Page:United States Statutes at Large Volume 100 Part 3.djvu/1101

 PUBLIC LAW 99-514—OCT. 22, 1986

100 STAT. 2909

to an individual by reason of this subsection if such individual claims a credit under section 38 without regard to this subsection. The amount of the credit not allowed by reason of the preceding sentence shall not be allowed to any other person. "(5) ELIGIBLE SECTION 501 (d) ORGANIZATION.—For purposes of

this subsection, the term 'eligible section 501(d) organization' means any organization— "(A) which elects to be treated as an organization described in section 501(d) and which is exempt from tax under section 501(a), and "(B) which does not provide a substantially higher standard of living for any person or persons than it does for the majority of the members of the community." (2) EFFECTIVE DATE.—The amendments made by this subsection shall apply to periods after December 31, 1978 (under rules similar to the rules of section 48(m) of the Internal Revenue Code of 1954), in taxable years ending after such date. (3) SPECIAL RULE.—If refund or credit of any overpayment of tax resulting from the application of this subsection is prevented at any time before the close of the date which is 1 year after the date of the enactment of this Act by operation of any law or rule of law (including res judicata), refund or credit of such overpayment (to the extent attributable to the application of the amendments made by this subsection) may, nevertheless, be made or allowed if claim therefor is filed before the close of such 1-year period. (k) AMENDMENT RELATED TO MUTUAL SAVINGS BANKS DESCRIBED

IN SECTION 59103).—

(1) IN GENERAL.—Subparagraph (B) of section 501(c)(14) (relating to list of tax-exempt organizations) is amended— (A) by striking out "or" at the end of clause (ii), (B) by striking out the period at the end of clause (iii) and inserting in lieu thereof a comma and "or", and (C) by inserting at the end thereof the following new clause: "(iv) mutual savings banks described in section 5910t))". (2) EFFECTIVE DATE.—The amendments made by this subsection shall apply to taxable years ending after August 13, 1981. (1) AMENDMENT TO SECTION 368(a)(2)(F).— (1) IN GENERAL.—Clause (ii) of section 368(a)(2)(F) (relating to certain transactions involving 2 or more investment companies) is amended to read as follows: "(ii) A corporation meets the requirements of this clause if not more than 25 percent of the value of its total assets is invested in the stock and securities of any one issuer (other than stock in a regulated investment company, a real estate investment trust, or an investment company which meets the requirements of this clause (ii)), and not more than 50 percent of the value of its total assets is invested in the stock and securities of 5 or fewer issuers (other than stock in a regulated investment company, a real estate investment trust, or an investment company which meets the requirements of this clause (ii)). For purposes of this clause, all members of a controlled group of corpora-

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