538
26^scr'so\^^* 76 Stat. 977. 73 Stat. 112. 26 USC 8 0 1.
68A Stat. 268.
72 Stat. 1650.
PUBLIC LAW 92-178-DEC. 10, 1971
[85 STAT.
" (d) INELIGIBLE CORPORATIONS.—The following corporations shall not be eligible to be treated as a D I S C — "() ^ corporation exempt from tax by reason of section 501, "(2) a personal holding company (as defined in section 542), "^3^ g^ financial institution to which section 581 or 593 applies, "(4) an insurance company subject to the tax imposed by subchapter L, "(5) a regulated investment company (as defined in section 851(a)),
" (6) a China Trade Act corporation receiving the special deduction provided in section 941(a), or "(7) an electing small business corporation (as defined in section 1371(b)). " (e) COORDINATION W I T H PERSONAL HOLDING COMPANY PROVISIONS IN CASE or CERTAIN PRODUCED F I L M EENTS.—If—
78 Stat. 8 1.
"(1) a corporation (hereinafter in this subsection referred to as 'subsidiary') was established to take advantage of the provisions of this part, and "(2) a second corporation (hereinafter in this subsection referred to as 'parent') throughout the taxable year owns directly at least 80 percent of the stock of the subsidiary, then, for purposes of applying subsection (d)(2) and section 541 (relating to personal holding company tax) to the subsidiary for the taxable year, there shall be taken into account under section 543(a)(5) (relating to produced film rents) any interest in a film acquired by the parent and transferred to the subsidiary as if such interest were acquired by the subsidiary at the time it was acquired by the parent. "SEC. 993. DEFINITIONS. " (a) QUALIFIED EXPORT RECEIPTS.— " (1) GENERAL RULE.—For purposes
76 Stat. 1006.
of this part, except as provided by regulations under paragraph (2), the qualified export receipts of a corporation are— " (A) gross receipts from the sale, exchange, or other disposition of export property, " (B) ^ross receipts from the lease or rental of export property, which is used by the lessee of such property outside the United States, " (C) gross receipts for services which are related and subsidiary to any qualified sale, exchange, lease, rental, or other disposition of export property by such corporation, " (D) gross receipts from the sale, exchange, or other disposition of qualified export assets (other than export property), " (E) dividends (or amounts includible in gross income under section 951) with respect to stock of a related foreign export corporation (as defined in subsection (e)), " (F) interest on any obligation which is a qualified export asset, " (G) gross receipts for engineering or architectural services for construction projects located (or proposed for location) outside the United States, and " (H) gross receipts for the performance of managerial services in furtherance of the production of other qualified export receipts of a D I S C. " (2) EXCLUDED RECEIPTS.—The Secretary or his delegate may
under regulations designate receipts from the sale, exchange, lease, rental, or other disposition of export property, and from services, as not being receipts described in paragraph (1) if he determines
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