Page:United States Statutes at Large Volume 65.djvu/504

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470

PUBLIC LAW 183—OCT. 20, 1951

[65 STAT.

to read as follows: "In the case of a public utility, (A) for a taxable year beginning on January 1, 1951, and ending on December 31, 1951, an amount equal to 28 per centum of the lesser of (i) the amount o i dividends paid during the taxable year on its preferred stock or (ii) the adjusted net income for such taxable year minus the credit for dividends received provided in subsection (b) for such year, (B) for a taxable year beginning after March 31, 1951, and before April 1, 1954, an amount equal to 27 per centum of the lesser of (i) the amount of dividends paid during the taxable year on its preferred stock or (ii) the adjusted net income for such taxable year minus PMt'^'m' ^^^® credit for dividends received provided in subsection (b) for such year, and (C) for a taxable year beginning after March 31, 1954, an amount equal to 30 per centum of the lower of (i) the amount of dividends paid during the taxable year on its preferred stock or (ii) the adjusted net income for such taxable year minus the credit for dividends received provided in subsection (b) for such year." 26ufs.^c!§26 (i), (^) WESTERN HEMISPHERE TRADE CORPORATIONS.—Section 26(i) (relating to credit of a western hemisphere trade corporation) is hereby amended to read as follows: " (i) WESTERN HEMISPHERE TRADE CORPORATIONS.—In the case of a 66 Stat, m.^ ^^ western hemisphere trade corporation (as defined in section 109)— "(1) CALENDAR TEAR 1951.—In the case of a taxable year beginning on January 1, 1951, and ending on December 31, 1951, an amount equal to 28 per centum of its normal-tax net income computed without regard to the credit provided in this subsection. "(2) TAXABLE YEARS BEGINNING AFTER MARCH 31, 1951, AND BEFORE APRIL 1, 1954.—In the case of a taxable year beginning

after March 31, 1951, and before April 1, 1954, an amount equal to 27 per centum of its normal-tax net income computed without regard to the credit provided in this subsection. "(3)

TAXABLE YEARS BEGINNING AFTER MARCH 31, 1954.—In the

case of a taxable year beginning after March 31, 1954, an amount ec^ual to 30 per centum of its normal-tax net income computed without regard to the credit provided in this subsection." SEC. 123. COMPUTATION OF ALTERNATIVE CAPITAL GAINS TAX. iu!^s.c'. § 117(c) Section 117(c)(1) (relating to alternative tax on corporations) (1). is hereby amended by striking out the second paragraph and inserting in lieu thereof the following: " (A) A partial tax shall first be computed upon the net income reduced by the amount of such excess, at the rates and in the manner as if this subsection had not been enacted. " (B) There shall then be ascertained an amount equal to 25 per centum of such excess, except that in the case of any taxable year beginning after March 31, 1951, and before April 1, 1954, there shall be ascertained an amount equal to 26 per centum of such excess. " (C) The total tax shall be the partial tax computed under subparagraph (A) plus the amount computed under subparagraph (B). "