# Pub. L. 90-240: changes to the Internal Revenue Code

1968-01-02, 81 Stat. 778. Source: <https://www.govinfo.gov/link/plaw/90/public/240>.

## Legislative history

- Bill: [H.R. 1141](https://www.congress.gov/bill/90th-congress/house-bill/1141)

## § 381: Carryovers in certain corporate acquisitions

- § 381(c)(22): Pub. L. 90–240 substituted successor insurance companies for successor life insurance companies as the business enterprise covered, substituted reference to insurance companies taxable under subchapter L for reference to life insurance companies as defined in section 801(a), and substituted reference to the purposes of this section and of subchapter L for reference to the purposes of this section and part I of subchapter L.

## § 832: Insurance company taxable income

- § 832(b)(1)(E): Pub. L. 90–240, § 5(a), added subpar. (E).
- § 832(c)(13): Pub. L. 90–240, § 5(b), added par. (13).
- § 832(e): Pub. L. 90–240, § 5(c), added subsec. (e).

## § 5701: Rate of tax

- § 5701(a): Pub. L. 90–240 provided that the amount of State and local tax excluded from the retail price be the actual tax imposed, except that, if the combined taxes result in a numerical figure ending in a fraction of a cent, the amount so excluded be rounded to the next highest full cent unless such rounding would result in a tax lower than the tax which would be imposed in the absence of State and local taxes.