Page:United States Statutes at Large Volume 78.djvu/156

 114

68A Stat. 7 2. 26 USC 7701.

54 Stat. 929. 47 Stat. 1425. 46 USC 848.

24 Stat. 379. 49 USC I et seq.

PUBLIC LAW 88-272-FEB. 26, 1964

[78 STAT.

" (B) For purposes of paragraph (2), the foreign countries referred to in this subparagraph include only any country from which any public utility referred to in the first sentence of paragraph (2) derives the principal part of its income. " (C) For purposes of this subsection, the tenn 'consolidated taxable income' means the consolidated taxable incom*^ computed without regard to the deduction provided by section 242 for partially tax-exempt interest.*' (3) Section 7701(a) (relating to definitions) is amended by adding at the end thereof the following new paragraph: "(33) REGULATED PUBLIC LTILITY.—The term 'regulated public utility' means— " (A) A corporation engaged in the furnishing or sale of— "(i) electric energy, gas, water, or sewerage disposal services, or "(ii) transportation (not included in subparagraph (C)) on an intrastate, suburban, municipal, or mterurban electric railroad, on an intrastate, municipal, or suburban trackless trolley system, or on a municipal or suburban bus system, or "(iii) transportation (not included in clause ( i i)) by motor vehicle— if the rates for such furnishing or sale, as the case ma^' be, have been established or approved by a State or political subdivision thereof, by an agency or instrumentality of the United States, by a public service or public utility commission or other similar body of the District of Columbia or of any State or political subdivision thereof, or by a foreign country or an agency or instrumentality or political subdivision thereof. " (B) A corporation engaged as a common carrier in the furnishing or sale of transportation of gas by pipe line, if subject to the jurisdiction of the Federal Power Commission. " (C) A corporation engaged as a common carrier (i) in the furnishing or sale of transportation by railroad, if subject to the jurisdiction of the Interstate Commerce Commission, or (ii) in the furnishing or sale of transportation of oil or other petroleum products (including shale oil) by pipe line, if subject to the jurisdiction of the Interstate Commerce Commission or if the rates for such furnishing or sale are subject to the jurisdiction of a public service or public utility commission or other similar body of the District of Columbia or of any State. " (D) A corporation engaged in the furnishing or sale of telephone or telegraph service, if the rates for such furnishing or sale meet the requirements of subparagraph (A). " (E) A corporation engaged in the furnishing or sale of transportation as a common carrier by air, subject to the jurisdiction of the Civil Aeronautics Board. " (F) A corporation engaged in the furnishing or sale of transportation by common carrier by water, subject to the jurisdiction of the Interstate Commerce Commission under p^i't III of the Interstate Commerce Act, or subject to the jurisdiction of the Federal ISIaritime Board under the Intercoastal Shipping Act, 1933. " (Gr) A railroad corporation subject to part I of the Interstate Commerce Act, if (i) substantialh^ all of its railroad •

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