# Pub. L. 86-780: changes to the Internal Revenue Code 1960-09-14, 74 Stat. 1013. Source: . ## Legislative history - Bill: [H.R. 10087](https://www.congress.gov/bill/86th-congress/house-bill/10087) ## § 901: Taxes of foreign countries and of possessions of United States - § 901(a): Pub. L. 86–780, § 3(a), (b), inserted “applicable” before “limitation” and substituted “Such choice for any taxable year may be made or changed at any time before the expiration of the period prescribed for making a claim for credit or refund of the tax imposed by this chapter for such taxable year” for “Such choice may be made or changed at any time prior to the expiration of the period prescribed for making a claim for credit or refund of the tax against which the credit is allowable.” - § 901(b): Pub. L. 86–780, § 3(b), inserted “applicable” before “limitation”. ## § 904: Limitation on credit - § 904(a): Pub. L. 86–780, § 1(a), designated existing provisions as par. (1), inserted introductory clause “In the case of any taxpayer who elects the limitation provided by this paragraph” and inserted “foreign”, “or possession of the United States” and “or possession” therein and added par. (2). - § 904(b): Pub. L. 86–780, § 1(a), added subsec. (b). Former subsec. (b) redesignated (c). - § 904(c): Pub. L. 86–780, § 1(b), redesignated former subsec. (b) as (c) and inserted “applicable” before “limitation” therein. Former subsec. (c) redesignated (d). - § 904(d): Pub. L. 86–780, § 1(c), redesignated former subsec. (c) as (d) and inserted “applicable” before “limitation” in two places. - § 904(e), § 904(f): Pub. L. 86–780, § 1(d), added subsecs. (e) and (f). ## § 1503: Computation and payment of tax - § 1503(d): Pub. L. 86–780 added subsec. (d). ## § 6038: Information reporting with respect to certain foreign corporations and partnerships - Enacted 26 U.S.C. § 6038. ## § 6040: Cross references ## § 6046: Returns as to organization or reorganization of foreign corporations and as to acquisitions of their stock - § 6046: Pub. L. 86–780 substituted “Returns as to creation or organization, or reorganization, of foreign corporations” for “Returns as to formation or reorganization of foreign corporations” in section catchline. - § 6046(a): Pub. L. 86–780 substituted requirement that returns relating to the creation, organization, or reorganization of foreign corporations be made by every citizen or resident of the United States who was an officer or director of the corporation at any time within 60 days after its creation, organization, or reorganization, and by every United States shareholder of the corporation owning at least 5 percent of its outstanding stock at any time within such 60 days for requirement that every attorney, accountant, fiduciary, bank, trust company, financial institution, or other person, who advises as to the formation or reorganization of a foreign corporation, file a return in accordance with regulations prescribed by the Secretary of the Treasury or his delegate. - § 6046(b): Pub. L. 86–780 reenacted the substance of subsec. (b), struck out “to the full extent of the information within the possession or knowledge or under the control of the person required to make the return” before “such information”. - § 6046(c): Pub. L. 86–780 inserted the provisions defining United States shareholder and members of family and struck out provision relating to the making of a return by an attorney-at-law with respect to privileged communications. ## § 6501: Limitations on assessment and collection - § 6501(i), § 6501(j): Pub. L. 86–780 added subsec. (i) and redesignated former subsec. (i) as (j).