Pub. L. 87-834 Oct. 16, 1962

76 Stat. 962 · Changed 88 sections of the Code

Bill H.R. 10650

§ 37 Overpayments of tax

    § 46 Amount of credit

    § 47 Rehabilitation credit

    § 48 Energy credit

    § 72 Annuities; certain proceeds of endowment and life insurance contracts

    • (f) Pub. L. 87–834 inserted sentence providing that par. (2) shall not apply to amounts which were contributed by the…

    § 78 Gross up for deemed paid foreign tax credit

    § 162 Trade or business expenses

    • (a)(2) Pub. L. 87–834, § 4(b), substituted “(including amounts expended for meals and lodging other than amounts which are…
    • (e) (f) Pub. L. 87–834, § 3(a), added subsec. (e) and redesignated former subsec. (e) as (f).

    § 167 Depreciation

    • (e) Pub. L. 87–834, § 13(b), designated existing provisions as par. (1) and added par. (2).
    • (f) (g) (h) (i) Pub. L. 87–834, § 13(c)(1), added subsec. (f) and redesignated former subsecs. (f), (g), and (h) as (g), (h), and (i)…

    § 170 Charitable, etc., contributions and gifts

    • (e) (f) (g) Pub. L. 87–834 added subsec. (e) and redesignated former subsecs. (e) and (f) as (f) and (g), respectively.

    § 179 Election to expense certain depreciable business assets

    • (d)(5) Pub. L. 87–834, § 13(c)(2)(A), substituted “section 167(h)” for “section 167(g)”.
    • (d)(8) Pub. L. 87–834, § 13(c)(2)(B), substituted “section 167(g)” for “section 167(f)”.

    § 216 Deduction of taxes, interest, and business depreciation by cooperative housing corporation tenant-stockholder

    • § 216 Pub. L. 87–834 substituted “Deduction of taxes, interest, and business depreciation by cooperative housing corporation…

    § 245 Dividends received from certain foreign corporations

    • (b) Pub. L. 87–834 designated existing provisions as subsec. (a), inserted heading, and added subsec. (b).

    § 263 Capital expenditures

    • (a)(1)(E) Pub. L. 87–834 added subpar. (E).

    § 274 Disallowance of certain entertainment, etc., expenses

    § 301 Distributions of property

    • (b)(1) Pub. L. 87–834, § 13(f)(2), substituted “subsection (b) or (c) of section 311 or under section 1245(a)” for “subsection…
    • (b)(1) Pub. L. 87–834, § 5(a), added subpar. (C).
    • (d) Pub. L. 87–834, § 13(f)(2), substituted “subsection (b) or (c) of section 311 or under section 1245(a)” for “subsection…
    • (d) Pub. L. 87–834, § 5(b), added par. (3).

    § 312 Effect on earnings and profits

    • (c) Pub. L. 87–834, § 13(f)(3), included any gain recognized under section 1245(a).
    • (l) Pub. L. 87–834, § 14(b)(1), added subsec. (l).

    § 318 Constructive ownership of stock

    • (b)(7) Pub. L. 87–834 added par. (7).

    § 381 Carryovers in certain corporate acquisitions

    • (c)(23) Pub. L. 87–834 added par. (23).

    § 501 Exemption from tax on corporations, certain trusts, etc.

    • (c)(15) Pub. L. 87–834 substituted “$150,000” for “$75,000”.

    § 521 Exemption of farmers’ cooperatives from tax

    • (a) Pub. L. 87–834 substituted “part I of subchapter T (sec. 1381 and following)” for “section 522” in two places.

