US (United States) Code. Title 26. Subtitle D: Miscellaneous Excise Taxes. Chapter 44: Qualified investment

Codificación normativa de EEUU (Estados Unidos) Legislación Federal estadounidense # Internal revenue code. Entities

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-CITE-

26 USC CHAPTER 44 - QUALIFIED INVESTMENT ENTITIES 01/06/03

-EXPCITE-

TITLE 26 - INTERNAL REVENUE CODE

Subtitle D - Miscellaneous Excise Taxes

CHAPTER 44 - QUALIFIED INVESTMENT ENTITIES

-HEAD-

CHAPTER 44 - QUALIFIED INVESTMENT ENTITIES

-MISC1-

Sec.

4981. Excise tax on undistributed income of real estate

investment trusts.

4982. Excise tax on undistributed income of regulated

investment companies.

AMENDMENTS

1986 - Pub. L. 99-514, title VI, Sec. 651(c), Oct. 22, 1986, 100

Stat. 2297, substituted: "QUALIFIED INVESTMENT ENTITIES" for "REAL

ESTATE INVESTMENT TRUSTS" as chapter heading, substituted "Excise

tax on undistributed income of real estate investment trusts" for

"Excise tax based on certain real estate investment trust taxable

income not distributed during the taxable year" in item 4981, and

added item 4982.

1976 - Pub. L. 94-455, title XVI, Sec. 1605(a), Oct. 4, 1976, 90

Stat. 1754, added chapter heading and section analysis.

-SECREF-

CHAPTER REFERRED TO IN OTHER SECTIONS

This chapter is referred to in sections 275, 6103, 6161, 6211,

6212, 6213, 6214, 6405, 6501, 6512, 6862, 6871, 7422 of this title.

-End-

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26 USC Sec. 4981 01/06/03

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TITLE 26 - INTERNAL REVENUE CODE

Subtitle D - Miscellaneous Excise Taxes

CHAPTER 44 - QUALIFIED INVESTMENT ENTITIES

-HEAD-

Sec. 4981. Excise tax on undistributed income of real estate

investment trusts

-STATUTE-

(a) Imposition of tax

There is hereby imposed a tax on every real estate investment

trust for each calendar year equal to 4 percent of the excess (if

any) of -

(1) the required distribution for such calendar year, over

(2) the distributed amount for such calendar year.

(b) Required distribution

For purposes of this section -

(1) In general

The term "required distribution" means, with respect to any

calendar year, the sum of -

(A) 85 percent of the real estate investment trust's ordinary

income for such calendar year, plus

(B) 95 percent of the real estate investment trust's capital

gain net income for such calendar year.

(2) Increase by prior year shortfall

The amount determined under paragraph (1) for any calendar year

shall be increased by the excess (if any) of -

(A) the grossed up required distribution for the preceding

calendar year, over

(B) the distributed amount for such preceding calendar year.

(3) Grossed up required distribution

The grossed up required distribution for any calendar year is

the required distribution for such year determined -

(A) with the application of paragraph (2) to such taxable

year, and

(B) by substituting "100 percent" for each percentage set

forth in paragraph (1).

(c) Distributed amount

For purposes of this section -

(1) In general

The term "distributed amount" means, with respect to any

calendar year, the sum of -

(A) the deduction for dividends paid (as defined in section

561) during such calendar year (but computed without regard to

that portion of such deduction which is attributable to the

amount excluded under section 857(b)(2)(D)), and

(B) any amount on which tax is imposed under subsection

(b)(1) or (b)(3)(A) of section 857 for any taxable year ending

in such calendar year.

(2) Increase by prior year overdistribution

The amount determined under paragraph (1) for any calendar year

shall be increased by the excess (if any) of -

(A) the distributed amount for the preceding calendar year

(determined with the application of this paragraph to such

preceding calendar year), over

(B) the grossed up required distribution for such preceding

calendar year.

(3) Determination of dividends paid

The amount of the dividends paid during any calendar year shall

be determined without regard to the provisions of section 858.

(d) Time for payment of tax

The tax imposed by this section for any calendar year shall be

paid on or before March 15 of the following calendar year.

