The Investment Company Act of 1940, referred to in subsec. (d), is title I of act Aug. 22, 1940, ch. 686, 54 Stat. 789, which is classified generally to subchapter I (§ 80a–1 et seq.) of chapter 2D of Title 15, Commerce and Trade. For complete classification of this Act to the Code, see section 80a–51 of Title 15 and Tables.

2018—Subsec. (a)(1)(B). Pub. L. 115–141, § 401(a)(144), substituted “265 and” for “265,”.

Subsec. (b)(2)(D). Pub. L. 115–141, § 401(a)(145), substituted “The deduction” for “the deduction”.

2017—Subsec. (b)(1). Pub. L. 115–97, § 13001(b)(4), struck out “In the case of a regulated investment company which is a personal holding company (as defined in section 542) or which fails to comply for the taxable year with regulations prescribed by the Secretary for the purpose of ascertaining the actual ownership of its stock, such tax shall be computed at the highest rate of tax specified in section 11(b).” at end.

Subsec. (b)(3)(A). Pub. L. 115–97, § 13001(b)(2)(J), substituted “section 11(b)” for “section 1201(a)”.

2014—Subsec. (b)(8)(C) to (G). Pub. L. 113–295, § 205(c)(1), added subpars. (C) to (F), redesignated former subpar. (E) as (G), and struck out former subpars. (C) and (D) which related to post-October capital loss and late-year ordinary loss, respectively.

Subsec. (b)(8)(G)(i). Pub. L. 113–295, § 205(c)(2), substituted “and (E)” for “, (D)(i)(I), and (D)(ii)(I)”.

Subsec. (c)(2). Pub. L. 113–295, § 205(c)(3), in introductory provisions, substituted “, without regard to any capital loss” for “, and without regard to any capital loss” and inserted “, and with such other adjustments as the Secretary may prescribe” after “section 1212(a)(3)(A)”.

Pub. L. 113–295, § 205(a)(2), in introductory provisions, substituted “October 31, without regard to” for “October 31 and without regard to” and inserted “, and without regard to any capital loss arising on the first day of the taxable year by reason of clauses (ii) and (iii) of section 1212(a)(3)(A)” after “subsection (b)(8)(D))”.

2010—Subsec. (b)(2)(G). Pub. L. 111–325, § 201(c), added subpar. (G).

Subsec. (b)(3)(C). Pub. L. 111–325, § 301(a)(1), amended subpar. (C) generally. Prior to amendment, subpar. (C) related to definition of capital gain dividend.

Subsec. (b)(4)(E). Pub. L. 111–325, § 309(a), (b), substituted “Exception to holding period requirement for certain regularly declared exempt-interest dividends” for “Authority to shorten required holding period” in heading, added cl. (i), inserted cl. (ii) designation and heading before “In the case of”, and inserted “(other than a company described in clause (i))” after “regulated investment company”.

Subsec. (b)(5)(A). Pub. L. 111–325, § 301(b), amended subpar. (A) generally. Prior to amendment, text read as follows: “An exempt-interest dividend means any dividend or part thereof (other than a capital gain dividend) paid by a regulated investment company and designated by it as an exempt-interest dividend in a written notice mailed to its shareholders not later than 60 days after the close of its taxable year. If the aggregate amount so designated with respect to a taxable year of the company (including exempt-interest dividends paid after the close of the taxable year as described in section 855) is greater than the excess of—

“(i) the amount of interest excludable from gross income under section 103(a), over

“(ii) the amounts disallowed as deductions under sections 265 and 171(a)(2),

the portion of such distribution which shall constitute an exempt-interest dividend shall be only that proportion of the amount so designated as the amount of such excess for such taxable year bears to the amount so designated.”

Subsec. (b)(8). Pub. L. 111–325, § 308(a), amended par. (8) generally. Prior to amendment, text read as follows: “To the extent provided in regulations, the taxable income of a regulated investment company (other than a company to which an election under section 4982(e)(4) applies) shall be computed without regard to any net foreign currency loss attributable to transactions after October 31 of such year, and any such net foreign currency loss shall be treated as arising on the 1st day of the following taxable year.”

Subsec. (b)(10). Pub. L. 111–325, § 308(b)(1), struck out par. (10). Text read as follows: “To the extent provided in regulations, the taxable income of a regulated investment company (other than a company to which an election under section 4982(e)(4) applies) shall be computed without regard to any net reduction in the value of any stock of a passive foreign investment company with respect to which an election under section 1296(k) is in effect occurring after October 31 of the taxable year, and any such reduction shall be treated as occurring on the first day of the following taxable year.”

