§ 542. Definition of personal holding company

Legislative history

Reconstructed from this section’s Code source credit and amendment notes, resolved against the local Statutes at Large. Editorial notes are evidence, not the law that made the change.

1. 1954

   Aug. 16, 1954, ch. 736, 68A Stat. 182 · 68A Stat. 182

   Enacted · 26 U.S.C. § 542

   Aug. 16, 1954, ch. 736, 68A Stat. 182

   Source evidence

   Code source credit
   Aug. 16, 1954, ch. 736, 68A Stat. 182

2. 1955

   Public Law not identified

   Inserted · 26 U.S.C. § 542(a)(2)

   Subsec. (a)(2). Act Aug. 12, 1955, § 3, inserted sentence at end excepting from consideration as “individuals” certain charitable foundations created before July 1, 1950

   Unresolved: No Public Law or Statutes at Large citation in the Code source.

   Source evidence

   Code amendment note
   Subsec. (a)(2). Act Aug. 12, 1955, § 3, inserted sentence at end excepting from consideration as “individuals” certain charitable foundations created before July 1, 1950.

3. 1959

   Pub. L. 86–376 § 3(a) · 73 Stat. 699

   Added · 26 U.S.C. § 542(c)(11)

   Pub. L. 86–376 added par. (11)

   Source evidence

   Code amendment note
   Subsec. (c)(11). Pub. L. 86–376 added par. (11).

   Enacted provision · exact public law section
   (a) Section 542(c) of the Internal Revenue Code of 1954 (relating to exceptions from definition of a personal holding company) is amended— (a) by inserting “in lieu of at the end thereof and” (b) by adding at the end thereof the following new paragraph (11): “(11) A small business investment company which is licensed by the Small Business Administration and operating under the Small Business Investment Act of 1958 and which is actively engaged in the business of providing funds to small business concerns under that Act. This paragraph shall not apply if any shareholder of the small business investment company owns at any time during the taxable year directly or indirectly (including, in the case of an individual, ownership by the members of his family as defined in section 68A Stat. 188. 544(a)(2)) a 5 per centum or more proprietary interest in a small business concern to which funds are provided by the investment company or 5 per centum or more in value of the outstanding stock of such concern.”

4. 1962

   Pub. L. 87–768 § 1 · 76 Stat. 766

   1. Substituted · 26 U.S.C. § 542(c)(7)

      Pub. L. 87–768 substituted “authorized to engage in and actively and regularly engaged in the small loan business (consumer finance business)” for “authorized to engage in the small loan business”

   2. Inserted · 26 U.S.C. § 542(c)(7)

      Pub. L. 87–768 inserted provisions excepting from the definition of “personal holding company” a lending company that received 80 percent or more of its gross income from lawful income from domestic subsidiary corporations (of which stock possessing at least 80 percent of the voting power of all classes of stock and of which at least 80 percent of each class of the nonvoting stock is owned directly by such lending company), which are themselves excepted under pars. (6), (7), (8), or (9) of this subsection, increased the maximum amount of the loan where no limit is prescribed from $500 to $1,500, and eliminated provisions which required loans to mature in not more than 36 months, and which limited interest, discount and other charges to not more than an amount equal to simple interest at 3 percent per month payable in advance and computed only on unpaid balances

   Source evidence

   Code amendment note
   Subsec. (c)(7). Pub. L. 87–768 substituted “authorized to engage in and actively and regularly engaged in the small loan business (consumer finance business)” for “authorized to engage in the small loan business”, inserted provisions excepting from the definition of “personal holding company” a lending company that received 80 percent or more of its gross income from lawful income from domestic subsidiary corporations (of which stock possessing at least 80 percent of the voting power of all classes of stock and of which at least 80 percent of each class of the nonvoting stock is owned directly by such lending company), which are themselves excepted under pars. (6), (7), (8), or (9) of this subsection, increased the maximum amount of the loan where no limit is prescribed from $500 to $1,500, and eliminated provisions which required loans to mature in not more than 36 months, and which limited interest, discount and other charges to not more than an amount equal to simple interest at 3 percent per month payable in advance and computed only on unpaid balances.

