92 STAT. 2912
PUBLIC LAW 95-600—NOV. 6, 1978 "(2) a corporation, trust, or association may not elect to be a real estate investment trust for any taxable year beginning after October 4, 1976, unless its accounting period is the calendar year. Paragraph (2) shall not apply to a corporation, trust, or association which was considered to be a real estate investment trust for any taxable year beginning on or before October 4, 1976."
26 USC 856.
(2) AMENDMENT OF SECTION 856(C)(3)(D).—Subparagraph (D) of
section 856(c)(3) is amended by inserting "(other than gain from prohibited transactions)" after "and gain", (3) EXCISE TAX ON REIT UNDISTRIBUTED INCOME.—
26 USC 6501.
(A) Paragraph (3) of section 6501(e) (relating to limitations on assessment and collection) is amended by striking out "or 43" and inserting in lieu thereof "43, or 44". (B) Subsection (b) of section 1605 of the Tax Reform Act of 1976 (relating to technical amendments) is amended by striking out paragraph (1) thereof. (C) Subparagraph (D) of section 1605(b)(5) of the Tax Reform Act of 1976 is amended to read as follows: "(D) by striking out 'of chapter 43 tax for the same taxable years,' in subsection (c)(1) and inserting in lieu thereof 'of chapter 43 tax for the same taxable year, of chapter 44 tax for the same teixable year,'."
26 USC 275. 26 USC 6212. 26 USC 4971. 26 USC 4971, 4'981.
(4) CORRECTION OF CROSS REFERENCE.—Subparagraph (B) of
26 USC 859.
section 859(b)(2) is amended by striking out "section 6601(c)" and inserting in lieu thereof "section 6601(b)". (5) EFFECTIVE DATE.—The amendments made by this subsection shall take effect on October 4, 1976.
26 USC 859 note.
(u) AMENDMENTS RELATING TO TREATMENT OF FOREIGN INCOME.— (1) FOREIGN TAX CREDITS NOT DISALLOWED ON CERTAIN DISTRIBUTIONS MADE BY POSSESSIONS CORPORATIONS.—
26 USC 901.
•:••:::
(A) IN GENERAL.—Paragraph (1) of section 901(g) (relating to certain taxes paid with respect to distributions from possessions corporations) is amended to read as follows: "(1) IN GENERAL.—For purposes of this chapter, any tax of a foreign country or possession of the United States which is paid or accrued with respect to any distribution from a corporation— "(A) to the extent that such distribution is attributable to periods during which such corporation is a possessions corporation, and "(B)(i) if a dividends received deduction is allowable with respect to such distribution under part VIII of subchapter B, '.jri-'-
o r
"(ii) to the extent that such distribution is received in connection with a liquidation or other transaction with respect to which gain or loss is not recognized, shall not be treated as income, war profits, or excess profits taxes paid or accrued to a foreign country or possession of the United States, and no deduction shall be allowed under this title with respect to any amount so paid or accrued." (B) DEFINITION OF POSSESSIONS CORPORATION.—Paragraph
26 USC 931.
(2) of section 901(g) (defining possessions corporation) is amended— (i) by striking out "or during which section 931" and inserting in lieu thereof ", during which section 931", and
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