P U B L IC
LA W
8 7 -8 3 4 -O C T .
1 6 ,
1 9 6 2
P u b licL aw
8 7 -8 3 4
O c to b e r
1 6 ,
1 9 6 2
A N
A C T
D i.
R ,
1 0 6 5 0 1
T o
am endth eIn te rn a lR evenue
C odeo f1 9 5 4
t op ro v id e
ac re d itfo rin v e s tm e n t
i nc e rta in
d e p re c ia b le
p ro p e rty ,t o
e lim in a tec e rta in
d e fe c ts
a n din e q u itie s ,a n d
fo ro th e rp u r p o s e s .
B e
i t
e n a c te db y
th eS e n a tea n dH ouseo f R e p r e s e n ta tiv e so fth e
R evenue
A ct
o f
U n ite d S ta te so fA m e r ic ai n
C 7ongressa s s e m b le d ,
1 9 6 2 .
S E C T IO N
1 .SH O R T
T IT L E ,E T C .
(a )
SH O R T
T rrL r,.-T h isA ct m ay
b ec ite d
a sth e"R evenue
A cto f
1 9 6 2 " .
(b )
T A B L E
O F C O N T E T S .-
S e c .1 .
S h o rttitle ,e tc .
(a )
S h o rttitle .
(b )
T a b le
o f c o n te n ts .
(c )
A m endm ent
o f
1 9 5 4
c o d e .
S e e .2 .
C red itfo rin v e s tm e n t
i n
c e rta in
d e p re c ia b le
p ro p e rty .
(a )
A llo w a n c e
o fc re d it.
(b )
R u le s
fo rc o m p u tin g
c re d it.
(c )
D e d u c tio n
fo r
u n u s e d
c re d it.
(d )
C e rta in
c o rp o ra te
a c q u is itio n s .
(e )
S ta tu te s
o f lim ita tio n s
a n d
in te re s tre la tin g
to in-
v e s tm e n t
c re d itc a r r y b a c k s .
( f )
T e c h n ic a l
a m e n d m e n t.
(g )
C le ric a l a m e n d m e n ts .
(h )
E ffe c tiv e
d a te .
S e e .3 .
A ppearances,e tc .,w ith
r e s p e c tt o
le g is la tio n .
(a )
I n
g e n e ra l.
(b )
E ffe c tiv e
d a te .
S e c .4 .
D is a llo w a n c e
o f c e rta in
e n te rta in m e n t,
e tc .,
e x p e n s e s .
(a )
D e n ia l
o f
d e d u c tio n .
(b )
T ra v e lin g
e x p e n s e s .
(c )
E ffe c tiv e
d a te .
S e e .5 . A m ount
o f
d is trib u tio n
w here
c e rta in
fo re ig n
c o rp o ra tio n s
d is trib u te
p ro p e rty
i n
k in d .
(a )
A m ount
d is trib u te d .
(b )
B asis.
(c )
D iv id e n d s
re c e iv e d
fro m
c e rta in
fo re ig n
c o rp o ra -
tio n s .
(d )
E ffe c tiv e
d a te .
S e c .6 .M u tu a l
s a v in g s
b a n k s , e tc .
(a )
R eserves
fo r
lo s s e s
o n
lo a n s .
(b )
F o re c lo s u re
o n
p ro p e rty
s e c u rin g
lo a n s .
(c )
D e fin itio n
o f
d o m e s tic
b u ild in g
lin d
lo a n
a s s o c ia -
tio n .
(d )
C le ric a l
a m e n d m e n ts .
(e )
R epealo f e x e m p tio n
fro m
c e rta ine x c is eta x e s .
( f )
D e d u c tio nfo r d iv id e n d so r in te re s t p a id
o n d e p o s its .
(g )
E ffe c tiv e
d a te s .
S e c .7 .
D is trib u tio n s
b y
fo re ig n
tru s ts .
(a )
D e fin itio n s .
(b )
A c c u m u la tio n
d is trib u tio n s
o ffo re ig ntru s ts .
(c )
A llo c a tio n
o fa c c u m u la tio n
d is trib u tio n s
to .p re c e d -
ing
years.
(d )
A m o u n ts
tre a te d
a sre c e iv e d
i n
p rio ry e a r s .
(e )
S p e c ia l
ru le s
fo rfo re ig n
tru s ts .
( f )
In fo rm a tio n
re tu rn sw ith
r e s p e c tt ofo re ig n
tru s ts .
