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TITLE 26-INTERNAL REVENUE CODE attributable to a foreign country or posses- sion of the United States if such country or possession imposes no significant amount of tax with respect to such items. (h) Regulations to Include tax benefit rule The Secretary shall prescribe regulations under which items of tax preference shall be properly adjusted where the tax treatment giving rise to such items will not result in the reduction of the taxpayer's tax under this sub- title for any taxable years. (I) Corporation defined Except as provided in subsection (d)(2), for purposes of this part, the term "corporation" does not include an electing small business cor- poration (as defined in section 1371(b)) or a personal holding company (as defined in sec- tion 542). (Added Pub. L. 91-172, title III, § 301(a), Dec. 30, 1969, 83 Stat. 583, and amended Pub. L. 92- 178, title III, § 308(a), Dec. 10, 1971, 85 Stat. 524; Pub. L. 94-455, title III, § 301(d), title XIX, §§ 1901(b)(40), 1906(b)(13)(A), Oct. 4, 1976, 90 Stat. 1553, 1803, 1834.) AMENDMENTS 1976-Subsec. (a). Pub. L. 94-455, § 301(d)(1), substi- tuted in subsec. catchline "Married individuals filing separate returns" for "Husband and wife" and in text "married individual" for "husband and wife" and "sec. tion 56 shall be applied by substituting $5,000 for $10,000 each place it appears" for "the $30,000 amount specified in section 56 shall be $15,000". Subsec. (b). Pub. L. 94-455, §§ 301(d)(2), 1906(b)(13)(A), substituted "$10,000" for "$30,000" and struck out "or his delegate" following "Secretary". Subsec. (c)(2). Pub. L. 94-455, § 301(d)(2), substituted "$10,000" for "$30,000" wherever appearing. Subsec. (d)(2). Pub. L. 94-455, § 1901(b)(40), struck out ", notwithstanding the provisions of section 1371(b)(1)," following "such corporation shall". Subsecs. (h), (I). Pub. L. 94-455, §301(d)(3), added subsecs. (h) and (I). 1971-Subsec. (g)(2). Pub. L. 92-178 provided that for purposes of this paragraph, preferential treatment Is accorded such items which are attributable to a for- eign country or possession of the United States if such country or possession imposes no significant amount of tax with respect to such items. EFFECTIVE DATE AND APPLICABILITY OF 1976 AMENDMENT Amendment of subsecs. (a), (b), (c)(2), (h),.and (i) by section 301(d) of Pub. L. 94-455 applicable to items of tax preference for taxable years beginning after Dec. 31, 1975, with certain exceptions, see section 301(g) of Pub. L. 94-455, set out as an Effective Date of 1976 Amendment note under section 56 of this title. A/mendment of subsec. (d)(2) by section 1901(b)(40) of Pub. L. 94-455 applicable with respect to 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 1971 AMENDMENT Section 308(b) of Pub. L. 92-178 provided that: "The amendment made by this section [to subsec. (g)(2) of this section] shall apply to taxable years beginning after December 31, 1969." EFFECTIVE DATE Section applicable to taxable years ending after Dec. 31, 1969, see section 301(c) of Pub. L. 91-172, set out as an Effective Date note under section 56 of this title. SECTION REFERRED TO IN OTHER SECTIONS This section is referred to in sections 448, 1372 of this title. Subchapter B-Computation of Taxable Income Part I. II. III. IV. V. VI. VII. VIII. IX. X. Definition of gross income, adjusted gross income, taxable income, etc. Items specifically included in gross income. Items specifically excluded from gross income. Standard deduction for individuals. Deductions for personal exemptions. Itemized deductions for individuals and cor- porations. Additional itemized deductions for individ- uals. Special deductions for corporations. Items not deductible. Terminal railroad corporations and their shareholders. AMENDMENTS 1976-Pub. L. 94-455, title XIX, § 1901(b)(4)(C), Oct. 4, 1976, 90 Stat. 1793, substituted "taxable income, etc." for "and taxable income." in part I. 1962-Pub. L. 87-870, § 1(b), Oct. 23, 1962, 76 Stat. 1160, added part X. PART I-DEFINITION OF GROSS INCOME, ADJUSTED GROSS INCOME, TAXABLE INCOME, ETC. Sec. 61. Gross income defined. 62. Adjusted gross income defined. 63. Taxable income defined. 64. Ordinary income defined. 65. Ordinary loss defined. AMENDMENTS 1976-Pub. L. 94-455, title XIX, § 1901(b)(4)(A), (B), Oct. 4, 1976, 90 Stat. 1793, substituted "TAXABLE INCOME, ETC." for "AND TAXABLE INCOME." in part heading, and added items 64 and 65. § 61. Gross income defined (a) General definition Except as otherwise provided in this subtitle, gross income means all income from whatever source derived, including (but not limited to) the following items: (1) Compensation for services, including fees, commissions, and similar items; (2) Gross income derived from business; (3) Gains derived from dealings in property; (4) Interest; (5) Rents; (6) Royalties; (7) Dividends; (8) Alimony and separate maintenance pay- ments; (9) Annuities; (10) Income from life insurance and endow- ment contracts; (11) Pensions; (12) Income from discharge of indebtedness; (13) Distributive share of partnership gross income; (14) Income in respect of a decedent; and (15) Income from an interest in an estate or trust. (b) Cross references For Items specifically Included in gross income, see part 11 (sec. 71 and following). For items specifically ex. Page 94