Page:United States Statutes at Large Volume 90 Part 2.djvu/314

 90 STAT. 1782

26 USC 819.

PUBLIC LAW 94-455—OCT. 4, 1976 payer's total insurance liabilities on United States business by a percentage for the taxable year to be determined and proclaimed by the Secretary.-' (B) The second sentence of section 819(a)(2)(A) is amended by striking out "under clause (ii)" and inserting in lieu thereof "under the preceding sentence". (C) Clause (i) of section 819(b)(2)(B) (relating to distributions pursuant to certain mutualizations) is amended to read as follows: "(i) the minimum figure for 1958 determined under subsection (a)(2)(A) computed by using a percentage of 9 percent in lieu of the percentage determined and proclaimed by the Secretary, or". (103)

26 USC 820.

(A) Section 820(c) (relating to optional treatment of certain reinsured policies) is amended by striking out paragraph (6) (relating to reimbursement for 1957 income taxes), and by redesignating paragraph (7) as paragraph (6). (B) The last sentence of section 820(c) is amended by striking out "(5). and (6) and the rules prescribed under paragraph (7)" and inserting in lieu thereof "and (5) and the rules prescribed under paragraph (6)". (104)

26 USC 821.

26 USC 822.

26 USC 825. ' 26 USC 831.

26 USC 832.

AMENDMENTS or SECTION 82O.—

AMENDMENTS OF SECTION 8 21.—

(A) Section 821(a) (relating to imposition of tax on certain mutual insurance companies) is amended by striking out "beginning after December 31, 1963,". (B) Section 821(c)(1) (relating to alternative tax for certain small insurance companies) is amended by striking out "In the case of taxable years beginning after December 31, 1963, there is" and inserting in lieu thereof "There is". (C) Section 821 (relating to tax on certain mutual insurance companies) is amended by striking out subsection (e) (relating to 1962 transitional rules) and by redesignating subsection (f) as subsection (e). (105) AMENDMENTS OF SECTION 822.— (A) Section 822(c)(5) (relating to deduction of interest) is amended by strildng out "(other than obligations of the United States issued after September 24, 1917, and originally subscribed for by the taxpayer)". (B) The last sentence of section 822(d)(2) (relating to amortization of premium and accrual of discount) is amended by striking out "For taxable years beginning after December 31, 1962, no accrual" and inserting in lieu thereof "No accrual". (106) AMENDMENTS or SECTION 82 5.—Section 825(g) (relating to imused loss deduction of certain insurance companies) is amended by striking out paragraph (1) and by redesignating paragraphs (2) and (3) as paragraphs (1) and (2), respectively. (107) AMENDMENT OF SECTION 831.—Section 831(a) (relating to tax on certain insurance companies) is amended by striking out "or the taxable income" and inserting in lieu thereof "on the taxable income." (108) AMENDMENTS OF SECTION 832.—Paragraphs (1) and (6) of section 832(b) (definitions relating to insurance company taxable income) are each amended by striking out "Convention" and inserting in lieu thereof "Association".

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