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46 U.S.C. § 53507 — Nontaxation of deposits
Federal law — U.S. Code and appendices · legal_authorities
Page 429
TITLE 46—SHIPPING
§ 53508
HISTORICAL AND REVISION NOTES
Revised
Section
Source (U.S. Code)
Source (Statutes at Large)
53506 ..........
46 App.:1177(c).
June 29, 1936, ch. 858, title
VI, § 607(c), 49 Stat. 2005;
June 23, 1938, ch. 600,
§§ 23–28, 52 Stat. 960; Aug.
4, 1939, ch. 417, § 10, 53
Stat. 1185; July 17, 1952,
ch. 939, §§ 17–19, 66 Stat.
764; Pub. L. 85–637, Aug.
14, 1958, 72 Stat. 216; Pub.
L. 86–518, § 1, June 12, 1960,
74 Stat. 216; Pub. L. 87–45,
§ 6, May 27, 1961, 75 Stat.
91; Pub. L. 87–271, Sept. 21,
1961, 75 Stat. 570; restated
Pub. L. 91–469, § 21(a), Oct.
21, 1970, 84 Stat. 1027; Pub.
L. 97–31, § 12(97)(A), Aug. 6,
1981, 95 Stat. 162.
In subsection (b)(1)(B), the words ‘‘prudent investor’’
are substituted for ‘‘prudent men of discretion and in-
telligence in such matters’’ to eliminate unnecessary
words.
§ 53507. Nontaxation of deposits
(a) TAX TREATMENT.—Subject to subsection
(b), under the Internal Revenue Code of 1986 (26
U.S.C. 1 et seq.)—
(1) taxable income (determined without re-
gard to this chapter and section 7518 of such
Code (26 U.S.C. 7518)) for the taxable year shall
be reduced by the amount deposited for the
taxable year out of amounts referred to in sec-
tion 53505(a)(1) of this title;
(2) a gain from a transaction referred to in
section 53505(a)(3) of this title shall not be
taken into account if an amount equal to the
net proceeds (as defined in joint regulations)
from the transaction is deposited in the fund;
(3) the earnings (including gains and losses)
from the investment and reinvestment of
amounts held in the fund shall not be taken
into account;
(4) the earnings and profits of a corporation
(within the meaning of section 316 of such
Code (26 U.S.C. 316)) shall be determined with-
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Page 429
TITLE 46—SHIPPING
§ 53508
HISTORICAL AND REVISION NOTES
Revised
Section
Source (U.S. Code)
Source (Statutes at Large)
53506 ..........
46 App.:1177(c).
June 29, 1936, ch. 858, title
VI, § 607(c), 49 Stat. 2005;
June 23, 1938, ch. 600,
§§ 23–28, 52 Stat. 960; Aug.
4, 1939, ch. 417, § 10, 53
Stat. 1185; July 17, 1952,
ch. 939, §§ 17–19, 66 Stat.
764; Pub. L. 85–637, Aug.
14, 1958, 72 Stat. 216; Pub.
L. 86–518, § 1, June 12, 1960,
74 Stat. 216; Pub. L. 87–45,
§ 6, May 27, 1961, 75 Stat.
91; Pub. L. 87–271, Sept. 21,
1961, 75 Stat. 570; restated
Pub. L. 91–469, § 21(a), Oct.
21, 1970, 84 Stat. 1027; Pub.
L. 97–31, § 12(97)(A), Aug. 6,
1981, 95 Stat. 162.
In subsection (b)(1)(B), the words ‘‘prudent investor’’
are substituted for ‘‘prudent men of discretion and in-
telligence in such matters’’ to eliminate unnecessary
words.
