Page:United States Statutes at Large Volume 90 Part 2.djvu/180

 90 STAT. 1648 ,

26 USC 921, ^22.

26 USC 922.

PUBLIC LAW 94-455—OCT. 4, 1976 (b) KKPEAL OF WKSTKRN Hf:MrspiiERE TRADE (.'oRroRAxiox DEDUCTiox FOR TAXABLE YEARS B E G IX X IX G A F T E R 1979.—Subpart C of part

III of subfliaptor N of chapter 1 (relating to AVestern Hejiiisphere trade corporations) is hereby repealed, (c) CONFORMING AMENDMENTS. —

(1) The first sentence of section 922 (relatinjEi: to special deduction) is amended by striking out " I n the case of* and inserting in lieu thereof the following: "(a)

26 USC 170.

26 USC 172. Repeal. 26 USC 907. 26 USC 1503.

(TENERAE RULE. — I n the case of".

(2) Section 170(b)(2) (relating to pejcentage limitations on charitable contributions in the case of corporations) is amended by adding "'and" at the end of subparagraph (C). by striking out subparagraph (D), and by redesignating subparagraph (E) as subparagraph (D). (.3) Section 172(d) (relating to modifications for purposes of the net operating loss deduction) is amended by striking out paragraph (T)) and by redesignating paragraph (6) as paragraph (5). (4) Subsection (g) of section 907 is hereby repealed. (5) Section 1503 (relating to computation and paj'ment of tax jj^ ^j^p p.^gp ^f consolidated returns) is amended by striking out subsection (b) and by striking out " (a) GENERAL RULE. — ".

26 USC 6091. Ante, p. 1643.

26 USC 922

note.

26 USC 941.

26 USC 943.

(6) Section 091(b)(2)(B) (ii) (relating to place for filing returns of corporations) is amended to I'ead as follows: " ( i i) corporations which claim the benefits of section 936 (relating to possession tax c r e d i t), and''. (7) The table of subparts for part III of subchapter X of chapter 1 is amended l)v striking out the item relating to subpart C. (d) EFFECTIVE D A T E S. — The amendments made by subsection

(a)

and paragraph (1) of subsection (c) shall apply with respect to taxable years beginning after December 31, 197.5. The amendments made by subsecti(m (b) and by subsection (c) (other than paragraph (1)) shall apply with respect to taxable r e a r s beginning after December 31, 1979. SEC. 1053. REPEAL OF PROVISIONS RELATING TO CHINA TRADE ACT CORPORATIONS. (a) PiiASEouT o r SECTION 941,—Section 941 (relating to special deductions for (!'hina Trade Act corporations) is amended by adding the following new subsection: " (d) PiiAsEouT OF DEDUCTION.—In the case of a taxable year beginning after December 31, 1975, and before January 1, 1978, the amount of the special deduction under subsection (a) (determined without regard to this subsection) shall be reduced by the percentage reduction specified in the following t a b l e: "For a taxable year The percentage rebeginning in— duction shall be— (b)

1976 33% 1977 66%.'" PHASEOUT OF SECTION 943.—Section 943 ( r e l a t i n g to the exclu-

sion of certain dividends to residents of Formosa or H o n g Kong) is amended by adding at the end thereof the following new sentence: " I n the case of a taxable year beginning after December 31, 1975. and before January 1, 1978, the amount of the distributions which are excludable from gross income under this section (determined without

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