Subsec. (c)(1). Pub. L. 111–325, § 302(a), amended par. (1) generally. Prior to amendment, text read as follows: “The earnings and profits of a regulated investment company for any taxable year (but not its accumulated earnings and profits) shall not be reduced by any amount which is not allowable as a deduction in computing its taxable income for such taxable year. For purposes of this subsection, the term ‘regulated investment company’ includes a domestic corporation which is a regulated investment company determined without regard to the requirements of subsection (a).”

Subsec. (c)(2). Pub. L. 111–325, § 308(b)(2), in introductory provisions, substituted “For purposes of applying this chapter to distributions made by a regulated investment company with respect to any calendar year, the earnings and profits of such company shall be determined without regard to any net capital loss attributable to the portion of the taxable year after October 31 and without regard to any late-year ordinary loss (as defined in subsection (b)(8)(D)).” for “For purposes of applying this chapter to distributions made by a regulated investment company with respect to any calendar year, the earnings and profits of such company shall be determined without regard to any net capital loss (or net foreign currency loss) attributable to transactions after October 31 of such year, without regard to any net reduction in the value of any stock of a passive foreign investment company with respect to which an election under section 1296(k) is in effect occurring after October 31 of such year, and with such other adjustments as the Secretary may by regulations prescribe.”

Subsec. (c)(4). Pub. L. 111–325, § 302(b)(1), added par. (4).

Subsec. (f)(1)(C). Pub. L. 111–325, § 502(a), substituted “acquires, during the period beginning on the date of the disposition referred to in subparagraph (B) and ending on January 31 of the calendar year following the calendar year that includes the date of such disposition,” for “subsequently acquires”.

Subsec. (g). Pub. L. 111–325, § 303(a), added subsec. (g).

2007—Subsec. (b)(4)(C). Pub. L. 110–172 reenacted heading without change and amended text generally. Prior to amendment, text read as follows: “For purposes of this paragraph, the rules of paragraphs (3) and (4) of section 246(c) shall apply in determining the period for which the taxpayer has held any share of stock; except that ‘6 months’ shall be substituted for each number of days specified in subparagraph (B) of section 246(c)(3).”

2006—Subsec. (b)(3)(E). Pub. L. 109–222 added subpar. (E).

1999—Subsec. (c)(3). Pub. L. 106–170, § 566(a)(1), added par. (3).

Subsec. (e)(1). Pub. L. 106–170, § 566(c), inserted at end “If the determination under subparagraph (A) is solely as a result of the failure to meet the requirements of subsection (a)(2), the preceding sentence shall also apply for purposes of applying subsection (a)(2) to the non-RIC year and the amount referred to in paragraph (2)(A)(i) shall be the portion of the accumulated earnings and profits which resulted in such failure.”

1997—Subsec. (b)(3)(D)(iii). Pub. L. 105–34, § 1254(b)(2), substituted “by the difference between the amount of such includible gains and the tax deemed paid by such shareholder in respect of such shares under clause (ii).” for “by 65 percent of so much of such amounts as equals the amount subject to tax in accordance with section 1201(a).”

Subsec. (b)(10). Pub. L. 105–34, § 1122(c)(2), added par. (10).

Subsec. (c)(2). Pub. L. 105–34, § 1122(c)(3), inserted “, without regard to any net reduction in the value of any stock of a passive foreign investment company with respect to which an election under section 1296(k) is in effect occurring after October 31 of such year,” after “October 31 of such year”.

1996—Subsec. (b)(5)(C). Pub. L. 104–188 struck out subpar. (C). Prior to amendment, subpar. (C) read as follows:

“(C) Interest on certain loans used to acquire employer securities.—For purposes of this section—

“(i) 50 percent of the amount of any loan of the regulated investment company which qualifies as a securities acquisition loan (as defined in section 133) shall be treated as an obligation described in section 103(a), and

“(ii) 50 percent of the interest received on such loan shall be treated as interest excludable from gross income under section 103.”

1993—Subsec. (b)(3)(D)(iii). Pub. L. 103–66 substituted “65 percent” for “66 percent”.

1989—Subsec. (b)(9). Pub. L. 101–239, § 7204(c)(1), added par. (9).

Subsec. (f). Pub. L. 101–239, § 7204(b)(1), added subsec. (f).

1988—Subsec. (a). Pub. L. 100–647, § 1006(l)(8), inserted at end “The Secretary may waive the requirements of paragraph (1) for any taxable year if the regulated investment company establishes to the satisfaction of the Secretary that it was unable to meet such requirements by reason of distributions previously made to meet the requirements of section 4982.”

