Page:United States Statutes at Large Volume 98 Part 3.djvu/1088

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PUBLIC LAW 98-000—MMMM. DD, 1984

STAT. 3460

CONCURRENT RESOLUTIONS—JUNE 29, 1984

taxable year of any United States-owned foreign corporation in which occurs" and insert in lieu thereof "any taxable year of any United States-owned foreign corporation ending after". (50) In subparagraph (D) of section 121(b)(2) of the bill, strike out "and the holding of short-term" and insert in lieu thereof "or the holding of short-term". (51) In paragraph (5) of section 121(b) of the bill, strike out "paragraphs (2) and (3)" and insert in lieu thereof "paragraph (2) or (3)". (52) In paragraph (6) of section 1210t)) of the bill— (A) strike out "issued obligations on" and insert in lieu thereof "issued certificates with respect to obligations on", and (B) strike out "income received or accrued on such obligations" and insert in lieu thereof "the proceeds from relending such obligations or related capital". (53) In clause (ii) of section 904(d)(3)(E) of the Code (as added by section 122(a) of the bill), strike out "the taxpayer" and insert in lieu thereof "a United States person". (54) In subparagraph (J) of section 904(d)(3) of the Code (as added by section 122(a) of the bill), strike out "under such interest" and insert in lieu thereof "unless such interest". (55) In subparagraph (B) of section 122(b)(2) of the bill, strike out "designated payor" each place it appears and insert in lieu thereof "designated payor corporation". (56) In paragraph (3) of section 122(b) of the bill— (A) strike out "corporations which are not" in the heading and insert in lieu thereof "corporation which is not", and (B) strike out "section 131(b)(2)(D)" and insert in lieu thereof "section 121(b)(2)(D)". (57) In paragraph (6) of section 864(d) of the Code (as added by section 123(a) of the bill)— (A) strike out "other than a related person", and (B) strike out "such related person" in subparagraphs (A) and (B) and insert in lieu thereof "a related person". (58) In paragraph (2) of section 123(c) of the bill— (A) strike out "March 1, 1984" the second place it appears and insert in lieu thereof "March 1, 1994", (B) strike out "investment in United States property of such corporation" and insert in lieu thereof "amount includible in gross income by reason of section 956 of the Internal Revenue Code of 1954 with respect to such corporation", and (C) strike out "investment on or before March 1, 1984" and insert in lieu thereof "adjusted basis on March 1, 1984". (59) In paragraph (1) of section 127(a) of the bill, strike out "by redesignating subsection (i) as subsection (j) and by adding at the end thereof the following new subsection" and insert "by redesignating subsection (h) as subsection (i) and by inserting after subsection (g) the following new subsection". (60) Subsection (i) of section 871 of the Code (as added by section 127(a)) is redesignated as subsection (h). (61) In subsection (h) of section 871 of the Code (as redesignated by the preceding paragraph and as added by section 127(a) of the bill)— (A) strike out "who is, or would otherwise be," in paragraph (2)(B)(ii) and insert "who would otherwise be", and (B) strike out "owner" in paragraph (3)(C)(ii) and insert "owning".