United States Code

inherited share amounting to $5 or less shall be paid, and the money shall revert to the tribe; (c) a share or proportional share payable to a person under twenty-one years of age or to a person under legal disability shall be paid in accordance with such procedures as the Secretary determines will adequately protect the best interests of such persons. (Pub. L. 87-775, § 2, Oct. 9, 1962, 76 Stat. 776.)

§ 993. Claims; time for filing; bar of unfiled claims; reversion to tribe; use of reverted funds.

(a) All claims for per capita shares, whether by a living enrollee or by the heirs or legatees of a deceased enrollee, shall be filed with the Area Director of the Bureau of Indian Affairs, Muskogee, Oklahoma, not later than three years from October 9, 1962. Thereafter, all claims and the right to file same shall be forever barred and the unclaimed shares shall revert to the tribe.

(b) Tribal funds that revert to the tribe pursuant to sections 991-998 of this title, including interest and income therefrom, may be advanced or expended for any purpose that is authorized by the principal chief of the Cherokee Nation and approved by the Secretary of the Interior. Pub. L. 87775, § 3, Oct. 9, 1962, 76 Stat. 776.)

§ 994. Tax exemption.

No part of any funds which may be distributed in accordance with the provisions of sections 991-998 of this title shall be subject to Federal or State income tax. (Pub. L. 87-775, § 4, Oct. 9, 1962, 76 Stat.

776.)

§ 995. Payments not subject to liens, debts, or claims; exception.

No part of any of the funds which may be so distributed shall be subject to any lien, debt, or claim of any nature whatsoever against the tribe or individual Indians except delinquent debts owed by the tribe to the United States, or owed by individual Indians to the tribe or to the United States. (Pub. L. 87-775, § 5, Oct. 9, 1962, 76 Stat. 776.)

§ 996. Payments not "other income and resources".

Payments made under sections 991-998 of this title shall not be held to be "other income and resources", as that term is used in sections 302(a) (10) (A), 602(a) (7), 1202(a) (8), and 1352(a) (8) of Title 42. (Pub. L. 87-775, § 6, Oct. 9, 1962, 76 Stat. 776.) § 997. Costs.

All costs incident to making the payments authorized by sections 991-998 of this title shall be paid by appropriate withdrawals from the judgment fund and interest on the judgment fund, using the interest fund first. (Pub. L. 87-775, § 7, Oct. 9, 1962, 76 Stat. 777.)

§ 998. Rules and regulations.

The Secretary of the Interior is authorized to prescribe rules and regulations to carry out the provisions of sections 991-998 of this title. (Pub. L. 87-775, § 8, Oct. 9, 1962, 76 Stat. 777.)

TITLE 26.-INTERNAL REVENUE CODE

SUBTITLE A.-INCOME TAXES

Chapter 1.-NORMAL TAXES AND SURTAXES

Subchapter

M. Regulated investment companies and real estate investment trusts.

T. Cooperatives and their patrons.

AMENDMENTS

1962-Analysis of subchapters amended by Pub. L. 87-834, § 17(b) (4), Oct. 16, 1962, 76 Stat. 1051, which added subchapter T.

1960-Pub. L. 86-779, § 10(c), Sept. 14, 1960, 74 Stat. 1009, added to Subchapter M the words "and real estate investment trusts."

Subchapter A.-Determination of Tax Liability PART I-TAX ON INDIVIDUALS

81. Tax imposed.

CROSS REFERENCES

Imposition of net income taxes by State on income derived from interstate commerce, see chapter 10B of Title 15, Commerce and Trade.

PART II.-TAX ON CORPORATIONS

§ 11. Tax imposed.

(b) Normal tax.

(1) Taxable years beginning before July 1, 1964. In the case of a taxable year beginning before July 1, 1964, the normal tax is equal to 30 percent of the taxable income.

(2) Taxable years beginning after June 30, 1964. In the case of a taxable year beginning after June 30, 1964, the normal tax is equal to 25 percent of the taxable income.

(d) Exceptions.

