Page:United States Statutes at Large Volume 104 Part 2.djvu/965

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PUBLIC LAW 101-508 —NOV. 5, 1990 104 STAT. 1388-557 "(ii) for purposes of this subsection, a distribution by any member of such group which is subject to tax under section 801 shall not be treated as a qualifying dividend if such distribution is out of earnings and profits for a taxable year for which an election under this paragraph is not effective and for which such distributing corporation was not a component member of a controlled group of corporations within the meaning of section 1563 solely by reason of section 1563(b)(2)(D). "(C) ELECTION.—An election under this paragraph shall be made by the common parent of the affiliated group and at such time and in such manner as the Secretary shall by regulations prescribe. Any such election shall be binding on all members of such group and may be revoked only with the consent of the Secretary." (b) CONFORMING AMENDMENT.— Clause (i) of section 1504(c)(2)(B) is amended— (1) by striking "section 243(b)(6)" and inserting "section 243(b)(3)", and (2) by striking "section 243(b)(5)" and inserting "243(b)(2)". (c) EFFECTIVE DATE.— 26 USC 243 note. (1) IN GENERAL.—The amendments made by this section shall apply to taxable years beginning after December 31, 1990. (2) TREATMENT OP OLD ELECTIONS.— For purposes of section 243(b)(3) of the Internal Revenue Code of 1986 (as amended by subsection (a)), any reference to an election under such section shall be treated as including a reference to an election under section 243(b) of such Code (as in effect on the day before the date of the enactment of this Act). SEC. 11815. ELIMINATION OF EXPIRED PROVISIONS IN PERCENTAGE DEPLETION. i (a) SECTION 613A. — ' (1) GENERAL RULE.— Subsection (c) of section 613A is amended— (A) by striking "the applicable percentage (determined in accordance with the table contained in paragraph (5))" in paragraph (1) and inserting "15 percent", (B) by amending subparagraph (B) of paragraph (3) to read as follows: "(B) TENTATIVE QUANTITY. — For purposes of subparagraph (A), the tentative quantity is 1,000 barrels.", and (C) by striking paragraphs (5), and (7)(E). (2) CONFORMING AMENDMENTS.— (A) Subparagraphs (A) and (B) of section 613A(c)(7) are each amended by striking "specified in paragraph (5)" and inserting "specified in paragraph (1)". (B) Paragraphs (8)(B), (8)(C), and (9) are each amended by striking "determined under the table contained in paragraph (3)(B)" each place it appears and inserting "determined under paragraph (3)(B)". (b) SECTION 613(e). — (1) Subsection (e) of section 613 is amended by striking paragraph (2) and by redesignating paragraphs (3) and (4) as paragraphs (2) and (3), respectively.