Page:United States Statutes at Large Volume 78.djvu/141

 78 STAT. ]

PUBLIC LAW 88-272-FEB. 26, 1964

99

73 Stat. 118. For purposes of section 805(b)(3)(A), the curi-ent eariiiiigs rate 26 USC 80 5. for any taxable year beginning before January 1, 1063, shall be determined as if the preceding sentence applied to such taxable year." Stat. 261. (2) MUTUAL INSURANCE COMPANIES.—Section 822(d)(2) (relat- 68Au s e 822. 26 ing to amortization of premium and accrual of discount) is amended by adding at the end thereof the following new sentence: "For taxable years beginning after December 31, 1962, no accrual of discount shall be required under this paragraph on any bond (as defined in section 171(d))." ^e use 171. (c) CONTRIBUTIONS TO QUALIFIED, ETC., PLANS.—Section 832(c) (10) ^^ "^^ ^22. (relating to deductions allowed in computing taxable income of certain insurance companies) is amended by inserting before the semicolon at the end thereof "and in part I of subchapter D (sec. 401 and following, relating to pension, profit-sharing, stock bonus ^6ifsc'4of-407°" plans, etc.)". (d) EFFECTIVE DATES.—The amendment made by subsection (a) shall apply to taxable years beginning after December 31, 1961. The amendment made by subsection (c) shall apply to taxable year's beginning after December 31, 1953, and ending after August 16, 1954. SEC. 229. REGULATED INVESTMENT COMPANIES. (a) T I M E FOR MAILING CERTAIN NOTICES TO SHAREiiorj)ERS.—The following provisions (relating to notices to shareholders by regulated investment companies) are amended by striking out "30 days", wherever appearing therein, and inserting in lieu thereof "45 days": (1) Section 8 5 2 (b)(3)(C), 26 use852.855. (2) Section 852(b)(3)(D)(i), (3) Section 853(c), (4) Section 854(b)(2), and (5) Section 855(c). (b) CERTAIN REDEMPITONS BY U N I T INVKSTMKNT TRUSTS.—Section

852 (relating to taxation of regulated investment companies and their shareholders) is amended by adding at the end thereof the following new subsection: "(d)

DlSTRIBlTIONS IN REDEMPTION OF I N T E K K S T S IX T^NIT I N V E S T -

MKNT TRUSTS.—In the case of a unit investment trust— "(1) which is registered under the Investment Company A d of 1940 and issues periodic pavmeiit plan certificates (as defined 1

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in such Act), and "(2) substantially all of the assets of which consist of securities issued by a management company (as defined in such Act), section 562(c) (relating to preferential dividends) shall not apply to a distribution by such trust to a holder of an intere.st in snch trust in redemption of part or all of sudi interest, with respect to the net (•apital gain of such trust attributable to such redemption." (c) EFFECTIVE DATES.—The amendments made by subsection (a) shall apply to taxable years of regulated investment companies ending on or after the date of the enactment of this Act. The amendment made by subsection (b) shall apply to taxable years of regulated investment companies ending after December 31, 1963.

f f^f*- '^^^• ^ 15 USC 80a-51.

26 USC 562.

SEC. 230. CAPITAL LOSS CARRYOVERS FOR TAXPAYERS OTHER THAN CORPORATIONS.

(a) IN GENKKAL.—Section 1212 (relating to capital loss carryover) is amended— (1) by striking out "If for any taxal)le year the taxpayer" and inserting in lieu thereof: " (a) ('ORPORATioNs.—If for any taxable year a corporation": and (2) by adding at the en<l thereof the following new subsection: " (b) {y\H¥.v. TAXPAYERS.—

26 USC 1212.

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