5. 1964

   Revenue Act of 1964

   Pub. L. 88–272 § 225(b) · 78 Stat. 19

   Substituted · 26 U.S.C. § 542(a)(1)

   Pub. L. 88–272, § 225(b), substituted “60 percent of its adjusted ordinary gross income (as defined in section 543(b)(2)) for the taxable year is personal holding company income (as defined in section 543(a))” for “80 percent of its gross income for the taxable year is personal holding company income as defined in section 543”

   Source evidence

   Code amendment note
   Subsec. (a)(1). Pub. L. 88–272, § 225(b), substituted “60 percent of its adjusted ordinary gross income (as defined in section 543(b)(2)) for the taxable year is personal holding company income (as defined in section 543(a))” for “80 percent of its gross income for the taxable year is personal holding company income as defined in section 543”.

   Enacted provision · exact public law section
   (b) Definition of Personal Holding Company.— Paragraph (1) of section 542(a) (relating to the gross income requirement for personal 26 USC 542. holding company purposes) is amended to read as follows: “(1) Adjusted ordinary gross income requirement.— At least 60 percent of its adjusted ordinary gross income (as defined in section 543(b)(2)) for the taxable year is personal holding Post, p. 81. 26 USC 543. company income (as defined in section 543 (a)), and”.

6. 1964

   Revenue Act of 1964

   Pub. L. 88–272 § 225(k)(1) · 78 Stat. 19

   Substituted · 26 U.S.C. § 542(b)

   Pub. L. 88–272, § 225(k)(1), substituted “adjusted ordinary gross income” for “gross income”, wherever appearing

   Source evidence

   Code amendment note
   Subsec. (b). Pub. L. 88–272, § 225(k)(1), substituted “adjusted ordinary gross income” for “gross income”, wherever appearing.

   Enacted provision · exact public law section
   (1) Section 542(b) (relating to corporations filing consolidated 26 USC 542. returns) is amended by striking out “gross income” each place it appears and inserting in lieu thereof “adjusted ordinary gross income”.

7. 1964

   Revenue Act of 1964

   Pub. L. 88–272 § 225(c)(1) · 78 Stat. 19

   1. Inserted · 26 U.S.C. § 542(c)(2)(6)(11)

      Pub. L. 88–272, § 225(c)(1), (2), inserted among the exceptions, domestic building and loan associations within section 7701(a)(19) without regard to subpars. (D) and (E) thereof

   2. Added · 26 U.S.C. § 542(c)(2)(6)(11)

      Pub. L. 88–272, § 225(c)(1), (2), added par. (6)

   3. Redesignated · 26 U.S.C. § 542(c)(2)(6)(11)

      Pub. L. 88–272, § 225(c)(1), (2), redesignated former pars. (10) and (11) as (7) and (8), respectively, and omitted former pars. (6) to (9) which related to licensed personal finance companies, lending companies, loan or investment corporations, and finance companies, respectively

   Source evidence

   Code amendment note
   Subsec. (c)(2), (6) to (11). Pub. L. 88–272, § 225(c)(1), (2), inserted among the exceptions, domestic building and loan associations within section 7701(a)(19) without regard to subpars. (D) and (E) thereof, added par. (6), redesignated former pars. (10) and (11) as (7) and (8), respectively, and omitted former pars. (6) to (9) which related to licensed personal finance companies, lending companies, loan or investment corporations, and finance companies, respectively.

   Enacted provision · exact public law section
   (1) Domestic building and wan associations.— Paragraph (2) of section 542(c) (relating to corporations excepted from the definition of personal holding company) is amended to read as follows: “(2) a bank as defined in section 581, or a domestic building 26 USC 581. and loan association within the meaning of section 7701(a)(19) 76 Stat. 982. 26 USC 7701. without regard to subparagraphs (D) and (E) thereof;”.

8. 1964

   Revenue Act of 1964

   Pub. L. 88–272 § 225(c)(3) · 78 Stat. 19

   Added · 26 U.S.C. § 542(d)

   Pub. L. 88–272, § 225(c)(3), added subsec. (d)

   Source evidence

   Code amendment note
   Subsec. (d). Pub. L. 88–272, § 225(c)(3), added subsec. (d).

