Internal Revenue Code:Sec. 642. Special rules for credits and deductions

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Contents


Location in Internal Revenue Code


     TITLE 26 - INTERNAL REVENUE CODE
      Subtitle A - Income Taxes
       CHAPTER 1 - NORMAL TAXES AND SURTAXES
        Subchapter J - Estates, Trusts, Beneficiaries, and Decedents
         PART I - ESTATES, TRUSTS, AND BENEFICIARIES
          Subpart A - General Rules for Taxation of Estates and Trusts
        

Statute

    Sec. 642. Special rules for credits and deductions
 
    (a) Foreign tax credit allowed
      An estate or trust shall be allowed the credit against tax for
    taxes imposed by foreign countries and possessions of the United
    States, to the extent allowed by section 901, only in respect of so
    much of the taxes described in such section as is not properly
    allocable under such section to the beneficiaries.
    (b) Deduction for personal exemption
      (1) Estates
        An estate shall be allowed a deduction of $600.
      (2) Trusts
        (A) In general
          Except as otherwise provided in this paragraph, a trust shall
        be allowed a deduction of $100.
        (B) Trusts distributing income currently
          A trust which, under its governing instrument, is required to
        distribute all of its income currently shall be allowed a
        deduction of $300.
        (C) Disability trusts
          (i) In general
            A qualified disability trust shall be allowed a deduction
          equal to the exemption amount under section 151(d),
          determined -
              (I) by treating such trust as an individual described in
            section 151(d)(3)(C)(iii), and
              (II) by applying section 67(e) (without the reference to
            section 642(b)) for purposes of determining the adjusted
            gross income of the trust.
          (ii) Qualified disability trust
            For purposes of clause (i), the term ''qualified disability
          trust'' means any trust if -
              (I) such trust is a disability trust described in
            subsection (c)(2)(B)(iv) of section 1917 of the Social
            Security Act (42 U.S.C. 1396p), and
              (II) all of the beneficiaries of the trust as of the
            close of the taxable year are determined by the
            Commissioner of Social Security to have been disabled
            (within the meaning of section 1614(a)(3) of the Social
            Security Act, 42 U.S.C. 1382c(a)(3)) for some portion of
            such year.
         A trust shall not fail to meet the requirements of subclause
          (II) merely because the corpus of the trust may revert to a
          person who is not so disabled after the trust ceases to have
          any beneficiary who is so disabled.
      (3) Deductions in lieu of personal exemption
        The deductions allowed by this subsection shall be in lieu of
      the deductions allowed under section 151 (relating to deduction
      for personal exemption).
    (c) Deduction for amounts paid or permanently set aside for a
        charitable purpose
      (1) General rule
        In the case of an estate or trust (other then (FOOTNOTE 1) a
      trust meeting the specifications of subpart B), there shall be
      allowed as a deduction in computing its taxable income (in lieu
      of the deduction allowed by section 170(a), relating to deduction
      for charitable, etc., contributions and gifts) any amount of the
      gross income, without limitation, which pursuant to the terms of
      the governing instrument is, during the taxable year, paid for a
      purpose specified in section 170(c) (determined without regard to
      section 170(c)(2)(A)). If a charitable contribution is paid after
      the close of such taxable year and on or before the last day of
      the year following the close of such taxable year, then the
      trustee or administrator may elect to treat such contribution as
      paid during such taxable year.  The election shall be made at
      such time and in such manner as the Secretary prescribes by
      regulations.
       (FOOTNOTE 1) So in original.  Probably should be ''than''.
      (2) Amounts permanently set aside
        In the case of an estate, and in the case of a trust (other
      than a trust meeting the specifications of subpart B) required by
      the terms of its governing instrument to set aside amounts which
      was -
          (A) created on or before October 9, 1969, if -
            (i) an irrevocable remainder interest is transferred to or
          for the use of an organization described in section 170(c),
          or
            (ii) the grantor is at all times after October 9, 1969,
          under a mental disability to change the terms of the trust;
          or
          (B) established by a will executed on or before October 9,
        1969, if -
            (i) the testator dies before October 9, 1972, without
          having republished the will after October 9, 1969, by codicil
          or otherwise,
            (ii) the testator at no time after October 9, 1969, had the
          right to change the portions of the will which pertain to the
          trust, or
            (iii) the will is not republished by codicil or otherwise
          before October 9, 1972, and the testator is on such date and
          at all times thereafter under a mental disability to
          republish the will by codicil or otherwise,
      there shall also be allowed as a deduction in computing its
      taxable income any amount of the gross income, without
      limitation, which pursuant to the terms of the governing
      instrument is, during the taxable year, permanently set aside for
      a purpose specified in section 170(c), or is to be used
      exclusively for religious, charitable, scientific, literary, or
      educational purposes, or for the prevention of cruelty to
      children or animals, or for the establishment, acquisition,
      maintenance, or operation of a public cemetery not operated for
      profit.  In the case of a trust, the preceding sentence shall
      apply only to gross income earned with respect to amounts
      transferred to the trust before October 9, 1969, or transferred
      under a will to which subparagraph (B) applies.
      (3) Pooled income funds
        In the case of a pooled income fund (as defined in paragraph
      (5)), there shall also be allowed as a deduction in computing its
