Page:United States Statutes at Large Volume 90 Part 2.djvu/310

 90 STAT. 1778

26 USC 556.

26 USC 564. 26 USC 583. 26 USC 592.

26 USC 593.

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26 USC 601.

PUBLIC LAW 94-455—OCT. 4, 1976 pany," and inserting in lieu thereof "taxable income, foreign personal holding company income,". (80) AMENDMENT OF SECTION 5 56.—The first sentence of section 556(b)(1) (relating to deduction of taxes in computing undistributed foreign personal holding company income) is amended by striking out "(other than the excess profits tax imposed by subchapter E of chapter 2 of the Internal Revenue Code of 1939 for taxable years begmning after December 1, 1940)". (81) AMENDMENT OF SECTION 564.—Section 564 (relating to dividend carryovers) is amended by striking out subsection (c) (relating to carryovers from pre-1954 years). (82) REPEAL OF SECTION 5 83.—Section 583 (relating to deduction of dividends paid on certain preferred stock by banks or trust companies) is repealed. (83) REPEAL OF SECTION 592.—Section 592 (relating to the deduction by mutual savings banks for repayment of certain loans) is repealed. (84) AMENDMENTS OF SECTION 593.— (A) Section 593(b)(2) (relating to additions to bad debt reserves for mutual savings banks, etc.) is amended by striking out, in the table in subparagraph (A), the following: "1969 1970 1971 1972 1973 1974 1975

60 57 54 51 49 47 45

percent. percent. percent. percent. percent. percent. percent."

(B) Section 593(c) (relating to reserves for mutual savings banks) is amended by striking out paragraphs (2), (3), (4), and (5), by redesignating paragraph (6) as paragraph (3), and by inserting immediately after paragraph (1) the following: "(2) CERTAIN PRE-1963 RESERVES.—Notwithstanding the second sentence of paragraph (1), any amount allocated pursuant to paragraph (5) (as in effect immediately before the enactment of the Tax Reform Act of 1976) during a taxable year beginning before January 1, 1977, to the reserve for losses on qualifying real property loans out of the surplus, undivided profits, and bad debt reserves (determined as of December 31, 1962) attributable to the period before the first taxable year beginning after December 31, 1951, shall not be treated as a reserve for bad debts for any purpose other than determining the amount referred to in subsection (b)(1)(B), and for such purpose such amount shall be treated as remaining in such reserve." (C) Section 593 is amended by striking out subsection (d) (relating to taxable years beginning in 1962 and ending in 1963), and by redesignating subsections (e) and (f) as subsections (d) and (e),respectively. (D) Section 593(b)(2)(E)(i) is amended by striking out "subsection (f) " and inserting in lieu thereof "subsection (e)". (85) REPEAL or SECTION 6 01.—Subchapter H of chapter 1 relating to banking institutions) is amended by striking out part III (relating to special deduction for bank affiliates).

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