   Enacted provision · exact public law section
   (3) Special rules for section 542(c)(6).— Section 542 is amended by adding at the end thereof the following new subsection: “(d) Special Rules for Applying Subsection (c) (6).— “(1) Lending or finance business defined.— “(A) In general.— Except as provided in subparagraph (B), for purposes of subsection (c)(6), the term ‘lending or finance business’ means a business of— “(i) making loans, “(ii) purchasing or discounting accounts receivable, notes, or installment obligations, “(iii) rendering services or making facilities available in connection with activities described in clauses (i) and (ii) carried on by the corporation rendering services or making facilities available, or “(iv) rendering services or making facilities available to another corporation which is engaged in the lending or finance business (within the meaning of this paragraph), if such services or facilities are related to the mg or finance business (within such meaning) of such other corporation and such other corporation and the corporation rendering services or making facilities available are members of the same affiliated group (as 26 USC 1504. defined in section 1504). “(B) Exceptions.— For purposes of subparagraph (A), the term ‘lending or finance business’ does not include the business of— “(i) making loans, or purchasing or discounting accounts receivable, notes, or installment obligations, if (at the time of the loan, purchase, or discount) the remaining maturity exceeds 60 months, unless the loans, notes, or installment obligations are evidenced or secured by contracts of conditional sale, chattel mortgages, or chattel lease agreements arising out of the sale of goods or services in the course of the borrower’s or transferor’s trade or business, or “(ii) making loans evidenced by, or purchasing, certificates of indebtedness issued in a series, under a trust indenture, and in registered form or with interest coupons attached. For purposes of clause (i), the remaining maturity shall be treated as including any period for which there may be a renewal or extension under the terms of an option exercisable by the borrower. “(2) Business deductions.— For purposes of subsection (c) (6)(C), the deductions which may be taken into account shall include only— “(A) deductions which are allowable only by reason of section 162 or section 404, except there shall not be included any 68A Stat. 45. 26 USC 162, 404. such deduction in respect of compensation for personal services rendered by shareholders (including members of the shareholder’s family as described in section 544(a) (2)), and 26 USC 544. “(B) deductions allowable under section 167, and deductions 26 USC 167. allowable under section 164 for real property taxes, but Ante, p. 40. 26 USC 164. in either case only to the extent that, the property with respect to which such deductions are allowable is used directly in the active and regular conduct, of the lending or finance business. “(3) Income received prom certain affiliated corporations.— For purposes of subsection (c)(6)(B), in the case of a lending or finance company which meets the requirements of subsection (c) (6) (A), there shall not be treated as personal holding company income the lawful income received from a corporation which meets the requirements of subsection (c) (6) and which is a member of the same affiliated group (as defined in section 1504) 26 USC 1504. of which such company is a member.”

9. 1966

   Foreign Investors Tax Act of 1966

   Pub. L. 89–809 title I § 104(h)(1) · 80 Stat. 1539

   Substituted · 26 U.S.C. § 542(c)(7)

   Pub. L. 89–809 substituted requirement that the foreign corporation be other than a corporation which has income to which section 543(a)(7) applies for the taxable year for requirement that the foreign corporation’s gross income from sources within the United States for the period specified in section 861(a)(2)(B) be less than 50 percent of its total gross income from all sources, and expanded the devices included in methods of indirect ownership to encompass foreign estates, foreign trusts, and foreign partnerships

   Source evidence

   Code amendment note
   Subsec. (c)(7). Pub. L. 89–809 substituted requirement that the foreign corporation be other than a corporation which has income to which section 543(a)(7) applies for the taxable year for requirement that the foreign corporation’s gross income from sources within the United States for the period specified in section 861(a)(2)(B) be less than 50 percent of its total gross income from all sources, and expanded the devices included in methods of indirect ownership to encompass foreign estates, foreign trusts, and foreign partnerships.

   Enacted provision · exact public law section
   (1) Paragraph (7) of section 542(c) (relating to corporations 68A Stat. 186; 78 Stat. 79. not subject to personal holding company tax) is amended to read as follows: “(7) a foreign corporation (other than a corporation which has income to which section 543(a)(7) applies for the taxable 78 Stat. 81. year), if all of its stock outstanding during the last half of the taxable year is owned by nonresident alien individuals, whether directly or indirectly through foreign estates, foreign trusts, foreign partnerships, or other foreign corporations;”.

