124 STAT. 3544 PUBLIC LAW 111–325—DEC. 22, 2010 section 103(a) over the amounts disallowed as deductions under sections 265 and 171(a)(2).’’. (c) FOREIGN TAX CREDITS.— (1) IN GENERAL.—Subsection (c) of section 853 is amended— (A) by striking ‘‘so designated by the company in a written notice mailed to its shareholders not later than 60 days after the close of the taxable year’’ and inserting ‘‘so reported by the company in a written statement fur- nished to such shareholder’’, and (B) by striking ‘‘NOTICE’’ in the heading and inserting ‘‘STATEMENTS’’. (2) CONFORMING AMENDMENTS.—Subsection (d) of section 853 is amended— (A) by striking ‘‘and the notice to shareholders required by subsection (c)’’ in the text thereof, and (B) by striking ‘‘AND NOTIFYING SHAREHOLDERS’’ in the heading thereof. (d) CREDITS FOR TAX CREDIT BONDS.— (1) IN GENERAL.—Subsection (c) of section 853A is amended— (A) by striking ‘‘so designated by the regulated invest- ment company in a written notice mailed to its share- holders not later than 60 days after the close of its taxable year’’ and inserting ‘‘so reported by the regulated invest- ment company in a written statement furnished to such shareholder’’, and (B) by striking ‘‘NOTICE’’ in the heading and inserting ‘‘STATEMENTS’’. (2) CONFORMING AMENDMENTS.—Subsection (d) of section 853A is amended— (A) by striking ‘‘and the notice to shareholders required by subsection (c)’’ in the text thereof, and (B) by striking ‘‘AND NOTIFYING SHAREHOLDERS’’ in the heading thereof. (e) DIVIDEND RECEIVED DEDUCTION, ETC.— (1) IN GENERAL.—Paragraph (1) of section 854(b) is amended— (A) by striking ‘‘designated under this subparagraph by the regulated investment company’’ in subparagraph (A) and inserting ‘‘reported by the regulated investment company as eligible for such deduction in written state- ments furnished to its shareholders’’, (B) by striking ‘‘designated by the regulated investment company’’ in subparagraph (B)(i) and inserting ‘‘reported by the regulated investment company as qualified dividend income in written statements furnished to its share- holders’’, (C) by striking ‘‘designated’’ in subparagraph (C)(i) and inserting ‘‘reported’’, and (D) by striking ‘‘designated’’ in subparagraph (C)(ii) and inserting ‘‘reported’’. (2) CONFORMING AMENDMENTS.—Subsection (b) of section 854 is amended by striking paragraph (2) and by redesignating paragraphs (3), (4), and (5), as paragraphs (2), (3), and (4), respectively. (f) DIVIDENDS PAID TO CERTAIN FOREIGN PERSONS.— 26 USC 853.