Subsec. (b)(3)(C). Pub. L. 100–647, § 1006(l)(4), substituted “net capital loss or net long-term capital loss” for “net capital loss” in two places in third sentence, and “computing the taxable income of the regulated investment company” for “computing regulated investment company taxable income” in fourth sentence.

Subsec. (b)(5)(C). Pub. L. 100–647, § 1011B(h)(4), substituted “section” for “paragraph”.

Subsec. (b)(6). Pub. L. 100–647, § 1006(l)(1)(A), redesignated par. (6), relating to time certain dividends are taken into account, as (7).

Subsec. (b)(7). Pub. L. 100–647, § 1006(l)(9), substituted “in October, November, or December” for “in December” and “in such a month” for “in such month”, in introductory text, “on December 31 of such calendar year” for “on such date” in subpars. (A) an (B), and “during January” for “before February 1” in last sentence.

Pub. L. 100–647, § 1006(l)(1)(A), redesignated par. (6), relating to time certain dividends are taken into account, as (7).

Subsec. (b)(8). Pub. L. 100–647, § 1006(l)(7), added par. (8).

Subsec. (c)(2). Pub. L. 100–647, § 1006(l)(3), amended par. (2) generally. Prior to amendment, par. (2) read as follows: “A regulated investment company shall be treated as having sufficient earnings and profits to treat as a dividend any distribution (other than in a redemption to which section 302(a) applies) which is treated as a dividend by such company. The preceding sentence shall not apply to the extent that the amount distributed during any calendar year by the company exceeds the required distribution for such calendar year (as determined under section 4982).”

Subsec. (e)(1). Pub. L. 100–647, §§ 1006(l)(10), 1018(p), amended par. (1) identically, substituting “subsection (a)(2)” for “subsection (a)(3)” in last sentence.

1986—Subsec. (a)(2), (3). Pub. L. 99–514, § 1878(j)(1), redesignated par. (3) as (2) and struck out former par. (2) which read as follows: “the investment company complies for such year with regulations prescribed by the Secretary for the purpose of ascertaining the actual ownership of its outstanding stock, and”.

Subsec. (b)(1). Pub. L. 99–514, § 1878(j)(2), substituted last sentence for former last sentence which read as follows: “In the case of a regulated investment company which is a personal holding company (as defined in section 542), that tax shall be computed at the highest rate of tax specified in section 11(b).”

Subsec. (b)(3)(C). Pub. L. 99–514, § 655(a)(1), substituted “60 days” for “45 days”.

Pub. L. 99–514, § 651(b)(3), inserted provision for determination of the amount of the net capital gain for a taxable year (to which an election under section 4982(e)(4) does not apply) and made such provision applicable also for purposes of computing regulated investment company taxable income.

Subsec. (b)(3)(D)(i). Pub. L. 99–514, § 655(a)(1), substituted “60 days” for “45 days”.

Subsec. (b)(3)(D)(iii). Pub. L. 99–514, § 311(b)(1), substituted “66 percent” for “72 percent”.

Subsec. (b)(4). Pub. L. 99–514, § 1804(c)(5), substituted “6 months or less” for “less than 31 days” in heading.

Subsec. (b)(4)(B)(ii). Pub. L. 99–514, § 1804(c)(1), substituted “6 months or less” for “less than 31 days”.

Subsec. (b)(4)(C). Pub. L. 99–514, § 1804(c)(2), amended subpar. (C) generally. Prior to amendment, subpar. (C) read as follows: “For purposes of this paragraph, the rules of paragraphs (3) and (4) of section 246(c) shall apply in determining the period for which the taxpayer held any share of stock; except that for the number of days specified in subparagraph (B) of section 246(c)(3) there shall be substituted—

“(i) ‘6 months’ for purposes of subparagraph (A), and

“(ii) ‘30 days’ for purposes of subparagraph (B).”

Subsec. (b)(4)(D). Pub. L. 99–514, § 1804(c)(3), substituted “subparagraphs (A) and (B)” for “subparagraph (A)”.

Subsec. (b)(4)(E). Pub. L. 99–514, § 1804(c)(4), added subpar. (E).

Subsec. (b)(5)(A). Pub. L. 99–514, § 655(a)(2), substituted “60 days” for “45 days”.

Subsec. (b)(5)(C). Pub. L. 99–514, § 1173(b)(1)(B), added subpar. (C).