Subsection (a) shall not apply to a corporation subject to a tax imposed by—

(1) section 594 (relating to mutual savings banks conducting life insurance business),

(2) subchapter L (sec. 801 and following, relating to insurance companies),

(3) subchapter M (sec. 851 and following, relating to regulated investment companies and real estate investment trusts), or

(4) section 881(a) (relating to foreign corporations not engaged in business in United States). (As amended June 30, 1959, Pub. L. 86-75, § 2, 73 Stat. 157; June 30, 1960, Pub. L. 86-564, title II, § 201, 74 Stat. 290; Sept. 14, 1960, Pub. L. 86-779, § 10(d), 74 Stat. 1009; June 30, 1961, Pub. L. 87-72, § 2, 75 Stat. 193; June 28, 1962, Pub. L. 87-508, § 2, 76 Stat. 114; June 29, 1963, Pub. L. 88-52, § 2, 77 Stat. 72.)

AMENDMENTS

1963-Subsec. (b). Pub. L. 88-52 substituted "July 1, 1964" for "July 1, 1963" and "June 30, 1964" for "June 30, 1963", wherever appearing.

Page 1337

1962 Subsec. (b). Pub. L. 87-508 substituted “July 1, 1963" for "July 1, 1962" and "June 30, 1963" for "June 30, 1962", wherever appearing.

1961-Subsec. (b). Pub. L. 87-72 substituted "July 1, 1962" for "July 1, 1961" and "June 30, 1962" for "June 30, 1961", wherever appearing.

1960 Subsec. (b). Pub. L. 86-564 substituted "July 1, 1961" for "July 1, 1960" and "June 30, 1961" for "June 30, 1960" wherever appearing.

Subsec. (d) (3). Pub. L. 86-779 inserted "and real estate investment trusts" following "regulated investment companies."

1959 Subsec. (b). Pub. L. 86-75 substituted "July 1, 1960" for "July 1, 1959” and “June 30, 1960” for “June 30, 1959" wherever appearing.

EFFECTIVE DATE OF 1960 AMENDMENT Amendment of section by Pub. L. 86-779 applicable with respect to taxable years of real estate investment trusts beginning after Dec. 31, 1960, see section 10(k) of Pub. L. 86-779, set out as a note under section 856 of this title. SHORT TITLE

Section 1 of Pub. L. 88-52 provided: "That this Act [amending this section, sections 821, 4061, 4251, 4261, 5001, 5022, 5041, 5051, 5063, 5701, 5707, and 6412 of this title, section 5(e) of the Tax Rate Extension Act of 1962 (set out as note under section 4261 of this title) and section 497 of the Revenue Act of 1951 (set out as note under section 5701 of this title)] may be cited as the "Tax Rate Extension Act of 1963'."

Section 1 of Pub. L. 87-508 provided: "That this Act [amending this section and sections 821, 4061, 4251-4253, 4261-4264, 5001, 5002, 5041, 5051, 5063, 5701, 6707, 6412, 6416, and 6421 of this title, enacting provisions set out as notes under section 4261, 6416, and 6421 of this title, and amending provisions set out as a note under section 5701 of this title] may be cited as the "Tax Rate Extension Act of 1962'."

Section 1 of Pub. L. 87-72 provided: "That this Act [amending this section, sections 821, 4061, 4251, 4261, 5001, 5022, 5041, 5051, 5063, 5701, 5707 and 6412 of this title, and section 497 of the Revenue Act of 1951, which is set out as a note under section 5701 of this title] may be cited as the "Tax Rate Extension Act of 1961'."

Section 1 of Pub. L. 86-75 provided that Pub. L. 86-75, which amended this section, sections 821, 4061, 4251, 4261, 5001, 5022, 5041, 5051, 5063, 5701, 5707 and 6412 of this title, and section 497 of the Revenue Act of 1951, which is set out as a note under section 5701 of this title, may be cited as the "Tax Rate Extension Act of 1959."

§ 34. Dividends received by individuals.

Subsection (a) shall not apply to any dividend

from

(1) a corporation organized under the China Trade Act, 1922 (see sec. 941);

(2) a corporation which, for the taxable year of the corporation in which the distribution is made, or for the next preceding taxable year of the corporation, is

(A) a corporation exempt from tax under section 501 (relating to certain charitable, etc., organizations) or section 521 (relating to farmers' cooperative associations); or

(B) a corporation to which section 931 (relating to income from sources within possessions of the United States) applies; or

(3) a real estate investment trust which, for the taxable year of the trust in which the dividend is paid, qualifies under part II of subchapter M (sec. 856 and following).