(e) Definitions and special rules

For purposes of this section -

(1) Ordinary income

The term "ordinary income" means the real estate investment

trust taxable income (as defined in section 857(b)(2)) determined

-

(A) without regard to subparagraph (B) of section 857(b)(2),

(B) by not taking into account any gain or loss from the sale

or exchange of a capital asset, and

(C) by treating the calendar year as the trust's taxable

year.

(2) Capital gain net income

(A) In general

The term "capital gain net income" has the meaning given such

term by section 1222(9) (determined by treating the calendar

year as the trust's taxable year).

(B) Reduction for net ordinary loss

The amount determined under subparagraph (A) shall be reduced

by the amount of the trust's net ordinary loss for the taxable

year.

(C) Net ordinary loss

For purposes of this paragraph, the net ordinary loss for the

calendar year is the amount which would be net operating loss

of the trust for the calendar year if the amount of such loss

were determined in the same manner as ordinary income is

determined under paragraph (1).

(3) Treatment of deficiency distributions

In the case of any deficiency dividend (as defined in section

860(f)) -

(A) such dividend shall be taken into account when paid

without regard to section 860, and

(B) any income giving rise to the adjustment shall be treated

as arising when the dividend is paid.

-SOURCE-

(Added Pub. L. 94-455, title XVI, Sec. 1605(a), Oct. 4, 1976, 90

Stat. 1754; amended Pub. L. 99-514, title VI, Sec. 668(a), Oct. 22,

1986, 100 Stat. 2306; Pub. L. 100-647, title I, Sec. 1006(s)(1),

(3), Nov. 10, 1988, 102 Stat. 3418.)

-MISC1-

AMENDMENTS

1988 - Subsec. (c)(1)(A). Pub. L. 100-647, Sec. 1006(s)(3),

inserted "(but computed without regard to that portion of such

deduction which is attributable to the amount excluded under

section 857(b)(2)(D)" after "such calendar year".

Subsec. (e)(2). Pub. L. 100-647, Sec. 1006(s)(1), amended par.

(2) generally, designating existing provisions as subpar. (A) and

adding subpars. (B) and (C).

1986 - Pub. L. 99-514 substituted "Excise tax on undistributed

income of real estate investment trusts" for "Excise tax based on

certain real estate investment trust taxable income not distributed

during the taxable year" as section catchline and amended text

generally. Prior to amendment text read as follows: "Effective with

respect to taxable years beginning after December 31, 1979, there

is hereby imposed on each real estate investment trust for the

taxable year a tax equal to 3 percent of the amount (if any) by

which 75 percent of the real estate investment trust taxable income

(as defined in section 857(b)(2), but determined without regard to

section 857(b)(2)(B), and by excluding any net capital gain for the

taxable year) exceeds the amount of the dividends paid deduction

(as defined in section 561, but computed without regard to capital

gains dividends as defined in section 857(b)(3)(C) and without

regard to any dividend paid after the close of the taxable year)

for the taxable year. For purposes of the preceding sentence, the

determination of the real estate investment trust taxable income

shall be made by taking into account only the amount and character

of the items of income and deduction as reported by such trust in

its return for the taxable year."

EFFECTIVE DATE OF 1988 AMENDMENT

Amendment by Pub. L. 100-647 effective, except as otherwise

provided, as if included in the provision of the Tax Reform Act of

1986, Pub. L. 99-514, to which such amendment relates, see section

1019(a) of Pub. L. 100-647, set out as a note under section 1 of

this title.

EFFECTIVE DATE OF 1986 AMENDMENT

Amendment by Pub. L. 99-514 applicable to calendar years

beginning after Dec. 31, 1986, see section 669(b) of Pub. L.

99-514, set out as a note under section 856 of this title.

-SECREF-

SECTION REFERRED TO IN OTHER SECTIONS

This section is referred to in section 857 of this title.

-End-

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26 USC Sec. 4982 01/06/03

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TITLE 26 - INTERNAL REVENUE CODE

Subtitle D - Miscellaneous Excise Taxes

CHAPTER 44 - QUALIFIED INVESTMENT ENTITIES

-HEAD-

Sec. 4982. Excise tax on undistributed income of regulated

investment companies

-STATUTE-

(a) Imposition of tax

There is hereby imposed a tax on every regulated investment

company for each calendar year equal to 4 percent of the excess (if

any) of -

(1) the required distribution for such calendar year, over

(2) the distributed amount for such calendar year.

