Page:United States Statutes at Large Volume 82.djvu/297

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[82 STAT. 255]
[82 STAT. 255]
PUBLIC LAW 90-000—MMMM. DD, 1968

82 STAT. ]

PUBLIC LAW 90-364-JUNE 28, 1968 '•(C)

E F F E C H V E DATE 1 / i \ I

DEFINED. - / v -

For 1

purposes p ^

255 of

sub"Elective date 1 i ° f t"^ s u r c h a r g e. "

paragraph (A), the term "enective date oi the surcharge means— " (i) January 1, 1968, in the case of a corporation, and "(ii) April 1, 1968, in the case of any other taxpayer. " (b) ADJUSTED TAX DEFINED.—For purposes of this section, the "Adjusted tax." term 'adjusted tax' means, with respect to any taxable year, the tax imposed by this chapter for such taxable year, determined without regard to— "(1) the taxes imposed by this section, section 871(a), and section 881; and 1555^'^^'*^' "(2) any increases in tax under section 47(a) (relating to cer- 26 USC 87i, tain dispositions, etc., of section 38 property) or section 614(c) ssi. (4)(C) (relating to increase in tax for deductions under section 72 stat! 1637. 615(a) prior to aggregation), 68A Stat. 211. and reduced by an amount equal to the amount of any credit which would be allowable under section 37 (relating to retirement income) ^^^ ^*^*' ^^' if no tax were imposed by this section for such taxable year. "(c) ESTIMATED T A X. — For purix)ses of applying the provisions of this title with respect to declarations, amended declarations, and payments of estimated tax the time prescribed for filing or payment of which is on or after— "(1) in the case of an individual, September 15, 1968, or "(2) in the case of a corporation, June 15, 1968, sections 6654(d)(1) and 6655(d)(1) shall not apply with respect to gg!?Itm825any taxable year for which a tax is imposed by this section. Post, p. 264.' " (d) WESTERN HEMISPHERE TRADE CORPORATIONS AND DIVIDENDS ON CERTAIN PREFERRED STOCK.—In computing, for a taxable year

of a corporation, the fraction described in— "(1) section 244(a)(2), relating to deduction with respect to yg^l^t^'ss ^ dividends received on the preferred stock of a public utility, "(2) section 2 4 7 (a)(2), relating to deduction with respect to certain dividends paid by a public utility, or "(3) section 922(2), relating to special deduction for Western Hemisphere trade corporations, the denominator shall, under regulations prescribed by the Secretary or his delegate, be increased to reflect the rate at which tax is imposed under subsection (a) for such taxable year. " (e) SHAREHOLDERS OF REGULAITED INVESTMENT COMPANIES.—In

computing the amount of tax deemed paid under section 852(b)(3) (D) (ii) and the adjustment to basis described in section 852(b)(3) ^^ ^^^^- 530. (D) ( i i i), the percentages set forth therein shall be adjusted under regulations prescribed by the Secretary or his delegate to reflect the rate at which tax is imposed under subsection (a). " (f) SPECIAL RULE. — For purposes of this title, to the extent the tax imposed by this section is attributable (under regulations prescribed by the Secretary or his delegate) to a tax imposed by another section OT this chapter, such tax shall be deemed to be imposed by such other 78 Stat. 29. section." (b) TECHNICAL AMENDMENT.—Section 963(b) (relating to receipt of minimum distributions by domestic corporations) is amended— (1) by striking out the heading of paragraph (1) and inserting in lieu thereof the following: " (1) TAXABLE YEARS BEGINNING I N 1963 AND TAXABLE YEARS ENTIRELY WITHIN THE SURCHARGE PERIOD.—", and

(2) by striking out the heading of paragraph (3) and inserting in lieu thereof the following: