An Act to amend the District of Columbia Income and Franchise Tax Act of 1947 with respect to the taxation of regulated investment companies
PL 91-391 (H.R.15381), enacted 08/28/1970

834 
PUBLIC LAW 91-391-AUG. 28, 1970 
[84 STAT. 
August 28, 1970 
[H.R.15381] 
Public Law 91-391 
AN ACT 
To amend the District of Coluiiubia Iiu-ome and Franchise Tax Act of 11)47 with 
respect to the taxation of regulated investment companies. 
D. c. 
Regulated in-
vestment com-
panies, taxation. 
61 Stat. 337; 
63 Stat. 131. 
68A Stat. 268; 
83 Stat. 717. 
26 u s e 851. 
70 Stat. 530; 
83 Stat. 637. 
61 Stat. 343. 
D.C. Code 47-
1567. 
Effective date. 
Be It enacted hy the Senate and House of Rep7-esentatices of the 
United States of Atnenca 
in Congress asnemhled^ That title III of 
article I of the District of Columbia Income and Franchise Tax Act of 
1947 (D.C. Code, sec. 47-1557b) is amended by inserting after para-
graph (15) of section 3a the following new paragraph: 
"(16) REGULATED INVESTMENT COMPANIES.—In the case of a 
regulated investment company as defined in section 851 of the 
Internal Revenue Code of 1954, which meets the requirements of 
section 852(a) of the Internal Revenue Code of 1954— 
"(A) the dividends paid by the regulated investment com-
pany which qualify for the dividends-paid deduction under 
section 852(b) (2) (D) and section 8'52(b) (3) (A) (ii) of the 
Internal Revenue Code of 1954, including dividends con-
sidered as having been paid during the taxable year by reason 
of section 855 of the Internal Revenue Code of 1954; and 
"(B) such amount as the regulated investment company 
shall d.esignate for purposes of section 852(b) (3) (D) (ii) of 
the Internal Revenue Code of 1954 as undistributed long-
term capital gains to be included in cx)mputing the long-term 
capital gains of the shareholder. Such amounts shall be 
included as gains from the sale or exchange of capital assets, 
as defined in this article, in computing such shareholder's tax-
able income as defined in section 1 of title VI of this article." 
SEC. 2. The amendments made by this Act shall apply with respect 
to taxable years of regulated investment companies oeginning after 
December 31,1968. 
Approved August 28, 1970. 
Public Law 91-392 
AN ACT 
Coast Guard. 
Officers, inter" 
service transfers. 
72 Stat. 521. 
September 1, 1970 '^^ ameiul section 716 of title 10, United States Code, to autliorize tlie interservice 
[H. R. 90*52] 
transfers of officers of tlie <?oast Guard. 
Be it enacted hy the Senate and, House of Rejjresentatires 
of the 
United States of Am^Hca in Cmigress assembled,^ That section 716 of 
title 10, United States Code, is amended to read as follows: 
*
^
§ 716. Commissioned officers: transfers between armed forces 
"Notwithstanding any other provision of law, the President may, 
within authorized strengths, transfer any commissioned officer with 
his consent from his armed force to, and appoint him in, another 
armed force. The Secretary of Defense and the Secretary of the 
department in which the Coast Guard is operating shall jointly estab-
lish, by regulations approved by the President, policies and procedures 
for such transfers and appointments. An officer transferred under 
this section may not be assigned precedence or relative rank higher 
than that which he held on the day before his transfer." 
SEC. 2. The analysis of chapter 41 of title 10, United States Code, 
is amended by amending the item for section 716 to read as follows: 
"716. Commissioned officers: transfers between armed forces." 
Approved September 1, 1970.