Page:United States Statutes at Large Volume 90 Part 2.djvu/1581

 CONCURRENT RESOLUTIONS—SEPT. 16, 1976

90 STAT. 3049

ing out "the claim is made for credit under section 38" and insert "the credit under section 38 is allowed." (31) In section 301(e)(3) of the Tax Reduction Act of 1975 26 USC 46 note, (as added by section 803(d) of the bill), strike out "to transfer" Ante, p. 1587. and insert in lieu thereof "to transfer at the time described in subsection (d)(6)(B) ". (32) In section 46(g)(6) of the Code (as added by section 805(a) of the bill), strike out "this section" and insert in lieu thereof "this subsection". (33) In subsection (a) of section 806 of the bill, insert before "is amended" the following: ", as amended by section 1606(b) of this Act,". (34) In subsections (b)(2) and (c) of section 806 of the bill, insert before "is amended" the following: ", as amended by section 1901(a) (29) of this Act,". (35) In the heading of section.382(a)(2) of the Code (as amended by section 806(e) of the bill), strike out "net operating loss" and insert in lieu thereof "net operating loss carryover". (36) In section 382(b)(3)(B) of the Code (as amended by section 806(e) of the bill), strike out "fair market value" the second place it appears and insert in lieu thereof "total fair market value". (37) In subsection (a) of section 908 of the Code (as added by section 1061(a) of the bill) strike out so much of such subsection as precedes paragraph (1) and insert the following: "(a) IN GENERAL.—If a person, or a member of a controlled group (within the meaning of section 993(a)(3)) which includes such person, participates in or cooperates with an international boycott during the taxable year (within the meaning of section 999(b)), the amount of the credit allowable under section 901 to such person, or under section 902 or 960 to United States shareholders of such person, for foreign taxes paid during the taxable year shall be reduced by an amount equal to the product of— (38) In section 908(b) of the Code (as added by section 1061(a) of the bill) strike out "section 275(a)(4) shall not apply" and insert "section 275(a)(4) and section 78 shall not apply". (39) Section 999(a) of the Code (as added by section 1064(a) of the bill) js amended to read as follows: "(a)

INTERNATIONAL BOYCOTT REPORTS B TAXPAYERS.— Y "(1) REPORT REQUIRED.—If any person, or a member

of a controlled group (within the meaning of section 993(a)(3)) which includes that person, has operations in, or related to— "(A) a country (or with the government, a company, or a national of a country) which is on the list maintained by the Secretary under paragraph (3), or "(B) any other country (or with the government, a company, or a national of that country) in which such person or such member had operations during the taxable year if such person (or, if such person is a foreign corporation, any United States shareholder of that corporation) knows or has reason to know that participation in or cooperation with an international boycott is required as a condition of doing business within such country or with such government company, or national, that person or shareholder (within the meaning of section 951(b)) shall report such operations to the Secretary at such time and in such manner as the Secretary prescribes, except that in the case of

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