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TITLE 26-INTERNAL REVENUE CODE Subsec. (d)(1). Pub. L. 94-12, § 602(b). provided that for purposes of subsec. (d) personal property does not include agricultural commodities which are not grown in the United States in commercially marketable quantities. Subsecs. (M), (g). Pub. L. 94-12, § 602(c)(2), (d)(1)(0), added subsecs. () and (g). 1969-Subsec. (b)(4). Pub. L. 91-172 inserted refer- ence to a foreign corporation which is an acquired cor- poration, and made the effecting of a transaction giving rise to foreign base income through the con- trolled foreign corporation subject to the Secretary's power to disallow inclusion of any item of such income where such Inclusion will have one of the effects pre- scribed by this section. EFFECTIVE DATE OF 1976 AMENDMENT Section 1023(b) of Pub. L. 94-455 provided that: "The amendment made by this section [enacting subsec. (b)(7) of this section) shall apply to taxable years of foreign corporations beginning after Decem- ber 31, 1975. and to taxable years of United States shareholders (within the meaning of section 951(b) of the Internal Revenue Code of 1954 [section 951(b) of this title]) within which or with which such taxable years of such foreign corporations end." Section 1024(b) of Pub. L. 94-455 provided that: "The amendment made by this section [amending subsec. (c)(3) of this section] shall apply to taxable years of foreign corporations beginning after Decem- ber 31, 1975, and to taxable years of United States shareholders (within the meaning of section 951(b) of the Internal Revenue Code of 1954 [section 951(b) of this title]) within which or with which such taxable years of such foreign corporations end." EFFECTiVE DATE OF 1975 AMmDMENT Amendment by Pub. L. 94-12 applicable to taxable years of foreign corporations begining after Dec. 31, 1975, and to taxable years of United States sharehold- ers (within the meaning of section 951(b) of this title) within which or with which such taxable years of such foreign corporations end, see section 602(f) of Pub. L. 94-12, set out as an Effective Date of 1975 Amendment note under section 955 of this title. EFFECrIV E DATE OF 1969 AMENDMENT Section 909(b) of Pub. L. 91-172 provided that: "The amendment made by subsection (a) [amending subsec. (b)(4) of this section] shall apply to taxable years ending after October 9, 1969." SECTION REFERE TO IN OTMM SECToNS This section is referred to in sections 952, 955, 958, 970, 971 of this title. § 955. Withdrawal of previously excluded subpart F income from qualified investment (a) General rules (1) Amount withdrawn For purposes of this subpart, the amount of previously excluded subpart F Income of any controlled foreign corporation withdrawn from investment in foreign base company shipping operations for any taxable year is an amount equal to the decrease in the amount of qualified investments in foreign base com- pany shipping operations of the controlled foreign corporation for such year, but only to the extent that the amount of such decrease does not exceed an amount equal to- (A) the sum of the amounts excluded under section 954(b)(2) from the foreign base company income of such corporation for all prior taxable years, reduced by (B) the sum of the amounts of previously excluded subpart F income withdrawn from investment in foreign base company ship- ping operations of such corporation deter- mined under this subsection for all prior taxable years. (2) Decrease in qualified investments For purposes of paragraph (1), the amount of the decrease in qualified investments in foreign base company shipping operations of any controlled foreign corporation for any taxable year is the amount by which- (A) the amount of qualified investments in foreign base company shipping oper- ations of the controlled foreign corporation at the close of the preceding taxable year, exceeds (B) the amount of qualified investments In foreign base company shipping oper- ations of the controlled foreign corporation at the close of the taxable year, to the extent that the amount of such de- crease does not exceed the sum of the earn- ings and profits for the taxable year and the earnings and profits accumulated fr'r prior taxable years beginning after December 31, 1975, and the amount of previously excluded subpart F income invested in less developed country corporations described in section 955(c)(2) (as In effect before the enactment of the Tax Reduction Act of 1975) to the extent attributable to earnings and profits accumu- lated for taxable years beginning after De- cember 31, 1962. For purposes of this para- graph, if qualified investments in foreign base company shipping operations are disposed of by the controlled foreign corporation during the taxable year, the amount of the decrease in qualified investments in foreign base com- pany shipping operations of such controlled foreign corporations for such year shall be re- duced by an amount equal to the amount (if any) by which the losses on such dispositions during such year exceed the gains on such dispositions during such year. (3) Pro rata share of amount withdrawn In the case of any United States share- holder, the pro rata share of the amount of previously excluded subpart F income of any controlled foreign corporation withdrawn from investment in foreign base company shipping operations for any taxable year is his pro rata share of the amount determined under paragraph (1). (b) Qualified Investments in foreign base company shipping operations (1) In general For purposes of this subpart, the term "qualified investments in foreign base compa- ny shipping operations" means investments in- (A) any aircraft or vessel used in foreign commerce, and (B) other assets which are used in connec- tion with the performance of services di. rectly related to the use of any such air- craft or vessel. Such term includes, but is not limited to, in- vestments by a controlled foreign corporation in stock or obligations of another controlled foreign corporation which is a related person (within the meaning of section 954(d)(3)) and Page 607 § 955