      taxable income any amount of the gross income attributable to
      gain from the sale of a capital asset held for more than 1 year,
      without limitation, which pursuant to the terms of the governing
      instrument is, during the taxable year, permanently set aside for
      a purpose specified in section 170(c).
      (4) Adjustments
        To the extent that the amount otherwise allowable as a
      deduction under this subsection consists of gain described in
      section 1202(a), proper adjustment shall be made for any
      exclusion allowable to the estate or trust under section 1202. In
      the case of a trust, the deduction allowed by this subsection
      shall be subject to section 681 (relating to unrelated business
      income).
      (5) Definition of pooled income fund
        For purposes of paragraph (3), a pooled income fund is a trust
      -
          (A) to which each donor transfers property, contributing an
        irrevocable remainder interest in such property to or for the
        use of an organization described in section 170(b)(1)(A) (other
        than in clauses (vii) or (viii)), and retaining an income
        interest for the life of one or more beneficiaries (living at
        the time of such transfer),
          (B) in which the property transferred by each donor is
        commingled with property transferred by other donors who have
        made or make similar transfers,
          (C) which cannot have investments in securities which are
        exempt from the taxes imposed by this subtitle,
          (D) which includes only amounts received from transfers which
        meet the requirements of this paragraph,
          (E) which is maintained by the organization to which the
        remainder interest is contributed and of which no donor or
        beneficiary of an income interest is a trustee, and
          (F) from which each beneficiary of an income interest
        receives income, for each year for which he is entitled to
        receive the income interest referred to in subparagraph (A),
        determined by the rate of return earned by the trust for such
        year.
      For purposes of determining the amount of any charitable
      contribution allowable by reason of a transfer of property to a
      pooled fund, the value of the income interest shall be determined
      on the basis of the highest rate of return earned by the fund for
      any of the 3 taxable years immediately preceding the taxable year
      of the fund in which the transfer is made.  In the case of funds
      in existence less than 3 taxable years preceding the taxable year
      of the fund in which a transfer is made the rate of return shall
      be deemed to be 6 percent per annum, except that the Secretary
      may prescribe a different rate of return.
      (6) Taxable private foundations
        In the case of a private foundation which is not exempt from
      taxation under section 501(a) for the taxable year, the
      provisions of this subsection shall not apply and the provisions
      of section 170 shall apply.
    (d) Net operating loss deduction
      The benefit of the deduction for net operating losses provided by
    section 172 shall be allowed to estates and trusts under
    regulations prescribed by the Secretary.
    (e) Deduction for depreciation and depletion
      An estate or trust shall be allowed the deduction for
    depreciation and depletion only to the extent not allowable to
    beneficiaries under section 167(d) and 611(b).
    (f) Amortization deductions
      The benefit of the deductions for amortization provided by
    sections 169 and 197 shall be allowed to estates and trusts in the
    same manner as in the case of an individual.  The allowable
    deduction shall be apportioned between the income beneficiaries and
    the fiduciary under regulations prescribed by the Secretary.
    (g) Disallowance of double deductions
      Amounts allowable under section 2053 or 2054 as a deduction in
    computing the taxable estate of a decedent shall not be allowed as
    a deduction (or as an offset against the sales price of property in
    determining gain or loss) in computing the taxable income of the
    estate or of any other person, unless there is filed, within the
    time and in the manner and form prescribed by the Secretary, a
    statement that the amounts have not been allowed as deductions
    under section 2053 or 2054 and a waiver of the right to have such
    amounts allowed at any time as deductions under section 2053 or
    2054. Rules similar to the rules of the preceding sentence shall
    apply to amounts which may be taken into account under section
    2621(a)(2) or 2622(b). This subsection shall not apply with respect
    to deductions allowed under part II (relating to income in respect
    of decedents).
    (h) Unused loss carryovers and excess deductions on termination
        available to beneficiaries
      If on the termination of an estate or trust, the estate or trust
    has -
        (1) a net operating loss carryover under section 172 or a
      capital loss carryover under section 1212, or
        (2) for the last taxable year of the estate or trust deductions
      (other than the deductions allowed under subsections (b) or (c))
      in excess of gross income for such year,
    then such carryover or such excess shall be allowed as a deduction,
    in accordance with regulations prescribed by the Secretary, to the
    beneficiaries succeeding to the property of the estate or trust.
    (i) Certain distributions by cemetery perpetual care funds
      In the case of a cemetery perpetual care fund which -
        (1) was created pursuant to local law by a taxable cemetery
      corporation for the care and maintenance of cemetery property,
      and
        (2) is treated for the taxable year as a trust for purposes of
      this subchapter,
    any amount distributed by such fund for the care and maintenance of
    gravesites which have been purchased from the cemetery corporation
    before the beginning of the taxable year of the trust and with
    respect to which there is an obligation to furnish care and
    maintenance shall be considered to be a distribution solely for
    purposes of sections 651 and 661, but only to the extent that the
    aggregate amount so distributed during the taxable year does not
    exceed $5 multiplied by the aggregate number of such gravesites.
 