§ 53507. Nontaxation of deposits
(a) TAX TREATMENT.—Subject to subsection
(b), under the Internal Revenue Code of 1986 (26
U.S.C. 1 et seq.)—
(1) taxable income (determined without re-
gard to this chapter and section 7518 of such
Code (26 U.S.C. 7518)) for the taxable year shall
be reduced by the amount deposited for the
taxable year out of amounts referred to in sec-
tion 53505(a)(1) of this title;
(2) a gain from a transaction referred to in
section 53505(a)(3) of this title shall not be
taken into account if an amount equal to the
net proceeds (as defined in joint regulations)
from the transaction is deposited in the fund;
(3) the earnings (including gains and losses)
from the investment and reinvestment of
amounts held in the fund shall not be taken
into account;
(4) the earnings and profits of a corporation
(within the meaning of section 316 of such
Code (26 U.S.C. 316)) shall be determined with-
out regard to this chapter and section 7518 of
such Code (26 U.S.C. 7518); and
(5) in applying the tax imposed by section
531 of such Code (26 U.S.C. 531), amounts held
in the fund shall not be taken into account.
(b) CONDITION.—This section applies to an
amount only if the amount is deposited in the
fund under the agreement within the time pro-
vided in joint regulations.
(Pub. L. 109–304, § 8(c), Oct. 6, 2006, 120 Stat. 1594.)
HISTORICAL AND REVISION NOTES
Revised
Section
Source (U.S. Code)
Source (Statutes at Large)
53507 ..........
46 App.:1177(d).
June 29, 1936, ch. 858, title
VI, § 607(d), 49 Stat. 2005;
June 23, 1938, ch. 600,
§§ 23–28, 52 Stat. 960; Aug.
4, 1939, ch. 417, § 10, 53
Stat. 1185; July 17, 1952,
ch. 939, §§ 17–19, 66 Stat.
764; Pub. L. 85–637, Aug.
14, 1958, 72 Stat. 216; Pub.
L. 86–518, § 1, June 12, 1960,
74 Stat. 216; Pub. L. 87–45,
§ 6, May 27, 1961, 75 Stat.
91; Pub. L. 87–271, Sept. 21,
1961, 75 Stat. 570; restated
Pub. L. 91–469, § 21(a), Oct.
21, 1970, 84 Stat. 1028; Pub.
L.
99–514,
title
II,
§ 261(e)(1), (2), Oct. 22, 1986,
100 Stat. 2215.
§ 53508. Separate accounts within a fund
(a) IN GENERAL.—A capital construction fund
shall have three accounts:
(1) The capital account.
(2) The capital gain account.
(3) The ordinary income account.
(b) CAPITAL
ACCOUNT.—The capital account
shall consist of—
(1) amounts referred to in section 53505(a)(2)
of this title;
(2) amounts referred to in section 53505(a)(3)
of this title, except that portion representing
a gain not taken into account because of sec-
tion 53507(a)(2) of this title;
(3) the percentage applicable under section
243(a)(1) of the Internal Revenue Code of 1986
(26 U.S.C. 243(a)(1)) of any dividend received by
the fund for which the person maintaining the
fund would be allowed (were it not for section
53507(a)(3) of this title) a deduction under sec-
tion 243 of such Code (26 U.S.C. 243); and
(4) interest income exempt from taxation
under section 103 of such Code (26 U.S.C. 103).
(c) CAPITAL GAIN ACCOUNT.—The capital gain
account shall consist of—
(1) amounts representing capital gains on as-
sets held for more than 6 months and referred
to in section 53505(a)(3) or (4) of this title;
minus
(2) amounts representing capital losses on
assets held in the fund for more than 6
months.
(d) ORDINARY INCOME ACCOUNT.—The ordinary
income account shall consist of—
(1) amounts referred to in section 53505(a)(1)
of this title;
(2)(A) amounts representing capital gains on
assets held for not more than 6 months and re-
ferred to in section 53505(a)(3) or (4) of this
title; minus
(B) amounts representing capital losses on
assets held in the fund for not more than 6
months;
(3) interest (except tax-exempt interest re-
ferred to in subsection (b)(4)) and other ordi-
nary income (except any dividend referred to
in paragraph (5)) received on assets held in the
fund;
(4) ordinary income from a transaction de-
scribed in section 53505(a)(3) of this title; and
(5) that portion of any dividend referred to
in subsection (b)(3) not taken into account
under subsection (b)(3).
(e) WHEN LOSSES ALLOWED.—Except on termi-
nation of a fund, capital losses referred to in
subsection (c) or (d)(2) shall be allowed only as
an offset to gains referred to in subsection (c) or
(d)(2), respectively.
