Page:United States Statutes at Large Volume 124.djvu/3572

 124 STAT. 3546 PUBLIC LAW 111–325—DEC. 22, 2010 the taxable year (including interest related divi- dends paid after the close of the taxable year described in section 855). ‘‘(IV) POST-DECEMBER REPORTED AMOUNT.— The term ‘post-December reported amount’ means the aggregate reported amount determined by taking into account only dividends paid after December 31 of the taxable year. ‘‘(v) TERMINATION.—The term ‘interest related divi- dend’ shall not include any dividend with respect to’’. (2) SHORT-TERM CAPITAL GAIN DIVIDENDS.—Subparagraph (C) of section 871(k)(2) is amended by striking all that precedes ‘‘any taxable year of the company beginning’’ and inserting the following: ‘‘(C) SHORT-TERM CAPITAL GAIN DIVIDEND.—For pur- poses of this paragraph— ‘‘(i) IN GENERAL.—Except as provided in clause (ii), the term ‘short-term capital gain dividend’ means any dividend, or part thereof, which is reported by the company as a short-term capital gain dividend in written statements furnished to its shareholders. ‘‘(ii) EXCESS REPORTED AMOUNTS.—If the aggregate reported amount with respect to the company for any taxable year exceeds the qualified short-term gain of the company for such taxable year, the term ‘short- term capital gain dividend’ means the excess of— ‘‘(I) the reported short-term capital gain divi- dend amount, over ‘‘(II) the excess reported amount which is allo- cable to such reported short-term capital gain divi- dend amount. ‘‘(iii) ALLOCATION OF EXCESS REPORTED AMOUNT.— ‘‘(I) IN GENERAL.—Except as provided in sub- clause (II), the excess reported amount (if any) which is allocable to the reported short-term cap- ital gain dividend amount is that portion of the excess reported amount which bears the same ratio to the excess reported amount as the reported short-term capital gain dividend amount bears to the aggregate reported amount. ‘‘(II) SPECIAL RULE FOR NONCALENDAR YEAR TAXPAYERS.—In the case of any taxable year which does not begin and end in the same calendar year, if the post-December reported amount equals or exceeds the excess reported amount for such tax- able year, subclause (I) shall be applied by sub- stituting ‘post-December reported amount’ for ‘aggregate reported amount’ and no excess reported amount shall be allocated to any dividend paid on or before December 31 of such taxable year. ‘‘(iv) DEFINITIONS.—For purposes of this subpara- graph— ‘‘(I) REPORTED SHORT-TERM CAPITAL GAIN DIVI- DEND AMOUNT.—The term ‘reported short-term capital gain dividend amount’ means the amount reported to its shareholders under clause (i) as a short-term capital gain dividend. Applicability. Definitions. 26 USC 871.