Sources

    (Aug. 16, 1954, ch. 736, 68A Stat. 215; Pub. L. 87-834, Sec.
    13(c)(2)(A), Oct. 16, 1962, 76 Stat. 1034; Pub. L. 88-272, title
    II, Sec. 201(d)(6)(A), (B), Feb. 26, 1964, 78 Stat. 32; Pub. L.
    89-621, Sec. 2(a), Oct. 4, 1966, 80 Stat. 872; Pub. L. 91-172,
    title II, Sec. 201(b), title VII, Sec. 704(b)(2), Dec. 30, 1969, 83
    Stat. 558, 669; Pub. L. 92-178, title III, Sec. 303(c)(4), title
    VII, Sec. 701(b), 702(b), Dec. 10, 1971, 85 Stat. 522, 561, 562;
    Pub. L. 94-455, title XIV, Sec. 1402(b)(1)(J), (2), title XIX, Sec.
    1901(b)(1)(H)(i), 1906(b)(13)(A), 1951(c)(2)(B), title XX, Sec.
    2009(d), title XXI, Sec. 2124(a)(3)(B), Oct. 4, 1976, 90 Stat.
    1732, 1791, 1834, 1840, 1896, 1917; Pub. L. 94-528, Sec. 1(a), Oct.
    17, 1976, 90 Stat. 2483; Pub. L. 95-30, title I, Sec. 101(d)(9),
    May 23, 1977, 91 Stat. 134; Pub. L. 95-600, title I, Sec.
    113(a)(2)(B), Nov. 6, 1978, 92 Stat. 2778; Pub. L. 97-34, title II,
    Sec. 212(d)(2)(D), Aug. 13, 1981, 95 Stat. 239; Pub. L. 98-369,
    div.  A, title IV, Sec. 474(r)(17), title X, Sec. 1001(b)(8), (e),
    July 18, 1984, 98 Stat. 843, 1011, 1012; Pub. L. 99-514, title I,
    Sec. 112(b)(2), title III, Sec. 301(b)(6), title VI, Sec.
    612(b)(3), Oct. 22, 1986, 100 Stat. 2108, 2217, 2250; Pub. L.
    101-239, title VII, Sec. 7811(j)(3), Dec. 19, 1989, 103 Stat. 2411;
    Pub. L. 101-508, title XI, Sec. 11801(c)(6)(B), 11812(b)(9), Nov.
    5, 1990, 104 Stat. 1388-524, 1388-535; Pub. L. 103-66, title XIII,
    Sec. 13113(d)(2), 13261(f)(2), Aug. 10, 1993, 107 Stat. 429, 539;
    Pub. L. 104-188, title I, Sec. 1704(t)(8), Aug. 20, 1996, 110 Stat.
    1887; Pub. L. 107-134, title I, Sec. 116(a), Jan. 23, 2002, 115
    Stat. 2439.)
 