(Pub. L. 109–304, § 8(c), Oct. 6, 2006, 120 Stat. 1595.)
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Married individuals filing joint returns and surviving spouses** There is hereby imposed on the taxable income of—
(1) every married individual (as defined in section 7703) who makes a single return jointly with his spouse under section 6013, and
(2) every surviving spouse (as defined in section 2(a)),
a tax determined in accordance with the following table: If taxable income is:The tax is: Not over $36,90015% of taxable income. Over $36,900 but not over $89,150$5,535, plus 28% of the excess over $36,900. Over $89,150 but not over $140,000$20,165, plus 31% of the excess over $89,150. Over $140,000 but not over $250,000$35,928.50, plus 36% of the excess over $140,000. Over $250,000$75,528.50, plus 39.6% of the excess over $250,000.
**(b) Heads of households** There is hereby imposed on the taxable income of every head of a household (as defined in section 2(b)) a tax determined in accordance with the following table: If taxable income is:The tax is: Not over $29,60015% of taxable income. Over $29,600 but not over $76,400$4,440, plus 28% of the excess over $29,600. Over $76,400 but not over $127,500$17,544, plus 31% of the excess over $76,400. Over $127,500 but not over $250,000$33,385, plus 36% of the excess over $127,500. Over $250,000$77,485, plus 39.6% of the excess over $250,000.
**(c) Unmarried individuals (other than surviving spouses and heads of households)** There is hereby imposed on the taxable income of every individual (other than a surviving spouse as defined in section 2(a) or the head of a household as defined in section 2(b)) who is not a married individual (as defined in section 7703) a tax determined in accordance with the following table: If taxable income is:The tax is: Not over $22,10015% of taxable income. Over $22,100 but not over $53,50
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Page 25
TITLE 26—INTERNAL REVENUE CODE
§ 1
1 Section catchline amended by Pub. L. 95–30 without cor-
responding amendment of analysis.
2014—Pub. L. 113–295, div. A, title II, § 221(a)(12)(A),
Dec. 19, 2014, 128 Stat. 4038, struck out part VII ‘‘Envi-
ronmental tax’’.
1989—Pub. L. 101–234, title I, § 102(a), Dec. 13, 1989, 103
Stat. 1980, repealed Pub. L. 100–360, § 111, and provided
that the provisions of law amended by such section are
restored or revived as if such section had not been en-
acted, see 1988 Amendment note below.
1988—Pub. L. 100–360, title I, § 111(c), July 1, 1988, 102
Stat. 697, added part VIII ‘‘Supplemental medicare pre-
mium’’.
1986—Pub. L. 99–499, title V, § 516(b)(5), Oct. 17, 1986,
100 Stat. 1771, added part VII.
1976—Pub. L. 94–455, title XIX, § 1901(b)(2), Oct. 4, 1976,
90 Stat. 1792, struck out part V ‘‘Tax surcharge’’.
1969—Pub. L. 91–172, title III, § 301(b)(1), Dec. 30, 1969,
83 Stat. 585, added part VI.
1968—Pub. L. 90–364, title I, § 102(d), June 28, 1968, 82
Stat. 259, added part V.
PART I—TAX ON INDIVIDUALS
Sec.
1.
Tax imposed.
2.
Definitions and special rules.
3.
Tax tables for individuals having taxable in-
come of less than $20,000.1
[4.
Repealed.]
5.
Cross references relating to tax on individ-
uals.
Editorial Notes
AMENDMENTS
1976—Pub. L. 94–455, title V, § 501(c)(1), Oct. 4, 1976, 90
Stat. 1559, substituted ‘‘Tax tables for individuals hav-
ing taxable income of less than $20,000’’ for ‘‘Optional
tax tables for individuals’’ in item 3 and struck out
item 4 relating to rules for optional tax.
1969—Pub. L. 91–172, title VIII, § 803(d)(9), Dec. 30, 1969,
83 Stat. 685, substituted ‘‘Definitions and special rules’’
and ‘‘Optional tax tables for individuals’’ for ‘‘Tax in
case of joint return or return
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Exclusion** Except as provided in subsection (b), gross income does not include interest on any State or local bond.