Subsec. (b)(6). Pub. L. 99–514, § 651(b)(1)(A), added par. (6) relating to time certain dividends are taken into account.

Pub. L. 99–514, § 631(e)(11), added par. (6) relating to inapplicability of section 311(b) to certain distributions.

Subsec. (c). Pub. L. 99–514, § 651(b)(2), amended subsec. (c) generally, designating existing provisions as par. (1), inserting heading, and adding par. (2).

Subsec. (e)(3)(A). Pub. L. 99–514, § 1511(c)(6), substituted “the underpayment rate established under section 6621” for “the annual rate established under section 6621”.

1984—Subsec. (a)(3). Pub. L. 98–369, § 1071(a)(3), added par. (3).

Subsec. (b)(1). Pub. L. 98–369, § 1071(a)(2), inserted provision that in the case of a regulated investment company which is a personal holding company (as defined in section 542), that tax shall be computed at the highest rate of tax specified in section 11.

Subsec. (b)(2)(F). Pub. L. 98–369, § 1071(b)(1), added subpar. (F).

Subsec. (b)(3)(B). Pub. L. 98–369, § 1001(b)(11), (e), substituted “6 months” for “1 year”, applicable to property acquired after June 22, 1984, and before Jan. 1, 1988. See Effective Date of 1984 Amendment note below.

Subsec. (b)(4)(A)(i). Pub. L. 98–369, § 55(a)(1), substituted “subparagraph (B) or (D) of paragraph (3) provides that any amount with respect to any share is to be treated as long-term capital gain” for “under subparagraph (B) or (D) of paragraph (3) a shareholder of a regulated investment company is required, with respect to any share, to treat any amount as a long-term capital gain”.

Subsec. (b)(4)(A)(ii). Pub. L. 98–369, § 55(a)(1), substituted “6 months or less” for “less than 31 days”.

Subsec. (b)(4)(C). Pub. L. 98–369, § 55(a)(2), substituted “the rules of paragraphs (3) and (4) of section 246(c) shall apply in determining the period for which the taxpayer held any share of stock;” for “the rules of section 246(c)(3) shall apply in determining whether any share of stock has been held for less than 31 days;” and substituted provisions dealing with the applicable number of days for former provisions which set forth different applicable days.

Subsec. (b)(4)(D). Pub. L. 98–369, § 55(a)(3), added subpar. (D).

Subsec. (e). Pub. L. 98–369, § 1071(a)(4), added subsec. (e).

1983—Subsec. (b)(5). Pub. L. 97–424 substituted “section 103(a)” for “section 103(a)(1)” wherever appearing.

1980—Subsec. (b)(3)(D)(iii). Pub. L. 96–222 substituted “72 percent” for “70 percent”.

1978—Subsec. (b)(1). Pub. L. 95–600, § 301(b)(11), substituted “a tax” for “a normal tax and surtax”.

Subsec. (b)(3)(C). Pub. L. 95–600, § 362(c), inserted “, except that, if there is an increase in the excess described in subparagraph (A) of this paragraph for such year which results from a determination (as defined in section 860(e)), such designation may be made with respect to such increase at any time before the expiration of 120 days after the date of such determination” after “amount so designated”.

Subsec. (b)(4). Pub. L. 95–600, § 701(s)(2), designated first sentence, including subpars. (A) and (B), as subpar. (A), cls. (i) and (ii); added subpar. (A) heading and substituted “shall, to the extent of the amount described in clause (i), be treated as a long-term capital loss” for “shall, to the extent of the amount described in subparagraph (A) of this paragraph, be treated as loss from the sale or exchange of a capital asset held for more than 1 year”; added subpar. (B); and designated second sentence as subpar. (C).

1976—Subsec. (a)(1). Pub. L. 94–455, §§ 1901(b)(6)(B), 2137(a), designated existing provisions as introductory material and subpar. (A) and added subpar. (B).

Subsec. (a)(2). Pub. L. 94–455, § 1906(b)(13)(A), struck out “or his delegate” after “Secretary”.

Subsec. (b)(1). Pub. L. 94–455, § 1901(b)(1)(V), struck out provision relating to the computation of the normal tax under section 11 of this title.

Subsec. (b)(2)(A). Pub. L. 94–455, § 1901(b)(33)(I), substituted “the amount of the net capital gain, if any” for “the excess, if any, of the net long-term capital gain over the short-term capital loss”.

Subsec. (b)(2)(D). Pub. L. 94–455, § 2137(b), inserted reference to exempt-interest dividends.

Subsec. (b)(3)(A). Pub. L. 94–455, § 1901(b)(33)(J)(i), among other changes, struck out reference to the sum of the net short-term capital loss.

Subsec. (b)(3)(B). Pub. L. 94–455, § 1402(b)(2), provided that “9 months” would be changed to “1 year”.

Pub. L. 94–455, § 1402(b)(1)(N), provided that “6 months” would be changed to “9 months” for taxable years beginning in 1977.

Subsec. (b)(3)(C). Pub. L. 94–455, § 1901(a)(110)(A), (b)(33)(J)(ii), substituted “net capital gain” for “excess of the net long-term capital gain over the net short-term capital loss” in two places and struck out provision requiring for purpose of the deduction for capital gains dividends paid, the deductions shall in the case of a taxable year beginning before Jan. 1, 1975, first be made from the amount subject to tax in accordance with section 1201(a)(1)(B), to the extent thereof, and then from the amount subject to tax in accordance with section 1201(a)(1)(A).

Subsec. (b)(3)(D)(iii). Pub. L. 94–455, § 1901(a)(110)(B)(i), struck out “by 75 percent of so much of such amounts as equals the amount subject to tax in accordance with section 1201(a)(1)(A) and” after “his long term capital gains,” and “(72 percent in the case of a taxable year beginning after December 31, 1969, and before January 1, 1971)” after “by 70 percent” and substituted “section 1201(a)” for “section 1201(a)(1)(B) or (2)”.

Subsec. (b)(3)(D)(v). Pub. L. 94–455, § 1906(b)(13)(A), struck out “or his delegate” after “Secretary”.

Subsec. (b)(4). Pub. L. 94–455, § 1402(b)(2), provided that “9 months” would be changed to “1 year”.

Pub. L. 94–455, § 1402(b)(1)(N), provided that “6 months” would be changed to “9 months” for taxable years beginning in 1977.

Subsec. (b)(5). Pub. L. 94–455, § 2137(c), added par. (5).

Subsec. (d). Pub. L. 94–455, § 1901(a)(110)(C), (b)(33)(N), inserted in par. (1) “(15 U.S.C. 80a–1 and following)” after “Investment company Act of 1940” and substituted in provision following par. (2) “capital gain net income” for “net capital gain”.

1969—Subsec. (b)(3)(A). Pub. L. 91–172, § 511(c)(2)(A), substituted “determined as provided in section 1201(a), on” for “of 25 percent of”.

Subsec. (b)(3)(C). Pub. L. 91–172, § 511(c)(2)(B), inserted provision requiring for the purposes of the deduction for capital gains dividends paid the deduction shall, in the case of a taxable year beginning before Jan. 1, 1975, first be made from the amount subject to tax in accordance with section 1201(a)(1)(B), to the extent thereof, and then from the amount subject to tax in accordance with section 1201(a)(1)(A).

Subsec. (b)(3)(D). Pub. L. 91–172, § 511(c)(2)(C), (D), struck out “of 25 percent” in cl. (ii), substituted reference in cl. (iii) to the increase of the adjusted basis of shares in the hands of the shareholder, with respect to the amounts required by this subpar., by 75 percent of so much of such amounts as equals the amount subject to tax in accordance with section 1201(a)(1)(A) and by 70 percent (72 percent in the case of a taxable year beginning after Dec. 31, 1969, and before Jan. 1, 1971) of so much of such amounts as equals the amount subject to tax in accordance with section 1201(a)(1)(B) or (2), for reference to the increase of the adjusted basis of shares in the hand of the shareholder by 75 percent of the amounts required by this subpar. to be included in computing his long-term capital gains.

1964—Subsec. (b)(3)(C), (D)(i). Pub. L. 88–272, § 229(a)(1), (2), substituted “45 days” for “30 days”.

Subsec. (d). Pub. L. 88–272, § 229(b), added subsec. (d).

1960—Subsec. (a). Pub. L. 86–779, § 10(b)(2), substituted “this part” for “this subchapter”.

Subsec. (b)(3)(C). Pub. L. 86–779, § 10(b)(3), substituted “For purposes of this part, a capital gain dividend is” for “A capital gain dividend means”.

1958—Subsec. (a). Pub. L. 85–866, § 101(a), inserted “(other than subsection (c) of this section)”.

Subsec. (b)(4). Pub. L. 85–866, § 39(a), added par. (4).

Subsec. (c). Pub. L. 85–866, § 101(b), inserted sentence defining regulated investment company.

