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§ 821 TI'I '&j 2O-Imix , after June 30, 1964, and in par. (B), "on the taxable in- vestment income computed as provided in section 11(c) as though the taxable investment income were the taxable income referred to in section 11(c)" for "of 22 percent of the taxable investment income (computed without regard to the deduction provided in section 242 for partially tax-exempt interest) in excess of $25,000". 1963-Subsec. (a)(1). Pub. L. 88-52 substituted "July 1. 1964" for "July 1, 1963" and "June 30, 1964" for "June 30, 1963", wherever appearing. Subsec. (c)(1)(A). Pub. L. 88-52 substituted "July 1, 1964" for "July 1, 1963" and "June 30, 1964" for June 30, 1963", wherever appearing. 1962-Subsec. (a). Pub. L. 87-834 excluded flood in- surance companies subject to the tax imposed by sec- tion 831 of this title, eliminated provisions which ex- cluded mutual insurance companies which are interin- surers or reciprocal underwriters, and substituted pro- visions authorizing a normal tax, in the case of taxable years beginning before July 1, 1963, of 30 percent of the taxable income, or 60 percent of the amount by which such taxable income exceeds $6,000, whichever is lesser, and in the case of taxable years beginning after June 30, 1963, of 25 percent of the taxable income, or 50 percent of the amount by which such taxable income exceeds $6,000, whichever is less, for provisions which imposed a normal tax, in the case of taxable years beginning before July 1, 1962, of 30 per- cent of the taxable income, or 60 percent of the amount by which such taxable income exceeds $3,000, whichever is the lesser, and in the case of taxable years beginning after June 30, 1962, of 25 percent of the taxable income, or 50 percent of the amount by which such taxable income exceeds $3,000, whichever is the lesser, and if for the taxable year the gross amount of income from the items described in section 822(b) (other than par. (1)(D) thereof) and net premi- ums, minus d11vidends to policyholders, minus the in- terest which under section 103 is excluded from gross income, exceeds $75,000, a tax equal to 1 percent of the amount so computed, or 2 percent of the excess of the amount so computed over $75,000, whichever Is the lesser. Subsec. (a)(1)(A). Pub. L. 87-508 substituted "July 1, 1963" for "July 1, 1962" and "June 30, 1963" for "June 30. 1962", wherever appearing. Subsec. (b). Pub. L. 87-834 substituted provisions de- fining "mutual insurance company taxable income" for provisions which imposed a tax on mutual insur- ance companies which are interinsurers or reciprocal underwriters. Subsec. (b)(1). Pub. L. 87-508 substituted "July 1, 1963" for "July 1, 1962" and "June 30, 1963" for "June 30, 1962", wherever appearing. Subsec. (c). Pub. L. 87-834 amended subsection gen- erally to read as above set forth. Prior to such amend- ment, subsection read as follows: "If the gross amount received during the taxable year from the items de- scribed in section 822(b) (other than paragraph (1)(D) thereof), and premiums (including deposits and assess- ments) is over $75,000 but less than $125,000, the tax imposed by subsection (a) or subsection (b), whichever applies, shall be reduced to an amount which bears the same proportion to the amount of the tax deter- mined under such subsection as the excess over $75,000 of such gross amount received bears to $50,000". Subsec. (d). Pub. L. 87-834 added subsec. (d) and re- designated former subsec. (d) as (e). Subsec. (e). Pub. L. 87-834 redesignated former subsec. (d) as (e) and included flood insurance compa- nies subject to the tax imposed by section 831 within the exception clause. Former subsec. (e) redesignated (g)(2). Subsec. (f). Pub. L. 87-834 added subsec. (f). Subsec. (g). Pub. L. 87-834 added subsec. (g). Provi- sions of subsec. (g)(2) were formerly contained in subsec. (e) of this section. 