Page:United States Statutes at Large Volume 90 Part 2.djvu/316

 90 STAT. 1784 26 USC 905.

PUBLIC LAW 94-455—OCT. 4, 1976

26 USC 911.

(114) AMENDMENT OF SECTION 905.—Section 905(b) (relating to proof of foreign tax credits) is amended by striking out the last sentence (relating to the treatment of certain royalty payments). (115) AMENDMENT OF SECTION 911.—Section 911(c) (relating to earned income from sources without the United States) is amended by striking out paragraph (7) (relating to taxable years ending in 1963, 1964, or 1965).

26 USC 921.

(116) AMENDMENT OF SECTION 9 2 I. — S e c t i o n 921 ( r e l a t i n g to

definition of Western Hemisphere Trade Corporation) is amended by striking out the last sentence (relating to taxable years before 1954). 26 USC 931.

26 USC 934. 26 USC 951. 26 USC 972. 26 USC 1001.

(11''') AMENDMENTS OF SECTION 931.—Section 931 ( r e l a t i n g to

income from sources within possession) is amended by striking o u t subsection (h) (relating to certain persons taken as prisoners of w a r while working in a possession), and by redesignating subsection (i) as subsection (h). (118) AMENDMENT o r SECTION 9 34.—Section 934(b) (relating to gross income received by a corporation from the Virgin Islands) is amended by striking out the last sentence. (119) AMENDMENT OF SECTION 9 51.—Section 951(a)(1) (relati n g to treatment of subpart F income) is amended by striking out "beginning after December 31, 1962". (120) REPEAL OF SECTION 9 7 2.—Section 972 (relating to consolidation of export trade corporations) is repealed. (121) AMENDMENT OF SECTION looi.—Section 1001(c) (relati n g to recognition of gain or loss) is amended to read as follows; " (c) RECOGNITION OF G A I N OR Loss.—Except as otherwise provided in this subtitle, the entire amount of the gain or loss, determined under this section, on the sale or exchange of property shall be recognized." (122) AMENDMENTS OF SECTION i O 15.—

26 USC 1015.

26 USC 1016. 26 USC 1018.

26 USC 1020.

(A) Subparagraph (A) of section 1 0 1 5 (d)(1) (relating to increased basis for gift tax p a i d) is amended by strikinar out " the date of the enactment of the Technical Amendments Act of 1958" and inserting in lieu thereof "September 2, 1958". (B) Subparagraph (B) of section 1015(d)(1) is amended by striking out " the date of the enactment of the Technical Amendments Act of 1958" and inserting in lieu thereof "September 2, 1958,". (123) AMENDMENT OF SECTION loie.—Section 1016(a) (relati n g to adjustments to basis) is amended by striking out paragraph (19). (124) AMENDMENT OF SECTION lois.—Section 1018 ( r e l a t i n g to

adjustment of capital structure before September 22, 1938) is amended by striking out "54 Stat. 709;". (125) REPEAL OF SECTION 1020.—Section 1020 (relating to election i n respect of depreciation allowed before 1952) is repealed. (126) R E P E A L OF SECTION 1022.—

26 USC 1022. 26 USC 1022 °*'*®" 26 USC 1024.

(A) Section 1022 (relating to the basis of certain foreign personal holding company stock) is repealed. (B) The repeal made by subparagraph (A) shall apply with respect to stock or securities acquired from a decedent d y i n g after the date of the enactment of this Act. (12<) AMENDMENT OF SECTION 1024.—Section 1024 (containing

cross references) is amended by striking out paragraph (4).

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