1540
PUBLIC LAW 89-809-NOV. 13, 1966
[80 STAT.
TITLE I—FOREIGN INVESTORS TAX ACT—Continued Sec. 108. Estates of nonresidents not citizens. (a) Rate of tax. (b) Credits against tax. (c) Property within the United States. (d) Property without the United States. (e) Definition of taxable estate. (f) Special methods of computing tax. (g) Estate tax returns, (h) Clerical amendment, (i) Effective date. Sec. 109. Tax on gifts of nonresidents not citizens. (a) Imposition of tax. (b) Transfers in general. (c) Effective date. Sec. 110. Treaty obligations. TITLE II—OTHER AMENDMENTS TO INTERNAL REVENUE CODE Sec. 201. Application of investment credit to property used in possessions of the United States. (a) Property used by domestic corporations, etc. (b) Effective date. Sec. 202. Basis of property received on liquidation of subsidiary. (a) Definition of purchase. (b) Period of acquisition. (c) Distribution of installment obligations. (d) Effective dates. Sec. 203. Transfers of property to investment companies controlled by transferors. (a) Transfers to investment companies. (b) Investment companies required to file registration statement with S.E.C. (c) Effective date. Sec. 204. Removal of special limitations with respect to deductibility of contributions to pension plans by self-employed individuals. (a) Removal of special limitations. (b) Conforming amendments. (c) Definition of earned income. (d) Effective date. Sec. 205. Treatment of certain income of authors, inventors, etc., as earned income for retirement plan purposes. (a) Income from disposition of property created by taxpayer. (b) Effective date. Sec. 206. Exclusion of certain rents from personal holding company income. (a) Rents from leases of certain tangible personal property. (b) Technical amendments. (c) Effective date. Sec. 20^. Percentage depletion rate for certain clay bearing alumina. (a) 23 percent rate. (b) Treatment processes. (c) Effective date. Sec. 208. Percentage depletion rate for clam and oyster shells. (a) 15 percent rate. (b) Effective date. Sec. 209. Percentage depletion rate for certain clay, shale, and slate. (a) 7^-percent rate. (b) Conforming amendment. (c) Effective date. Sec. 210. Straddles. (a) Treatment as short-term capital gain. (b) Effective date. Sec. 211. Tax treatment of per-unit retain allocations. (a) Tax treatment of cooperatives. (b) Tax treatment by patrons. (c) Definitions. (d) Information reporting. (e) Effective dates. (f) Transition rule. Sec. 212. Excise tax rate on ambulances and hearses. (a) Classification as automobiles. (b) Effective date.
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