Page:United States Statutes at Large Volume 90 Part 2.djvu/128

 90 STAT. 1596

PUBLIC LAW 94-455—OCT. 4, 1976 beginning before January 1, 1975, and with respect to which an election under subsection (e)(2) is not made. (B) W H O MAY ELECT.—A taxpayer may make an election under this paragraph if he has filed an action in any court of competent jurisdiction, before January 1, 1976, for a determination of such taxpayer's rights to the allowance of a credit against tax under section 38 of the I n t e r n a l Revenue Code of 1954 for any taxable year beginning before January 1, 1975, with respect to any film. (C) E F F E C T OF ELECTION.—If the tax p a y e r makes an elec-

Ante, p. 1591.

tion under this paragraph — (i) paragraph s (1) and (2) of this subsection, and subsection (d) shall not apply to any film placed in service by the taxpayer, and (ii) subsection 4 8 (k) of the I n t e r n a l Revenue Code of 1954 shall not apply to any film placed in service by the taxpayer in any taxable year beginning before January 1, 1975, and with respect to which an election under subsection (e)(2) is not made, and the r i g h t of the taxpayer to the allowance of a credit against tax under section 38 of such Code with respect to any film placed in service in any taxable year beginning before January 1, 1975, and as to which an election under subsection (e)(2) is not made, shall be determined as though this section (other than this paragraph) has not been enacted. (D) RULES RELATING TO ELECTIONS.—An election

under

this paragraph shall be made not later than the d a y which is 90 days after the date of the enactment of this Act, by fili n g a notification of such election with the national office of the I n t e r n a l Revenue Service. Such an election, once made, shall be irrevocable. 26 USC 48 note.

(d) ENTITLEMENT TO C R E D I T. — Paragraph

(1)

of section 48(k)

of the I n t e r n a l Revenue Code of 1954 (relating to entitlement to credit) shall apply to any motion picture film or video tape placed in service in any taxable year beginning before January 1, 1975. 26 USC 48 note.

(e) EFFECTIVE D A T E S. —

(1) IN GENERAL.—The amendments made by subsections (a) and (b) shall apply to taxable years beginning after December 31, 1974. (2) ELECTION MAY ALSO APPLY TO PROPERTY DESCRIBED I N SEC-

26 USC 46.

TION 50(a).—At the election of the taxpayer, m a d e within 1 year after the date of the enactment of this Act i n such manner as the Secretary of the Treasury or his delegate may by regulations prescribe, the amendments made by subsections (a) and (b) shall also apply to property which is property described in section 50(a) of the I n t e r n a l Revenue Code of 1954 and which is placed in service in taxable years beginning before January 1, 1975. SEC. 805. INVESTMENT CREDIT IN THE CASE OF CERTAIN SHIPS. (a) IN GENERAL.—Section 46 (relating to amount of credit) is amended by a d d i n g at the end thereof the following new subsection: " (g) 50 PERCENT CREDIT I N THE CASE o r CERTAIN VESSELS.—

" (1) IN GENERAL.—In the case of a qualified w i t h d r a w a l out of the untaxed portion of a capital gain account or o u t of a n ordinary income account in a capital construction fund established under section 607 of the Merchant Marine Act, 1936 (46 U.S.C.ll77),for—

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