Page:United States Statutes at Large Volume 88 Part 2.djvu/151

 88 STAT. ]

PUBLIC LAW 93-490-OCT. 26, 1974

1467

(2) The table of sections of part II of subchapter A of chapter 75 is amended by striking out the item relating to section 7236. (3) Section 7266 (relating to offenses relating to filled cheese) is repealed. . . (4) The table of sections of subchapter B of chapter 75 is amended by striking out the item relating to section 7266. (5) Section 7303 (relating to property subject to forfeiture) is amended by striking out paragraphs (4) and (5) and inserting in lieu thereof the following: " (4) PUECHASE OR RECEIPT OF ADULTERATED BUTTER.

26 USC 7236. Repeal. 26 USC 7266. ^^ ^sc 7303.

A l l articles

of adulterated butter (or the full value thereof) knowingly purchased or received by any person from any manufacturer or importer who has not paid the special tax provided in section 4821.

26 USC 4821.

" (5) PACKAGES OF OLEOMARGARINE.—All packages of oleomar-

garine subject to the tax under subchapter F of chapter 38 that shall be found without the stamps or marks provided for in that chapter.". (6) Section 6808 (relating to cross references) is amended by striking out paragraph (5). (7) Section 7103(d)(3) (relating to cross references) is amended by striking out subparagraph (C). (8) Section 7641 (relating to supervision of operations of certain manufacturers) is amended by striking out "filled cheese,". (c) EFFECTIVE DATE.—The repeals and amendments made by this section shall apply to filled cheese manufactured, imported, or sold after the date of enactment of this Act. (d)

AMENDMENT OF INTERNAL REVENUE CODE.—Whenever

26 USC 4591.

26 USC 6808. 26 USC 7103. 26 USC 7641. 26 USC 4831 note.

an

amendment in this section is expressed in terms of an amendment to or repeal of a section or other provision, the reference is to a section or other provision of the Internal Revenue Code of 1954.

26 USC 1 et seq.

SEC. 4. APPLICATION OF SECTION 4942 TAX ON FAILURE TO DISTRIBUTE INCOME. (a) IN GENERAL.—Section 101(1)(3) of the Tax Reform Act of 1969 (relating to s a v i n g provisions under section 4942 of the Internal ^2^ use 4940 Revenue Code of 1954) is amended by— " 26 USC 4942. (1) striking out "and" in subparagraph (D), (2) striking out the period at the end of subparagraph (E) and inserting in lieu thereof "; and", and (3) adding after subparagraph (E) the following new subparagraph: " (F) apply, in the case of an organization described in paragraph (4)(A) of this subsection, " (i) by applying section 4942(e) without regard to the stock to which paragraph (4)(A) (ii) of this subsection applies, "(ii) by applying section 4942(f) without regard to dividend income for such stock, and "(iiij by defining the distributable amount as the sum or the amount determined under section 4942(d) (after the application of clauses (i) and ( i i)), and the amount of the dividend income from such stock.". (b) The amendment made by this section shall apply to taxable years beginning after December 31, 1971.

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