Page:United States Statutes at Large Volume 90 Part 2.djvu/138

 90 STAT. 1606 26 USC 382 "°*Ante, p. 1599.

46 USC 1177-1.

PUBLIC LAW 94-455—OCT. 4, 1976 such Code, as so amended, shall be considered to be the later of: (A) the beginning of such taxable years, or (B) January 1, 1978. (3) Sections 382(b) and 383 (as it relates to section 3 8 2 (b)) of the I n t e r n a l Revenue Code of 1954, as amended by subsections (e) and (f), shall apply ( and such sections as in effect prior to such amendment shall not apply) to reorganizations pursuant to a p l a n of reorganization adopted by one or more of the parties thereto on or after January 1, 1978. For purposes of the preceding sentence, a corporation shall be considered to have adopted a plan of reorganization on the date on which a resolution of the board of directors is passed adopting the plan or recommending its adoption to the shareholders, or on the date on which the shareholders approve the plan of reorganization, whichever is earlier. SEC. 807. SMALL FISHING VESSEL CONSTRUCTION RESERVES. I n addition to any other vessel which may be deemed an "eligible vessel" and a "qualified vessel" under section 607 of the Merchant Marine Act, 1936 (46 U.S.C. 1177), a commercial fishing vessel under five net tons b u t not under two net tons— (1) which is constructed in the United States and, if reconstructed, is reconstructed in the United States; (2) which is owned by a citizen of the United States; (3) which has a home port in the United States; and (4) which is operated i n the commercial fisheries of the United States, shall be considered to be a n "eligible vessel" and a "qualified vessel" for the purposes of such section 607.

TITLE IX—SMALL BUSINESS PROVISIONS 26 USC 11.

SEC. 901. EXTENSION OF CERTAIN CORPORATE INCOME TAX REDUCTIONS. (a) IN GENERAL.—Subsections (a), (b), (c), and (d) of section 11 (relating to tax imposed on corporations) are amended to read as follows: " (a) CORPORATIONS IN GENERAL. — A tax is hereby imposed for each

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taxable year on the taxable income of every corporation. The tax shall consist of a normal tax computed under subsection (b) and a surtax computed under subsection (c). " (b) NORMAL T A X. — The n o r m a l tax is equal to —

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" (1) in the case of a taxable year ending after December 31, 1977,22 percent of the taxable income, and " (2) in the case of a taxable year ending after December 31, 1974, and before January 1, 1978, the sum of— " (A) 20 percent of so much of the taxable income as does not exceed $25,000, plus " (B) 22 percent of so much of the taxable income as exceeds $25,000. " (c) SURTAX.—The surtax is 26 percent of the amount by which the taxable income exceeds the surtax exemption for the taxable year. " (d) SURTAX E X E M P T I O N. — For purposes of this subtitle, the surtax exemption for any taxable year is— " (1) $25,000 in the case of a taxable year ending after December 31, 1977, or " (2) $50,000 in the case of a taxable year ending after December 31, 1974, and before January 1, 1978,

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