Page:United States Statutes at Large Volume 68A.djvu/56

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INTERNAL REVENUE CODE OF 1954

(e) RULE FOR APPLICATION OF SUBSECTION (d)

(1),—Subsection

(d)(1) shall not apply to any amount excluded from gross income under section 72 (relating to annuities), 101 (relating to life insurance proceeds), 104 (relating to compensation for injuries or sickness), 105 (relating to amounts received under accident and health plans), 402 (relating to taxability of beneficiary of employees' trust), or 403 (relating to taxation of employee annuities). (f) PUBLIC RETIREMENT SYSTEM D E F I N E D. — For purposes of subsection (c)(2), the term ''public retirement system" means a pension, annuity, retirement, or similar fund or system established by the United States, a State, a Territory, a possession of the United States, any political subdivision of any of the foregoing, or the District of Columbia; except that such term does not include a fund or system established by the United States for members of the Armed Forces of the United States. (g) EARNED INCOME D E F I N E D. — For purposes of subsections (b) and (d)(2), the term "earned income" has the meaning assigned to such term in section 911(b), except that such term does not include any amount received as a pension or annuity. (h) NONRESIDENT A L I E N INELIGIBLE FOR C R E D I T. — N o credit shall be allowed under subsection (a) to any nonresident alien, (i) CROSS R E F E R E N C E. —

For disallowance of credit where tax is computed by Secretary or his delegate, see section 6014(a). SEC. 38. OVERPAYMENTS OF TAX. For credit against the tax imposed by this subtitle for overpayments of tax, see section 6401.

§ 37(e)

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