Miscellaneous

                                 AMENDMENTS
      2002 - Subsec. (b). Pub. L. 107-134 reenacted heading without
    change and amended text of subsec. (b) generally.  Prior to
    amendment, text read as follows: ''An estate shall be allowed a
    deduction of $600. A trust which, under its governing instrument,
    is required to distribute all of its income currently shall be
    allowed a deduction of $300. All other trusts shall be allowed a
    deduction of $100. The deductions allowed by this subsection shall
    be in lieu of the deductions allowed under section 151 (relating to
    deduction for personal exemption).''
      1996 - Subsec. (g). Pub. L. 104-188 substituted ''under section
    2621(a)(2)'' for ''under 2621(a)(2)''.
      1993 - Subsec. (c)(4). Pub. L. 103-66, Sec. 13113(d)(2), amended
    heading and text of par. (4) generally.  Prior to amendment, text
    read as follows: ''In the case of a trust, the deduction allowed by
    this subsection shall be subject to section 681 (relating to
    unrelated business income).''
      Subsec. (f). Pub. L. 103-66, Sec. 13261(f)(2), substituted
    ''sections 169 and 197'' for ''section 169''.
      1990 - Subsec. (e). Pub. L. 101-508, Sec. 11812(b)(9),
    substituted ''167(d)'' for ''167(h)''.
      Subsec. (f). Pub. L. 101-508, Sec. 11801(c)(6)(B), substituted
    ''section 169'' for ''sections 169, 184, 187, and 188''.
      1989 - Subsec. (g). Pub. L. 101-239 inserted after first sentence
    ''Rules similar to the rules of the preceding sentence shall apply
    to amounts which may be taken into account under 2621(a)(2) or
    2622(b).''
      1986 - Subsec. (a). Pub. L. 99-514, Sec. 112(b)(2), amended
    subsec. (a) generally, substituting ''Foreign tax credit allowed''
    for ''Credits against tax'' in heading, striking out designation
    and heading for par. (1), and striking out par. (2) which read as
    follows: ''An estate or trust shall not be allowed the credit
    against tax for political contributions provided by section 24.''
      Subsec. (c)(4). Pub. L. 99-514, Sec. 301(b)(6), in heading,
    substituted ''Coordination with section 681'' for ''Adjustments'',
    and in text struck out first sentence which read as follows: ''To
    the extent that the amount otherwise allowable as a deduction under
    this subsection consists of gain from the sale or exchange of
    capital assets held for more than 6 months, proper adjustment shall
    be made for any deduction allowable to the estate or trust under
    section 1202 (relating to deduction for excess of capital gains
    over capital losses).''
      Subsec. (j). Pub. L. 99-514, Sec. 612(b)(3), struck out subsec.
    (j) which provided a cross reference to section 116(c)(3).
      1984 - Subsec. (a)(2). Pub. L. 98-369, Sec. 474(r)(17),
    substituted ''section 24'' for ''section 41''.
      Subsec. (c)(3), (4). Pub. L. 98-369, Sec. 1001(b)(8), (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.
      1981 - Subsec. (f). Pub. L. 97-34 substituted ''and 188'' for
    ''188, and 191''.
      1978 - Subsecs. (i) to (k). Pub. L. 95-600 redesignated subsecs.
    (j) and (k) as (i) and (j), respectively.  Former subsec. (i),
    which did not allow estates or trusts the deduction for
    contributions to candidates for public office provided by section
    218, was struck out.
      1977 - Subsec. (k). Pub. L. 95-30 struck out par. (1) which made
    a cross reference to section 142(b)(4) for disallowance of the
    standard deduction in the case of estates and trusts and struck out