(g )
F a ilu r et o
f i l e
in fo rm a tio n
re tu rn s.
(h )
U n ite d
S ta te s
p e rs o n
d e fin e d .
( i )
T e c h n ic a l
a m e n d m e n ts .
( j )
E ffe c tiv e
d a te .
S e c .8 .
M u tu a l
in s u ra n c e
c o m p a n ie s
(o th e r
th a n
life ,m a rin e ,a n d
c e rta in
f i r e
o r flo o di n s u r a n c e com panies),
e tc .
(a )
Im p o s itio n
o f ta x .
(b )
T a x a b le
Investm ent
in c o m e .
(c )
S ta tu to ry
u n d e rw ritin g
in c o m e
o rl o s s .
(d )
E x e m p tio n
fro m
ta x .
(e )
M u tu a lf i r ei n s u r a n c e
c o m p a n ie so p e ra tin g
o nb a s is
o f p re m iu m
d e p o s its .
( f )
E le c tio n
o fc e rta in
m u tu a lc o m p a n ie s
t o
b e
ta x e d
o n
to ta l
in c o m e .
(g )
T e c h n ic a l
a m e n d m e n ts ,
e tc .
(h )
E ffe c tiv e
d a te .
[76
S T A T .
76 Stat. 960 1962
7 6
S T A T .]
P U B L IC
L A W
8 7 -8 3 4 -O C T .
1 6 ,
1 9 6 2
(b )
T A B L E
O F
C o Iu m N 'T s .-C o n tin u e d
S e c .9 .
D o m estic
c o rp o ra tio n s
re c e iv in g
d iv id e n d s
fro m
fo re ig n
c o rp o ra tio n s .
(a )
F o re ig n
ta x e s
deem ed
p a id
b y
d o m e s tic
c o rp o ra -
tio n s .
(b )
In c lu s io ni n
g ro ssin c o m e
o fam ounte q u a lt o
ta x e s
deem ed
p a id .
(c )
D e te rm in a tio n
o fs o u rc eo f d iv id e n d sre c e iv e d
fro m
c e rta in
fo re ig n
c o rp o ra tio n s .
(d )
T e c h n ic a l
a m e n d m e n ts .
(e )
E ffe c tiv e
d a te .
S e c .1 0 .
S e p a ra te
lim itatio n
o n
fo re ig n
ta x
c re d it
w ith
r e s p e c t
t o
c e rta in
in te re s t
in c o m e .
(a )
L im ita tio n
o n
fo re ig n
ta x
c re d it.
(b )
E ffe c tiv e
d a te .
S e e .1 1 .E arned
in c o m e
fro m
s o u rc e s
w ith o u t
th eU n ite d
S ta te s .
(a )
L im ita tio n
o n
am ounta n d
ty p eo f in c o m ee x c lu d e d .
(b )
C o m p u ta tio n
o f
e m p lo y e e s '
c o n trib u tio n s .
(c )
E ffe c tiv e
d a te s .
S e c .1 2 .
C o n tro lle d
fo re ig n
c o rp o ra tio n s .
(a )
I n
g e n e ra l.
(b )
T e c h n ic a l
a n d
c le ric a la m e n d m e n ts .
(c )
E ffe c tiv e
d a te .
S e c .1 3 . G a in
fro m
d is p o s itio n s
o fc e rta in
d e p re c ia b le
p ro p e rty .
(a )
I n
g e n e ra l.
(b )
C hange
i n
m e th o do fd e p re c ia tio n .
(c )
S a lv a g e
v a lu e
o fp e r s o n a lp ro p e rty .
(d )
S p e c ia l
ru lefo rc h a rita b le
c o n trib u tio n s
o fs e c tio n
1 2 4 5
p ro p e rty .
(e )
C o m p u ta tio n
o f
ta x a b le
in c o m e
fo r
p u rp o s e s
o f
lim itatio n
o n
p e rc e n ta g e
d e p le tio n
d e d u c tio n .
( f )
T e c h n ic a l
a m e n d m e n ts .
(g )
E ffe c tiv e
d a te s .
S e c .
1 4 .
F o re ig n
in v e s tm e n t
c o m p a n ie s .
(a )
T re a tm e n t
o f
s a le
o f
s to c k
o ffo re ig n
in v e s tm e n t
c o m p a n ie s .
(b )
C o n fo rm in g
a m e n d m e n ts .
( c )
E ffe c tiv e
d a te .
S e e .1 5 .
G a in
fro m
c e rta in
s a le s
o r
e x c h a n g e s
o f
s to c k
i n
c e rta in
fo re ig n
c o rp o ra tio n s .
(a )
T re a tm e n t
o f g a in
fro m
th e
re d e m p tio n ,
c a n c e lla -
tio n ,o rs a leo f
s to c k
i n
c e rta in
fo re ig n
c o rp o ra -
tio n s .
(b )
C le ric a la m e n d m e n t.
( c )
E ffe c tiv e
d a te .
S e c .1 6 .
S a le s
a n d
e x c h a n g e s
o f
p a te n ts ,
e tc .,
t o
c e rta in
fo re ig n
c o rp o ra tio n s .
(a )
T re a tm e n to fg a in
a s o rd in a ry
in c o m e .
(b )
C le ric a l
a m e n d m e n t.
(c )
E ffe c tiv e
d a te .
S e c .1 7 .
T axtre a tm e n to f c o o p e ra tiv e s
a n dp a tro n s .
(a )
I n
g e n e ra l.
(b )
T e c h n ic a l
a m e n d m e n ts .
(c )
E ffe c tiv e
d a te s .
S e c .1 8 .
In c lu s io n
o ffo re ig nr e a lp ro p e rty
i n
g ro sse s ta te .
(a )
A m e n d m e n ts
t o
in c lu d efo re ig n
r e a lp ro p e rty .
(b )
E ffe c tiv e
d a te .
S e c .1 9 .
R e p o rtin g
o f in te re s t,d iv id e n d ,a n d p a tro n a g e
d iv id e n dp a y -
m e n tso f$ 1 0o r m ore d u rin g
ay e a r.
(a )
R e tu rn s
re g a rd in g
paym ent
o f
d iv id e n d s .
(b )
R e tu rn sre g a rd in g paym ento f p a tro n a g ed iv id e n d s .
(c )
R e tu rn s
re g a rd in g
paym ento f
in te re s t.
(d )
P e n a ltie s
fo rfa ilu re
t o
f i l e
in fo rm a tio n
re tu rn s.
(e )
P e n a ltie s
fo rfa ilu re
t o
fu rn ish
s ta te m e n ts
t o
p e r-
s o n s w ith
r e s p e c t
t o
w hom
re tu rn s
a refile d .
( f )
T e c h n ic a l
a m e n d m e n ts .
(g )
C le ric a l
a m e n d m e n ts .
(h )
E ffe c tiv e
d a te s .
7 8 1 3 5 0 -6 3 -6 4
76 Stat. 961 1962
P U B L IC
LA W
8 7 -8 3 4 -O C T .
1 6 ,1 9 6 2
2 6
U SC
I
a ts e q .
(b )
T A B L E ,O F
C o N rN q .-C o n tin u e d
S e c .2 0 .
In fo rm a tio n
w ith
r e s p e c t
t o
c e rta in
fo re ig n
e n titie s .
(a )
In fo rm a tio nt ob e fu rn ish e d
b yin d iv id u a ls ,dom es-
t i c
c o rp o ra tio n s ,
e tc .,
w ith
re s p e c t
t o
c e rta in
fo re ig n
c o rp o ra tio n s .
(b )
In fo rm a tio na st oo rg a n iz a tio no r re o rg a n iz a tio no f
fo re ig n
c o rp o ra tio n s
a n d
a s
t o
a c q u is itio n s
o f
th e irs t o c k .
(c )
C iv ilp e n a lty
fo r fa ilu re
t o
f ile
re tu rn .
(d )
T e c h n ic a l am endm ents.
(e )
E ffe c tiv e
d a te .
S e c .2 1 .
E x p e n d itu re s
b y farm ersfo rc le a rin gla n d .
(a )
A llo w a n c e
o f
d e d u c tio n .
(b )
C o n fo rm in g
a m e n d m e n t.
(c )
C le ric a la m e n d m e n t.
(d )
E ffe c tiv e
d a te .
S e c .2 2 .
C h a rita b le
c o n trib u tio n s
m adefro m
in c o m ea ttrib u ta b le
t o
s e v e ra l
ta x a b le
y e a rs .
(a )
T re a tm e n tfo rp u r p o s e so fp a rtI
o f s u b c h p p te rQ .
(b )
E ffe c tiv e
d a te .
S e c .2 3 .E ffe c tiv e
d a te
o fs e c tio n
1 3 7 1 (c )
o f
th eIn te rn a l
R evenue
C ode
o f
1 9 5 4 .