**(b) Exceptions** Subsection (a) shall not apply to—
(1) **Private activity bond which is not a qualified bond** — Any private activity bond which is not a qualified bond (within the meaning of section 141).
(2) **Arbitrage bond** — Any arbitrage bond (within the meaning of section 148).
(3) **Bond not in registered form, etc.** — Any bond unless such bond meets the applicable requirements of section 149.
**(c) Definitions** For purposes of this section and part IV—
(1) **State or local bond** — The term “State or local bond” means an obligation of a State or political subdivision thereof.
(2) **State** — The term “State” includes the District of Columbia and any possession of the United States.
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Federal law — U.S. Code and appendices · legal_authorities
Page 524
TITLE 26—INTERNAL REVENUE CODE
§ 103
Editorial Notes
AMENDMENTS
1986—Subsec. (c). Pub. L. 99–514 added subsec. (c).
Statutory Notes and Related Subsidiaries
EFFECTIVE DATE OF 1986 AMENDMENT
Amendment by Pub. L. 99–514 applicable to prizes and
awards granted after Dec. 31, 1986, see section 151(c) of
Pub. L. 99–514, set out as a note under section 1 of this
title.
§ 103. Interest on State and local bonds
(a) Exclusion
Except as provided in subsection (b), gross in-
come does not include interest on any State or
local bond.
(b) Exceptions
Subsection (a) shall not apply to—
(1) Private activity bond which is not a quali-
fied bond
Any private activity bond which is not a
qualified bond (within the meaning of section
141).
(2) Arbitrage bond
Any arbitrage bond (within the meaning of
section 148).
(3) Bond not in registered form, etc.
Any bond unless such bond meets the appli-
cable requirements of section 149.
(c) Definitions
For purposes of this section and part IV—
(1) State or local bond
The term ‘‘State or local bond’’ means an
obligation of a State or political subdivision
thereof.
(2) State
The term ‘‘State’’ includes the District of
Columbia and any possession of the United
States.
(Aug. 16, 1954, ch. 736, 68A Stat. 29; Pub. L. 90–364,
title I, § 107(a), June 28, 1968, 82 Stat. 266; Pub. L.
90–634, title IV, § 401(a), Oct. 24, 1968, 82 Stat.
1349; Pub. L. 91–172, title VI, § 601(a), Dec. 30,
1969, 83 Stat. 656; Pub. L. 92–178, title III, § 315(a),
(b), Dec. 10, 1971, 85 Stat. 529; Pub. L. 94–164,
§ 7(a), Dec. 23, 1975, 89 Stat. 976; Pub. L. 94–182,
title III, § 301(a), Dec. 31, 1975, 89 Stat. 1056; Pub.
L. 94–455, title XIX, §§ 1901(a)(17), (b)(8)(B),
1906(b)(13)(A), title XXI, §§ 2105(a)–(c), 2137(d),
Oct. 4, 1976, 9
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Federal law — U.S. Code and appendices · legal_authorities
**(a) General rule** In the case of a corporation, there shall be allowed as a deduction an amount equal to the following percentages of the amount received as dividends from a domestic corporation which is subject to taxation under this chapter:
(1) 50 percent, in the case of dividends other than dividends described in paragraph (2) or (3);
(2) 100 percent, in the case of dividends received by a small business investment company operating under the Small Business Investment Act of 1958 ([15 U.S.C. 661](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section661&num=0&edition=prelim) and following); and
(3) 100 percent, in the case of qualifying dividends (as defined in subsection (b)(1)).
**(b) Qualifying dividends**
(1) **In general** — For purposes of this section, the term “qualifying dividend” means any dividend received by a corporation—
(A) if at the close of the day on which such dividend is received, such corporation is a member of the same affiliated group as the corporation distributing such dividend, and
(B) if such dividend is distributed out of the earnings and profits of a taxable year of the distributing corporation which ends after December 31, 1963, and on each day of which the distributing corporation and the corporation receiving the dividend were members of such affiliated group.
(2) **Affiliated group** — For purposes of this subsection:
(A) *In general* — The term “affiliated group” has the meaning given such term by section 1504(a), except that for such purposes sections 1504(b)(2) and 1504(c) shall not apply.