    ''(2)'' at beginning of single remaining cross reference.
      1976 - Subsec. (a). Pub. L. 94-455, Sec. 1901(b)(1)(H)(i),
    redesignated former pars. (2) and (3) as (1) and (2),
    respectively.  Former par. (1), relating to the credit against tax
    for partially tax-exempt interest, was struck out.
      Subsec. (c)(1). Pub. L. 94-455, Sec. 1906(b)(13)(A), struck out
    ''or his delegate'' after ''Secretary''.
      Subsec. (c)(3), (4). Pub. L. 94-455, Sec. 1402(b)(2), provided
    that ''9 months'' would be changed to ''1 year''.
      Subsec. (c)(3), (4). Pub. L. 94-455, Sec. 1402(b)(1)(J), provided
    that ''6 months'' would be changed to ''9 months'' for taxable
    years beginning in 1977.
      Subsecs. (c)(5), (d). Pub. L. 94-455, Sec. 1906(b)(13)(A), struck
    out ''or his delegate'' after ''Secretary''.
      Subsec. (f). Pub. L. 94-455, Sec. 1906(b)(13)(A), 1951(c)(2)(B),
    2124(a)(3)(B), substituted ''sections 169, 184, 187, 188, and 191''
    for ''sections 168, 169, 184, 187, and 188'', and struck out ''or
    his delegate'' after ''Secretary''.
      Subsec. (g). Pub. L. 94-455, Sec. 1906(b)(13)(A), 2009(d),
    inserted ''(or as an offset against the sales price of property in
    determining gain or loss)'' after ''shall not be allowed as a
    deduction'', and struck out ''or his delegate'' after
    ''Secretary''.
      Subsec. (h). Pub. L. 94-455, Sec. 1906(b)(13)(A), struck out ''or
    his delegate'' after ''Secretary''.
      Subsecs. (j), (k). Pub. L. 94-528 added subsec. (j) and
    redesignated former subsec. (j) as (k).
      1971 - Subsec. (a)(3). Pub. L. 92-178, Sec. 701(b), added par.
    (3).
      Subsec. (f). Pub. L. 92-178, Sec. 303(c)(4), inserted reference
    to section 188.
      Subsecs. (i), (j). Pub. L. 92-178, Sec. 702(b), added subsec. (i)
    and redesignated former subsec. (i) as (j).
      1969 - Subsec. (c). Pub. L. 91-172, Sec. 201(b), designated
    existing provisions, with minor changes, as par. (1) and added
    pars. (2) to (6).
      Subsec. (f). Pub. L. 91-172, Sec. 704(b)(2), struck out reference
    to emergency or grain storage facilities both in heading and in
    text, and inserted reference to sections 184 and 187 in text.
      1966 - Subsec. (g). Pub. L. 89-621 inserted ''or of any other
    person'' after ''shall not be allowed as a deduction in computing
    the taxable income of the estate''.
      1964 - Subsec. (a)(3). Pub. L. 88-272, Sec. 201(d)(6)(A), struck
    out par. (3) which related to dividends received by individuals.
      Subsec. (i). Pub. L. 88-272, Sec. 201(d)(6)(B), designated
    existing provisions as par. (1) and added par. (2).
      1962 - Subsec. (e). Pub. L. 87-834 substituted a reference to
    section 167(h) for a reference to section 167(g).
                      EFFECTIVE DATE OF 2002 AMENDMENT
      Pub. L. 107-134, title I, Sec. 116(b), Jan. 23, 2002, 115 Stat.
    2440, provided that: ''The amendment made by this section (amending
    this section) shall apply to taxable years ending on or after
    September 11, 2001.''
                      EFFECTIVE DATE OF 1993 AMENDMENT
      Amendment by section 13113(d)(2) of Pub. L. 103-66 applicable to
    stock issued after Aug. 10, 1993, see section 13113(e) of Pub. L.
    103-66, set out as a note under section 53 of this title.
      Amendment by section 13261(f)(2) of Pub. L. 103-66 applicable,
    except as otherwise provided, with respect to property acquired
    after Aug. 10, 1993, see section 13261(g) of Pub. L. 103-66, set
    out as an Effective Date note under section 197 of this title.