    § 535 Accumulated taxable income

    • (b)(1) Pub. L. 87–834 substituted “accrued during the taxable year or deemed to be paid by a domestic corporation under…

    § 545 Undistributed personal holding company income

    • (b)(1) Pub. L. 87–834 substituted “accrued during the taxable year or deemed to be paid by a domestic corporation under…

    § 591 Deduction for dividends paid on deposits

    • § 591 Pub. L. 87–834 included other savings institutions chartered and supervised as savings and loan or similar associations…

    § 593 Reserves for losses on loans

    • § 593 Pub. L. 87–834 amended section generally. Prior to such amendment, section read as follows:

    § 613 Percentage depletion

    • (a) Pub. L. 87–834 inserted provisions requiring the allowable deductions taken into account with respect to expenses of…

    § 642 Special rules for credits and deductions

    • (e) Pub. L. 87–834 substituted a reference to section 167(h) for a reference to section 167(g).

    § 643 Definitions applicable to subparts A, B, C, and D

    • (a)(6) Pub. L. 87–834, § 7(a)(1), substituted “Income of foreign trust” for “Foreign income” in heading, designated existing…
    • (d) Pub. L. 87–834, § 7(a)(2), added subsec. (d).

    § 665 Definitions applicable to subpart D

    • (b) Pub. L. 87–834, § 7(b)(1), substituted “Accumulation distributions of trusts other than certain foreign trusts” for…
    • (c) (d) (e) Pub. L. 87–834, § 7(b)(2), added subsec. (c) and redesignated former subsecs. (c) and (d) as (d) and (e), respectively.

    § 666 Accumulation distribution allocated to preceding years

    • (a) Pub. L. 87–834 inserted “(other than a foreign trust created by a United States person)” after “In the case of a…

    § 751 Unrealized receivables and inventory items

    • (c) Pub. L. 87–834, § 13(f)(1), defined “unrealized receivables” for purposes of this section and section 731, 736, and…
    • (d)(2) Pub. L. 87–834, § 14(b)(2), added subpar. (C), redesignated former subpar. (C) as (D), and substituted “subparagraph…

    § 831 Tax on insurance companies other than life insurance companies

    • § 831 Pub. L. 87–834, § 8(g)(4)(B), substituted “and certain mutual fire or flood insurance companies” for “and mutual fire…
    • (a) Pub. L. 87–834, § 8(e)(1), included flood insurance companies, and substituted provisions authorizing imposition of the…
    • (c) (d) Pub. L. 87–834, § 8(f), added subsec. (c) and redesignated former subsec. (c) as (d).

    § 832 Insurance company taxable income

    • (b)(1)(C) Pub. L. 87–834, § 8(e)(3), (5), substituted “section 831(a)(3)(A)” for “section 831(a)”.
    • (b)(1)(D) Pub. L. 87–834, § 8(e)(5), added subpar. (D).
    • (b)(4) Pub. L. 87–834, § 8(e)(2), inserted provisions defining unearned premiums of mutual fire or flood insurance companies…
    • (c)(11) Pub. L. 87–834, § 8(e)(4), substituted “section 831(a)(3)(A)” for “section 831(a)”, and inserted definition of…

    § 834 Determination of taxable investment income

    • § 834 Pub. L. 87–834, § 8(b)(1), substituted “Determination of taxable investment income” for “Determination of mutual…
    • (a) Pub. L. 87–834, § 8(b)(1), defined “taxable investment income” and “investment loss” for purposes of this part, and…
    • (c) Pub. L. 87–834, § 8(b)(2), (3), substituted “taxable investment income” for “mutual insurance company taxable income”…
    • (e) Pub. L. 87–834, § 8(b)(2), substituted “taxable investment income” for “mutual insurance company taxable income”.
    • § 834 Pub. L. 87–834, § 8(b)(4), added subsec. (f). Provisions of subsec. (f) were formerly contained in section 823 of this…

    § 835 Election by reciprocal

    § 841 Credit for foreign taxes

    • § 841 Pub. L. 87–834 added par. (2) and redesignated former par. (2) as (3).