10. 1969

    Tax Reform Act of 1969

    Pub. L. 91–172 title I § 101(j)(16) · 83 Stat. 487

    1. Substituted · 26 U.S.C. § 542(a)(2)

       Pub. L. 91–172 substituted “section 401(a), 501(c)(17), or 509(a)” for “section 503(b)” in the list of sections that contain the description of organizations that may be considered as individuals for the purpose of establishing stock ownership

    2. Struck · 26 U.S.C. § 542(a)(2)

       Pub. L. 91–172 struck out provisions which would have kept an organization or trust created before July 1, 1950, from being so designated if it had been denied exemption under section 504 or an unlimited charitable deduction under section 681(c) of this title

    Source evidence

    Code amendment note
    Subsec. (a)(2). Pub. L. 91–172 substituted “section 401(a), 501(c)(17), or 509(a)” for “section 503(b)” in the list of sections that contain the description of organizations that may be considered as individuals for the purpose of establishing stock ownership, and struck out provisions which would have kept an organization or trust created before July 1, 1950, from being so designated if it had been denied exemption under section 504 or an unlimited charitable deduction under section 681(c) of this title.

    Enacted provision · exact public law section
    (16) Section 542(a)(2) (relating to stock ownership requirement) is amended— (A) by striking out in the second sentence “section 503(b)” and inserting in lieu thereof “section 401(a), 501(c)(17), or 509(a)”, and (B) by amending the third sentence to read as follows: “The preceding sentence shall not apply in the case of an organization or trust organized or created before July 1, 1950, if at all times on or after July 1, 1950, and before the close of the taxable year such organization or trust has owned all of the common stock and at least 80 percent of the total number of shares of all other classes of stock of the corporation.”

11. 1974

    Pub. L. 93–480 § 3(a) · 88 Stat. 1454

    Added · 26 U.S.C. § 542(b)(5)

    Pub. L. 93–480 added par. (5)

    Source evidence

    Code amendment note
    Subsec. (b)(5). Pub. L. 93–480 added par. (5).

    Enacted provision · exact public law section
    (a) Section 542(b) of the Internal Revenue Code of 1954 (relating to corporations filing consolidated returns) is amended by adding at the end thereof the following new paragraph: “(5) Certain dividend income received from a nonincludible life insurance company.— In the case of an affiliated group of corporations filing or required to file a consolidated return under section 1501 for any taxable year, there shall be excluded from consolidated personal holding company income and consolidated adjusted ordinary gross income for purposes of this part dividends received by a member of the affiliated group from a life insurance company taxable under section 802 that is not a member of the affiliated group solely by reason of the application of paragraph (2) of subsection (b) of section 1504.”.

12. 1976

    Pub. L. 94–455 § 1901(a)(76)(A) · 90 Stat. 1520

    Struck · 26 U.S.C. § 542(a)(2)

    Pub. L. 94–455, § 1901(a)(76)(A), struck out last sentence providing that the preceding sentence shall not apply in the case of an organization or trust organized or created before July 1, 1950, if at all times on or after July 1, 1950, and before the close of the taxable year such organization or trust has owned all of the common stock and at least 80 percent of the total number of shares of all other classes of stock of the corporation

    Source evidence

    Code amendment note
    Subsec. (a)(2). Pub. L. 94–455, § 1901(a)(76)(A), struck out last sentence providing that the preceding sentence shall not apply in the case of an organization or trust organized or created before July 1, 1950, if at all times on or after July 1, 1950, and before the close of the taxable year such organization or trust has owned all of the common stock and at least 80 percent of the total number of shares of all other classes of stock of the corporation.

    Enacted provision · exact public law section
    (A) Section 542(a)(2) (relating to definition of personal 26 USC 542. holding company) is amended by striking out the last sentence.

13. 1976

    Pub. L. 94–455 § 1901(a)(76)(B) · 90 Stat. 1520

    Struck · 26 U.S.C. § 542(b)(2)

    Pub. L. 94–455, § 1901(a)(76)(B), struck out “other than an affiliated group of railroad corporations the common parent of which would be eligible to file a consolidated return under section 141 of the Internal Revenue Act of 1942” after “group of corporations”

    Source evidence

    Code amendment note
    Subsec. (b)(2). Pub. L. 94–455, § 1901(a)(76)(B), struck out “other than an affiliated group of railroad corporations the common parent of which would be eligible to file a consolidated return under section 141 of the Internal Revenue Act of 1942” after “group of corporations”.

