Page:United States Statutes at Large Volume 83.djvu/745

 83 STAT. ]

PUBLIC LAW 91-172-DEC. 30, 1969

to in subsection (a)(2). For purposes of applying the preceding sentence— " (1) in the case of a mutual insurance company which becomes a stock insurance company, an amount equal to 25 percent of the deduction under section 832(c) (11) (relating to dividends to policyholders) shall not be allowed, and "(2) section 812(b)(1)(A) (iii) (relating to additional years to which losses may be carried by new life insurance companies) shall not apply. "(c) EEGULATIONS.—The Secretary or his delegate shall prescribe such regulations as may be necessary to carry out the purposes of this section."

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jeus^csa^' 73 Stat. 127.

(2) CLERICAL AND CONFORMING AMENDMENTS.—

(A) The table of sections for part IV of subchapter L of chapter 1 is amended by adding at the end thereof the following new item: "Sec. 844. Special loss carryover rules."

(B) Sections 809(e)(5) and 823(b)(1) are each amended by striking out "The" and inserting in lieu thereof "Except as provided by section 844, the". (C) Section 825(g)(2) is amended by striking out "to or from" and inserting in lieu thereof "except as provided by section 844, to or from". (D) Section 825(g)(3) is amended by striking out "to any" and inserting in lieu thereof "except as provided by section 844, to any". (d) EFFECTIVE DATE.—The amendments made by subsection (a) shall apply to taxable years beginning after December 31, 1957. The amendments made by subsection (b) shall apply to taxable years beginning after December 31, 1968. The amendments made by subsection (c) shall apply with respect to losses incurred in taxable years beginning after December 31, 1962, but shall not affect any tax liability for any taxable year beginning before January 1, 1967. SEC. 908. CERTAIN UNIT INVESTMENT TRUSTS. (a) NOT To_BE TREATED AS SEPARATE TAXPAYER.—Section 851 (re- esA Stat. 268. lating to definition of regulated investment company) is amended by adding at the end thereof the following new subsection: "(f) CERTAIN U N I T INVESTMENT TRUSTS.—For purposes of this title— "(1) A unit investment trust (as defined in the Investment Companv Act of 1940)— _ 54 sta^. nig.^^ " (A) which is registered under such Act and issues periodic payment plan certificates (as defined in such Act) in one or more series, " (B) substantially all of the assets of which, as to all such series, consist of (i) securities issued by a single management company (as defined in such Act) and securities acquired pursuant to subparagraph (C), or (ii) securities issued by a single other corporation, and " (C) which has no power to invest in any other securities except securities issued by a single other management company, when permitted by such Act or the rules and regulations of the Securities and Exchange Commission, shall not be treated as a person. "(2) I n the case of a unit investment trust described in paragraph (1)— " (A) each holder of an interest in such trust shall, to the extent of such interest, be treated as owning a proportionate share of the assets of such trust;

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