Page:United States Statutes at Large Volume 78.djvu/72

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PUBLIC LAW 88-272-FEB. 26, 1964

[78 STAT.

p r o rata s h a r e of a n a m o u n t determined in a c c o i d a u c e with whichever of the following tables a p p l i e s to the tax a b l e year: " ( 1)

T A X A B L E Y K A R S BKOlX X IX( J rX' 1 »(i. i, —

"If the effective foreign tax rate is (percentage)— Under 10 10 or over but less than 20 20 or over but less than 28 28 or over but less than 34 34 or over but less than 39 39 or over but less than 42 42 or over but less than 44 44 or over but less than 46 46 or over but less than 47 47 or over

The required minimum distribution of earnings and profits is (percentage)— 90 86 82 75 68 55 40 27 14 0

' ' (2) TAXABLE YEAUs BK(ixxix<; IX' TJHU.—

"If the effective foreign tax rate is (percentage)— ruder 10 10 or over but less than 19 19 or over but less than 27 27 or over but less than 33 33 or over but less than 37 .37 or over but less than 40 40 or over but less than 42 42 or over but less than 44 44 or over but less than 45 45 or over "(8)

68A Stat. 72. 26 USC 242.

The required minimum distribution of earnings and profits is (percentage)— 87 83 79 72 65 53 38 26 13 0

T A X A B L E YEARS BE(JIXXIX<; AKTKK DECEMBER; n.

iixu.—

The required minimum dis"If the effective foreign tax tribution of earnings and rate is (percentage)— profits is (percentage)— Under 9 S3 9 or over but less than 18 79 18 or over but less than 26 76 26 or over but less than 32 69 32 or over but less than 36 63 36 or over but less than 39 51 .39 or over but less than 41 37 41 or over but less than 42 25 42 or over but less than 43 13 43 or over 0" (c) Ai\rENi)MEXT OF SECTIOX' 242.—Section 2 4 2 (a) ( r e l a t i n g to deduction for partial l y tax - e x e m p t interest) is amended by a d d i n g at the e n d thereof the following new s e n t e n c e: " N o deduction shall be allowed under t h i s section foi- purposes of any s u r tax imposed by t h i s subtitle."

PART III—EFFECTIVE DATES 26 USC 21.

SEC. 131. (iENERAL RULE. E x c e p t for purposes of section 21 of the I n t e r n a l Revenue Code of 1054 ( r e h i t i n g to effect of changes hi r a t e s during a ta xa ble year), the amendments m a d e by part s I and II of t h i s title shall rtpply with respect to tax a b l e year s b e g i n n i n g after December 31, 1963. SEC. 132. FISCAL YEAR TAXPAYERS. Effective with respect to taxable year s e n d i n g after Decemlier 3 1, 10(53, subsection (d) of section 21 ( r e l a t i n g to effect of changes in rates t l u r i n g a taxable vein) is amended to read a s follows:

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