                      EFFECTIVE DATE OF 1990 AMENDMENT
      Amendment by section 11812(b)(9) of Pub. L. 101-508 applicable to
    property placed in service after Nov. 5, 1990, but not applicable
    to any property to which section 168 of this title does not apply
    by reason of subsec. (f)(5) of section 168, and not applicable to
    rehabilitation expenditures described in section 252(f)(5) of Pub.
    L. 99-514, see section 11812(c) of Pub. L. 101-508, set out as a
    note under section 42 of this title.
                      EFFECTIVE DATE OF 1989 AMENDMENT
      Amendment by Pub. L. 101-239 effective, except as otherwise
    provided, as if included in the provision of the Technical and
    Miscellaneous Revenue Act of 1988, Pub. L. 100-647, to which such
    amendment relates, see section 7817 of Pub. L. 101-239, set out as
    a note under section 1 of this title.
                      EFFECTIVE DATE OF 1986 AMENDMENT
      Amendment by section 112(b)(2) of Pub. L. 99-514 applicable to
    taxable years beginning after Dec. 31, 1986, see section 151(a) of
    Pub. L. 99-514, set out as a note under section 1 of this title.
      Amendment by section 301(b)(6) of Pub. L. 99-514 applicable to
    taxable years beginning after Dec. 31, 1986, see section 301(c) of
    Pub. L. 99-514, set out as a note under section 62 of this title.
      Amendment by section 612(b)(3) of Pub. L. 99-514 applicable 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.
                      EFFECTIVE DATE OF 1984 AMENDMENT
      Amendment by section 474(r)(17) of Pub. L. 98-369 applicable to
    taxable years beginning after Dec. 31, 1983, and to carrybacks from
    such years, see section 475(a) of Pub. L. 98-369, set out as a note
    under section 21 of this title.
      Amendment by section 1001(b)(8) 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.
                      EFFECTIVE DATE OF 1981 AMENDMENT
      Amendment by Pub. L. 97-34 applicable to expenditures incurred
    after Dec. 31, 1981, in taxable years ending after such date, see
    section 212(e) of Pub. L. 97-34, set out as a note under section 46
    of this title.
                      EFFECTIVE DATE OF 1978 AMENDMENT
      Section 113(d) of Pub. L. 95-600 provided that: ''The amendments
    made by this section (amending this section and section 24 of this
    title and repealing section 218 of this title) shall apply with
    respect to contributions the payment of which is made after
    December 31, 1978, in taxable years beginning after such date.''
                      EFFECTIVE DATE OF 1977 AMENDMENT
      Amendment by Pub. L. 95-30 applicable to taxable years beginning
    after Dec. 31, 1976, see section 106(a) of Pub. L. 95-30, set out
    as a note under section 1 of this title.
                     EFFECTIVE DATE OF 1976 AMENDMENTS
      Section 1402(b)(1) of Pub. L. 94-455 provided that the amendment
    made by that section is effective with respect to taxable years
    beginning in 1977.
      Section 1402(b)(2) of Pub. L. 94-455 provided that the amendment
    made by that section is effective with respect to taxable years
    beginning after Dec. 31, 1977.
      Amendment by section 1901(b)(1)(H)(i) 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 a note under section 2 of
    this title.
      Amendment by section 1951(c)(2)(B) of Pub. L. 94-455 effective
    for taxable years beginning after Dec. 31, 1976, see section
    1952(d) of Pub. L. 94-455, set out as a note under section 72 of
    this title.
      Section 2009(e)(4) of Pub. L. 94-455 provided that: ''The
