Page:United States Statutes at Large Volume 90 Part 2.djvu/334

 90 STAT. 1802 26 USC 1202.

26 USC 381, 852, 4940. 26 USC 1212.

26 USC 1247, '

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26 USC 1375.

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26 USC 1247, 1378.

PUBLIC LAW 94-455—OCT. 4, 1976 (M) The first sentence of section 1202 is amended to read as follows: "If for any taxable year, a taxpayer other than a corporation has a net capital gain, 50 percent of the amount of the net capital gain shall be a deduction from gross income." (N) Sections 381(c)(3)(B), 381(c)(3)(C), 852(d), 4940 (c)(1), and 4940 (c)(4) axe each amended by striking out "net capital gain" and inserting in lieu thereof "capital gain net income". (O) Section 1212(a)(1) is amended by striking out "net capital gain" each place it appears and inserting in lieu thereof "capital gain net income", and by striking out "net capital gains" and inserting in lieu thereof "capital gain net income". (P) Section 1247(a)(1)(B) is amended by striking out "the excess (determined as if such corporation were a domestic corporation) of the net long-term capital gain over the net short-term capital loss" and inserting in lieu thereof "the amount (determined as if such corporation were a domestic corporation) of the net capital gain". (Q)(i) Section 1375(a)(1) is amended by striking out over its short-term capital loss" and inserting in lieu thereof "the corporation's net capital gain". (ii) The second sentence of section 1375(a)(1) is amended by striking out "such excess" and inserting in lieu thereof "such net capital gain". (iii) Section 1375(a)(3) is amended by striking out "the excess of an electing small business corporation's net longterm capital gain over its net short-term capital loss" and inserting in lieu thereof "an electing small business corporation's net capital gain". (R) The following provisions are each amended by striking out "the excess of the net long-term capital gain over the net short-term capital loss," and inserting in lieu thereof "the net capital gain": Sections 1247(a)(2)(A)(i), 1247(a)(2) (C), 1247(d)(1) and (2), 1378(a)(1), 1378(b)(1), and 1378 (c)(3). (34) AMENDMENT CONFORMING TO THE REPEAL o r SECTION 1240.—
 * 'the excess of the corporation's net long-term capital gain

The table of sections of part IV of subchapter P of chapter 1 is amended by striking out the item relating to section 1240. (35) AMENDMENT CONFORMING TO THE REPEAL OF SECTION 1315.-—

The table of sections for part II of subchapter Q of chapter 1 is amended by striking out the item relating to section 1315. (36) AMENDMENTS CONFORMING TO THE REPEAL OF SECTION 1321.—

26 USC 472. 26 USC 6422.

(A) Section 472 is amended by striking out subsection (f). (B) Section 6422, as amended by this Act, is amended by striking out paragraph (2), and by redesignating paragraphs (3) through (13) as paragraphs (2) through (12), respectively. (C) Section 6504 is amended by striking out paragraph

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(1).

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(D) Section 6515 is amended by striking out paragraph (1). (E) The table of parts for subchapter Q of chapter 1 is amended by striking out the item relating to part III. (37) AMENDMENTS CONFORMING TO THE REPEAL OF SECTIONS 1331

THROUGH 1337.—

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