(As amended June 25, 1959, Pub. L. 86-69, § 3 (a) (1), 73 Stat. 139; Sept. 14, 1960, Pub. L. 86-779, 10(e), 74 Stat. 1009.)

AMENDMENTS

1960 Subsec. (c). Pub. L. 86-779 added par. (8). 1959 Subsec. (c). Pub. L. 86-69 redesignated pars. (2) and (3) as (1) and (2) and eliminated former par. (1) which related to dividends from insurance companies subJect to a tax imposed by part I or II of subchapter L.

EFFECTIVE DATE OF 1959 AMENDMENT

Section 3(a) (3) of Pub. L. 86-69 provided that: "The amendments made by this subsection [to subsec. (c) of this section and section 116(b) of this title] shall apply to dividends received after December 31, 1958, in taxable years ending after such date."

For purposes of subsection (a), the term "retirement income" means

(1) in the case of an individual who has attained the age of 65 before the close of the taxable year, income from

(A) pensions and annuities (including in the case of an individual who is, or has been, an employee within the meaning of section 401 (c) (1), distributions by a trust described in section 401(a) which is exempt from tax under section 501 (a)),

(B) Interest,

(D) dividends, and

(E) bonds described in section 405(b) (1) which are received under a qualified bond purchase plan described in section 405(a) or in a distribution from a trust described in section

401(a) which is exempt from tax under section 501(a), or

to the extent included in gross income without reference to this section, but only to the extent such income does not represent compensation for personal services rendered during the taxable year. (d) Limitation on retirement income.

For purposes of subsection (a), the amount of retirement income shall not exceed $1,524 less

(1) in the case of any individual, any amount received by the individual as a pension or annuity

(A) under title II of the Social Security Act, (B) under the Railroad Retirement Acts of 1935 or 1937, or

(2) in the case of any individual who has not attained age 72 before the close of the taxable year

(A) if such individual has not attained age 62 before the close of the taxable year, any amount of earned income (as defined in subsection (g) in excess of $900 received by such individual in the taxable year, or

(B) if such individual has attained age 62 before the close of the taxable year, the sum of (i) one-half the amount of earned income received by such individual in the taxable year in excess of $1,200 but not in excess of $1,700, and (ii) the amount of earned income so received in excess of $1,700.

Title II of the Social Security Act, referred to in subsec. (d), is classified to sections 401-423, 425 of Title 42, The Public Health and Welfare.

The Railroad Retirement Act of 1935, referred to in subsec. (d), was classified to sections 215-228 of Title 45, Railroads, and was amended by, and incorporated in, the Railroad Retirement Act of 1987.

The Railroad Retirement Act of 1937, referred to in subsec. (d), is classified to sections 228a to 2288-1 of Title 45, Railroads.

AMENDMENTS

1962-Subsec. (c) (1). Pub. L. 87-792 inserted provisions in subpar. (A) requiring inclusion, in the case of an individual who is, or has been, an employee within the meaning of section 401 (c) (1), distributions by a trust described in section 401 (a) which is exempt from tax under section 501(a), and added subpar. (E).

Subsec. (d). Pub. L. 87-876 increased the limit on retirement income from $1,200 to $1,524, lowered the age requirement in par. (2) (A) from 65 to 62, and subst1tuted provisions in par. (2) (B) which reduce the amount of retirement income for individuals who reach age 62, by one-half the amount of earned income in excess of $1,200 but not in excess of $1,700, and by the amount received over $1,700, for provisions which reduced such income by the amount earned over $1,200 by persons having reached age 65, and which defined income as in subsec. (g) of this section.

EFFECTIVE DATE OF 1962 AMENDMENTS Section 2 of Pub. L. 87-876 provided that: "The amendment made by the first section of this Act [to subsec. (d) of this section] shall apply only to taxable years ending after the date of the enactment of this Act [Oct. 24, 1962]."

Section 8 of Pub. L. 87-792 provided that: "The amendments made by this Act [enacting sections 405 and 6047 of this title, and amending this section and sections 62, 72, 101, 104, 105, 172, 401-404, 503, 805, 1361, 2039, 2517, 3306, 3401 and 7207 of this title] shall apply to taxable years beginning after December 31, 1962." § 38. Investment in certain depreciable property. (a) General rule.

