Page:United States Statutes at Large Volume 74.djvu/118

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PUBLIC LAW 86-436-APR. 22, 1960

[74 S T A T.

26'^icf*544**'

^^^ Section 544(a) of such Code is amended— (1) hj striking out "For purposes of determining whether a corporation is a personal holding company, insofar as such determination is based on stock ownership under section 542(a)(2), section 543(a)(5), or section 5 4 3 (a)(6) " and inserting in lieu thereof " For purposes of determining whether a corporation is a personal holding company, insofar as such determination is based on stock ownership under section 542(a)(2), section 543(a)(5), section 543(a)(6), or section 543(a)(9) "; and (2) by revising subparagraph (B) of paragraph (4) thereof to read as follows: " (B) for purposes of section 543(a)(5) (relating to personal service contracts), of section 543(a)(6) (relating to use of property hj shareholders), or of section 543(a)(9) (relating to copyright royalties), if, but only if, the effect is to make the amounts therein referred to includible under such paragraph as personal holding company income." (d) Section 544(b) of such Code is amended— (1) by striking out the word "and" appearing at the end of paragraph (2); (2) by striking out the period appearing at the end of paragraph (3) and inserting in lieu thereof "; and"; (3) by inserting the following new paragraph (4) immediately after existing paragraph (3) thereof: "(4) for purposes of section 543(a)(9) (relating to copyright royalties), but only if the effect of the inclusion of all such securities is to make the amounts therein referred to includible under such paragraph as personal holding company income."; and (4) by striking out "paragraphs (1), (2), and (3) " appearing in the last sentence and inserting in lieu thereof "paragraphs (1), (2), (3), and (4) ". 68A Stat. 195. (e) Section 553 of such Code is amended by striking out "all royal^^^ ^" ties, whether or not mineral, oil, or gas royalties" and inserting in lieu thereof "all royalties, whether or not mineral, oil, or gas royalties or copyright royalties". ^^pp^^^c^^^i^^y SEC. 2. The amendments made by the first section of this Act shall apply only with respect to taxable years beginning after December 31, 1959. Approved April 22, 1960. Public Law 86-436 April 22, 1960 [H. R. 9737]

31 Stat. 1285.

AN ACT ^^ ameud the Act of March 3, 1901, to eliminate the requirement that certain District of Columbia corporations be managed by trustees the majority of whom are citizens of the District of Columbia.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That section 608 of the Act entitled "An Act to establish a code of law for the District of Columbia", approved March 3, 1901, as amended (D.C. Code 29-204), is amended by striking out ", respectively," and by striking out "and a majority citizens of the District," Approved April 22, 1960

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