(B) *Group must be consistent in foreign tax treatment* — The requirements of paragraph (1)(A) shall not be treated as being met with respect to any dividend received by a corporation if, for any taxabl
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Page 977
TITLE 26—INTERNAL REVENUE CODE
§ 243
250.
Foreign-derived intangible income and global
intangible low-taxed income.
Editorial Notes
AMENDMENTS
2017—Pub. L. 115–97, title I, §§ 13821(b)(2), 14101(e)(3),
14202(b)(4), Dec. 22, 2017, 131 Stat. 2181, 2192, 2216, added
items 245A, 247, and 250.
2014—Pub. L. 113–295, div. A, title II, § 221(a)(41)(A),
Dec. 19, 2014, 128 Stat. 4043, struck out item 244 ‘‘Divi-
dends received on certain preferred stock’’ and item 247
‘‘Dividends paid on certain preferred stock of public
utilities’’.
1990—Pub. L. 101–508, title XI, § 11801(b)(4), Nov. 5,
1990, 104 Stat. 1388–522, struck out item 250 ‘‘Certain
payments to the National Railroad Passenger Corpora-
tion’’.
1984—Pub. L. 98–369, div. A, title I, § 51(b), July 18,
1984, 98 Stat. 564, added item 246A.
1976—Pub. L. 94–455, title XIX, § 1901(b)(1)(AA), Oct. 4,
1976, 90 Stat. 1792, struck out item 242 ‘‘Partially tax-
exempt interest’’.
1970—Pub. L. 91–518, title IX, § 901(b), Oct. 30, 1970, 84
Stat. 1342, added item 250.
1969—Pub. L. 91–172, title IV, § 414(b), Dec. 30, 1969, 83
Stat. 613, added item 249.
§ 241. Allowance of special deductions
In addition to the deductions provided in part
VI (sec. 161 and following), there shall be al-
lowed as deductions in computing taxable in-
come the items specified in this part.
(Aug. 16, 1954, ch. 736, 68A Stat. 72.)
[§ 242. Repealed. Pub. L. 94–455, title XIX,
§ 1901(a)(33), Oct. 4, 1976, 90 Stat. 1769]
Section, acts Aug. 16, 1954, ch. 736, 68A Stat. 72; Feb.
26, 1964, Pub. L. 88–272, title I, § 123(c), 78 Stat. 30, al-
lowed to corporations as a deduction the amount re-
ceived as interest on obligations of the United States
or on obligations of corporations organized under Acts
of Congress which are instrum
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**(a) General rule** For purposes of this subtitle, the term “dividend” means any distribution of property made by a corporation to its shareholders—
(1) out of its earnings and profits accumulated after February 28, 1913, or
(2) out of its earnings and profits of the taxable year (computed as of the close of the taxable year without diminution by reason of any distributions made during the taxable year), without regard to the amount of the earnings and profits at the time the distribution was made.
Except as otherwise provided in this subtitle, every distribution is made out of earnings and profits to the extent thereof, and from the most recently accumulated earnings and profits. To the extent that any distribution is, under any provision of this subchapter, treated as a distribution of property to which section 301 applies, such distribution shall be treated as a distribution of property for purposes of this subsection.
**(b) Special rules**
(1) **Certain insurance company dividends** — The definition in subsection (a) shall not apply to the term “dividend” as used in subchapter L in any case where the reference is to dividends of insurance companies paid to policyholders as such.
(2) **Distributions by personal holding companies**
(A) In the case of a corporation which—
(i) under the law applicable to the taxable year in which the distribution is made, is a personal holding company (as defined in section 542), or
(ii) for the taxable year in respect of which the distribution is made under section 563(b) (relating to dividends paid after the close of the taxable year), or section 547 (relating to deficiency dividends), or the corresponding provisions of prior law, is a personal holding company under the law applicable to such taxable year,
the t
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Page 1099
TITLE 26—INTERNAL REVENUE CODE
§ 316
Amendment by section 1901(a)(43) of Pub. L. 94–455 ef-
fective for taxable years beginning after Dec. 31, 1976,
see section 1901(d) of Pub. L. 94–455, set out as a note
under section 2 of this title.
