Page:United States Statutes at Large Volume 90 Part 2.djvu/333

 PUBLIC LAW 94-455~OCT. 4, 1976 taxable year, an amount equal to the product obtained by multiplying the net capital gain". (C) Section 527(b)(2) is amended by striking out "net section 1201 gain" and inserting in lieu thereof "net capital gain". (D) Sections 535(b)(6) and 545 (b)(5) are each amended— (1) by striking out from the paragraph heading "LONG-TERM" and inserting in lieu thereof " N E T ", (2) by striking out from the text "the excess of the net long-term capital gain for the taxable year over the net short-term capital loss for such year" each place it appears and inserting in lieu thereof "the net capital gain for the taxable year", and (3) by striking out from the text "such excess" each place it appears and inserting in lieu thereof "such net capital gain". (E) Section 802(a)(2) is amended— ^ (i) by striking out "the net long-term capital gain of any life insurance company exceeds the net short-term capital loss" and inserting in lieu thereof "any life insurance company has a net capital gain", and (ii) by striking out "such excess" each place it appears and inserting in lieu thereof "such net capital gam". (F) Section 804(a)(2) is amended by striking out "by which the net long-term capital gain exceeds the net shortterm capital loss" and inserting m lieu thereof "of the net capital gain". (G) Sections 809(b)(1)(B) and 809(b)(2)(B) are each amended by striking out "by which the net long-term capital gain exceeds the net short-term capital loss" and inserting in lieu thereof "of the net capital gain". (H) Section 815(b)(2)(A) (ii) is amended by striking out "by which the net long-term capital gain exceeds the net shortterm capital loss" and inserting in lieu thereof "of the net capital gain". (I) Section 852(b)(2)(A) is amended by striking out "the excess, if any, of the net long-term capital gain over the net short-term capital loss" and inserting in lieu thereof "the amount of the net capital gain, if any". (J)(i) Section 852(b)(3)(A) is amended to read as follows: "(A) IMPOSITION OF TAX.—There is hereby imposed for each taxable year in the case of every regulated investment company a tax, determined as provided in section 1201(a), on the excess, if any, of the net capital gain over the deduction for dividends paid (as defined in section 561) determined with reference to capital gain dividends only." (ii) The second sentence of section 852(b)(3)(C) is amended by striking out "excess of the net long-term capital gain over the net short-term capital loss" each place it appears and inserting in lieu thereof "net capital gain". (K) The second sentence of section 857(b)(3)(C) is amended by striking out "excess of the net long-term capital gain over the net short-term capital loss" each place it appears and inserting in lieu thereof "net capital gain". (L) Section 1201(b) is amended by striking out "net section 1201 gain" each place it appears and inserting in lieu thereof "net capital gain".

90 STAT. 1801

26 USC 527. 26 USC 535, ^'^^'

f" - ' '- ^ 26 USC 802. ''^

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26 USC 804.

26 USC 809.

26 USC 815.

26 USC 852.

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26 USC 857. • ^ 26 USC 1201.

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