(b) Required distribution

For purposes of this section -

(1) In general

The term "required distribution" means, with respect to any

calendar year, the sum of -

(A) 98 percent of the regulated investment company's ordinary

income for such calendar year, plus

(B) 98 percent of the regulated investment company's capital

gain net income for the 1-year period ending on October 31 of

such calendar year.

(2) Increase by prior year shortfall

The amount determined under paragraph (1) for any calendar year

shall be increased by the excess (if any) of -

(A) the grossed up required distribution for the preceding

calendar year, over

(B) the distributed amount for such preceding calendar year.

(3) Grossed up required distribution

The grossed up required distribution for any calendar year is

the required distribution for such year determined -

(A) with the application of paragraph (2) to such taxable

year, and

(B) by substituting "100 percent" for each percentage set

forth in paragraph (1).

(c) Distributed amount

For purposes of this section -

(1) In general

The term "distributed amount" means, with respect to any

calendar year, the sum of -

(A) the deduction for dividends paid (as defined in section

561) during such calendar year, and

(B) any amount on which tax is imposed under subsection

(b)(1) or (b)(3)(A) of section 852 for any taxable year ending

in such calendar year.

(2) Increase by prior year overdistribution

The amount determined under paragraph (1) for any calendar year

shall be increased by the excess (if any) of -

(A) the distributed amount for the preceding calendar year

(determined with the application of this paragraph to such

preceding calendar year), over

(B) the grossed up required distribution for such preceding

calendar year.

(3) Determination of dividends paid

The amount of the dividends paid during any calendar year shall

be determined without regard to -

(A) the provisions of section 855, and

(B) any exempt-interest dividend as defined in section

852(b)(5).

(d) Time for payment of tax

The tax imposed by this section for any calendar year shall be

paid on or before March 15 of the following calendar year.

(e) Definitions and special rules

For purposes of this section -

(1) Ordinary income

The term "ordinary income" means the investment company taxable

income (as defined in section 852(b)(2)) determined -

(A) without regard to subparagraphs (A) and (D) of section

852(b)(2),

(B) by not taking into account any gain or loss from the sale

or exchange of a capital asset, and

(C) by treating the calendar year as the company's taxable

year.

(2) Capital gain net income

(A) In general

Except as provided in subparagraph (B), the term "capital

gain net income" has the meaning given such term by section

1222(9) (determined by treating the 1-year period ending on

October 31 of any calendar year as the company's taxable year).

(B) Reduction by net ordinary loss for calendar year

The amount determined under subparagraph (A) shall be reduced

(but not below the net capital gain) by the amount of the

company's net ordinary loss for the calendar year.

(C) Definitions

For purposes of this paragraph -

(i) Net capital gain

The term "net capital gain" has the meaning given such term

by section 1222(11) (determined by treating the 1-year period

ending on October 31 of the calendar year as the company's

taxable year).

(ii) Net ordinary loss

The net ordinary loss for the calendar year is the amount

which would be the net operating loss of the company for the

calendar year if the amount of such loss were determined in

the same manner as ordinary income is determined under

paragraph (1).

(3) Treatment of deficiency distributions

In the case of any deficiency dividend (as defined in section

860(f)) -

(A) such dividend shall be taken into account when paid

without regard to section 860, and

(B) any income giving rise to the adjustment shall be treated

as arising when the dividend is paid.

(4) Election to use taxable year in certain cases

(A) In general

If -

(i) the taxable year of the regulated investment company

ends with the month of November or December, and

(ii) such company makes an election under this paragraph,

subsection (b)(1)(B) and paragraph (2) of this subsection shall

be applied by taking into account the company's taxable year in

lieu of the 1-year period ending on October 31 of the calendar

year.

(B) Election revocable only with consent

An election under this paragraph, once made, may be revoked

only with the consent of the Secretary.

(5) Treatment of foreign currency gains and losses after October

31 of calendar year

Any foreign currency gain or loss which is attributable to a

section 988 transaction and which is properly taken into account

for the portion of the calendar year after October 31 shall not

be taken into account in determining the amount of the ordinary

income of the regulated investment company for such calendar year

but shall be taken into account in determining the ordinary

income of the investment company for the following calendar year.