    amendment made by subsection (d) (amending this section) shall
    apply to taxable years ending after the date of the enactment of
    this Act (Oct. 4, 1976).''
      Section 2124(a)(4) of Pub. L. 94-455 provided that: ''The
    amendments made by this subsection (enacting section 191 of this
    title and amending this section and sections 1082, 1245, and 1250
    of this title) shall apply with respect to additions to capital
    account made after June 14, 1976 and before June 15, 1981.''
      Section 1(b) of Pub. L. 94-528 provided that: ''The amendments
    made by subsection (a) (amending this section) shall take effect on
    October 1, 1977, and shall apply to amounts distributed during
    taxable years ending after December 31, 1963.''
                      EFFECTIVE DATE OF 1971 AMENDMENT
      Section 303(d) of Pub. L. 92-178 provided that: ''The amendments
    made by this section (enacting section 188 of this title and
    amending this section and sections 57, 1082, 1245, and 1250 of this
    title) shall apply to taxable years ending after December 31,
    1971.''
      Section 703 of Pub. L. 92-178 provided that: ''The amendments
    made by this title (enacting sections 24 and 218 of this title and
    amending this section) shall apply to taxable years ending after
    December 31, 1971, but only with respect to political
    contributions, payment of which is made after such date.''
                      EFFECTIVE DATE OF 1969 AMENDMENT
      Amendment by section 201(b) of Pub. L. 91-172 applicable with
    respect to amounts paid, permanently set aside, or to be used for a
    charitable purpose in taxable years beginning after Dec. 31, 1969,
    except that subsec. (c)(5) applicable to transfers in trust made
    after July 31, 1969, see section 201(g) of Pub. L. 91-172, set out
    as a note under section 170 of this title.
      Amendment by section 704(b)(2) of Pub. L. 91-172 applicable to
    taxable years ending after Dec. 31, 1968, see section 704(c) of
    Pub. L. 91-172, set out as an Effective Date note under section 169
    of this title.
                      EFFECTIVE DATE OF 1966 AMENDMENT
      Section 2(b) of Pub. L. 89-621 provided that: ''The amendment
    made by subsection (a) (amending this section) shall apply to
    taxable years ending after the date of the enactment of this Act
    (Oct. 4, 1966), but only with respect to amounts paid or incurred,
    and losses sustained, after such date.''
                      EFFECTIVE DATE OF 1964 AMENDMENT
      Amendment by Pub. L. 88-272 applicable to dividends received
    after December 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.
                      EFFECTIVE DATE OF 1962 AMENDMENT
      Amendment by Pub. L. 87-834 applicable to taxable years beginning
    after Dec. 31, 1961, and ending after Oct. 16, 1962, see section
    13(g) of Pub. L. 87-834, set out as an Effective Date note under
    section 1245 of this title.
                             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 liability for tax for periods ending after Nov. 5,
    1990, see section 11821(b) of Pub. L. 101-508, set out as a note
    under section 29 of this title.
 

References

                   SECTION REFERRED TO IN OTHER SECTIONS
      This section is referred to in sections 56, 67, 153, 170, 507,
    508, 542, 641, 643, 651, 661, 662, 663, 681, 683, 685, 901, 904,
    1291, 1298, 2055, 2522, 2652, 4947, 4948, 6034 of this title; title
    15 section 80a-3.
 

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