1
See References in Text note below.
(relating to the excess of the net capital gain over the deduction for capital gains dividends paid), andReferences in Text
Section 857(b)(3)(A), referred to in subsec. (d)(2)(B), relating to alternative tax in case of capital gains, was repealed by [Pub. L. 115–97, title I, § 13001(b)(2)(K)(i)], Dec. 22, 2017, [131 Stat. 2096]. Subsec. (b)(3)(B) of section 857, relating to treatment of capital gain dividends by shareholders, was redesignated subsec. (b)(3)(A) of that section.
Amendments
2018—Subsec. (f)(2)(A)(ii). [Pub. L. 115–141, § 401(a)(149)], substituted “decrease” for “decreased”.
Subsec. (i). [Pub. L. 115–141, § 401(a)(150)], substituted “willful” for “willfull”.
2010—Subsec. (f)(2)(B). [Pub. L. 111–325, § 301(a)(2)], inserted “or reported (as the case may be)” after “designated”.
Subsec. (j). [Pub. L. 111–325, § 501(b)], struck out subsec. (j). Text read as follows: “For assessable penalty with respect to liability for tax of a regulated investment company which is allowed a deduction under subsection (a), see section 6697.”
2004—Subsec. (e)(4). [Pub. L. 108–357] added par. (4).
1986—Subsec. (j). [Pub. L. 99–514] substituted “regulated investment company” for “qualified investment entity”.
1980—Subsec. (f). [Pub. L. 96–222] substituted in heading “Deficiency” for “Efficiency” and in par. (2)(A)(i) “(computed without regard” for “computed without regard”.
Statutory Notes and Related Subsidiaries
Effective Date of 2010 Amendment
Amendment by [section 301(a)(2) of Pub. L. 111–325] applicable to taxable years beginning after Dec. 22, 2010, see [section 301(h) of Pub. L. 111–325], set out as a note under section 852 of this title.
[Pub. L. 111–325, title V, § 501(c)], Dec. 22, 2010, [124 Stat. 3554], provided that: “The amendments made by this section [amending this section and repealing section 6697 of this title] shall apply to taxable years beginning after the date of the enactment of this Act [Dec. 22, 2010].”
Effective Date of 2004 Amendment
Amendment by [Pub. L. 108–357] applicable to statements filed after Oct. 22, 2004, see [section 243(g)(4)(E) of Pub. L. 108–357], set out as a note under section 856 of this title.
Effective Date of 1986 Amendment
Amendment by [Pub. L. 99–514] applicable to taxable years beginning after Dec. 31, 1986, see [section 669 of Pub. L. 99–514], set out as a note under section 856 of this title.
Effective Date
[Pub. L. 95–600, title III, § 362(e)], Nov. 6, 1978, [92 Stat. 2852], as amended by [Pub. L. 96–222, title I, § 103(a)(11)(A)], Apr. 1, 1980, [94 Stat. 212]; [Pub. L. 99–514, § 2], Oct. 22, 1986, [100 Stat. 2095], provided that: “The amendments made by this section [enacting this section, amending sections 316, 381, 852, 857, 6422, 6503, 6515, and 6697 of this title, repealing section 859 of this title, and redesignating prior section 860 as 859 of this title] shall apply with respect to determinations (as defined in section 860(e) of the Internal Revenue Code of 1986 [formerly I.R.C. 1954]) after the date of the enactment of this Act [Nov. 6, 1978].”