26 U.S.C. § 854 — Limitations applicable to dividends re-

Page 1971 TITLE 26—INTERNAL REVENUE CODE § 854 vestment company in a written notice mailed to its shareholders not later than 60 days after the close of its taxable year’’ in text, could not be executed to the text because the words ‘‘so reported by the regulated invest- ment company in a written statement furnished to such shareholder’’ already appeared after the subse- quent general amendment of subsec. (c) by Pub. L. 113–295 which was effective as if included in the provi- sions of the American Recovery and Reinvestment Tax Act of 2009 (Pub. L. 111–5, div. B, title I) to which it re- lates. However, the substitution was executed to the heading to reflect the probable intent of Congress. See 2014 Amendment note above and Effective Date of 2014 Amendment note below. Subsec. (d). Pub. L. 111–325, § 301(d)(2), struck out ‘‘and notifying shareholders’’ after ‘‘election’’ in head- ing and ‘‘and the notice to shareholders required by subsection (c)’’ after ‘‘subsection (a)’’ in text. Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 2014 AMENDMENT Amendment by Pub. L. 113–295 effective as if included in the provisions of the American Recovery and Rein- vestment Tax Act of 2009, Pub. L. 111–5, div. B, title I, to which such amendment relates, see section 209(k) of Pub. L. 113–295, set out as a note under section 24 of this title. EFFECTIVE DATE OF 2010 AMENDMENT Amendment by Pub. L. 111–325 applicable to taxable years beginning after Dec. 22, 2010, see section 301(h) of Pub. L. 111–325, set out as a note under section 852 of this title. EFFECTIVE DATE Pub. L. 111–5, div. B, title I, § 1541(c), Feb. 17, 2009, 123 Stat. 362, provided that: ‘‘The amendments made by this section [enacting this section and amending sec- tions 54 and 54A of this title] shall apply to taxable years ending after the date of the enactment of this Act [Feb. 17, 2009].’’ § 854. Limitations applicable to dividends re- ceived from regulated investment company (a) Capital gain dividend For purposes of section 1(h)(11) (relating to maximum rate of tax on dividends) and section 243 (relating to deductions for dividends received by corporations), a capital gain dividend (as de- fined in section 852(b)(3)) received from a regu- lated investment company shall not be consid- ered as a dividend. (b) Other dividends (1) Amount treated as dividend (A) Deduction under section 243 In any case in which— (i) a dividend is received from a regu- lated investment company (other than a dividend to which subsection (a) applies), and (ii) such investment company meets the requirements of section 852(a) for the tax- able year during which it paid such divi- dend, then, in computing any deduction under sec- tion 243, there shall be taken into account only that portion of such dividend reported by the regulated investment company as eli- gible for such deduction in written state- ments furnished to its shareholders and such dividend shall be treated as received from a corporation which is not a 20-percent owned corporation. (B) Maximum rate under section 1(h) (i) In general In any case in which— (I) a dividend is received from a regu- lated investment company (other than a dividend to which subsection (a) applies), (II) such investment company meets the requirements of section 852(a) for the taxable year during which it paid such dividend, and (III) the qualified dividend income of such investment company for such tax- able year is less than 95 percent of its gross income, then, in computing qualified dividend in- come, there shall be taken into account only that portion of such dividend reported by the regulated investment company as qualified dividend income in written state- ments furnished to its shareholders. (ii) Gross income For purposes of clause (i), in the case of 1 or more sales or other dispositions of stock or securities, the term ‘‘gross in- come’’ includes only the excess of— (I) the net short-term capital gain from such sales or dispositions, over (II) the net long-term capital loss from such sales or dispositions. (C) Limitations (i) Subparagraph (a) The aggregate amount which may be re- ported as dividends under subparagraph (A) shall not exceed the aggregate divi- dends received by the company for the tax- able year. (ii) Subparagraph (b) The aggregate amount which may be re- ported as qualified dividend income under subparagraph (B) shall not exceed the sum of— (I) the qualified dividend income of the company for the taxable year, and (II) the amount of any earnings and profits which were distributed by the company for such taxable year and accu- mulated in a taxable year with respect to which this part did not apply. (2) Aggregate dividends For purposes of this subsection— (A) In general In computing the amount of aggregate dividends received, there shall only be taken into account dividends received from domes- tic corporations. (B) Dividends For purposes of subparagraph (A), the term ‘‘dividend’’ shall not include any distribu- tion from— (i) a corporation which, for the taxable year of the corporation in which the dis- tribution is made, or for the next pre- ceding taxable year of the corporation, is a Page 1972 TITLE 26—INTERNAL REVENUE CODE § 854 corporation exempt from tax under section 501 (relating to certain charitable, etc., or- ganizations) or section 521 (relating to farmers’ cooperative associations), or (ii) a real estate investment trust which, for the taxable year of the trust in which the dividend is paid, qualifies under part II of subchapter M (section 856 and fol- lowing). (C) Limitations on dividends from regulated investment companies In determining the amount of any dividend for purposes of this paragraph, a dividend re- ceived from a regulated investment company shall be subject to the limitations prescribed in this section. (3) Special rule for computing deduction under section 243 For purposes of subparagraph (A) of para- graph (1), an amount shall be treated as a divi- dend for the purpose of paragraph (1) only if a deduction would have been allowable under section 243 to the regulated investment com- pany determined— (A) as if section 243 applied to dividends re- ceived by a regulated investment company, (B) after the application of section 246 (but without regard to subsection (b) thereof), and (C) after the application of section 246A. (4) Qualified dividend income For purposes of this subsection, the term ‘‘qualified dividend income’’ has the meaning given such term by section 1(h)(11)(B). (Aug. 16, 1954, ch. 736, 68A Stat. 273; Pub. L. 88–272, title II, §§ 201(d)(8)–(10), 229(a)(4), Feb. 26, 1964, 78 Stat. 32, 99; Pub. L. 96–223, title IV, § 404(b)(6), Apr. 2, 1980, 94 Stat. 307; Pub. L. 97–34, title III, § 302(c)(4), (d)(1), Aug. 13, 1981, 95 Stat. 272, 274; Pub. L. 98–369, div. A, title I, §§ 16(a), 52(a)–(c), July 18, 1984, 98 Stat. 505, 564, 565; Pub. L. 99–514, title VI, §§ 612(b)(6), 655(a)(4), Oct. 22, 1986, 100 Stat. 2250, 2299; Pub. L. 100–203, title X, § 10221(d)(3), Dec. 22, 1987, 101 Stat. 1330–409; Pub. L. 100–647, title I, § 1006(b)(2), Nov. 10, 1988, 102 Stat. 3393; Pub. L. 108–27, title III, § 302(c), May 28, 2003, 117 Stat. 762; Pub. L. 108–311, title IV, § 402(a)(5)(A)–(D), Oct. 4, 2004, 118 Stat. 1184; Pub. L. 111–325, title III, § 301(e), Dec. 22, 2010, 124 Stat. 3544.) Editorial Notes AMENDMENTS 2010—Subsec. (b)(1)(A). Pub. L. 111–325, § 301(e)(1)(A), in concluding provisions, substituted ‘‘reported by the regulated investment company as eligible for such de- duction in written statements furnished to its share- holders’’ for ‘‘designated under this subparagraph by the regulated investment company’’. Subsec. (b)(1)(B)(i). Pub. L. 111–325, § 301(e)(1)(B), in concluding provisions, substituted ‘‘reported by the regulated investment company as qualified dividend in- come in written statements furnished to its share- holders’’ for ‘‘designated by the regulated investment company’’. Subsec. (b)(1)(C)(i). Pub. L. 111–325, § 301(e)(1)(C), sub- stituted ‘‘reported’’ for ‘‘designated’’. Subsec. (b)(1)(C)(ii). Pub. L. 111–325, § 301(e)(1)(D), sub- stituted ‘‘reported’’ for ‘‘designated’’ in introductory provisions. Subsec. (b)(2) to (5). Pub. L. 111–325, § 301(e)(2), redes- ignated pars. (3) to (5) as (2) to (4), respectively, and struck out former par. (2). Prior to amendment, text read as follows: ‘‘The amount of any distribution by a regulated investment company which may be taken into account as qualified dividend income for purposes of section 1(h)(11) and as dividends for purposes of the deduction under section 243 shall not exceed the amount so designated by the company in a written no- tice to its shareholders mailed not later than 60 days after the close of its taxable year.’’ 2004—Subsec. (b)(1)(B)(i). Pub. L. 108–311, § 402(a)(5)(A)(ii), reenacted heading without change and amended text generally. Prior to amendment, text read as follows: ‘‘If the aggregate dividends received by a regulated investment company during any taxable year are less than 95 percent of its gross income, then, in computing the maximum rate under section 1(h)(11), rules similar to the rules of subparagraph (A) shall apply.’’ Subsec. (b)(1)(B)(iii), (iv). Pub. L. 108–311, § 402(a)(5)(A)(i), struck out cls. (iii) and (iv) which re- lated to dividends from real estate investment trusts and dividends from qualified foreign corporations, re- spectively. Subsec. (b)(1)(C). Pub. L. 108–311, § 402(a)(5)(B), amend- ed heading and text of subpar. (C) generally. Prior to amendment, text read as follows: ‘‘The aggregate amount which may be designated as dividends under subparagraph (A) or (B) shall not exceed the aggregate dividends received by the company for the taxable year.’’ Subsec. (b)(2). Pub. L. 108–311, § 402(a)(5)(C), sub- stituted ‘‘as qualified dividend income for purposes of section 1(h)(11) and as dividends for purposes of’’ for ‘‘as a dividend for purposes of the maximum rate under sec- tion 1(h)(11) and’’. Subsec. (b)(5). Pub. L. 108–311, § 402(a)(5)(D), amended heading and text of par. (5) generally. Prior to amend- ment, text read as follows: ‘‘For purposes of paragraph (1)(B), an amount shall be treated as a dividend only if the amount is qualified dividend income (within the meaning of section 1(h)(11)(B)).’’ 2003—Subsec. (a). Pub. L. 108–27, § 302(c)(1), inserted ‘‘section 1(h)(11) (relating to maximum rate of tax on dividends) and’’ after ‘‘For purposes of’’. Subsec. (b)(1)(B). Pub. L. 108–27, § 302(c)(2), added sub- par. (B). Former subpar. (B) redesignated (C). Subsec. (b)(1)(C). Pub. L. 108–27, § 302(c)(2), (3), redesig- nated subpar. (B) as (C) and substituted ‘‘subparagraph (A) or (B)’’ for ‘‘subparagraph (A)’’. Subsec. (b)(2). Pub. L. 108–27, § 302(c)(4), inserted ‘‘the maximum rate under section 1(h)(11) and’’ after ‘‘for purposes of’’. Subsec. (b)(5). Pub. L. 108–27, § 302(c)(5), added par. (5). 1988—Subsec. (b)(3). Pub. L. 100–647 substituted ‘‘Ag- gregate dividends’’ for ‘‘Definitions’’ in heading and amended text generally, substituting subpars. (A) to (C) for former subpars. (A) and (B). 1987—Subsec. (b)(1)(A). Pub. L. 100–203 inserted ‘‘and such dividend shall be treated as received from a cor- poration which is not a 20-percent owned corporation’’ before period at end. 1986—Subsec. (a). Pub. L. 99–514, § 612(b)(6)(A), which directed that ‘‘section 116 (relating to an exclusion for dividends received by individuals), and’’ be struck out, was executed by striking out ‘‘section 116 (relating to an exclusion for dividends received by individuals) and’’ before ‘‘section 243’’ as the probable intent of Congress. Subsec. (b)(1)(B), (C). Pub. L. 99–514, § 612(b)(6)(B)(i), (ii), redesignated subpar. (C) as (B), struck out ‘‘or (B)’’ before ‘‘shall not exceed’’, and struck out former sub- par. (B), exclusion under section 116, which read as fol- lows: ‘‘If the aggregate dividends received by a regu- lated investment company during any taxable year are less than 95 percent of its gross income, then, in com- puting the exclusion under section 116, rules similar to the rules of subparagraph (A) shall apply.’’ Subsec. (b)(2). Pub. L. 99–514, § 655(a)(4), substituted ‘‘60 days’’ for ‘‘45 days’’. Page 1973 TITLE 26—INTERNAL REVENUE CODE § 854 Pub. L. 99–514, § 612(b)(6)(B)(iii), struck out ‘‘the ex- clusion under section 116 and’’ before ‘‘the deduction under section 243’’. Subsec. (b)(3)(B). Pub. L. 99–514, § 612(b)(6)(B)(iv), amended subpar. (B) generally. Prior to amendment, subpar. (B) read as follows: ‘‘The term ‘aggregate divi- dends received’ includes only dividends received from domestic corporations other than dividends described in section 116(b) (relating to dividends excluded from gross income). In determining the amount of any divi- dend for purposes of this subparagraph, the rules pro- vided in section 116(c) (relating to certain distribu- tions) shall apply.’’ 1984—Subsec. (b). Pub. L. 98–369, § 16(a), repealed amendments made by Pub. L. 97–34, § 302(c). See 1981 Amendment note below. Subsec. (b)(1). Pub. L. 98–369, § 52(a), increased the re- quired amount of dividends by substituting provisions directing that in any case in which (i) a dividend is re- ceived from a regulated investment company (other than a dividend to which subsection (a) applies), and (ii) such investment company meets the requirements of section 852(a) for the taxable year during which it paid such dividend, then, in computing any deduction under section 243, there shall be taken into account only that portion of such dividend thus designated by the regulated investment company, that if the aggre- gate dividends received by a regulated investment com- pany during any taxable year are less than 95 percent of its gross income, then, in computing the exclusion under section 116, similar rules applied, and that the aggregate amount which may be designated thus divi- dends shall not exceed the aggregate dividends received by the company for the taxable year for provisions which had directed that in the case of a dividend re- ceived from a regulated investment company (other than a dividend to which subsection (a) applied) (A) if such investment company met the requirements of sec- tion 852(a) for the taxable year during which it paid such dividend; and (B) the aggregate dividends received by such company during such taxable year were less than 75 percent of its gross income, then, in computing the exclusion under section 116 and the deduction under section 243, there was taken into account only that por- tion of the dividend which bore the same ratio to the amount of such dividend as the aggregate dividends re- ceived by such company during such taxable year to its gross income for such taxable year. Subsec. (b)(3)(A). Pub. L. 98–369, § 52(c), substituted provisions directing that in the case of 1 or more sales or other dispositions of stock and securities, the term ‘‘gross income’’ include only the excess of (i) the net short-term capital gain from such sales or dispositions, over (ii) the net long-term capital loss from such sales or dispositions for provisions which had directed that the term ‘‘gross income’’ not include gain from the sale or other disposition of stock or securities. Subsec. (b)(4). Pub. L. 98–369, § 52(b), added par. (4). 1981—Subsec. (b). Pub. L. 97–34, § 302(c)(4), (d)(1), pro- vided for general amendment of subsec. (b) so as to in- clude provisions relating to taxable interest described in section 128 of this title, applicable to taxable years beginning after Dec. 31, 1984. Section 16(a) of Pub. L. 98–369, repealed section 302(c) of Pub. L. 97–34, and pro- vided that this title shall be applied and administered as if section 302(c), and the amendments made by sec- tion 302(c), had not been enacted. 1980—Subsec. (b). Pub. L. 96–223, § 404(b)(6), tempo- rarily substituted ‘‘Other dividends and taxable inter- est’’ for ‘‘Other dividends’’ in heading, substituted ‘‘De- duction under section 243’’ for ‘‘General rule’’ in head- ing for par. (1), struck out ‘‘the exclusion under section 116 and’’ after ‘‘in computing’’ in text of par. (1) fol- lowing subpar. (B), added par. (2), redesignated former pars. (2) and (3) as (3) and (4), respectively, and, in par. (4) as so redesignated, substituted ‘‘116(b)(2)’’ for ‘‘116(b)’’ and ‘‘116(c)(2)’’ for ‘‘116(c)’’ in subpar. (B) and added subpar. (C). 1964—Subsec. (a). Pub. L. 88–272, § 201(d)(8), struck out ‘‘section 34(a) (relating to credit for dividends received by individuals),’’ before ‘‘section 116’’ and the comma before ‘‘and’’. Subsec. (b). Pub. L. 88–272, §§ 201(d)(9), (10), 229(a)(4), substituted ‘‘45 days’’ for ‘‘30 days’’ in par. (2), and struck out ‘‘the credit under section 34(a),’’ before ‘‘the exclusion’’ in par. (1), and ‘‘the credit under section 34,’’ before ‘‘the exclusion’’ in par. (2). Statutory Notes and Related Subsidiaries EFFECTIVE AND TERMINATION DATES OF 2010 AMENDMENT Amendment by Pub. L. 111–325 applicable to taxable years beginning after Dec. 22, 2010, see section 301(h) of Pub. L. 111–325, set out as an Effective Date of 2010 Amendment note under section 852 of this title. Pub. L. 111–325, title III, § 301(i), Dec. 22, 2010, 124 Stat. 3547, provided that: ‘‘Section 303 of the Jobs and Growth Tax Relief Reconciliation Act of 2003 [Pub. L. 108–27, which was repealed by Pub. L. 112–240, title I, § 102(a), Jan. 2, 2013, 126 Stat. 2318, was formerly set out as an Effective and Termination Dates of 2003 Amend- ment note under section 1 of this title] shall apply to the amendments made by subparagraphs (B) and (D) of subsection (e)(1) [amending this section] to the same extent and in the same manner as section 303 of such Act applies to the amendments made by section 302 of such Act [amending this section and sections 1, 163, 301, 306, 338, 467, 531, 541, 584, 702, 857, 1255, and 1257 of this title and repealing section 341 of this title].’’ EFFECTIVE DATE OF 2004 AMENDMENT Amendment by Pub. L. 108–311 effective as if included in section 302 of the Jobs and Growth Tax Relief Rec- onciliation Act of 2003, Pub. L. 108–27, see section 402(b) of Pub. L. 108–311, set out a note under section 1 of this title. EFFECTIVE DATE OF 2003 AMENDMENT Amendment by Pub. L. 108–27 applicable, except as otherwise provided, to taxable years beginning after Dec. 31, 2002, see section 302(f) of Pub. L. 108–27, set out as an Effective and Termination Dates of 2003 Amend- ment note under section 1 of this title. EFFECTIVE DATE OF 1988 AMENDMENT Amendment by 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. EFFECTIVE DATE OF 1987 AMENDMENT Amendment by Pub. L. 100–203 applicable to dividends received or accrued after Dec. 31, 1987, in taxable years ending after such date, see section 10221(e)(1) of Pub. L. 100–203, set out as a note under section 243 of this title. EFFECTIVE DATE OF 1986 AMENDMENT Amendment by section 612(b)(6) of Pub. L. 99–514 ap- plicable to taxable years beginning after Dec. 31, 1986, see section 612(c) of Pub. L. 99–514, set out as a note under section 301 of this title. Amendment by section 655(a)(4) of Pub. L. 99–514 ap- plicable to taxable years beginning after Oct. 22, 1986, see section 655(b) of Pub. L. 99–514, set out as a note under section 852 of this title. EFFECTIVE DATE OF 1984 AMENDMENT Amendment by section 16(a) of Pub. L. 98–369 applica- ble to taxable years ending after Dec. 31, 1983, see sec- tion 18(a) of Pub. L. 98–369, set out as a note under sec- tion 48 of this title. Pub. L. 98–369, div. A, title I, § 52(d), July 18, 1984, 98 Stat. 565, provided that: ‘‘The amendments made by this section [amending this section] shall apply to tax- able years of regulated investment companies begin- ning after the date of the enactment of this Act [July 18, 1984].’’ Page 1974 TITLE 26—INTERNAL REVENUE CODE § 855 EFFECTIVE AND TERMINATION DATES OF 1980 AMENDMENT Amendment by Pub. L. 96–223 applicable with respect to taxable years beginning after Dec. 31, 1980, and be- fore Jan. 1, 1982, see section 404(c) of Pub. L. 96–223, set out as a note under section 265 of this title. EFFECTIVE DATE OF 1964 AMENDMENT Amendment by section 201(d)(8)–(10) of Pub. L. 88–272 applicable to dividends received after Dec. 31, 1964, in taxable years ending after such date, see section 201(e) of Pub. L. 88–272, set out as a note under section 22 of this title. Amendment by section 229(a)(4) of Pub. L. 88–272 ap- plicable to taxable years of regulated investment com- panies ending on or after Feb. 26, 1964, see section 229(c) of Pub. L. 88–272, set out as a note under section 852 of this title. QUALIFIED DIVIDEND NOTICE PERIOD Pub. L. 108–311, title IV, § 402(a)(5)(F), Oct. 4, 2004, 118 Stat. 1185, provided that: ‘‘With respect to any taxable year of a regulated investment company or real estate investment trust ending on or before November 30, 2003, the period for providing notice of the qualified dividend amount to shareholders under [former, as to 854(b)(2)] sections 854(b)(2) and 857(c)(2)(C) of the Internal Rev- enue Code of 1986, as amended by this section, shall not expire before the date on which the statement under section 6042(c) of such Code is required to be furnished with respect to the last calendar year beginning in such taxable year.’’ § 855. Dividends paid by regulated investment company after close of taxable year (a) General rule For purposes of this chapter, if a regulated in- vestment company— (1) declares a dividend on or before the later of— (A) the 15th day of the 9th month following the close of the taxable year, or (B) in the case of an extension of time for filing the company’s return for the taxable year, the due date for filing such return tak- ing into account such extension, and (2) distributes the amount of such dividend to shareholders in the 12-month period fol- lowing the close of such taxable year and not later than the date of the first dividend pay- ment of the same type of dividend made after such declaration, the amount so declared and distributed shall, to the extent the company elects in such return in accordance with regulations prescribed by the Secretary, be considered as having been paid during such taxable year, except as provided in subsections (b) and (c). For purposes of para- graph (2), a dividend attributable to any short- term capital gain with respect to which a notice is required under the Investment Company Act of 1940 shall be treated as the same type of divi- dend as a capital gain dividend. (b) Receipt by shareholder Except as provided in section 852(b)(7), amounts to which subsection (a) is applicable shall be treated as received by the shareholder in the taxable year in which the distribution is made. (c) Foreign tax election If an investment company to which section 853 is applicable for the taxable year makes a dis- tribution as provided in subsection (a) of this section, the shareholders shall consider the amounts described in section 853(b)(2) allocable to such distribution as paid or received, as the case may be, in the taxable year in which the distribution is made. (Aug. 16, 1954, ch. 736, 68A Stat. 274; Pub. L. 86–779, § 10(b)(2), Sept. 14, 1960, 74 Stat. 1009; Pub. L. 88–272, title II, § 229(a)(5), Feb. 26, 1964, 78 Stat. 99; Pub. L. 94–455, title XIX, § 1906(b)(13)(A), Oct. 4, 1976, 90 Stat. 1834; Pub. L. 99–514, title VI, §§ 651(b)(1)(B), 655(a)(5), Oct. 22, 1986, 100 Stat. 2296, 2299; Pub. L. 100–647, title I, § 1006(l)(1)(B), Nov. 10, 1988, 102 Stat. 3413; Pub. L. 111–325, title III, §§ 301(g), 304(a)–(c), Dec. 22, 2010, 124 Stat. 3547–3549; Pub. L. 113–295, div. A, title II, § 205(b), Dec. 19, 2014, 128 Stat. 4026.) Editorial Notes REFERENCES IN TEXT The Investment Company Act of 1940, referred to in subsec. (a), 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. AMENDMENTS 2014—Subsec. (a)(1). Pub. L. 113–295 inserted ‘‘on or’’ before ‘‘before’’ in introductory provisions. 2010—Subsec. (a). Pub. L. 111–325, § 304(c), in con- cluding provisions, inserted at end ‘‘For purposes of paragraph (2), a dividend attributable to any short- term capital gain with respect to which a notice is re- quired under the Investment Company Act of 1940 shall be treated as the same type of dividend as a capital gain dividend.’’ Pub. L. 111–325, § 301(g)(2), substituted ‘‘and (c)’’ for ‘‘, (c) and (d)’’ in concluding provisions. Subsec. (a)(1). Pub. L. 111–325, § 304(a), amended par. (1) generally. Prior to amendment, par. (1) read as fol- lows: ‘‘declares a dividend prior to the time prescribed by law for the filing of its return for a taxable year (in- cluding the period of any extension of time granted for filing such return), and’’. Subsec. (a)(2). Pub. L. 111–325, § 304(b), substituted ‘‘the first dividend payment of the same type of divi- dend’’ for ‘‘the first regular dividend payment’’. Subsecs. (c), (d). Pub. L. 111–325, § 301(g)(1), redesig- nated subsec. (d) as (c) and struck out former subsec. (c). Text of former subsec. (c) read as follows: ‘‘In the case of amounts to which subsection (a) is applicable, any notice to shareholders required under this part with respect to such amounts shall be made not later than 60 days after the close of the taxable year in which the distribution is made.’’ 1988—Subsec. (b). Pub. L. 100–647 substituted ‘‘section 852(b)(7)’’ for ‘‘section 852(b)(6)’’. 1986—Subsec. (b). Pub. L. 99–514, § 651(b)(1)(B), sub- stituted ‘‘Except as provided in section 852(b)(6), amounts’’ for ‘‘Amounts’’. Subsec. (c). Pub. L. 99–514, § 655(a)(5), substituted ‘‘60 days’’ for ‘‘45 days’’. 1976—Subsec. (a). Pub. L. 94–455 struck out ‘‘or his delegate’’ after ‘‘Secretary’’. 1964—Subsec. (c). Pub. L. 88–272 substituted ‘‘45 days’’ for ‘‘30 days’’. 1960—Subsec. (c). Pub. L. 86–779 substituted ‘‘this part’’ for ‘‘this subchapter’’. Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 2014 AMENDMENT Amendment by Pub. L. 113–295 effective as if included in the provision of the Regulated Investment Company