    § 861 Income from sources within the United States

    • (a)(2)(B) Pub. L. 87–834 substituted “to the extent exceeding the amount which is 100/85ths of the amount of the deduction…

    § 901 Taxes of foreign countries and of possessions of United States

    • (a) Pub. L. 87–834, § 12(b)(1), substituted “sections 902 and 960” for “section 902”.
    • (d) Pub. L. 87–834, § 9(d)(3), added par. (4).

    § 904 Limitation on credit

    • (f) Pub. L. 87–834, § 10(a), added subsec. (f). Former subsec. (f) redesignated (g).
    • (g) Pub. L. 87–834, §§ 10(a), 12(b)(2), redesignated former subsec. (f) as (g), designated existing provisions as par. (2)…

    § 911 Citizens or residents of the United States living abroad

    • (a) Pub. L. 87–834 substituted “which constitute earned income attributable to services performed during such uninterrupted…
    • (c) (d) Pub. L. 87–834 added subsec. (c) and redesignated former subsec. (c) as (d).

    § 951 Amounts included in gross income of United States shareholders

    § 952 Subpart F income defined

    § 953 Insurance income

    § 954 Foreign base company income

    § 956 Investment of earnings in United States property

    § 957 Controlled foreign corporations; United States persons

    § 958 Rules for determining stock ownership

    § 959 Exclusion from gross income of previously taxed earnings and profits

    § 960 Deemed paid credit for subpart F inclusions

    § 961 Adjustments to basis of stock in controlled foreign corporations and of other property

    § 962 Election by individuals to be subject to tax at corporate rates

    § 964 Miscellaneous provisions

    § 970 Reduction of subpart F income of export trade corporations

    § 971 Definitions

    § 1016 Adjustments to basis

    • (a)(3)(D) Pub. L. 87–834, § 8(g)(2), added subpar. (D).
    • (a)(19) Pub. L. 87–834, § 2(f), added par. (19).
    • (a)(20) Pub. L. 87–834, § 12(b)(4), added par. (20).

    § 1223 Holding period of property

    • (10) (11) Pub. L. 87–834 added par. (10) and redesignated former par. (10) as (11).

    § 1245 Gain from dispositions of certain depreciable property

    § 1248 Gain from certain sales or exchanges of stock in certain foreign corporations

    § 1249 Gain from certain sales or exchanges of patents, etc., to foreign corporations

    § 1381 Organizations to which part applies

    § 1382 Taxable income of cooperatives

    § 1383 Computation of tax where cooperative redeems nonqualified written notices of allocation or nonqualified per-unit retain certificates

    § 1385 Amounts includible in patron’s gross income

    § 1388 Definitions; special rules

    § 2031 Definition of gross estate

    • (a) Pub. L. 87–834 struck out provisions which excepted real property situated outside the United States.

    § 2033 Property in which the decedent had an interest

    • § 2033 Pub. L. 87–834 struck out provisions which excepted real property situated outside of the United States.

    § 2034 Dower or curtesy interests

    • § 2034 Pub. L. 87–834 struck out provisions which excepted real property situated outside of the United States.

    § 2035 Adjustments for certain gifts made within 3 years of decedent’s death

    • (a) Pub. L. 87–834 struck out provisions which excepted real property situated outside of the United States.

    § 2036 Transfers with retained life estate

    • (a) Pub. L. 87–834 struck out provisions which excepted real property situated outside of the United States.

    § 2037 Transfers taking effect at death

    • (a) Pub. L. 87–834 struck out provisions which excepted real property situated outside of the United States.

    § 2038 Revocable transfers

    • (a) Pub. L. 87–834 struck out provisions which excepted real property situated outside of the United States.

    § 2040 Joint interests

    • § 2040 Pub. L. 87–834 struck out provisions which excepted real property outside of the United States.

    § 2041 Powers of appointment

    • (a) Pub. L. 87–834 struck out provisions which excepted real property situated outside of the United States.