    Enacted provision · exact public law section
    (B) Section 542(b)(2) (relating to ineligible affiliated group) is amended by striking out “, other than an affiliated group of railroad corporations the common parent of which would be eligible to file a consolidated return under section 141 of the Internal Revenue Code of 1939 prior to its amendment by the Revenue Act of 1942,”.

14. 1976

    Pub. L. 94–455 § 1901(a)(76)(C) · 90 Stat. 1520

    Struck · 26 U.S.C. § 542(c)(2)

    Pub. L. 94–455, § 1901(a)(76)(C), struck out “without regard to subparagraphs (D) and (E) thereof” after “meaning of section 7701(a)(19)”

    Source evidence

    Code amendment note
    Subsec. (c)(2). Pub. L. 94–455, § 1901(a)(76)(C), struck out “without regard to subparagraphs (D) and (E) thereof” after “meaning of section 7701(a)(19)”.

    Enacted provision · exact public law section
    (C) Section 542(c)(2) (relating to financial institutions) is amended by striking out “without regard to subparagraphs (D) and (E) thereof”,

15. 1976

    Pub. L. 94–455 § 1901(a)(76)(D) · 90 Stat. 1520

    Inserted · 26 U.S.C. § 542(c)(8)

    Pub. L. 94–455, § 1901(a)(76)(D), inserted “(15 U.S.C. 661 and following)” after “Small Business Investment Act of 1958”

    Source evidence

    Code amendment note
    Subsec. (c)(8). Pub. L. 94–455, § 1901(a)(76)(D), inserted “(15 U.S.C. 661 and following)” after “Small Business Investment Act of 1958”.

    Enacted provision · exact public law section
    (D) Section 542(c)(8) (relating to small business investment companies) is amended by inserting after “Small Business Investment Act of 1958” the following: “(15 U.S.C. 661 and following)”.

16. 1980

    Pub. L. 96–589 § 5(a) · 94 Stat. 3389

    Added · 26 U.S.C. § 542(c)(9)

    Pub. L. 96–589, added par. (9)

    Source evidence

    Code amendment note
    Subsec. (c)(9). Pub. L. 96–589, added par. (9).

    Enacted provision · exact public law section
    (a) Exception From Personal Holding Company Tax for Corporations in Title 11 or Similar Cases.— Subsection (c) of section 542 11 USC 101 et seq. 26 USC 542. (relating to exceptions from definition of personal holding company) is amended by striking out the period at the end of paragraph (8) and inserting in lieu thereof “; and” and by adding at the end thereof the following new paragraph: “(9) a corporation which is subject to the jurisdiction of the court in a title 11 or similar case (within the meaning of section 368(a)(3)(A)) unless a major purpose of instituting or continuing such case is the avoidance of the tax imposed by section 541”.

17. 1982

    Pub. L. 97–248 § 293(a) · 96 Stat. 324

    Struck · 26 U.S.C. § 542(c)(6)(C)(ii)

    Pub. L. 97–248, § 293(a), struck out “but not $1,000,000” after “exceeds $500,000”

    Source evidence

    Code amendment note
    Subsec. (c)(6)(C)(ii). Pub. L. 97–248, § 293(a), struck out “but not $1,000,000” after “exceeds $500,000”.

    Enacted provision · exact public law section
    (a) Removal of Limitation on Amount of Ordinary Gross Income from Lending or Finance Business Taken Into Account.— Clause (ii) of section 542(c)(6)(C) (relating to exceptions 26 USC 542. from definition of personal holding company) is amended by striking out “but not $1,000,000”.

18. 1982

    Pub. L. 97–248 § 293(b) · 96 Stat. 324

    1. Substituted · 26 U.S.C. § 542(d)(1)(B)(i)

       Pub. L. 97–248, § 293(b), substituted “144 months” for “60 months” after “remaining maturity exceeds”

    2. Amended · 26 U.S.C. § 542(d)(1)(B)(i)

       Pub. L. 97–248, § 293(b), designated existing provisions from “the loans” through “transferor’s trade or business, or” as subcl. (I)

    3. Added · 26 U.S.C. § 542(d)(1)(B)(i)

       Pub. L. 97–248, § 293(b), added subcl. (II)

    Source evidence

    Code amendment note
    Subsec. (d)(1)(B)(i). Pub. L. 97–248, § 293(b), substituted “144 months” for “60 months” after “remaining maturity exceeds”, designated existing provisions from “the loans” through “transferor’s trade or business, or” as subcl. (I), and added subcl. (II).

