Page:United States Statutes at Large Volume 118.djvu/1531

 118 STAT. 1501 PUBLIC LAW 108–357—OCT. 22, 2004 3 receives a statement (which meets requirements similar to the requirements of subsection (h)(5)) that the beneficial owner of such stock is not a United States person, and ‘‘(iii) to any interest related dividend paid to any person within a foreign country (or any interest related dividend payment addressed to, or for the account of, persons within such foreign country) during any period described in subsection (h)(6) with respect to such country. Clause (iii) shall not apply to any dividend with respect to any stock which was acquired on or before the date of the publication of the Secretary’s determination under subsection (h)(6). ‘‘(C) INTEREST RELATED DIVIDEND.—For purposes of this paragraph, the term ‘interest related dividend’ means any dividend (or part thereof) which is designated by the regulated investment company as an interest related divi dend in a written notice mailed to its shareholders not later than 60 days after the close of its taxable year. If the aggregate amount so designated with respect to a taxable year of the company (including amounts so des ignated with respect to dividends paid after the close of the taxable year described in section 855) is greater than the qualified net interest income of the company for such taxable year, the portion of each distribution which shall be an interest related dividend shall be only that portion of the amounts so designated which such qualified net interest income bears to the aggregate amount so des ignated. Such term shall not include any dividend with respect to any taxable year of the company beginning after December 31, 2007. ‘‘(D) QUALIFIED NET INTEREST INCOME.—For purposes of subparagraph (C), the term ‘qualified net interest income’ means the qualified interest income of the regulated invest ment company reduced by the deductions properly allocable to such income. ‘‘(E) QUALIFIED INTEREST INCOME.—For purposes of subparagraph (D), the term ‘qualified interest income’ means the sum of the following amounts derived by the regulated investment company from sources within the United States: ‘‘(i) Any amount includible in gross income as original issue discount (within the meaning of section 1273) on an obligation payable 183 days or less from the date of original issue (without regard to the period held by the company). ‘‘(ii) Any interest includible in gross income (including amounts recognized as ordinary income in respect of original issue discount or market discount or acquisition discount under part V of subchapter P and such other amounts as regulations may provide) on an obligation which is in registered form; except that this clause shall not apply to— ‘‘(I) any interest on an obligation issued by a corporation or partnership if the regulated Deadline.

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