1956—Subsec. (b)(3)(D). Act July 11, 1956, added subpar. (D).

Amendment by Pub. L. 115–97 applicable to taxable years beginning after Dec. 31, 2017, see section 13001(c)(1) of Pub. L. 115–97, set out as a note under section 11 of this title.

Pub. L. 113–295, div. A, title II, § 205(f), Dec. 19, 2014, 128 Stat. 4027, provided that:

Amendment by section 201(c) of Pub. L. 111–325 applicable to taxable years with respect to which the due date (determined with regard to any extensions) of the return of tax for such taxable year is after Dec. 22, 2010, see section 201(d) of Pub. L. 111–325, set out as a note under section 851 of this title.

Pub. L. 111–325, title III, § 301(h), Dec. 22, 2010, 124 Stat. 3547, provided that: “The amendments made by this section [amending this section and sections 853, 853A, 854, 855, 860, and 871 of this title] shall apply to taxable years beginning after the date of the enactment of this Act [Dec. 22, 2010].”

Pub. L. 111–325, title III, § 302(c), Dec. 22, 2010, 124 Stat. 3548, provided that: “The amendments made by this section [amending this section and section 871 of this title] shall apply to taxable years beginning after the date of the enactment of this Act [Dec. 22, 2010].”

Pub. L. 111–325, title III, § 303(b), Dec. 22, 2010, 124 Stat. 3548, provided that: “The amendment made by this section [amending this section] shall apply to taxable years beginning after the date of the enactment of this Act [Dec. 22, 2010].”

Pub. L. 111–325, title III, § 308(c), Dec. 22, 2010, 124 Stat. 3551, provided that: “The amendments made by this section [amending this section and section 871 of this title] shall apply to taxable years beginning after the date of the enactment of this Act [Dec. 22, 2010].”

Pub. L. 111–325, title III, § 309(c), Dec. 22, 2010, 124 Stat. 3552, provided that: “The amendments made by this section [amending this section] shall apply to losses incurred on shares of stock for which the taxpayer’s holding period begins after the date of the enactment of this Act [Dec. 22, 2010].”

Pub. L. 111–325, title V, § 502(b), Dec. 22, 2010, 124 Stat. 3555, provided that: “The amendment made by this section [amending this section] shall apply to charges incurred in taxable years beginning after the date of the enactment of this Act [Dec. 22, 2010].”

Pub. L. 109–222, title V, § 505(d), May 17, 2006, 120 Stat. 357, provided that: “The amendments made by this section [amending this section and sections 871, 897, and 1445 of this title] shall apply to taxable years of qualified investment entities beginning after December 31, 2005, except that no amount shall be required to be withheld under section 1441, 1442, or 1445 of the Internal Revenue Code of 1986 with respect to any distribution before the date of the enactment of this Act [May 17, 2006] if such amount was not otherwise required to be withheld under any such section as in effect before such amendments.”

Pub. L. 106–170, title V, § 566(d), Dec. 17, 1999, 113 Stat. 1950, provided that: “The amendments made by this section [amending this section and section 857 of this title] shall apply to distributions after December 31, 2000.”

Amendment by section 1122(c)(2), (3) of Pub. L. 105–34 applicable to taxable years of United States persons beginning after Dec. 31, 1997, and to taxable years of foreign corporations ending with or within such taxable years of United States persons, see section 1124 of Pub. L. 105–34, set out as a note under section 532 of this title.

Pub. L. 105–34, title XII, § 1263, Aug. 5, 1997, 111 Stat. 1036, provided that: “The amendments made by this part [probably means subtitle D (§§ 1251–1263) of title XII of Pub. L. 105–34, amending this section and sections 856 and 857 of this title] shall apply to taxable years beginning after the date of the enactment of this Act [Aug. 5, 1997].”

Amendment by section 1602(b)(1) of Pub. L. 104–188 applicable to loans made after Aug. 20, 1996, with exception and provisions relating to certain refinancings, see section 1602(c) of Pub. L. 104–188, set out as an Effective Date of Repeal note under former section 133 of this title.

Amendment by Pub. L. 103–66 applicable to taxable years beginning on or after Jan. 1, 1993, see section 13221(d) of Pub. L. 103–66 set out as a note under section 11 of this title.

Pub. L. 101–239, title VII, § 7204(b)(2), Dec. 19, 1989, 103 Stat. 2335, provided that: “The amendment made by paragraph (1) [amending this section] shall apply to charges incurred after October 3, 1989, in taxable years ending after such date.”

