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AMENDMENTS, REPEALS, ANCILLARY PROVISIONS

60-448-672

LEGISLATIVE HISTORY OF 1954 CODE

INTERNAL REVENUE TITLE (68A Stat. 4, ff.):
NOTE: The table of subtitles for the Internal Revenue Title reads as follows

(68A Stat. 4):

"SUBTITLE A. Income taxes.
“SUBTITLE B. Estate and gift taxes.
"SUBTITLE C. Employment taxes.
“SUBTITLE D. Miscellaneous excise taxes.
"SUBTITLE E. Alcohol, tobacco, and certain other excise taxes.
“SUBTITLE F. Procedure and administration.

"SUBTITLE G. The Joint Committee on Internal Revenue Taxation."

This table bas not been amended.
ANCILLARY PROVISIONS:
Aug. 6, 1962, H.R. 6967, P.L. 87-569, $ 107, 76 Stat. 306:

Section 107 of this Act, known as the "District of Columbia Nonprofit Corporation
Act”, provided as follows:

"Sec. 107. Nothing in this Act shall be construed as repealing or affecting any provision of the Internal Revenue Code of 1954." SUBTITLE A—INCOME TAXES (68A Stat. 4, ff.): NOTE: The table of chapters for Subtitle A reads as follows (68A Stat. 4):

CHAPTER 1. Normal taxes and surtaxes.
“CHAPTER 2. Tax on self-employment income.
CHAPTER 3. Withholding of tax on nonresident aliens and foreign corporations

and tax-free covenant bonds.
“CHAPTER 4. Rules applicable to recovery of excessive profits on government

contracts.
“CHAPTER 5. Tax on transfers to avoid income tax.

CHAPTER 6. Consolidated returns."

This table has not been amended.
ANCILLARY PROVISIONS:
Oct. 22, 1962, H.R. 7283, P.L. 87–846, § 103, 76 Stat. 1107, 1110:

Amended the War Claims Act of 1948 by adding a new "TITLE II” containing, among others, the following provisions :

"DEDUCTIONS IN MAKING AWARDS

"SEC. 206. (a) In determining the amount of any award there shall be deducted all amounts the claimant has received on account of the same loss or losses with respect to which an award is made under this title.

"(b) Each claim in excess of $10,000 filed under this title by a corporation shall include a statement under oath disclosing the aggregate amount of Federal tax benefits derived by such corporation in any prior taxable year or years resulting from any deduction or deductions claimed for the loss or losses with respect to which such claim is filed. In determining the amount of any award where the allowable loss exceeds $10,000 there shall be deducted an amount equal to the aggregate amount of Federal tax benefits so derived by the claimant. For the purposes of this subsection, such Federal tax benefits shall be the aggregate of the amounts by which the claimant's taxes for such year or years under chapters 1, 2A, 2B, 2D, and 2E of the Internal Revenue Code of 1939, or subtitle A of the Internal Revenue Code of 1954 were decreased with respect to such loss or losses. Any payments made on an award reduced by reason of this subsection shall be exempt from Federal income taxes."

CHAPTER 1-NORMAL TAXES AND SURTAXES (68A Stat. 4, ff.):

Table --- Sept. 14, 1960, H.R. 10960, P.L. 86-779,8 10(c), 74 Stat. 1009: (Subch. M Amended the table of subchapters for Chapter 11 by inserting amended) after "SUBCHAPTER M. Regulated investment companies” the

following:

"and real estate investment trusts”. Applicability:

Taxable years of real estate investment trusts beginning after December 31, 1960.

(Id., § 10(k), 74 Stat. 1009.) Do.... Sept. 2, 1958, H.R. 8381, P.L. 85-866, § 64(d) (1), 72 Stat. 1656: (Subch. S Amended the table of subchapters for Chapter 1 by adding at the added) end thereof, after "SUBCHAPTER R. Election of certain partnerships

and proprietorships as to taxable status.”, the following new item:

"SUBCHAPTER S. Election of certain small business corporations as to

taxable status.”
Applicability:
Only taxable years beginning after December 31, 1957.

. (İd., $ 64(e), 72 Stat. 1657.) Do.... Oct. 16, 1962, H.R. 10650, P.L. 87-834, $ 17(b) (4), 76 Stat. 1051: (Subch. T Amended the table of subchapters for Chapter 1 by adding at the added) end thereof, after "SUBCHAPTER S. Election of certain small business

corporations as to taxable status.” (as added by P.L. 85–866, $64(d)
(1)), the following new item:

"SUBCHAPTER T. Cooperatives and their patrons.”
Applicability:
Taxable years beginning after December 31, 1962.

(Id., i7(c)(1)-(3), 76 Stat. 1051-1052).
ANCILLARY PROVISIONS:
Aug. 31, 1964, H.R. 10419, P.L. 88–528, § 1, 78 Stat. 736:

Amended section 36(b) of the Farm Credit Act of 1933, as amended (12 U.S.C. 11341(b)), by adding at the end thereof the following new sentence:

"For any fiscal year that a bank for cooperatives is subject to Federal income tax under chapter 1 of the Internal Revenue Code of 1954, it shall pay in money instead of class C stock such portion of its patronage refunds as will permit its taxable income under said chapter 1 to be determined without taking into account savings applied as provided in (2), (4), and (6) of subsection (a) of this section.".

