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TITLE 26-INTERNAL REVENUE CODE XXI, § 2122(b)(2), 90 Stat. 1759, 1817, 1834, 1915.) REFERENCES IN TEXT Chapter 2E of the Internal Revenue Code of 1939, referred to in subsec. (b), was comprised of sections 710 to 784 of former Title 26, Internal Revenue Code. Sections 710 to 736, 740, 742 to 744, 750, 751, 760, 761, and 780 to 784 were repealed by act Nov. 8, 1945, ch. 453, title I, § 122(a), 59 Stat. 568. Section 741 was re- pealed by act Oct. 21, 1942, ch. 619, title II, §§ 224(b), 228(b), 56 Stat. 920, 925. Section 752 was repealed by act Oct. 21, 1942, ch. 619, title II, § 229(a)(1), 56 Stat. 931, eff. as of Oct. 8. 1940. Subchapter D of chapter 1 of the Internal Revenue Code of 1939, referred to in subsec. (b), was comprised of sections 430 to 474 of former Title 26, Internal Rev- enue Code, which terminated on Dec. 31, 1953, pursu- ant to its own terms. AMENDMENTS 1976-Subsee. (a)(1)(F). Pub. L. 94-455, § 2122(b)(2), added subsec. (a)(1)(F). Subsec. a)(3). Pub. L. 94-455, § 1904(b)(10)(A)(i)(I), struck out subsec. (a)(3) which provided that no de- duction be allowed for amounts paid as tax under sec- tion 4911 (relating to imposition of interest equaliza- tion tax) except as provided in subsec, d). Subsec. (d). Pub. L. 94-455. §§ 1904(b)(10)(A(i)CI). (II), 1906(b)(13)(A), redesignated subsec. (e) as (d) and in subsec. (d) as so redesignated struck out "or his del- egate" following "Secretary" and substituted "subsec- tion (e)" for "subsection (f)". Former subsec. (d) was struck out. Subsec. (e). Pub. L. 94-455, §§ 1904(b)(10)CA)(i)(I), 1906(b)(13)(A), redesignated subsec. f) as (e) and in subsec. (e) as so redesignated struck out "or his dele- gate" following "Secretary". Former subsec. (e) was re- designated d). Subsec. f). Pub. L. 94-455, §§ 1701(a), 1904b)(10)(A)(i)CI), added subsec. CfM. Former subsec. Cf) redesignated (e). 1971-Subsec. (e). Pub. L. 92-178, § 109(c), substitut- ed "shall, at the election of the taxpayer, be treated" for "shall be treated" and added provisions respecting making of election under this subsection for any tax- able year at such time and in such mannor as Secre- tary or his delegate prescribed by regulation and pro- hibiting making of election for any taxable year to which an election under subsec. (f) applies to railroad rolling stock (other than locomotives). Subsec. f). Pub. L. 92-178, § 109(b), added subsec. (f). 1969-Subsec. (e). Pub. L. 91-172 added subsec. (e). 1965-Subsec. (a)(3). Pub. L. 89-243, § 4(p)(1), insert- ed "Except as provided in subsection (d)", and deleted "except to the extent that any amount attributable to the amount paid as tax is included in gross income for the taxable year" following the parenthetical materi- al. Subsec. (d). Pub. L. 89-243, § 4(p)(2), added subsec. d). 1964-Subsec. (a). Pub. L. 88-563 added par. (3). 1962-Subsec. (a)1)(E). Pub. L. 87-834 added subsec. (a)(1)(E). 1960-Subsec. (a)(1)(D). Pub. L. 86-779 added subpar. (D). EFFECTIVE DATE OF 1976 AMENDMENT Section 1904(b)(10)CA)(vii) of Pub. L. 94-455 pro- vided that: "The amendments made by this subpara- graph [amending sections 263, 6011, 6611, and 6651 of this title and repealing sections 6076 and 6680 of this title] shall apply with respect to acquisitions of stock or debt obligations made after June 30, 1974, except thpt the repeal of paragraph (2) of section 6011(d) under clause (ii) shall apply with respect to loans and commitments made after such date." Amendment of subsec. (a)(1)F) by section 2122(b)(2) of Pub. L. 94-455 effective for taxable years beginning after Dec. 31, 1976, and before Jan. 1, 1980, see section 2122(c) of Pub. L. 94-455, set out as an Ef- fective Date note under section 190 of this title. EFFECTIVE DATE OF 1971 AMENDMENT Section 109(d)(2), (3) of Pub. L. 92-178 provided that: "(2) The amendment made by subsection (b) [enact- ing subsec. (f) of this section] shall apply to taxable years ending after December 31, 1970. "(3) The amendments made by subsection (c) [to subsec. (e) of this section] shall apply to taxable years beginning after December 31, 1969." EFFECTIVE DATE OF 1969 AMENDMENT Section 706(b) of Pub. L. 91-172 provided that: "The amendment made by subsection (a) [amending this section] shall apply with respect to taxable years be- ginning after December 31, 1969." EFFECTIVE DATE OF 1965 AMENDMENT Section 4(p)(3) of Pub. L. 89-243 provided that: "The amendments made by this subsection [to this section] shall apply to taxable years ending after September 2, 1964." Section 4(q) of Pub. L. 89-243 provided in part that: "Except as otherwise specifically provided in this sec- tion and in the amendments made by this section [to sections 263, 4912, 4914, 4916, 4917, 4919, 4920 and 4931 of this title], such amendments shall apply with respect to acquisitions of stock and debt obligations made after February 10, 1965." EFFECTIVE DATE OF 1962 AMENDMENT Amendment by Pub. L. 87-834 applicable with re- spect to taxable years beginning after Dec. 31, 1962, see section 21(d) of Pub. L. 87-834, set out as an Effec- tive Date note under section 182 of this title. EFFECTIVE DATE OF 1960 AMENDMENT Amendment by Pub. L. 86-779 applicable to taxable years beginning after Dec. 31, 1959, see section 6(d) of Pub. L. 86-779, set out as an Effective Date note under section 180 of this title. EFFECT OF 1965 AMENDMENT ON Ex. ORD. No. 11198 Ex. Ord. No. 11198, set out as a note under section 4931 of this title, deemed modified by the amendment made by section 4 of the Pub. L. 89-243 to this section to the extent such Ex. Ord. is inconsistent with such amendment, see section 4(q) of Pub. L. 89-243, set out as an Effect of 1965 Amendment on Ex. Ord. No. 11198 note under section 4931 of this title. SHORT TITLE OF 1965 AMENDMENT Section 1(a) of Pub. L. 89-243 provided that: "This Act [amending sections 263. 4912, 4914, 4916, 4917, 4919, 4920, and 4931 of this title, and enacting provi- sions set out as notes under sections 6011 and 6076 of this title] may be cited as the 'Interest Equalization Tax Extension Act of 1965'." SHORT TITLE OF 1964 AMENDMENT Section 1(a) of Pub. L. 88-563 provided that: "This Act [enacting sections 4911 to 4920, 4931. 6076, 6680, 6681, and 7241 of this title, amending sections 263, 1232, 6011, and 6103 of this title, and enacting provi- sions set out as notes under section 6011 of this title] may be cited as the 'Interest Equalization Tax Act'." CROSS REFERENCES Non-trade or non-business expenses deductible, see section 212 of this title. Reasonable allowance for exhaustion, see section 167 of this title. Trade or business expenses deductible, see section 162 of this title. Page 212 § 263