1071(a)(4), added subsec. (e).
1983 - Subsec. (b)(5). Pub. L. 97-424 substituted "section 103(a)" for "section 103(a)(1)" wherever appearing.
1980 - Subsec. (b)(3)(D)(iii). Pub. L. 96-222 substituted "72 percent" for "70 percent".
1978 - Subsec. (b)(1). Pub. L. 95-600, § 301(b)(11), substituted "a tax" for "a normal tax and surtax".
Subsec. (b)(3)(C). Pub. L. 95-600, § 362(c), inserted ", except that, if there is an increase in the excess described in subparagraph (A) of this paragraph for such year which results from a determination (as defined in section 860(e)), such designation may be made with respect to such increase at any time before the expiration of 120 days after the date of such determination" after "amount so designated".
Subsec. (b)(4). Pub. L. 95-600, § 701(s)(2), designated first sentence, including subpars. (A) and (B), as subpar. (A), cls. (i) and (ii); added subpar. (A) heading and substituted "shall, to the extent of the amount described in clause (i), be treated as a long-term capital loss" for "shall, to the extent of the amount described in subparagraph (A) of this paragraph, be treated as loss from the sale or exchange of a capital asset held for more than 1 year"; added subpar. (B); and designated second sentence as subpar. (C).
1976 - Subsec. (a)(1). Pub. L. 94-455, §§ 1901(b)(6)(B), 2137(a), designated existing provisions as introductory material and subpar. (A) and added subpar. (B).
Subsec. (a)(2). Pub. L. 94-455, § 1906(b)(13)(A), struck out "or his delegate" after "Secretary".
Subsec. (b)(1). Pub. L. 94-455, § 1901(b)(1)(V), struck out provision relating to the computation of the normal tax under section 11 of this title.
Subsec. (b)(2)(A). Pub. L. 94-455, § 1901(b)(33)(I), substituted "the amount of the net capital gain, if any" for "the excess, if any, of the net long-term capital gain over the short-term capital loss".
Subsec. (b)(2)(D). Pub. L. 94-455, § 2137(b), inserted reference to exempt-interest dividends.
Subsec. (b)(3)(A). Pub. L. 94-455, § 1901(b)(33)(J)(i), among other changes, struck out reference to the sum of the net short-term capital loss.
Subsec. (b)(3)(B). Pub. L. 94-455, § 1402(b)(2), provided that "9 months" would be changed to "1 year".
Pub. L. 94-455, § 1402(b)(1)(N), provided that "6 months" would be changed to "9 months" for taxable years beginning in 1977.
Subsec. (b)(3)(C). Pub. L. 94-455, § 1901(a)(110)(A), (b)(33)(J)(ii), substituted "net capital gain" for "excess of the net long-term capital gain over the net short-term capital loss" in two places and struck out provision requiring for purpose of the deduction for capital gains dividends paid, the deductions shall in the case of a taxable year beginning before Jan. 1, 1975, first be made from the amount subject to tax in accordance with section 1201(a)(1)(B), to the extent thereof, and then from the amount subject to tax in accordance with section 1201(a)(1)(A).
Subsec. (b)(3)(D)(iii). Pub. L. 94-455, § 1901(a)(110)(B)(i), struck out "by 75 percent of so much of such amounts as equals the amount subject to tax in accordance with section 1201(a)(1)(A) and" after "his long term capital gains," and "(72 percent in the case of