In the case of any company making an election under paragraph

(4), the preceding sentence shall be applied by substituting the

last day of the company's taxable year for October 31.

(6) Treatment of gain recognized under section 1296

For purposes of determining a regulated investment company's

ordinary income -

(A) notwithstanding paragraph (1)(C), section 1296 shall be

applied as if such company's taxable year ended on October 31,

and

(B) any ordinary gain or loss from an actual disposition of

stock in a passive foreign investment company during the

portion of the calendar year after October 31 shall be taken

into account in determining such regulated investment company's

ordinary income for the following calendar year.

In the case of a company making an election under paragraph (4),

the preceding sentence shall be applied by substituting the last

day of the company's taxable year for October 31.

(f) Exception for certain regulated investment companies

This section shall not apply to any regulated investment company

for any calendar year if at all times during such calendar year

each shareholder in such company was either -

(1) a trust described in section 401(a) and exempt from tax

under section 501(a), or

(2) a segregated asset account of a life insurance company held

in connection with variable contracts (as defined in section

817(d)).

For purposes of the preceding sentence, any shares attributable to

an investment in the regulated investment company (not exceeding

$250,000) made in connection with the organization of such company

shall not be taken into account.

-SOURCE-

(Added Pub. L. 99-514, title VI, Sec. 651(a), Oct. 22, 1986, 100

Stat. 2294; amended Pub. L. 100-203, title X, Sec. 10104(b)(1),

Dec. 22, 1987, 101 Stat. 1330-387; Pub. L. 100-647, title I, Sec.

1006(l)(2), (5), (6), Nov. 10, 1988, 102 Stat. 3413, 3414; Pub. L.

101-239, title VII, Sec. 7204(a)(1), Dec. 19, 1989, 103 Stat. 2334;

Pub. L. 105-34, title XI, Sec. 1122(c)(1), Aug. 5, 1997, 111 Stat.

976.)

-MISC1-

AMENDMENTS

1997 - Subsec. (e)(6). Pub. L. 105-34 added par. (6).

1989 - Subsec. (b)(1)(A). Pub. L. 101-239 substituted "98

percent" for "97 percent".

1988 - Subsec. (e)(2). Pub. L. 100-647, Sec. 1006(l)(2), amended

par. (2) generally. Prior to amendment, par. (2) read as follows:

"The term 'capital gain net income' has the meaning given to such

term by section 1222(9) (determined by treating the 1-year period

ending on October 31 of any calendar year as the company's taxable

year)."

Subsec. (e)(5). Pub. L. 100-647, Sec. 1006(l)(5), added par. (5).

Subsec. (f). Pub. L. 100-647, Sec. 1006(l)(6), added subsec. (f).

1987 - Subsec. (b)(1)(B). Pub. L. 100-203 substituted "98

percent" for "90 percent".

EFFECTIVE DATE OF 1997 AMENDMENT

Amendment by Pub. L. 105-34 applicable to taxable years of United

States persons beginning after Dec. 31, 1997, and to taxable years

of foreign corporations ending with or within such taxable years of

United States persons, see section 1124 of Pub. L. 105-34, set out

as a note under section 532 of this title.

EFFECTIVE DATE OF 1989 AMENDMENT

Section 7204(a)(2) of Pub. L. 101-239 provided that: "The

amendment made by paragraph (1) [amending this section] shall apply

to calendar years ending after July 10, 1989."

EFFECTIVE DATE OF 1988 AMENDMENT

Amendment by Pub. L. 100-647 effective, except as otherwise

provided, as if included in the provision of the Tax Reform Act of

1986, Pub. L. 99-514, to which such amendment relates, see section

1019(a) of Pub. L. 100-647, set out as a note under section 1 of

this title.

EFFECTIVE DATE OF 1987 AMENDMENT

Section 10104(b)(2) of Pub. L. 100-203 provided that: "The

amendment made by paragraph (1) [amending this section] shall take

effect as if included in the amendments made by section 651 of the

Tax Reform Act of 1986 [section 651 of Pub. L. 99-514, see

Effective Date note below]."

EFFECTIVE DATE

Section 651(d) of Pub. L. 99-514 provided that: "The amendments

made by this section [enacting this section and amending sections

852 and 855 of this title] shall apply to calendar years beginning

after December 31, 1986."

