Page:United States Statutes at Large Volume 100 Part 3.djvu/1004

 100 STAT. 2812

PUBLIC LAW 99-514-OCT. 22, 1986

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(4) TREATMENT OF DECOMMISSIONING OF NUCLEAR POWERPLANT.— (A) TIME WHEN PAYMENTS DEEMED MADE.—

(i) IN GENERAL.—Section 468A is amended by adding at the end thereof the following new subsection: "(g) TIME WHEN PAYMENTS DEEMED MADE.—For purposes of this section, a taxpayer shall be deemed to have made a payment to the Fund on the last day of a taxable year if such payment is made on account of such taxable year and is made within V-k months after the close of such taxable year." (ii) TRANSITIONAL RULE.—To the extent provided in

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regulations prescribed by the Secretary of the Treasury . o r his delegate, subsection (g) of section 468A of the '"'*'* ' ' Internal Revenue Code of 1954 (as added by clause (i)) shall be applied with respect to any payment on ac. count of a taxable year beginning before January 1, 1987, Eis if it did not contain the requirement that the ,,, „^, payment be made within V-h months after the close of the taxable year. Such regulations may provide that, to the extent such payment to the Fund is made more than 2 ¥2 months after the close of the taxable year, any adjustment to the tax attributable to such payment shall not affect the amount of interest payable with respect to periods before the payment is made. Such regulations may provide appropriate adjustments to the deduction allowed under such section 468A for any ., i: such taxable year to take into account the fact that the payment to the Fund is made more than V-k months after the close of the taxable year. (B) TREATMENT OF AMOUNTS DISTRIBUTED.—Subparagraph
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(A) of section 468A(c)(l) (relating to inclusion of amount distributed) is amended by striking out "subsection (e)(2)(B)" and inserting in lieu thereof "subsection (e)(4)(B)". (C) CLARIFICATION OF TAXATION OF FUND.—Paragraph (2)

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 * of section 468A(e) (relating to taxation of Fund) is amended

to read as follows: .j; "(2) TAXATION OF FUND.—

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"(A) IN GENERAL.—There is hereby imposed on the gross income of the Fund for any taxable year a tax at a rate equal to the highest rate of tax specified in section 11(b), except that— "(i) there shall not be included in the gross income of the Fund any payment to the Fund with respect to which a deduction is allowable under subsection (a), and "(ii) there shall be allowed as a deduction to the Fund any amount paid by the Fund which is described in paragraph (4)(B) (other than an amount paid to the taxpayer) and which would be deductible under this chapter for purposes of determining the taxable income of a corporation. "(B) TAX IN LIEU OF OTHER TAXATION.—The tax imposed

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by subparagraph (A) shall be in lieu of any other taxation under this subtitle of the income from assets in the Fund. "(C) FUND TREATED AS CORPORATION.—For purposes of subtitle F—

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