1961-Subsec. (a)(1)(A). Pub. L. 87-72 substituted "July 1, 1962" for "July 1, 1961" and "June 30, 1962" for "June 30, 1961", wherever appearing. nl, t3XrnT AT 1 (EAflFU PageO52 Subscc. (b)(1). Pub. L. 87-72 substituted "July 1, 1962" for "July 1, 1961" and "June 30, 1962" for "June 30. 1961", wherever appearing. 1960-Subsec. (a)(1)(A). Pub. L. 86-564 substituted 'July 1, lf61" for "July 1. 1960" and "June 30, 1961" for "June 30. 1960" wherever appearing. Subsec. (b)(1). Pub. L. 86-564 substituted "July 1, 1961" for "July 1, 1960" and "June 30, 1961" for "June 30, 1960" wherever appearing. 1959-Subsec. (a)(1)(A). Pub. L. 86-75 substituted "July 1, 1960" for "July 1, 1959" and "June 30, 1960" for "June 30, 1959" wherever appearing. Subsec. (b)(1). Pub. L. 86-75 substituted "July 1, 1960" for "July 1, 1959" wherever appearing. 1958-Subsec. (a)(1)(A). Pub. L. 85-475 substituted "July 1, 1959" for "July 1, 1958" and "June 30, 1959" for "June 30, 1958" wherever appearing. Subsec. (b)(1). Pub. L. 85-475 substituted "July 1, 1959" for "July 1, 1958" and "June 30, 1959" for "June 30, 1958" wherever appearing. 1957-Subsec. (a)(1)(A). Pub. L. 85-12 substituted "July 1, 1958" for "April 1, 1957" and "June 30, 1958" for "March 31, 1957" wherever appearing. Subsec. (b)(1). Pub. L. 85-12 substituted "July 1, 1958" for "April 1, 1957" and "June 30, 1958" for "March 31, 1957" wherever appearing. 1956-Subsec. (a)(1)(A). Act Mar. 29, 1956, substitut- ed "April 1, 1957" for "April 1, 1956" and "March 31, 1957" for "March 31, 1956" wherever appearing. Subsec. (a)(2). Act Mar. 13, 1956, § 3(a)(1), substitut- ed "the items described in section 822(b) (other than paragraph (1)(D) thereof)" for "interest, dividends, rents.". Subsec. (b)(1), Act Mar. 29, 1956, substituted "April 1, 1957" for "April 1, 1956" and "March 31, 1957" for "March 31, 1956" wherever appearing. Subsec. (c). Act Mar. 13, 1956, § 3(a)(2), substituted "the items described in section 822(b) (other than paragraph (1)(D) thereof)" for "interest, dividends, rents,". 1955-Subsec. (a)(1)(A). Act Mar. 30, 1955, substitut- ed "April 1, 1956" for "April 1, 1955" and "March 31, 1956" for "March 31, 1955" wherever appearing. Subsec. (b)(1). Act Mar. 30, 1955, substituted "April 1, 1956" for "April 1, 1955" and "March 31, 1956" for March 31, 1955" wherever appearing. EFFECTIVE DATE OF 1976 AMENDMENT Amendment of subsecs. (a)(1), (c)(1)(A) by section 901(b)(1), (2) of Pub. L. 94-455 applicable to taxable years ending after Dec. 31, 1974, see section 901(d) of Pub. L. 94-455, set out as an Effective Date of 1976 Amendment note under section 11 of this title. Amendment of subsecs. (e), (f) by section 1507(b)(1) of Pub. L. 94-455 applicable to taxable years beginning after Dec. 31, 1980, see section 1507(c) of Pub. L. 94- 455, set out as an Effective Date of 1976 Amendment note under section 1504 of this title. Amendment of subsecs. (a), (c)(1), (e), (f) by section 1901(a)(104) of Pub. L. 94-455 effective for taxable years beginning after Dec. 31, 1976, see section 1901(d) of Pub. L. 94-455, set out as an Effective Date of 1976 Amendment note under section 2 of this title. EFFECTIVE DATE OF 1966 AMENDMENT Amendment by Pub. L. 89-809 applicable with re- spect to taxable years beginning after Dec. 31, 1966, see section 104(n) of Pub. L. 89-809, set out as an Ef- fective Date of 1966 Amendment note under section 11 of this title. EFFECTIVE DATE OF 1964 AMENDMENT Amendment by Pub. L. 88-272, except for purposes of section 21 of this title, effective with respect to tax- able years beginning after Dec. 31, 1963, see section 131 of Pub. L. 88-272, set out as an Effective Date of 1964 Amendment note under section 1 of this title. EFFECTIVE DATE OF 1962 AMENDMENT * Section 8(h) of Pub. L. 87-834 provided that: "The amendments made by this section [adding sections 823 Page 522