Page:United States Statutes at Large Volume 78.djvu/84

 42 72^sttt!*i608^' 26 USC 164.

PUBLIC LAW 88-272-FEB. 26, 1964

[78 STAT.

(2) Section 164(g) (relating to cross references) is ninendetl to read as follows: "(g)

CROSS REFERENCES.—

"(1) For provisions disallowing any deduction for the payment of the tax imposed by subchapter B of chapter 3 (relating to taxfree covenant bonds), see section 1451. "(2) For provisions disallowing any deduction for certain taxes, see section 275." 26 USC 261-274. (3) ( ^) p^^.^ j x of Subchapter B of chapter 1 (relating to items not deductible) is amended by adding at the end thereof the following new section: "SEC. 275. CERTAIN TAXES. " (a) GENERAL RULE.—No deduction shall be allowed for the following taxes: "(1) Federal income taxes, including— 75 Stat. 141. " (A) the tax imposed by section 3101 (relating to the tax on employees under the Federal Insurance Contributions

26 USC 31013126.

•jy^ii^i^^22i^' ^^' 26 USC 3201, 3211^°usc' ^^°'

26 USC 901. 26 USC 164.

Act); " (B) the taxes imposed by sections 3201 and 3211 (relating ^^ ^ ^ taxes on railroad employees and railroad employee ® representatives); and " (C) the tax withheld at source on wages under section 3402, and corresponding provisions of prior revenue laws. "(2) Federal war profits and excess profits taxes. "(3) Estate, inheritance, legacy, succession, and gift taxes. "(4) Income, war profits, and excess profits taxes imposed by the authority of any foreign country or possession of the United States, if the taxpayer chooses to take to any extent the benefits Qf section 901 (relating to the foreign tax credit). «(5) Taxes on real property, to the extent that section 164(d) requires such taxes to be treated as imposed on another taxpayer. "(b)

26 USC 535. 26 USC 545.

26 USC 556.

26 USC 901. 26 USC 903.

CROSS REFERENCE.—

"For disallowance of certain other taxes, see section 164(c)." (B) The table of sections for such part IX is amended by adding at the end thereof the following: "Sec. 275. Certain taxes." ^4^ Paragraph (1) of section 535(b) (relating to adjustments to accumulated taxable income) is amended by striking out "section 164(b)(6) " and inserting in lieu thereof "section 275(a)(4)". (5) The first sentence of paragraph (1) of section 545(b) (relating to adjustments to personal holding company taxable income) is amended by striking out "section 164(b)(6) " and inserting in lieu thereof "section 275(a)(4)". (g) The first sentence of paragraph (1) of section 556(b) (relating to adjustments to for e i ^ personal holding company taxable income) is amended by striking out "section 164(b)(6) " and inserting in lieu thereof "section 275(a)(4)". (Y) Paragraph (1) of section 901(d) (relating to credit for taxes impose4 by foreign countries) is amended by striking out "section 164" and inserting in lieu thereof "sections 164 and 275". (8) Section 903 (relating to credit for taxes imposed by a foreign country in lieu of income, etc., taxes) is amended by striking out "section 164(b)" and inserting in lieu thereof "sections 164(a) and 275(a)".

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