Page:United States Statutes at Large Volume 76.djvu/1008

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PUBLIC LAW 8 7 - 8 3 4 - O C T. 16, 1962

[76 STAT.

Public Law 87-834 October 16, 1962

AN ACT

[H. Rf 10650]

To amend the Internal Revenue Code of 1954 to provide a credit for investment in certain depreciable property, to eliminate certain defects and inequities, and for other purposes.

Be it enacted by the Senate and House of Be2>resentatives of the Revenue Act of United Stotes of America in Congress assembled, 1962. SECTION 1. SHORT TITLE, ETC. (a) SHORT TITLE.—This Act may be cited as the "Revenue Act of

1962". (b) TABLE OF CONTENTS.—

gec.l. Short title, etc. (a) Short title. (b) Table of contents. (c) Amendment of 1954 code. Sec. 2. Credit for investment in certain depreciable property. (a) Allowance of credit. (b) Rules for computing credit. (c) Deduction for unused credit. (d) Certain corporate acquisitions. (e) Statutes of limitations and interest relating to investment credit carrybacks. (f) Technical amendment. (g) Clerical amendments, (h) Effective date. Sec. 3. Appearances,, etc., with respect to legislation. (a) In general. (b) Effective date. Sec. 4. Disallowance of certain entertainment, etc., expenses. (a) Denial of deduction. (b) Traveling expenses. (c) Effective date. Sec. 5. Amount of distribution vehere certain foreign corporations distribute property in kind. (a) Amount distributed. (b) Basis. (c) Dividends received from certain foreign corporations. (d) Effective date. Sec. 6. Mutual savings banks, etc. (a) Reserves for losses on loans. (b) Foreclosurie on property securing loans. (c) Definition of domestic building and loan association. (d) Clerical amendments. (e) Repeal of exemption from certain excise taxes. (f) Deduction for dividends or interest paid on deposits. (g) Effective dates. Sec. 7. Distributions by foreign trusts. (a) Definitions. (b) Accumulation distributions of foreign trusts. (c) Allocation of accumulation distributions to.preced* ing years. (d) Amounts treated as received in prior years. (e) Special rules for foreign trusts. (f) Information returns with respect to foreign trusts. (g) Failure to file information returns, (h) United States person defined. (i) Technical amendments, (j) Effective date. Sec. 8. Mutual insurance companies (other than life, marine, and certain fire or fiood insurance companies), etc. (a) Imposition of tax. (b) Taxable investment income. (c) Statutory underwriting income or loss. (d) Exemption from tax. (e) Mutual fire insurance companies operating on basis of premium deposits. (f) Election of certain mutual companies to be taxed on total income. (g) Technical amendments, etc. (h) Effective date.

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