Technical Corrections Act of 1983

[AI summary unavailable — showing source text] Technical Corrections Act of 1983 - Title I: Amendments Related to Tax Equity and Fiscal Responsibility Act of 1982 - Amends the Internal Revenue Code to make technical corrections to provisions relating to individual taxpayers. Revises the definition of regular tax. Limits the special election for intangible drilling and development costs to wells located in the United States. Makes technical corrections to provisions primarily relating to businesses. Limits the investment tax credit allowed for mineral exploration and development costs to deposits located in the United States. Revises rules relating to corporate preference items relating to capital gains and cost depletion. Revises the definition of interest on debt to carry tax-exempt obligations acquired after December 31, 1982. Requires the adjustment in the bases of an interest in a partnership or a subchapter S corporation to take into account the amount of any investment tax credit taken. Includes real property held by a cooperative housing corporation and used for dwelling purposes as property not eligible for the real property construction period income tax deduction. Sets forth rules for pass through entities in the case…