There shall be allowed, as a credit against the tax imposed by this chapter, the amount determined under subpart B of this part.

(b) Regulations.

The Secretary or his delegate shall prescribe such regulations as may be necessary to carry out the purposes of this section and subpart B. (Added Pub. L. 87-834, § 2(a), Oct. 16, 1962, 76 Stat. 962.)

EFFECTIVE DATE

Section 2(h) of Pub. L. 87-834 provided that: "The amendments made by this section [adding this section and sections 46-48 and 181 of this title, amending sections 381, 1016, 6501, 6511, 6601 and 6611 of this title, and redesignating former section 38 as section 39 of this title] shall apply with respect to taxable years ending after December 31, 1961."

SHORT TITLE

Section 1(a) of Pub. L. 87-834 provided that: "This Act [adding this section and sections 46-48, 78, 181, 182, 274, 595, 669, 823-826, 951-964, 970-972, 1245-1249, 13811383, 1385, 1388, 6048, 6049 and 6677-6679 of this title, amending sections 72, 162, 167, 170, 179, 216, 245, 263, 301, 312, 318, 341, 381, 453, 501, 521, 535, 545, 591, 593, 613, 642, 643, 665, 666, 668, 751, 821, 822, 831, 832, 841, 861, 901, 902, 904, 911, 1016, 1201, 1223, 1307, 2031, 2033-2038, 2040, 2041, 4382, 6038, 6041, 6042, 6044, 6046, 6072, 6501, 6511, 6601, 6611, 6652 and 7701 of this title, and section 1464 of Title 12, Banks and Banking, redesignating section 38 as section 39 of this title and section 823 as section 822 (1) of this title, repealing section 522 of this title, enacting provisions set out as notes under this section and sections 72, 162, 170, 216, 301, 593, 595, 643, 821, 902, 904, 911, 951, 1245, 1246, 1248, 1249, 1307, 1371, 1374, 1381, 2031, 4382, 6038, 6042, 6046, 7701 and 7852 of this title and under section 1984 of Title 50, Appendix, War and National Defense, and amending section 188 of the Internal Revenue Code of 1939] may be cited as the 'Revenue Act of 1962'."

§ 39. Overpayments of tax.

Section 38 redesignated 39 by Pub. L. 87-834, § 2(a), Oct. 16, 1962, 76 Stat. 962.

SUBPART B-RULES FOR COMPUTING CREDIT FOR INVESTMENT IN CERTAIN DEPRECIABLE PROPERTY

Sec.

46. Amount of credit.

47. Certain dispositions, etc., of section 38 property. 48. Definitions; special rules.

AMENDMENTS

1962-Pub. L. 87-834, § 2(b), Oct. 16, 1962, 76 Stat. 963, added subpart B.

§ 46. Amount of credit.

(a) Determination of amount.

(1) General rule.

The amount of the credit allowed by section 38 for the taxable year shall be equal to 7 percent of the qualified investment (as defined in subsection (c)).

(2) Limitation based on amount of tax.

Notwithstanding paragraph (1), the credit allowed by section 38 for the taxable year shall not exceed

(A) so much of the liability for tax for the taxable year as does not exceed $25,000, plus (B) 25 percent of so much of the liability for tax for the taxable year as exceeds $25,000. (3) Liability for tax.

For purposes of paragraph (2), the liability for tax for the taxable year shall be the tax imposed by this chapter for such year, reduced by the sum of the credits allowable under

(A) section 33 (relating to foreign tax credit), (B) section 34 (relating to dividends received by individuals),

(D) section 37 (relating to retirement income).

For purposes of this paragraph, any tax imposed for the taxable year by section 531 (relating to accumulated earnings tax) or by section 541 (relating to personal holding company tax) shall not be considered tax imposed by this chapter for such year.

(4) Married individuals.

In the case of a husband or wife who files a separate return, the amount specified under subparagraphs (A) and (B) of paragraph (2) shall be $12,500 in lieu of $25,000. This paragraph shall not apply if the spouse of the taxpayer has no qualified investment for, and no unused credit carryback or carryover to, the taxable year of such spouse which ends within or with the taxpayer's taxable year.

(5) Affiliated groups.