Pub. L. 101–239, title VII, § 7204(c)(2), Dec. 19, 1989, 103 Stat. 2335, provided that: “The amendment made by paragraph (1) [amending this section] shall apply to dividends in cases where the stock becomes ex-dividend after the date of the enactment of this Act [Dec. 19, 1989].”

Pub. L. 100–647, title I, § 1006(l)(9), Nov. 10, 1988, 102 Stat. 3414, provided that the amendment made by that section is effective with respect to dividends declared in 1988 and subsequent calendar years.

Amendment by sections 1006(l)(1)(A), (3), (4), (7), (8), (10), 1011B(h)(4), and 1018(p) of Pub. L. 100–647 effective, except as otherwise provided, as if included in the provision of the Tax Reform Act of 1986, Pub. L. 99–514, to which such amendment relates, see section 1019(a) of Pub. L. 100–647, set out as a note under section 1 of this title.

Amendment by section 311(b)(1) of Pub. L. 99–514 applicable to taxable years beginning after Dec. 31, 1986, see section 311(c) of Pub. L. 99–514, set out as a note under section 593 of this title.

Amendment by section 631(e)(11) of Pub. L. 99–514 applicable to any distribution in complete liquidation, and any sale or exchange, made by a corporation after July 31, 1986, unless such corporation is completely liquidated before Jan. 1, 1987, any transaction described in section 338 of this title for which the acquisition date occurs after Dec. 31, 1986, and any distribution, not in complete liquidation, made after Dec. 31, 1986, with exceptions and special and transitional rules, see section 633 of Pub. L. 99–514, set out as an Effective Date note under section 336 of this title.

Amendment by section 651(b)(1)(A), (2), (3) of Pub. L. 99–514 applicable to calendar years beginning after Dec. 31, 1986, see section 651(d) of Pub. L. 99–514, set out as an Effective Date note under section 4982 of this title.

Pub. L. 99–514, title VI, § 655(b), Oct. 22, 1986, 100 Stat. 2299, provided that: “The amendments made by subsection (a) [amending this section and sections 853 to 855 of this title] shall apply to taxable years beginning after the date of the enactment of this Act [Oct. 22, 1986].”

Pub. L. 99–514, title XI, § 1173(c)(2)(A), Oct. 22, 1986, 100 Stat. 2516, provided that: “The amendments made by subsection (b)(1) [amending this section and former section 133 of this title] shall apply to loans used to acquire employer securities after the date of the enactment of this Act [Oct. 22, 1986], including loans used to refinance loans used to acquire employer securities before such date if such loans were used to acquire employer securities after May 23, 1984.”

Amendment by section 1511(c)(6) of Pub. L. 99–514 applicable for purposes of determining interest for periods after Dec. 31, 1986, see section 1511(d) of Pub. L. 99–514, set out as a note under section 47 of this title.

Pub. L. 99–514, title XVIII, § 1804(c)(6), Oct. 22, 1986, 100 Stat. 2800, provided that: “The amendments made by this subsection [amending this section] shall apply to stock with respect to which the taxpayer’s holding period begins after March 28, 1985.”

Amendment by section 1878(j) of Pub. L. 99–514 effective, except as otherwise provided, as if included in the provisions of the Tax Reform Act of 1984, Pub. L. 98–369, div. A, to which such amendment relates, see section 1881 of Pub. L. 99–514, set out as a note under section 48 of this title.

Pub. L. 98–369, div. A, title I, § 55(c), July 18, 1984, 98 Stat. 572, provided that: “The amendments made by this section [amending this section and section 857 of this title] shall apply to losses incurred with respect to shares of stock and beneficial interests with respect to which the taxpayer’s holding period begins after the date of the enactment of this Act [July 18, 1984].”

Amendment by section 1001(b)(11) of Pub. L. 98–369 applicable to property acquired after June 22, 1984, and before Jan. 1, 1988, see section 1001(e) of Pub. L. 98–369, set out as a note under section 166 of this title.

Pub. L. 98–369, div. A, title X, § 1071(a)(5), July 18, 1984, 98 Stat. 1051, as amended by Pub. L. 99–514, § 2, Oct. 22, 1986, 100 Stat. 2095, provided that:

Pub. L. 98–369, div. A, title X, § 1071(b)(2), July 18, 1984, 98 Stat. 1052 provided that: “The amendment made by paragraph (1) [amending this section] shall apply to taxable years beginning after December 31, 1978.”

Amendment by Pub. L. 96–222 effective, except as otherwise provided, as if it had been included in the provisions of the Revenue Act of 1978, Pub. L. 95–600, to which such amendment relates, see section 201 of Pub. L. 96–222, set out as a note under section 32 of this title.

Amendment by section 301(b)(11) of Pub. L. 95–600 applicable to taxable years beginning after Dec. 31, 1978, see section 301(c) of Pub. L. 95–600, set out as a note under section 11 of this title.

Amendment by section 362(c) of Pub. L. 95–600 applicable with respect to determinations (as defined in section 860(e) of this title) after Nov. 6, 1978, see section 362(e) of Pub. L. 95–600, set out as an Effective Date note under section 860 of this title.

Amendment by section 701(s)(2) of Pub. L. 95–600 applicable to taxable years beginning after Dec. 31, 1975, see section 701(s)(3) of Pub. L. 95–600, set out as a note under section 851 of this title.

Pub. L. 94–455, title XIV, § 1402(b)(1), Oct. 4, 1976, 90 Stat. 1731, provided that the amendment made by that section is effective with respect to taxable years beginning in 1977.

Pub. L. 94–455, title XIV, § 1402(b)(2), Oct. 4, 1976, 90 Stat. 1732, provided that the amendment made by that section is effective with respect to taxable years beginning after Dec. 31, 1977.

Amendment by section 1901(a)(110)(A), (C), (b)(1)(V), (6)(B), (33)(I), (J), (N) of Pub. L. 94–455 effective for taxable years beginning after Dec. 31, 1976, see section 1901(d) of Pub. L. 94–455, set out as an Effective Date of 1976 Amendment note under section 2 of this title.

Pub. L. 94–455, title XIX, § 1901(a)(110)(B)(ii), Oct. 4, 1976, 90 Stat. 1783, as amended by Pub. L. 99–514, § 2, Oct. 22, 1986, 100 Stat. 2095, provided that: “The amendment made by clause (i) [amending this section] shall not be considered to affect the amount of any increase in the basis of stock under the provisions of section 852(b)(3)(D)(iii) of the Internal Revenue Code of 1986 [formerly I.R.C. 1954] which is based upon amounts subject to tax under section 1201 of such Code [former section 1201 of this title] in taxable years beginning before January 1, 1975.”

Pub. L. 94–455, title XXI, § 2137(e), Oct. 4, 1976, 90 Stat. 1931, provided that: “The amendments made by this section [amending this section and sections 103 and 265 of this title] shall apply to taxable years beginning after December 31, 1975.”

Pub. L. 91–172, title V, § 511(d), Dec. 30, 1969, 83 Stat. 638, provided that: “The amendments made by this section [amending this section and sections 802, 857, 1201, 1222, and 1378 of this title] shall apply to taxable years beginning after December 31, 1969.”

Pub. L. 88–272, title II, § 229(c), Feb. 26, 1964, 78 Stat. 99, provided that: “The amendments made by subsection (a) [amending this section and sections 853, 854, and 855 of this title] shall apply to taxable years of regulated investment companies ending on or after the date of the enactment of this Act [Feb. 26, 1964]. The amendment made by subsection (b) [amending this section] shall apply to taxable years of regulated investment companies ending after December 31, 1963.”

Amendment of section by Pub. L. 86–779 applicable with respect to taxable years of real estate investment trusts beginning after Dec. 31, 1960, see section 10(k) of Pub. L. 86–779, set out as an Effective Date note under section 856 of this title.

Pub. L. 85–866, title I, § 39(b), Sept. 2, 1958, 72 Stat. 1638, provided that: “The amendment made by subsection (a) [amending this section] shall apply with respect to taxable years ending after December 31, 1957, but only with respect to shares of stock acquired after December 31, 1957.”

Pub. L. 85–866, title I, § 101(c), Sept. 2, 1958, 72 Stat. 1674, provided that: “The amendments made by this section [amending this section] shall apply with respect to taxable years of regulated investment companies beginning on or after March 1, 1958.”

Act July 11, 1956, ch. 573, § 2(b), 70 Stat. 530, provided that: “The amendment made by this section [amending this section] shall apply only with respect to taxable years of regulated investment companies beginning after December 31, 1956.”

For provisions directing that if any amendments made by subtitle A or subtitle C of title XI [§§ 1101–1147 and 1171–1177] or title XVIII [§§ 1800–1899A] of Pub. L. 99–514 require an amendment to any plan, such plan amendment shall not be required to be made before the first plan year beginning on or after Jan. 1, 1989, see section 1140 of Pub. L. 99–514, as amended, set out as a note under section 401 of this title.