    Enacted provision · exact public law section
    (b) Changes in Definition of Lending or Finance Business.— Clause (i) of section 542(d)(1)(B) (relating to exceptions from definition of lending or finance business) is amended to read as follows: “(i) making loans, or purchasing or discounting accounts receivable, notes, or installment obligations, if (at the time of the loan, purchase, or discount) the remaining maturity exceeds 144 months; unless— “(I) the loans, notes, or installment obligations are evidenced or secured by contracts of conditional sale, chattel mortgages, or chattel lease agreements arising out of the sale of goods or services in the course of the borrower’s or transferor’s trade or business, or “(II) the loans, notes, or installment obligations are made or acquired by the taxpayer and meet the requirements of subparagraph (C), or”.

19. 1982

    Pub. L. 97–248 § 293(c) · 96 Stat. 324

    Added · 26 U.S.C. § 542(d)(1)(C)

    Pub. L. 97–248, § 293(c), added subpar. (C)

    Source evidence

    Code amendment note
    Subsec. (d)(1)(C). Pub. L. 97–248, § 293(c), added subpar. (C).

    Enacted provision · exact public law section
    (c) Indefinite Maturity Credit Transactions.— Paragraph (1) of section 542(d) (relating to special rules) is amended by adding at the end thereof the following new subparagraph: “(C) Indefinite maturity credit transactions.— For purposes of subparagraph (B)(i), a loan, note, or installment obligation meets the requirements of this subparagraph if it is made under an agreement— “(i) under which the creditor agrees to make loans or advances (not in excess of an agreed upon maximum amount) from time to time to or for the account of the debtor upon request, and “(ii) under which the debtor may repay the loan or advance in full or in installments.”

20. 1984

    Tax Reform Act of 1984

    Pub. L. 98–369 div. A title II § 211(b)(7) · 98 Stat. 494

    Substituted · 26 U.S.C. § 542(b)(5)

    Pub. L. 98–369 substituted “section 801” for “section 802”

    Source evidence

    Code amendment note
    Subsec. (b)(5). Pub. L. 98–369 substituted “section 801” for “section 802”.

    Enacted provision · exact public law section
    (7) Paragraph (5) of section 542(b) (relating to certain dividend income received from a nonincludible life insurance company) is amended by striking out “section 802” and inserting in lieu thereof “section 801.

21. 1986

    Tax Reform Act of 1986

    Pub. L. 99–514 title XII § 1235(f)(2) · 100 Stat. 2085

    Added · 26 U.S.C. § 542(c)(10)

    Pub. L. 99–514 added par. (10)

    Source evidence

    Code amendment note
    Subsec. (c)(10). Pub. L. 99–514 added par. (10).

    Enacted provision · exact public law section
    (2) Subsection (c) of section 542 (relating to exceptions from personal holding company provisions) is amended by striking out “and” at the end of paragraph (8), by striking out the period at the end of paragraph (9) and inserting in lieu thereof and”, and by adding at the end thereof the following new paragraph: “(10) a passive foreign investment company (as defined in section 1296).”

22. 1997

    Pub. L. 105–34 title XI § 1122(d)(1) · 111 Stat. 788

    Substituted · 26 U.S.C. § 542(c)(10)

    Pub. L. 105–34 substituted “section 1297” for “section 1296”

    Source evidence

    Code amendment note
    Subsec. (c)(10). Pub. L. 105–34 substituted “section 1297” for “section 1296”.

    Enacted provision · exact public law section
    (1) Sections 532(b)(4) and 542(c)(10) are each amended by striking “section 1296” and inserting “section 1297”.

23. 2004

    Pub. L. 108–357 § 413(b)(1)(A) · 118 Stat. 1418

    Amended · 26 U.S.C. § 542(c)(5)

    Pub. L. 108–357, § 413(b)(1)(A), amended par. (5) generally. Prior to amendment, par. (5) read as follows: “a foreign personal holding company as defined in section 552;”

    Source evidence

    Code amendment note
    Subsec. (c)(5). Pub. L. 108–357, § 413(b)(1)(A), amended par. (5) generally. Prior to amendment, par. (5) read as follows: “a foreign personal holding company as defined in section 552;”.