In the case of an affiliated group, the $25,000 amount specified under subparagraphs (A) and (B) of paragraph (2) shall be reduced for each member of the group by apportioning $25,000 among the members of such group in such manner as the Secretary or his delegate shall by regulations prescribe. For purposes of the preceding sentence, the term "affiliated group" has the meaning assigned to such term by section 1504(a), except that all corporations shall be treated as includible corporations (without any exclusion under section 1504(b)).

(b) Carryback and carryover of unused credits. (1) Allowance of credit.

If the amount of the credit determined under subsection (a) (1) for any taxable year exceeds the limitation provided by subsection (a) (2) for such taxable year (hereinafter in this subsection referred to as "unused credit year"), such excess shall be

(A) an investment credit carryback to each of the 3 taxable years preceding the unused credit year, and

(B) an investment credit carryover to each of the 5 taxable years following the unused credit year,

and shall be added to the amount allowable as a credit by section 38 for such years, except that such excess may be a carryback only to a taxable year ending after December 31, 1961. The entire amount of the unused credit for an unused credit

year shall be carried to the earliest of the 8 taxable years to which (by reason of subparagraphs (A) and (B)) such credit may be carried, and then to each of the other 7 taxable years to the extent that, because of the limitation contained in paragraph (2), such unused credit may not be added for a prior taxable year to which such unused credit may be carried.

(2) Limitation.

The amount of the unused credit which may be added under paragraph (1) for any preceding or succeeding taxable year shall not exceed the amount by which the limitation provided by subsection (a) (2) for such taxable year exceeds the sum of

(A) the credit allowable under subsection (a) (1) for such taxable year, and

(B) the amounts which, by reason of this subsection, are added to the amount allowable for such taxable year and attributable to taxable years preceding the unused credit year. (3) Effect of net operating loss carryback.

To the extent that the excess described in paragraph (1) arises by reason of a net operating loss carryback, subparagraph (A) of paragraph (1) shall not apply.

(4) Taxable year beginning before January 1, 1962.

For purposes of determining the amount of an investment credit carryback that may be added under paragraph (1) for a taxable year beginning before January 1, 1962, and ending after December 31, 1961, the amount of the limitation provided by subsection (a) (2) is the amount which bears the same ratio to such limitation as the number of days in such taxable year after December 31, 1961, bears to the total number of days in such year.

(1) In general.

For purposes of this subpart, the term "qualified investment" means, with respect to any taxable year, the aggregate of

(A) the applicable percentage of the basis of each new section 38 property (as defined in section 48(b)) placed in service by the taxpayer during such taxable year, plus

(B) the applicable percentage of the cost of each used section 38 property (as defined in section 48 (c) (1)) placed in service by the taxpayer during such taxable year.

(2) Applicable percentage.

For purposes of paragraph (1), the applicable percentage for any property shall be determined under the following table:

(iv) telegraph service by means of domestic telegraph operations (as defined in section 222(a)(5) of the Communications Act of 1934, as amended; 47 U.S.C., sec. 222(a) (5)), if the rates for such furnishing or sale, as the case may be, have been established or approved by a State or political subdivision thereof, by an agency or instrumentality of the United States, or by a public service or public utility commission or other similar body of any State or political subdivision thereof.

(4) Certain replacement property.

For purposes of paragraph (1), if section 38 property is placed in service by the taxpayer to replace property which was

(A) destroyed or damaged by fire, storm, shipwreck, or other casualty, or

(B) stolen,

the basis of such section 38 property (in the case of new section 38 property), or the cost of such section 38 property (in the case of used section 38 property), which (but for this paragraph) would be taken into account under paragraph (1) shall be reduced by an amount equal to the amount received by the taxpayer as compensation, by insurance or otherwise, for the property so destroyed, damaged, or stolen, or to the adjusted basis of such property, whichever is the lesser. No reduction in basis or cost shall be made under the preceding sentence in any case in which the reduction in qualified investment attributable to the substitution required by section 47(a) (1) with respect to the property so destroyed, damaged, or stolen (determined without regard to section 47(a) (4)) is greater than the reduction described in the preceding sentence.

(d) Limitations with respect to certain persons. (1) In general.

In the case of

(A) an organization to which section 593 applies,

(B) a regulated investment company or a real estate investment trust subject to taxation under subchapter M (sec. 851 and following), and

the qualified investment and the $25,000 amount specified under subparagraphs (A) and (B) of subsection (a) (2) shall equal such person's ratable share of such items.

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