemployment Compensation and Welfare Provisions - Amends title IX (Employment Security) of the Social Security Act to extend the period during which certain amounts transferred to State unemployment funds may be used to administer a State's unemployment compensation law and public employment offices.

Amends the Internal Revenue Code to exclude any work-study student (as opposed to any work-study student under age 22) from coverage under the Federal Unemployment Tax Act.

Extends for two years the exclusion of wages paid to aliens admitted to the United States to perform agricultural work, pursuant to the Immigration and Nationality Act, from Federal unemployment taxes.

Restores unemployment benefits eligibility for members of the armed services who leave the service at the end of their enlistment. Limits unemployment benefits to ex-service members who have served 730 or more continuous days in military service. Requires a four-week waiting period between the week in which the individual is separated from the service and the week in which he becomes entitled to compensation. Limits an eligible ex-service member's benefits to 13 weeks.

Substitutes a one-month prospective accounting period in the Supplemental Security Income (SSI) program for the retrospective accounting period required by the Omnibus Budget Reconciliation Act of 1981.

Amends title XVI of the Social Security Act (SSI) to credit States for unnegotiated benefit checks which are "State supplement-only" checks.

Repeals the provisions of the Omnibus Budget Reconciliation Act of 1981 that require all States, in cases involving non-AFDC families, to charge any absent parent who is obligated to pay child support through the State Child Support Enforcement Agency a fee equal to ten percent of the child support payment to cover administrative costs. Allows States to: (1) charge a fee of up to $20 for a non-AFDC collection and retain an amount equal to administrative costs not covered by the fee; or (2) collect from the parent who owed child or spousal support an amount to cover administrative costs, in addition to the child support payment.