-SECREF-

SECTION REFERRED TO IN OTHER SECTIONS

This section is referred to in section 852 of this title.

-End-

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26 USC [CHAPTER 45 - REPEALED] 01/06/03

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TITLE 26 - INTERNAL REVENUE CODE

Subtitle D - Miscellaneous Excise Taxes

[CHAPTER 45 - REPEALED]

-HEAD-

[CHAPTER 45 - REPEALED]

-End-

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26 USC [Secs. 4986 to 4990 01/06/03

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TITLE 26 - INTERNAL REVENUE CODE

Subtitle D - Miscellaneous Excise Taxes

[CHAPTER 45 - REPEALED]

-HEAD-

[Secs. 4986 to 4990. Repealed. Pub. L. 100-418, title I, Sec.

1941(a), Aug. 23, 1988, 102 Stat. 1322]

-MISC1-

Section 4986, added Pub. L. 96-223, title I, Sec. 101(a)(1), Apr.

2, 1980, 94 Stat. 230, related to imposition of windfall profit tax

on domestic crude oil.

Section 4987, added Pub. L. 96-223, title I, Sec. 101(a)(1), Apr.

2, 1980, 94 Stat. 230; amended Pub. L. 97-34, title VI, Sec.

602(a), Aug. 13, 1981, 95 Stat. 337; Pub. L. 98-369, div. A, title

I, Sec. 25(a), July 18, 1984, 98 Stat. 506, related to amount of

windfall profit tax on domestic crude oil.

Section 4988, added Pub. L. 96-223, title I, Sec. 101(a)(1), Apr.

2, 1980, 94 Stat. 231; amended Pub. L. 97-448, title II, Sec.

201(a), (h)(1)(D), Jan. 12, 1983, 96 Stat. 2391, 2394; Pub. L.

99-514, title XIII, Sec. 1301(j)(4), Oct. 22, 1986, 100 Stat. 2657,

related to windfall profit and removal price.

Section 4989, added Pub. L. 96-223, title I, Sec. 101(a)(1), Apr.

2, 1980, 94 Stat. 233; amended Pub. L. 97-448, title II, Sec.

201(b), Jan. 12, 1983, 96 Stat. 2392, related to adjusted base

price for purposes of windfall profit tax on domestic crude oil.

Section 4990, added Pub. L. 96-223, title I, Sec. 101(a)(1), Apr.

2, 1980, 94 Stat. 234, related to phaseout of windfall profit tax

on domestic crude oil.

EFFECTIVE DATE OF REPEAL

Repeal applicable to crude oil removed from the premises on or

after Aug. 23, 1988, see section 1941(c) of Pub. L. 100-418, set

out as an Effective Date of 1988 Amendment note under section 164

of this title.

ALLOCATION OF NET REVENUES FROM WINDFALL PROFIT TAX TO CERTAIN USES

Pub. L. 96-223, title I, Sec. 102, Apr. 2, 1980, 94 Stat. 255,

provided for Windfall Profit Tax Account in Treasury, specified

uses for amounts in that Account, defined "net revenues", required

President to propose allocation of net revenues, and required

Secretary of the Treasury to make reports to Congress.

-End-

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26 USC [Secs. 4991 to 4994 01/06/03

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TITLE 26 - INTERNAL REVENUE CODE

Subtitle D - Miscellaneous Excise Taxes

[CHAPTER 45 - REPEALED]

-HEAD-

[Secs. 4991 to 4994. Repealed. Pub. L. 100-418, title I, Sec.

1941(a), Aug. 23, 1988, 102 Stat. 1322]

-MISC1-

Section 4991, added Pub. L. 96-223, title I, Sec. 101(a)(1), Apr.

2, 1980, 94 Stat. 235; amended Pub. L. 97-34, title VI, Secs.

601(b)(1), 603(a), Aug. 13, 1981, 95 Stat. 336, 338; Pub. L.

97-448, title II, Sec. 201(c), Jan. 12, 1983, 96 Stat. 2392; Pub.

L. 99-514, title XVIII, Sec. 1879(h)(1), Oct. 22, 1986, 100 Stat.

2907, related to taxable crude oil and categories of oil.

Section 4992, added Pub. L. 96-223, title I, Sec. 101(a)(1), Apr.

