Page:United States Statutes at Large Volume 78.djvu/74

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PUBLIC LAW 88-272-FEB. 26, 1964

7 8 STAT.

section 34 (relating to dividends received by individuals) is hereby repealed. (c) DOUBLING OV AMOUNT OF PARTIAL EXCLUSION FROM GROSS INCOME OF DIVIDENDS RECEIVED BY INDIVIDUALS.—Section 116(a)

68A Stat. 37. 26 USC 116.

(relating to partial exclusion from gross income of dividends received by individuals) is amended by striking out "$50" each place it appears and inserting in lieu thereof "$100". (d)

CONFORMING AMENDMENTS.—

(1) The table of sections for subpart A of part IV of subchapter A of chapter 1 is amended by striking out "Sec. 34. Dividends received by individuals." 26 USC 35.

(2) Section 35(b)(1) is amended by striking out "the sum of the credits allowable under sections 33 and 34" and inserting in lieu thereof "the credit allowable under section 33". (3) Section 37(a) is amended by striking out "section 34 (relating to credit for dividends received by individuals),". (4) Section 46(a)(3) is amended by striking out subparagraph (B), and by redesignating subparagraphs (C) and (D) as " (B) " and " (C) ", respectively. (5) Section 584(c)(2) is amended by striking out "section 34 or". (6)(A) Section 642(a) is amended by striking out paragraph (3); (B) Section 642(i) is amended to read as follows:

Ante, p. 24. 26 USC 37. 76 Stat. 963. 26 USC 46. 26 USC 584. 26 USC 642.

"(i) 26 USC 142. 26 USC 652, 662.

26 USC 702. 26 USC 854.

74 Stat. 1008. 26 USC 857.

72 Stat. 1639. 26 USC 871. 26 USC 1375. 26 USC 6014.

CROSS REFERENCES.— "(1) For disallowance of standard deduction in case of estates and trusts, see section 142(b)(4). "(2) For special rule for determining the time of receipt of dividends by a beneficiary under section 652 or 662, see section 116(c)(3)."

(C) Section 116(c) is amended by adding at the end thereof the following new paragraph: "(3) The amount of dividends properly allocable to a beneficiary under section 652 or 662 shall be deemed to have been received by the beneficiary ratably on the same date that the dividends were received by the estate or trust." (7) Section 702(a)(5) is amended by striking out "a credit under section 34," and the comma after "section 116". (8) Section 854(a) is amended by striking out "section 34(a) (relating to credit for dividends received by individuals)," and the comma after "section 116 (relating to an exclusion for dividends received by individuals)". (9) Section 854(b)(1) is amended by striking out "the credit under section 34(a)," and the comma after "section 116". (10) Section 854(b)(2) is amended by striking out "the credit under section 34," and the comma after "section 116". (11) Section 857(c) is amended by striking out "section 34(a) (relating to credit for dividends received by individuals)," and the comma after "section 116 (relating to an exclusion for dividends received by individuals)". (12) Section 871(b) is amended by striking out "the sum of the credits under sections 34 and 35" and inserting in lieu thereof "the credit under section 35". (13) Section 1375(b) is amended by striking out "section 34," and the comma after "section 37". (14) Section 6014(a) is amended py striking out "34 or". (e) EFFECTIVE DATES.—The amendments made by subsection (a) shall apply with respect to taxable years ending after December 31, 11H>3. The amendment made by subsection (b) shall apply with

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