78 STAT. ]
PUBLIC LAW 88-272-FEB. 26, 1964
(d) TECHXICAI,
AMENDMENT.—Section
6016(f)
29 (relating
to
ll%lc6o\f:
declarations of estimated income tax by corporations) is amended to read as follows: "(f)
CROSS REFEHEXCE.— "For provisions relating to the number of amendments which may be filed, see section 6074(b)." SEC. 123. RELATED AMENDMENTS. (a) TAX ON MUTUAL INSURANCE COMPANIES (OTHER T H A N L I T E, ETC.) —
(1) Subsection (a) of section 821 (relating to imposition of tax) is amended to read as follows: " (a) IMPOSITION or TAX.—A tax is hereby imposed for each taxable year beginning after December 31, 1963, on the mutual insurance company taxable income of every mutual insurance company (other than a life insurance company and other than a fire, flood, or marine insurance company subject to the tax imposed by section 831). Such tax shall consist of—
Je use'6074
76 Stat. 989. 26 USC 821.
'^ "^^ ^^'•
" (1) NORMAL TAX.—A normal tax of 22 percent of the mutual
insurance company taxable income, or 44 percent of the amount by which such taxable income exceeds $6,000, whichever is the lesser; plus "(2) SURTAX.—A surtax on the mutual insurance company p 25. taxable income computed as provided in section 11(c) as though Ante, s e. U. 26 u the mutual insurance company taxable income were the taxable income referred to in section 11(c)." (2) Paragraph (1) of section 821(c) (relating to alternative tax for certain small companies) is amended to read as follows: "(1) IMPOSITION or TAX.—In the case of taxable years beginning after December 31, 1963, there is hereby imposed for each taxable year on the income of each mutual insurance company to which this subsection applies a tax (which shall be in lieu of the tax imposed by subsection (a)) computed as follows: " (A) NORMAL TAX.—A normal tax of 22 percent of the
taxable investment income, or 44 percent of the amount by which such taxable income exceeds $3,000, whichever is the lesser; plus " (B) SURTAX.—A suitax on the taxable investment income computed as provided in section 11(c) as though the taxable investment income were the taxable income referred to in section 11(c)." (b) RECEIPT
OF MINIMUM
DISTRIBUTIONS
BY DOMESTIC
COR-
PORATIONS.—Subsection (b) of section 963 (relating to receipt of minimum distributions by domestic corporations) is amended to read as follows: " (b) MINIMUM DISTRIBUTION.—For purposes of this section, a minimum distribution with respect to the earnings and profits for the taxable year of any controlled foreign corporation or corporations shall, in the case of any Ignited Slates shareholder, be its
26 USC 9^63^.^'
�
