26 U.S.C. § 586 — Untitled legal text

Page 1783 TITLE 26—INTERNAL REVENUE CODE [§ 586 Subsec. (c)(5)(C). Pub. L. 100–647, § 1009(a)(2)(A), added subpar. (C). 1987—Subsec. (c)(3)(C). Pub. L. 100–203 substituted ‘‘section 6655(e)(2)(A)(i)’’ for ‘‘section 6655(d)(3)’’. 1986—Subsec. (a). Pub. L. 99–514, § 901(a)(1), amended subsec. (a) generally. Prior to amendment, subsec. (a) read as follows: ‘‘This section shall apply to the fol- lowing financial institutions: ‘‘(1) any bank (as defined in section 581) other than an organization to which section 593 applies, and ‘‘(2) any corporation to which paragraph (1) would apply except for the fact that it is a foreign corpora- tion, and in the case of any such foreign corporation this section shall apply only with respect to loans outstanding the interest on which is effectively con- nected with the conduct of a banking business within the United States.’’ Subsec. (b)(1). Pub. L. 99–514, § 901(d)(1), substituted ‘‘subsection (a)’’ for ‘‘section 166(c)’’. Subsec. (c). Pub. L. 99–514, § 901(a)(2), added subsec. (c). 1981—Subsec. (b)(2). Pub. L. 97–34 defined ‘‘allowable percentage’’ to mean 1.0 percent for taxable years be- ginning in 1982 and 0.6 percent for taxable years begin- ning after 1982, previously so applicable for taxable years beginning after 1981 and redefined ‘‘base year’’ by substituting the last taxable year beginning before 1976 for taxable years beginning after 1975 but before 1983, for the last taxable year beginning before 1976 for tax- able years after 1975 but before 1982; and the last tax- able year beginning before 1983 for taxable years begin- ning after 1982, for the last taxable year beginning be- fore 1982 for taxable years beginning after 1981. 1976—Subsec. (b)(3), (4). Pub. L. 94–455 struck out ‘‘or his delegate’’ after ‘‘Secretary’’. Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 1996 AMENDMENT Amendment by Pub. L. 104–188 applicable to taxable years beginning after Dec. 31, 1995, see section 1616(c) of Pub. L. 104–188, set out as a note under section 593 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 Pub. L. 100–203, title X, § 10301(c), Dec. 22, 1987, 101 Stat. 1330–429, provided that: ‘‘The amendments made by this section [amending this section and sections 6201, 6425, 6601, 6651, and 6655 of this title and repealing section 6154 of this title] shall apply to taxable years beginning after December 31, 1987.’’ EFFECTIVE DATE OF 1986 AMENDMENT Amendment by Pub. L. 99–514 applicable to taxable years beginning after Dec. 31, 1986, see section 901(e) of Pub. L. 99–514, set out as a note under section 166 of this title. EFFECTIVE DATE OF 1981 AMENDMENT Pub. L. 97–34, title II, § 267(b), Aug. 13, 1981, 95 Stat. 267, provided that: ‘‘The amendment made by sub- section (a) [amending this section] shall apply to tax- able years beginning after 1981.’’ EFFECTIVE DATE Pub. L. 91–172, title IV, § 431(d), Dec. 30, 1969, 83 Stat. 620, provided that: ‘‘The amendments made by sub- sections (a) [enacting this section and section 586 of this title] and (c) [amending section 166 of this title] shall apply to taxable years beginning after July 11, 1969.’’ SAVINGS PROVISION For provisions that nothing in amendment by Pub. L. 101–508 be construed to affect treatment of certain transactions occurring, property acquired, or items of income, loss, deduction, or credit taken into account prior to Nov. 5, 1990, for purposes of determining liabil- ity for tax for periods ending after Nov. 5, 1990, see sec- tion 11821(b) of Pub. L. 101–508, set out as a note under section 45K of this title. [§ 586. Repealed. Pub. L. 99–514, title IX, § 901(c), Oct. 22, 1986, 100 Stat. 2378] Section, added Pub. L. 91–172, title IV, § 431(a), Dec. 30, 1969, 83 Stat. 618; amended Pub. L. 94–455, title XIX, § 1906(b)(13)(A), Oct. 4, 1976, 90 Stat. 1834, related to re- serves for losses on loans of small business investment companies, etc. Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF REPEAL Repeal applicable to taxable years beginning after Dec. 31, 1986, see section 901(e) of Pub. L. 99–514, set out as an Effective Date of 1986 Amendment note under sec- tion 166 of this title. PART II—MUTUAL SAVINGS BANKS, ETC. Sec. 591. Deduction for dividends paid on deposits. [592. Repealed.] 593. Reserves for losses on loans. 594. Alternative tax for mutual savings banks conducting life insurance business. [595, 596. Repealed.] 597. Treatment of transactions in which Federal financial assistance provided. Editorial Notes AMENDMENTS 1996—Pub. L. 104–188, title I, § 1616(b)(16), Aug. 20, 1996, 110 Stat. 1857, struck out items 595 ‘‘Foreclosure on property securing loans’’ and 596 ‘‘Limitation on divi- dends received deduction’’. 1989—Pub. L. 101–73, title XIV, § 1401(b)(1), Aug. 9, 1989, 103 Stat. 549, repealed amendment made by Pub. L. 99–514, § 904(b)(2), see 1986 Amendment note below. Pub. L. 101–73, title XIV, § 1401(a)(3)(C), Aug. 9, 1989, 103 Stat. 549, substituted ‘‘Treatment of transactions in which Federal financial assistance provided’’ for ‘‘FSLIC or FDIC financial assistance’’ in item 597. 1988—Pub. L. 100–647, title IV, § 4012(b)(2)(D)(ii), Nov. 10, 1988, 102 Stat. 3658, substituted ‘‘FSLIC or FDIC’’ for ‘‘FSLIC’’ in item 597. 1986—Pub. L. 99–514, title IX, § 904(b)(2), (c)(2)(A), Oct. 22, 1986, 100 Stat. 2385, as amended by Pub. L. 100–647, title IV, § 4012(a)(2), Nov. 10, 1988, 102 Stat. 3656, which, applicable to transfers after Dec. 31, 1989, in taxable years ending after that date, directed amendment of analysis by striking out item 597, was repealed by Pub. L. 101–73, title XIV, § 1401(b)(1), (c)(4), Aug. 9, 1989, 103 Stat. 549, 550, eff. Oct. 22, 1986, and applicable as if the amendments made by such section had not been en- acted. 1981—Pub. L. 97–34, title II, § 244(b), Aug. 13, 1981, 95 Stat. 255, added item 597. 1976—Pub. L. 94–455, title XIX, § 1901(b)(19), Oct. 4, 1976, 90 Stat. 1796, struck out item 592 ‘‘Deduction for repayment of certain loans’’. 1969—Pub. L. 91–172, title IV, § 434(b)(2), Dec. 30, 1969, 83 Stat. 625, added item 596. 1962—Pub. L. 87–834, § 6(d), Oct. 16, 1962, 76 Stat. 984, substituted ‘‘Reserves for losses on loans’’ for ‘‘Addi- tions to reserve for bad debts’’ in item 593, and added item 595.