Page:United States Statutes at Large Volume 70.djvu/105

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[70 Stat. 49]
PUBLIC LAW 000—MMMM. DD, 1956
[70 Stat. 49]

70 S T A T. ]

PUBLIC LAW 429-MAR. 13, 1966

49

(b) The table of sections for such part IV is hereby amended by adding at the end thereof the following: "Sec. S48. Animal uccoiuitiii;.' period."

SEC. 5. TECHNICAL AMENDMENTS. The following provisions of the Internal Revenue Code of 1954 are hereby amended as follows: (1) Section 310(b)(1) (relating to definition of dividends) i i j

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IS amended to read as follows:

  • '(1) (^EKT.viN iNSi K.vNCE coMi'.ANY DIVIDENDS.—The definition

in subsection (a) shall not apply to the term 'dividend' as used in subchaptei" L in an}- case where the reference is to dividends of insurance companies paid to jwlicyholders as such." (2) Section 501(c) (15) (relating to certain exempt mutual insurance companies) is amended by striking out interest, dividends, rents," and inserting in lieu thereof "the items described in section 822(b) (other than paragraph (1)(D) thereof)". (3) Section 594(a)(2) is amended by striking out "the taxable income (as defined m section 803)" and inserting in lieu thereof "the income". (4) The first sentence of section 841 (relating to credit for foreign taxes) is amended by inserting "811," after "802,", Paragraph (1) of the second sentence of such section is amended to read as follows: "(1) in the case of the tax imposed b^^ section 802 or 811, the net mvestment income (as defined in section 803(c)),". (5) Section 842 (relating to computation of gross income) is amended by striking out "802 or 831" and inserting in lieu thereof "802, 811, or 831". (6) Section 891 (relating to doubling of rates of tax in case of discrimination by a foreign country) is amended by inserting "811," after "802,". 1 (7) Section 1201(a) (relating to alternative tax on capita gains) is amended by inserting "802 (a), " after "511,". (8) Section 1504(b)(2) (relating to exceptions from consolidated return provisions) is amended by striking out "802 or 821" and inserting in lieu thereof "802, 811, or 821". (9) Paragraph (2) of section 4371 (relating to tax on policies issued by foreign insurers) is amended by striking out "807" and inserting in lieu thereof "816". SEC. 6. EFFECTIVE DATE. The amendments made by this Act shall apply only to taxable years beginning after December 31, 1954. SEC. 7. SAVINGS PROVISIONS. I n the case of any taxpayer subject to tax under section 802 or 807 of the Internal Revenue (>)de of 1954 (as such sections were in effect before the enactment of this Act), no addition to the tax shall be made under section 6655 of such Code (relating to failure by corporation to pay estimated tax) with respect to estimated tax for a taxable year beginning in 1955. I n the case of any taxpayer subject to tax under section 821 of such Code (imposing a tax on certain mutual insurance companies), any addition to the tax under section 6655 of such Code with respect to estimated tax for a taxable year beginning in 1955 shall in no case be larger than such addition would have been if this Act had not been enacted. Approved March 13, 1956.

69225 O - 57 - 8 (Vol. 70)

esAstat.gs. 26 USC 316«

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