Amendment by section 1901(b)(32) of Pub. L. 94–455 ef-
fective for taxable years beginning after Dec. 31, 1976,
see section 1901(d) of Pub. L. 94–455, set out as a note
under section 2 of this title.
EFFECTIVE DATE OF 1969 AMENDMENT
Amendment by section 211(b)(3) of Pub. L. 91–172 ap-
plicable to taxable years beginning after December 31,
1969, see section 211(c) of Pub. L. 91–172, set out as a
note under section 301 of this title.
Amendment by section 905(b)(2) Pub. L. 91–172 effec-
tive with respect to distributions made after Nov. 30,
1969, see section 905(c) of Pub. L. 91–172, set out as a
note under section 311 of this title.
EFFECTIVE DATE OF 1966 AMENDMENT
Amendment by Pub. L. 89–570 applicable to taxable
years ending after Sept. 12, 1966, but only in respect of
expenditures paid or incurred after such date, see sec-
tion 3 of Pub. L. 89–570, set out as an Effective Date
note under section 617 of this title.
EFFECTIVE DATE OF 1964 AMENDMENT
Amendment by Pub. L. 88–484 applicable with respect
to transactions after Aug. 22, 1964 in taxable years end-
ing after such date, see section 2 of Pub. L. 88–484, set
out as a note under section 301 of this title.
Amendment by Pub. L. 88–272 applicable to disposi-
tions after Dec. 31, 1963, in taxable years ending after
such date, see section 231(c) of Pub. L. 88–272, set out as
an Effective Date note under section 1250 of this title.
EFFECTIVE DATE OF 1962 AMENDMENT
Amendment by section 13(f)(3) of Pub. L. 87–834 appli-
cable to taxable years beginning afte
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In addition to other taxes imposed by this chapter, there is hereby imposed for each taxable year on the accumulated taxable income (as defined in section 535) of each corporation described in section 532, an accumulated earnings tax equal to 20 percent of the accumulated taxable income.
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Page 1748
TITLE 26—INTERNAL REVENUE CODE
§ 531
Americans from Tax Hikes Act of 2015, div. Q of Pub. L.
114–113, to which such amendment relates, see section
101(s) of Pub. L. 115–141, set out as a note under section
24 of this title.
EFFECTIVE DATE OF 2008 AMENDMENT
Amendment by Pub. L. 110–245 applicable with re-
spect to deaths from injuries occurring on or after June
17, 2008, with provision for application of amendment to
deaths from injuries occurring on or after Oct. 7, 2001,
and before June 17, 2008, see section 109(d)(1), (2) of Pub.
L. 110–245, set out as a note under section 408A of this
title.
EFFECTIVE DATE OF 2004 AMENDMENT
Amendment by section 404(a) of Pub. L. 108–311 effec-
tive as if included in the provisions of the Economic
Growth and Tax Relief Reconciliation Act of 2001, Pub.
L. 107–16, to which such amendment relates, see section
404(f) of Pub. L. 108–311, set out as a note under section
45A of this title.
Amendment by section 406(b) of Pub. L. 108–311 effec-
tive as if included in the provisions of the Taxpayer Re-
lief Act of 1997, Pub. L. 105–34, to which such amend-
ment relates, see section 406(h) of Pub. L. 108–311, set
out as a note under section 55 of this title.
EFFECTIVE DATE OF 2003 AMENDMENT
Pub. L. 108–121, title I, § 107(b), Nov. 11, 2003, 117 Stat.
1339, provided that: ‘‘The amendments made by this
section [amending this section] shall apply to taxable
years beginning after December 31, 2002.’’
EFFECTIVE DATE OF 2002 AMENDMENT
Amendment by Pub. L. 107–147 effective as if included
in the provisions of the Economic Growth and Tax Re-
lief Reconciliation Act of 2001, Pub. L. 107–16, to which
such amendment relates, see section 411(x) of Pub. L.
107–147, set out as a note under section 25B of this title.
EFFEC
Source: Supplied 2024 U.S. Code historical extraction · 26 U.S.C. § 531
Stored review status: historical_2024_not_currentness_verified. The source passage cites 26 U.S.C. § 531. This identifies an authority to review, not proof of applicability.