    Enacted provision · exact public law section
    (A) by striking paragraph (5) and inserting the following: “(5) a foreign corporation,” ,

    Effective date note
    Amendment by Pub. L. 108–357 applicable to taxable years of foreign corporations beginning after Dec. 31, 2004, and to taxable years of United States shareholders with or within which such taxable years of foreign corporations end, see section 413(d)(1) of Pub. L. 108–357, set out as an Effective and Termination Dates of 2004 Amendments note under section 1 of this title.

24. 2004

    Pub. L. 108–357 § 413(b)(1)(B) · 118 Stat. 1418

    1. Redesignated · 26 U.S.C. § 542(c)(7)(10)

       Pub. L. 108–357, § 413(b)(1)(B)–(D), redesignated pars. (8) and (9) as (7) and (8), respectively

    2. Inserted · 26 U.S.C. § 542(c)(7)(10)

       Pub. L. 108–357, § 413(b)(1)(B)–(D), inserted “and” at end of par. (7)

    3. Substituted · 26 U.S.C. § 542(c)(7)(10)

       Pub. L. 108–357, § 413(b)(1)(B)–(D), substituted period for “; and” at end of par. (8)

    4. Struck · 26 U.S.C. § 542(c)(7)(10)

       Pub. L. 108–357, § 413(b)(1)(B)–(D), struck out former pars. (7) and (10) relating to foreign corporations whose outstanding stock during the last half of the taxable year is owned, directly or indirectly, by nonresident aliens and passive foreign investment companies, respectively

    Source evidence

    Code amendment note
    Subsec. (c)(7) to (10). Pub. L. 108–357, § 413(b)(1)(B)–(D), redesignated pars. (8) and (9) as (7) and (8), respectively, inserted “and” at end of par. (7), substituted period for “; and” at end of par. (8), and struck out former pars. (7) and (10) relating to foreign corporations whose outstanding stock during the last half of the taxable year is owned, directly or indirectly, by nonresident aliens and passive foreign investment companies, respectively.

    Enacted provision · exact public law section
    (B) by striking paragraphs (7) and (10) and by redesignating paragraphs (8) and (9) as paragraphs (7) and (8), respectively,

    Effective date note
    Amendment by Pub. L. 108–357 applicable to taxable years of foreign corporations beginning after Dec. 31, 2004, and to taxable years of United States shareholders with or within which such taxable years of foreign corporations end, see section 413(d)(1) of Pub. L. 108–357, set out as an Effective and Termination Dates of 2004 Amendments note under section 1 of this title.

25. 2018

    Energy and Water Development and Related Agencies Appropriations Act, 2018

    Pub. L. 115–141 § 401(a)(132) · 132 Stat. 348

    Substituted · 26 U.S.C. § 542(c)(5)

    Pub. L. 115–141, § 401(a)(132), substituted semicolon for comma at end

    Source evidence

    Code amendment note
    Subsec. (c)(5). Pub. L. 115–141, § 401(a)(132), substituted semicolon for comma at end.

    Enacted provision · exact public law section
    Sec. 401. The Nuclear Regulatory Commission shall comply with the July 5, 2011, version of Chapter VI of its Internal Commission Procedures when responding to Congressional requests for information.

26. 2018

    Energy and Water Development and Related Agencies Appropriations Act, 2018

    Pub. L. 115–141 § 401(a)(133) · 132 Stat. 348

    Substituted · 26 U.S.C. § 542(c)(7)

    Pub. L. 115–141, § 401(a)(133), substituted “a small business investment” for “A small business investment”

    Source evidence

    Code amendment note
    Subsec. (c)(7). Pub. L. 115–141, § 401(a)(133), substituted “a small business investment” for “A small business investment”.

    Enacted provision · exact public law section
    Sec. 401. The Nuclear Regulatory Commission shall comply with the July 5, 2011, version of Chapter VI of its Internal Commission Procedures when responding to Congressional requests for information.

31 of 35 references resolved to an enrolled provision · 3 partial · 1 unresolved