Page:United States Statutes at Large Volume 98 Part 1.djvu/803

 PUBLIC LAW 98-369—JULY 18, 1984 (B) Paragraph (2) of section 453B(e) is amended to read as follows:

98 STAT. 755 26 USC 453B.

"(2) SPECIAL RULE WHERE U F E INSURANCE COMPANY ELECTS TO

TREAT INCOME AS NOT RELATED TO INSURANCE BUSINESS.—Paragraph (1) shall not apply to any transfer or deemed transfer of an installment obligation if the life insurance company elects (at such time and in such manner as the Secretary may by regulations prescribe) to determine its life insurance company taxable income— "(A) by returning the income on such installment obligation under the installment method prescribed in section 453, and "(B) as if such income were an item attributable to a noninsurance business (as defined in section 806(c)(3))." (7) Paragraph (5) of section 542(b) (relating to certain dividend income received from a nonincludible life insurance company) is amended by striking out "section 802" and inserting in lieu thereof "section 801. (8) Subsection (b) of section 594 (relating to alternative tax for mutual savings banks conducting life insurance business) is amended by striking out "section 801" and inserting in lieu thereof "section 816. (9) Paragraph (4) of section 832(b) (defining premiums earned) is amended by striking out "section 801(b)" and inserting in lieu thereof "section 816(b) but determined as provided in section 807" and by striking out "section 801" and inserting in lieu thereof "section 816". (10) Section 841 (relating to credit for foreign taxes) is amended— (A) by striking out "section 802", each place it appears and inserting in lieu thereof "section 801", and (B) by striking out "section 802(b)" and inserting in lieu thereof "section 801(b)". (UXA) Subsection (a) of section 844 (relating to special loss carryover rules) is amended— (i) by striking out "section 812", and inserting in lieu thereof "section 810 (or the corresponding provisions of prior law),", and (ii) by striking out "section 812(a)" and inserting in lieu thereof "section 810(a)". (B) Subsection (b) of section 844 is amended— (i) by striking out "section 812(a)" and inserting in lieu thereof "section 810(a)", and (ii) by striking out "section 812(b)(l)(C)" in paragraph (2) and inserting in lieu thereof "section 810(b)(l)(C)". (12) Section 891 (relating to doubling of rates of tax on citizens and corporations of certain foreign countries) is amended by striking out "802" and inserting in lieu thereof "801". (13XA) Subsection (b) of section 953 (relating to income from insurance of United States risks) is amended by striking out paragraph (1) and by redesignating paragraphs (2), (3), (4), and (5) as paragraphs (1), (2), (3), and (4), respectively. (B) Paragraph (2) of section 953(b), as redesignated by subparagraph (A), is amended to read as follows: "(2) The following provisions of subchapter L shall not apply: "(A) The special life insurance company deduction and the small life insurance company deduction.

Ante, p. 724^ 26 USC 542.

26 USC 594.

26 USC 832.

26 USC 841.

26 USC 844.

26 USC 891. 26 USC 953.

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