Page:United States Statutes at Large Volume 90 Part 2.djvu/312

 90 STAT. 1780

26 USC 751. 26 USC 771.

PUBLIC LAW 94-455—OCT. 4, 1976 (92) AMKNDMKNT OF SI-ICTION cy2.—The heading of section 692 (rehxting to income taxes of members of Armed Forces who die in a combat zone) is amended by striking out "ON" the first time it appears in the section heading and inserting in lieu thereof "OF". (93) AMKNDMKNT OF SKCTION 75].—Section 751(c) (relating to unrealized receivables) is amended by striking out "1254(a), or 1250(a)," and inserting in lieu thereof "1245(a), 1250(a),". (94) RKI'KAL OF SKCTION 771.—Part IV of subchapter K of chapter 1 (relating to effective date of subchapter K) is repealed. (95)

26 USC 802.

802.—

(A) Section 802(a)(1) (relating to tax imposed on life insurance companies) is amended by striking out "beginning after December 31, 1957,". (B) Section 802(a)(2) (relating to alternative tax in case of capital gains) is amended by striking out "beginning after December 31, 1961,". (C) Section 802(a) is amended by striking out paragraph (3) (relating to special rules for 1959 and 1960). (96)

26 USC 804.

XVMKNOMKNTS O F SKCTION

A M K N D M K N T S O F SKCTION

804.—

( ^) Section 804(a) is amended by striking out paragraph (6) (relating to certain exceptions). (B) Section 804(b)(2) (relating to short-term capital gains) is amended by striking out "In the case of a taxable year beginning after December 31, 1958, the" and inserting in lieu thereof "The". (97) AMKNDMKNTS OF SKCTION 805.—

26 USC 805.

"Pension plan reserves."

(A) Section 805(b)(3)(B) (relating to average earnings rate) is amended to read as follows: "(B) Si'KciAL RULE.—For purposes of subparagraph (A), the current earnings rate for any taxable year of any company which, for such year, is an insurance company (but not a life insurance company) shall be determined as if this part applied to such company for such year." (B) Section 805(b)(4)(B) (relating to basis of assets) is amended by striking out " (determined without regard to fair market value on December 31, 1958)". (C) Section 805(d) (relating to pension plan reserves) is amended to read as follows: " (d) PENSION Pi^N RESERVES.—For purposes of this part, the teiTii 'pension plan reserves' means that portion of the life insurance reserves which is allocable to contracts— "(1) purchased under contracts entered into with trusts which (as of the time the contracts were entered into) were deemed to be (A) trusts described in section 401(a) and exempt from tax under section 501(a), or (B) trusts exempt from tax under section 165 of the Internal Revenue Code of 1939 or the corresponding provisions of prior revenue laws; "(2) purchased under contracts entered into under plans which (as of the time the contracts were entered into) were deemed to be plans described in section 403(a), or plans meeting the requirements of paragraphs (3), (4), (5), and (6) of section 165(a) of the Internal Revenue Code of 1939; "(3) provided for employees of the life insurance company under a plan which, for the taxable year, meets the requirements of paragraphs (3), (4), (5), (6), (7), (8), (11), (12), (13), (14^, (15), (16), (19),and (20) of section 40i(a)/

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