1 The table of subchapters for Chapter 1 originally read as follows (68A Stat. 4):

"SUBCHAPTER A. Determination of tax liability.
"SUBCHAPTER B. Computation of taxable income.
"SUBCHAPTER C. Corporate distributions and adjustments.
"SUBCHAPTER D. Deferred compensation, etc.
"SUBCHAPTER E. Accounting periods and methods of accounting.
"SUBCHAPTER F. Exempt organizations.
"SUBCHAPTER G. Corporations used to avoid income tax on shareholders.
“SUBCHAPTER H. Banking institutions.
"SUBCHAPTER I. Natural resources.
“SUBCHAPTER J. Estates, trusts, beneficiaries, and decedents.
“SUBCHAPTER K. Partners and partnerships.
"SUBCHAPTER L. Insurance companies.
"SUBCHAPTER M. Regulated investment companies.
"SUBCHAPTER N. Tax based on income from sources within or without the United States.
“SUBCHAPTER 0. Gain or loss on disposition of property.
"SUBCHAPTER P. Capital gains and losses.
"SUBCHAPTER Q. Readjustment of tax between years and special limitations.
"SUBCHAPTER R. Election of certain partnerships and proprietorships as to taxable

status.”

CH. 1, SUBCHAPTER A-DETERMINATION OF TAX LIABILITY

(68A Stat. 4, ff.): NOTE: The table of parts for Subchapter A of Chapter 1 reads as follows (68A

Stat. 4):

“Part 1. Tax on individuals.
“Part II. Tax on corporations.
"Part III. Changes in rates during a taxable year,

“Part IV. Credits against tax.”

This table has not been amended. CH. 1, SUBCH. A, PART -TAX ON INDIVIDUALS (68A Stat. 5-11): NOTE: The table of sections for Part I of Subchapter A of Chapter 1 reads as

follows (68A Stat. 4):

"Sec. 1. Tax imposed.
"Sec. 2. Tax in case of joint return or return of surviving spouse.
"Sec. 3. Optional tax if adjusted gross income is less than $5,000.
"Sec. 4. Rules for optional tax.

"Sec. 5. Cross references relating to tax on individuals."

This table has not been amended.
SEC. 1. TAX IMPOSED (68A Stat. 5–7):

Feb. 26, 1964, H.R. 8363, P.L. 88-272, § 111(a), 78 Stat. 19-21:

Amended Sec. 1(a) ? to read as follows: "(a) RATES OF TAX ON INDIVIDUALS.-

(1) TAXABLE YEARS BEGINNING IN 1964. —In the case of a taxable year beginning on or after January 1, 1964, and before January 1, 1965, there is hereby imposed on the taxable income of every individual (other than a head of a household to

(a)---

Subsection (a) of section 1 originally read as follows (68 A Stat. 5):

"(a) RATES OF TAX ON INDIVIDUALS.- A tax is hereby imposed for each taxable year on the taxable income of every individual other than a head of a household to whom subsection (b) applies. The amount of the tax shall be determined in accordance with the following table: "If the taxable income is:

The tax is: Not over $2,000.-- ---

20% of the taxable income. Over $2,000 but not over $4,000.--

$400, plus 22% of excess over $2,000. Over $4,000 but not over $6,000.-

$840, plus 26% of excess over $4,000. Over $6,000 but not over $8,000..

$1,360, plus 30% of excess over $6,000. Over $8,000 but not over $10,000.

$1,960, plus 34% of excess over $8,000. Over $10,000 but not over $12,000.

$2,640, plus 38% of excess over $10,000. Over $12,000 but not over $14,000.

$3,400, plus 43% of excess over $12,000. Over $14,000 but not over $16,000.

$4,260, plus 47% of excess over $14,000. Over $16,000 but not over $18,000.

$5,200, plus 50% of excess over $16,000. Over $18,000 but not over $20,000.

$6,200, plus 53% of excess over $18,000. Over $20,000 but not over $22,000.

$7,260, plus 56% of excess over $20,000. Over $22,000 but not over $26,000.

$8,380, plus 59% of excess over $22,000. Over $26,000 but not over $32,000.

$10,740, plus 62% of excess over $26,000. Over $32,000 but not over $38,000.

$14,460, plus 65% of excess over $32,000. Over $38,000 but not over $44,000.

$18,360, plus 69% of excess over $38,000. Over $44,000 but not over $50,000.

$22,500, plus 72% of excess over $44,000. Over $50,000 but not over $60,000.

$26,820, plus 75% of excess over $50,000. Over $60,000 but not over $70,000.

$34,320, plus 78% of excess over $60,000. Over $70,000 but not over $80,000.

$42,120, plus 81% of excess over $70,000. Over $80,000 but not over $90,000.

$50,220, plus 84% of excess over $80,000. Over $90,000 but not over $100,000_

$58,620, plus 87 % of excess over $90,000. Over $100,000 but not over $150,000.

$67,320, plus 89% of excess over $100,000. Over $150,000 but not over $200,000.

$111,820, plus 90% of excess over $150,000. Over $200,000.-. .

$156,820, plus 91% of excess over $200,000."

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