2, 1980, 94 Stat. 236; amended Pub. L. 97-34, title VI, Sec.

603(c), Aug. 13, 1981, 95 Stat. 338; Pub. L. 97-354, Sec. 3(b)(2),

Oct. 19, 1982, 96 Stat. 1688; Pub. L. 97-448, title II, Sec.

201(d), Jan. 12, 1983, 96 Stat. 2392, related to independent

producer oil.

Section 4993, added Pub. L. 96-223, title I, Sec. 101(a)(1), Apr.

2, 1980, 94 Stat. 239; amended Pub. L. 97-448, title II, Sec.

201(e), Jan. 12, 1983, 96 Stat. 2392, related to incremental

tertiary oil.

Section 4994, added Pub. L. 96-223, title I, Sec. 101(a)(1), Apr.

2, 1980, 94 Stat. 241; amended Pub. L. 97-34, title VI, Secs.

601(b)(2), 603(b), 604(a)-(c), Aug. 13, 1981, 95 Stat. 337-339;

Pub. L. 97-248, title II, Sec. 291, Sept. 3, 1982, 96 Stat. 572;

Pub. L. 97-448, title I, Sec. 106(a)(2), (4)(B), (b), title II,

Sec. 201(f), Jan. 12, 1983, 96 Stat. 2388, 2390, 2392, related to

definitions and special rules with respect to exempt oil.

EFFECTIVE DATE OF REPEAL

Repeal applicable to crude oil removed from the premises on or

after Aug. 23, 1988, see section 1941(c) of Pub. L. 100-418, set

out as an Effective Date of 1988 Amendment note under section 164

of this title.

-End-

-CITE-

26 USC [Secs. 4995 to 4998 01/06/03

-EXPCITE-

TITLE 26 - INTERNAL REVENUE CODE

Subtitle D - Miscellaneous Excise Taxes

[CHAPTER 45 - REPEALED]

-HEAD-

[Secs. 4995 to 4998. Repealed. Pub. L. 100-418, title I, Sec.

1941(a), Aug. 23, 1988, 102 Stat. 1322]

-MISC1-

Section 4995, added Pub. L. 96-223, title I, Sec. 101(a)(1), Apr.

2, 1980, 94 Stat. 244; amended Pub. L. 97-34, title VI, Sec.

601(b)(3), Aug. 13, 1981, 95 Stat. 337; Pub. L. 97-448, title II,

Sec. 201(g), Jan. 12, 1983, 96 Stat. 2393, related to withholding

and depository requirements bearing on the windfall profit tax.

Section 4996, added Pub. L. 96-223, title I, Sec. 101(a)(1), Apr.

2, 1980, 94 Stat. 247; amended Pub. L. 97-248, title II, Sec.

284(a), Sept. 3, 1982, 96 Stat. 569; Pub. L. 97-354, Sec. 3(b)(1),

Oct. 19, 1982, 96 Stat. 1688; Pub. L. 97-448, title II, Sec.

201(h)(1)(A)-(C), (2), Jan. 12, 1983, 96 Stat. 2393-2395, provided

for other definitions and special rules bearing on the windfall

profit tax.

Section 4997, added Pub. L. 96-223, title I, Sec. 101(a)(1), Apr.

2, 1980, 94 Stat. 249; amended Pub. L. 97-448, title II, Sec.

201(i)(1), Jan. 12, 1983, 96 Stat. 2395, related to records and

information, and regulations, bearing on the windfall profit.

Section 4998, added Pub. L. 96-223, title I, Sec. 101(a)(1), Apr.

2, 1980, 94 Stat. 250, related to cross references.

EFFECTIVE DATE OF REPEAL

Repeal applicable to crude oil removed from the premises on or

after Aug. 23, 1988, see section 1941(c) of Pub. L. 100-418, set

out as an Effective Date of 1988 Amendment note under section 164

of this title.

AMENDMENTS RELATED TO CRUDE OIL WINDFALL PROFIT TAX ACT OF 1980

Pub. L. 100-647, title VI, Sec. 6254, Nov. 10, 1988, 102 Stat.

3753, repealed the reporting requirements of section 4997 of former

chapter 45 of this title and the related regulations thereunder,

effective only for crude oil removed after December 31, 1987, for

which no tax is due or withheld under former chapter 45.

-End-