Amendments
2002—Subsec. (b)(3)(B). Pub. L. 107–147 substituted “Arms Export Control Act” for “International Security Assistance and Arms Export Control Act of 1976”.
2000—Subsec. (b)(3)(B). Pub. L. 106–554, § 1(a)(7) [title III, § 319(12)], substituted “section 38 of the International Security Assistance and Arms Export Control Act of 1976 (22 U.S.C. 2778)” for “the Military Security Act of 1954 (22 U.S.C. 1934)”.
Subsec. (f)(4). Pub. L. 106–554, § 1(a)(7) [title III, § 307(c)], substituted “the average of the 1-year constant maturity Treasury yields, as published by the Board of Governors of the Federal Reserve System, for the 1-year period” for “the average investment yield of United States Treasury bills with maturities of 52 weeks which were auctioned during the 1-year period”.
1999—Subsec. (b)(1)(C). Pub. L. 106–170 substituted “1221(a)(1)” for “1221(1)”.
1989—Subsec. (g). Pub. L. 101–239 substituted “section 511 (or any other person otherwise subject to tax under section 511)” for “section 511” in introductory provisions.
1988—Subsec. (c)(1). Pub. L. 100–647, § 1006(e)(15), struck out subpar. (C) and last sentence which read as follows:
“(C) a shareholder distributes, sells, or exchanges stock in a DISC or former DISC in a transaction to which section 311, 336, or 337 applies, then an amount equal to the excess of the fair market value of such stock over its adjusted basis in the hands of the shareholder shall, notwithstanding any provision of this title, be included in gross income of the shareholder as a dividend to the extent provided in paragraph (2).
Subparagraph (C) shall not apply if the person receiving the stock in the disposition has a holding period for the stock which includes the period for which the stock was held by the shareholder disposing of such stock.”
Subsec. (g). Pub. L. 100–647, § 1012(bb)(6)(A), added subsec. (g).
1986—Subsec. (b)(1)(F)(i). Pub. L. 99–514, § 1876(b)(2)(A), inserted “in the case of a shareholder which is a C corporation,”.
Subsec. (b)(1)(F)(ii). Pub. L. 99–514, § 1876(b)(2)(B), substituted “16⁄17 of the excess referred to in clause (i),” for “the amount determined under clause (i)”.
Subsec. (f)(4) to (6). Pub. L. 99–514, § 1876(p)(1), redesignated as pars. (4), (5), and (6), respectively, former par. (3) relating to base period T-bill rate, (4) relating to short years, and (5) relating to payment and assessment and collection of interest.
Subsec. (f)(7). Pub. L. 99–514, § 1876(g), added par. (7).
1984—Subsec. (b)(1)(E). Pub. L. 98–369, § 802(b)(1), substituted “of the DISC attributable to qualified export receipts of the DISC for the taxable year which exceed $10,000,000” for “for the taxable year attributable to base period export gross receipts (as defined in subsection (e))”.
Subsec. (b)(1)(F)(i). Pub. L. 98–369, § 68(d), substituted “one-seventeenth” for “one/half”.
Subsec. (b)(4). Pub. L. 98–369, § 802(b)(2), added par. (4).
Subsec. (e). Pub. L. 98–369, § 802(a)(1), (2), redesignated subsec. (g) as (e). Former subsec. (e), which related to definitions and special rules relating to computation of taxable income attributable to base period export gross receipts, was struck out.
Subsec. (f). Pub. L. 98–369, § 802(a)(1), (3), added subsec. (f). Former subsec. (f), which related to small DISCs, was struck out.
Subsec. (g). Pub. L. 98–369, § 802(a)(2), redesignated subsec. (g) as (e).
1978—Subsec. (b)(1). Pub. L. 95–600, § 703(i)(1), (2), substituted in subpar. (G) “subsection (d)” for “subsection (D)”, and in provisions following subpar. (G) “income” for “gross income (taxable income in the case of subparagraph (D))” and “subparagraph (G)” for “subparagraph (E)”.
Subsec. (c)(1). Pub. L. 95–600, § 701(u)(12)(B), inserted provision relating to application of subpar. (C).
1976—Subsec. (b)(1)(C). Pub. L. 94–455, § 1901(b)(3)(K), substituted “ordinary income” for “gain from the sale or exchange of property which is neither a capital asset nor property described in section 1231” after “treated as”.
Subsec. (b)(1)(D), (E). Pub. L. 94–455, § 1101(a)(1), added subpars. (D) and (E) and redesignated former subpars. (D) and (E) as (F) and (G), respectively.
Subsec. (b)(1)(F). Pub. L. 94–455, §§ 1063(a), 1065(a)(2), 1101(a)(1), redesignated former subpar. (D) as (F), made existing provision cl. (i), added cls. (ii) and (iii), and substituted “(C), (D), and (E)” for “(C)” after “(B), and”.
Subsec. (b)(1)(G). Pub. L. 94–455, § 1101(a)(1), redesignated former subpar. (E) as (G).
Subsec. (b)(2)(B). Pub. L. 94–455, § 1101(a)(2), substituted “more than twice the number” for “more than the number” after “no case over”.
Subsec. (b)(3). Pub. L. 94–455, § 1101(a)(3), added par. (3).
Subsec. (c). Pub. L. 94–455, § 1101(d)(1), redesignated existing provisions as pars. (1) and (2) and, as redesignated, added subpar. (1)(C).
Subsec. (d)(5). Pub. L. 94–455, § 1906(b)(13)(A), struck out “or his delegate” after “Secretary”.
Subsecs. (e) to (g). Pub. L. 94–455, § 1101(a)(4), added subsecs. (e) to (g).
Effective Date of 1976 Amendment
Amendment by section 1063(a) of Pub. L. 94–455 applicable to participation in or cooperation with an international boycott more than 30 days after Oct. 4, 1976, with special provisions for existing contracts, see section 1066(a) of Pub. L. 94–455, set out as a note under section 908 of this title.
Amendment by section 1065(a)(2) of Pub. L. 94–455 applicable to payments described in section 162(c) of this title made more than 30 days after Oct. 4, 1976, see section 1066(b) of Pub. L. 94–455, set out as a note under section 952 of this title.
Pub. L. 94–455, title XI, § 1101(g)(1), Oct. 4, 1976, 90 Stat. 1659, provided that:
“The amendments made by subsections (a) and (e) [amending this section and
section 996 of this title] shall apply to taxable years beginning after
December 31, 1975.”
Pub. L. 94–455, title XI, § 1101(g)(4), Oct. 4, 1976, 90 Stat. 1659, as amended by Pub. L. 95–600, title VII, § 701(u)(12)(A), Nov. 6, 1978, 92 Stat. 2918, provided that:
“The amendments made by subsection (d) [amending this section and
section 751 of this title] shall apply to sales, exchanges, or other
dispositions after
December 31, 1976, in taxable years ending after such date.”
Amendment by section 1901(b)(3)(K) of Pub. L. 94–455 applicable with respect to 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.