    § 6038 Information reporting with respect to certain foreign corporations and partnerships

    • (a)(1) Pub. L. 87–834, among other changes, substituted in introductory provisions “Every United States person shall furnish”…
    • (a)(2) Pub. L. 87–834 substituted provisions requiring the information to be furnished for the annual accounting period ending…
    • (a)(3) Pub. L. 87–834 struck out provisions which related to foreign subsidiaries.
    • (b) Pub. L. 87–834, among other changes, substituted “If a United States person fails to furnish” for “If a domestic…
    • (c) Pub. L. 87–834 substituted provisions empowering the Secretary to provide for the furnishing of information by only one…
    • (d) Pub. L. 87–834 added par. (1) which was formerly covered in part by subsec. (c) of this section, designated existing…
    • (e) Pub. L. 87–834 designated existing provisions as par. (1) and added par. (2).

    § 6041 Information at source

    • (a) Pub. L. 87–834, § 19(f)(1), substituted “(other than payments to which section 6042(a)(1), 6044(a)(1), or 6049(a)(1)…
    • (c) Pub. L. 87–834, § 19(f)(2), repealed subsec. (c) which related to returns of payments of interest by corporations.

    § 6042 Returns regarding payments of dividends and corporate earnings and profits

    • § 6042 Pub. L. 87–834 substituted “Returns regarding payments of dividends and corporate earnings and profits” for “Returns…

    § 6044 Returns regarding payments of patronage dividends

    • § 6044 Pub. L. 87–834 substituted “Returns regarding payments of patronage dividends” for “Returns regarding patronage…

    § 6046 Returns as to organization or reorganization of foreign corporations and as to acquisitions of their stock

    • § 6046 Pub. L. 87–834 substituted “organization or reorganization of foreign corporations and as to acquisitions of their…
    • (a) Pub. L. 87–834 amended subsec. (a) generally. Prior to amendment, subsec. (a) read as follows:
    • (b) Pub. L. 87–834 inserted the exception providing that in the case of persons described only in subsec. (a)(1) the…
    • (c) Pub. L. 87–834 substituted provisions requiring, for purposes of subsec. (a), stock owned directly or indirectly by a…
    • (d) (e) (f) Pub. L. 87–834 added subsecs. (d) and (e) and redesignated former subsec. (d) as (f) and inserted a reference to…

    § 6048 Information with respect to certain foreign trusts

    § 6049 Returns regarding payments of interest

    § 6072 Time for filing income tax returns

    • (d) Pub. L. 87–834 substituted provisions relating to returns by an exempt cooperative association described in section…

    § 6501 Limitations on assessment and collection

    • (j) (k) Pub. L. 87–834 added subsec. (j) and redesignated former subsec. (j) as (k).

    § 6511 Limitations on credit or refund

    • (d)(4) Pub. L. 87–834 added par. (4).

    § 6601 Interest on underpayment, nonpayment, or extensions of time for payment, of tax

    • (e) Pub. L. 87–834 designated existing provisions as par. (1) and added par. (2).

    § 6611 Interest on overpayments

    • (f) Pub. L. 87–834 designated existing provisions as par. (1) and added par. (2).

    § 6652 Failure to file certain information returns, registration statements, etc.

    • (a) Pub. L. 87–834 added subsec. (a). Former subsec. (a) redesignated (b).
    • (b) Pub. L. 87–834 redesignated former subsec. (a) as (b), and substituted “section 6042(a)(2) (relating to payments of…
    • (c) Pub. L. 87–834 redesignated former subsec. (b) as (c).

    § 6677 Failure to file information with respect to certain foreign trusts

    § 6679 Failure to file returns, etc., with respect to foreign corporations or foreign partnerships

    § 7701 Definitions

    • (a)(19) Pub. L. 87–834, § 6(c), amended par. (19) generally. Prior to such amendment, subsection read as follows: “The term…
    • (a)(30) (a)(31) Pub. L. 87–834, § 7(h), added pars. (30), (31).