Page:United States Statutes at Large Volume 78.djvu/870

 PUBLIC LAW 88-563-SEPT. 2, 1964

828 26 USC 901-905, 951-964. 26 USC 1248.

Notification to Congress.

purposes of subparts A and F of part III of subchapter N, and section 1248 of part IV of subchapter P, of chapter 1), shall be deemed to have been issued and in effect, for purposes of the tax imposed by section 4911, on July 18, 1963, and continuously thereafter until there is in effect the Executive order referred to in the preceding sentence. An overseas territory, department, province, or possession of any foreign country may be designated as a separate country. No designation shall be made under this subsection with respect to any of the following: Australia Luxembourg Austria Monaco Belgium Netherlands Canada New Zealand Denmark Norway France Republic of South Africa Germany (Federal Republic) San Marino Hong Kong Spain Italy Sweden Japan Switzerland Liechtenstein United Kingdom. After the President (under the first sentence of this subsection) has designated any foreign country as an economically less developed country for purposes of the tax imposed by section 4911, he shall not terminate such designation (either by issuing an Executive order for that purpose or by issuing an Executive order which has the effect of terminating such designation) unless, at least 30 days before such termination, he has notified the Senate and the House of Representatives of his intention to terminate such designation. "(c)

76 Stat. 1013. 26 USC 955.

LESS DEVELOPED COUNTRY CORPORATION DEFINED.—

"(1) IN GENERAL.—For purposes of this section, the term 'less developed country corporation' means a foreign corporation which for the applicable periods set forth in paragrajm (3)— " (A) meets the requirements of section 955(c)(1) or (2); or ,. . ., " (B) derives 80 percent or more of its gross income, if any, from sources within less developed countries, or from deposits in the United States with persons carrying on the banking business, or both, and has assets 80 percent or more in value of which consists of— " (i) money, and deposits in the United States with persons carrying on the banking business, "(ii) stock or debt obligations of any other less developed country corporation, " (iii) debt obligations of a less developed country, "(iv) investments which are required because of restrictions imposed by a less developed country, " (v) debt obligations described in paragraph (3) of subsection (a) of this section, and "(vi) obligations of the United States. I n applying this paragraph the determination of whether a foreign country is a less developed country shall be made in accordance with subsection (b) of this section. "(2)

26 USC 956.

[78 STAT.

SPECIAL RULES.—

" (A) For purposes of subparagraphs (A) and (B) of paragraph (1), property described in section 956(b)(1) (regardless of when acquired), other than deposits with persons carrying on the banking business, and income derived from such property, shall not be taken into account.

