PUBLIC LAW 94-455—OCT. 4, 1976
90 STAT. 1777
(74) AMENDMENT OF SECTION 533.—Section 535(b)(1) (relating 26 USC 535. to adjustments in computing accumulated taxable income) is amended by striking out "(other than the excess profits tax imposed by subchapter E of chapter 2 of the Internal Revenue Co<le of 1939 for taxable years beginning after December 31, 1940)". ( 7 5) AMENDMENTS OF SECTION 5 a 7. —
(A) Section 537(b)(2) (relating to definition of excess business holdings redemption needs) is amended by striking out ", with respect to taxable years of the corporation ending after May 26, 1969,". (B) Section 537(b)(4) (relating to inferences as to prior years) is amended by striking out "or (2)". (76) AMENDMENTS OF SECTION 542.— (A) Section 542(a)(2) (relating to definition of personal holding company) is amended by striking out the last sentence. (B) Section 542(b)(2) (relating to ineligible affiliated group) is amended by striking out ", other than an affiliated group of railroad corporations the common parent of which would be eligible to file a consolidated return under section 141 of the Internal Revenue Code of 1939 prior to its amendment by the Revenue Act of 1942,". (C) Section 542(c)(2) (relating to financial institutions) is amended by striking out "without regard to subparagraphs (D) and (E) thereof". (D) Section 542(c)(8) (relating to small business investment companies) is amended by inserting after "Small Business Investment Act of 1958" the following: " (15 U.S.C. 661 and following)". (77) AMENDMENTS OF SECTION 545.— (A) Section 545(b)(1) (relating to deduction of taxes in computing undistributed personal holding company income) is amended— (i) in the first sentence, by striking out "(other than the excess profits tax imposed by subchapter E of chapter 2 of the Internal Revenue Code of 1939 for taxable years beginning after December 31, 1940)"; and (ii) by striking out the last two sentences (relating to deduction of taxes). (B) Section 545(b) (relating to adjustments in computing undistributed personal holding company income) is amended by striking out paragraph (7) (relating to payment of indebtedness incurred before 1934). (C) Section 545(c)(2)(A) (relating to corporations to which special adjustment applies) is amended by striking out "the date of enactment of this subsection" and inserting in lieu thereof "February 26, 1964". (78) ^ AMENDMENT OF SECTION 547.—Section 547 (relating to the deduction of deficiency dividends) is amended by striking out subsection (h) (relating to the effective date). (79) AMENDMENT OF SECTION 551.—Section 551(c) (relating to foreign personal holding company income tax returns), as redesignated by subsection (b)(1)(F) of this section, is amended by striking out "taxable income, foreign personal holding com-
26 USC 537. ^, . ^
- ,,.
26 USC 542.
26 USC 545.
26 USC 547. 26 USC 551.
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