(a )
I n
g e n e ra l.
(b )
E le c e io n
a n d
c o n s e n tb yc o rp o ra tio n s ;
c o n s e n tsb y
s h a re h o ld e rs .
(c )
T o llin go fs ta tu te so f lim itatio n s.
S e c .2 4 .C e rta in
lo s s e ss u s ta in e d
i n
c o n v e rtin g
fro m
s tr e e t ra ilw a y
to ,b u sd p e ra tio n s .
(a )
I n
g e n e ra l.
(b )
U nused
c o n v e rs io n
lo s sd e fin e d .
(c )
T re a tm e n t
o f
u n u s e d
c o n v e rs io n
lo s s .
(d )
R e g u la tio n s .
S e c .2 5 .
P e n s io n
p la n
o f
L o c a lU n io n
N um bered
4 3 5 ,
In te rn a tio n a l
H od
C arriers'B u ild in g
a n d
C om m on
L a b o re rs 'U n io n
o f
A m erica.
S e c .2 6 .C o n tin u a tio n
o fap a rtn e rs h ipy e a rfo rs u rv iv in gp a rtn e r
i n
atw o -m anp a rtn e rs h ip
w hereo n ed ie s .
(a )
C lo seo f ta x a b ley e a ro ftw o -m anp a rtn e rs h ip
w hen
o n e
p a rtn e r
d ie s .
(b )
E ffe c tiv e
d a te ,e tc .
S e c .2 7 .
E x c lu s io n
fro m
g ro ssin c o m e
o f c e rta in
aw ards m ade
p u r-
s u a n tt oe v a c u a tio n
c la im so fJapanese-A m erican
p e rs o n s .
(a )
I n
g e n e ra l.
(b )
E ffe c tiv e
d a te ,e tc .
S e e .2 8 .D e d u c tio nfo rd e p re c ia tio n
b yte n a n t-s to c k h o ld e ro fc o o p e r a -
tiv eh o u s in gc o rp o ra tio n .
(a )
A llo w a n c e
o f
d e d u c tio n .
(b )
C le ric a la m e n d m e n t.
(c )
E ffe c tiv e
d a te .
S e c .2 9 .D e d u c tio n
fo r
in c o m e
ta xp u r p o s e s
o f c o n trib u tio n s
t o
c e r-
ta in
o rg a n iz a tio n sfo rju d ic ia l
refo rm .
S e c .3 0 .E ffe c tiv e
d a teo f am endm ent
t os e c tio n
1 3 7 4 (b ).
S e c .3 1 .T re a tie s .
(c )
AM ENDM ENT
O P1 9 5 4 C o D .-E x c e p ta s o th erw isee x p r e s s l yp ro -
v id e d , w henever
i n
th is A cta n
am endm ent
or repeali se x p r e s s e d
i n
term so fa n am endm entto ,o rr e p e a l o f,as e c tio no r
o th e rp ro v is io n ,
th ere fe re n c es h a llb ec o n s id e re dt ob e m adet oas e c tio n
o ro th e rp ro v i-
s io no fth eIn te rn a lR evenue C odeo f1 9 5 4 .
S E C .2 .
C R E D IT
FO R
IN V E S T M E N T
I N
C E R T A IN
D E P R E C IA B L E
PR O P-
E R T Y .
(a )
ALLOW ANCE
O F
C R F T rr.-P a rt
I V
o f s u b c h a p te rA
o f c h a p te r
2 6U SC
3 1 -3 8 .
1
re la tin gt o
c re d itsa g a i n s t ta x )
i s am ended
b yre d e s ig n a tin g
s e c -
tio n3 8
a ss e c tio n
3 9a n db y
in s e rtin g
a fte rs e c tio n
3 7
th efo llo w in g
n e w
s e c tio n :
P o e t,
p p .
9 6 7 ,
"S E C .
3 8 .IN V E S T M E N T
I N
C E R T A IN
D E P R E C IA B L E
P R O P E R T Y .
9 6 8 .
" ( a )
G w iE A rL R a L .T h e r es h a llb e a llo w e d ,a sac re d it a g a in s t th e
P o e t,
P .9 6 3 .
ta xim posedb y th isc h a p te r,th e am ount d e te rm in e d
u n d e rs u b p a rtB
o f th isp a rt.
9 6 2
[7 6
S T A T .
76 Stat. 962 1962
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PL 87-834 Revenue Act of 1962
Full text of the Revenue Act of 1962 (PL 87-834).
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