Amendments
2018—Subsec. (c)(5). Pub. L. 115–141, § 401(a)(132), substituted semicolon for comma at end.
Subsec. (c)(7). Pub. L. 115–141, § 401(a)(133), substituted “a small business investment” for “A small business investment”.
2004—Subsec. (c)(5). Pub. L. 108–357, § 413(b)(1)(A), amended par. (5) generally. Prior to amendment, par. (5) read as follows: “a foreign personal holding company as defined in section 552;”.
Subsec. (c)(7) to (10). Pub. L. 108–357, § 413(b)(1)(B)–(D), redesignated pars. (8) and (9) as (7) and (8), respectively, inserted “and” at end of par. (7), substituted period for “; and” at end of par. (8), and struck out former pars. (7) and (10) relating to foreign corporations whose outstanding stock during the last half of the taxable year is owned, directly or indirectly, by nonresident aliens and passive foreign investment companies, respectively.
1997—Subsec. (c)(10). Pub. L. 105–34 substituted “section 1297” for “section 1296”.
1986—Subsec. (c)(10). Pub. L. 99–514 added par. (10).
1984—Subsec. (b)(5). Pub. L. 98–369 substituted “section 801” for “section 802”.
1982—Subsec. (c)(6)(C)(ii). Pub. L. 97–248, § 293(a), struck out “but not $1,000,000” after “exceeds $500,000”.
Subsec. (d)(1)(B)(i). Pub. L. 97–248, § 293(b), substituted “144 months” for “60 months” after “remaining maturity exceeds”, designated existing provisions from “the loans” through “transferor’s trade or business, or” as subcl. (I), and added subcl. (II).
Subsec. (d)(1)(C). Pub. L. 97–248, § 293(c), added subpar. (C).
1980—Subsec. (c)(9). Pub. L. 96–589, added par. (9).
1976—Subsec. (a)(2). Pub. L. 94–455, § 1901(a)(76)(A), struck out last sentence providing that the preceding sentence shall not apply in the case of an organization or trust organized or created before July 1, 1950, if at all times on or after July 1, 1950, and before the close of the taxable year such organization or trust has owned all of the common stock and at least 80 percent of the total number of shares of all other classes of stock of the corporation.
Subsec. (b)(2). Pub. L. 94–455, § 1901(a)(76)(B), struck out “other than an affiliated group of railroad corporations the common parent of which would be eligible to file a consolidated return under section 141 of the Internal Revenue Act of 1942” after “group of corporations”.
Subsec. (c)(2). Pub. L. 94–455, § 1901(a)(76)(C), struck out “without regard to subparagraphs (D) and (E) thereof” after “meaning of section 7701(a)(19)”.
Subsec. (c)(8). Pub. L. 94–455, § 1901(a)(76)(D), inserted “(15 U.S.C. 661 and following)” after “Small Business Investment Act of 1958”.
1974—Subsec. (b)(5). Pub. L. 93–480 added par. (5).
1969—Subsec. (a)(2). Pub. L. 91–172 substituted “section 401(a), 501(c)(17), or 509(a)” for “section 503(b)” in the list of sections that contain the description of organizations that may be considered as individuals for the purpose of establishing stock ownership, and struck out provisions which would have kept an organization or trust created before July 1, 1950, from being so designated if it had been denied exemption under section 504 or an unlimited charitable deduction under section 681(c) of this title.
1966—Subsec. (c)(7). Pub. L. 89–809 substituted requirement that the foreign corporation be other than a corporation which has income to which section 543(a)(7) applies for the taxable year for requirement that the foreign corporation’s gross income from sources within the United States for the period specified in section 861(a)(2)(B) be less than 50 percent of its total gross income from all sources, and expanded the devices included in methods of indirect ownership to encompass foreign estates, foreign trusts, and foreign partnerships.
1964—Subsec. (a)(1). Pub. L. 88–272, § 225(b), substituted “60 percent of its adjusted ordinary gross income (as defined in section 543(b)(2)) for the taxable year is personal holding company income (as defined in section 543(a))” for “80 percent of its gross income for the taxable year is personal holding company income as defined in section 543”.
Subsec. (b). Pub. L. 88–272, § 225(k)(1), substituted “adjusted ordinary gross income” for “gross income”, wherever appearing.
Subsec. (c)(2), (6) to (11). Pub. L. 88–272, § 225(c)(1), (2), inserted among the exceptions, domestic building and loan associations within section 7701(a)(19) without regard to subpars. (D) and (E) thereof, added par. (6), redesignated former pars. (10) and (11) as (7) and (8), respectively, and omitted former pars. (6) to (9) which related to licensed personal finance companies, lending companies, loan or investment corporations, and finance companies, respectively.
Subsec. (d). Pub. L. 88–272, § 225(c)(3), added subsec. (d).
1962—Subsec. (c)(7). Pub. L. 87–768 substituted “authorized to engage in and actively and regularly engaged in the small loan business (consumer finance business)” for “authorized to engage in the small loan business”, inserted provisions excepting from the definition of “personal holding company” a lending company that received 80 percent or more of its gross income from lawful income from domestic subsidiary corporations (of which stock possessing at least 80 percent of the voting power of all classes of stock and of which at least 80 percent of each class of the nonvoting stock is owned directly by such lending company), which are themselves excepted under pars. (6), (7), (8), or (9) of this subsection, increased the maximum amount of the loan where no limit is prescribed from $500 to $1,500, and eliminated provisions which required loans to mature in not more than 36 months, and which limited interest, discount and other charges to not more than an amount equal to simple interest at 3 percent per month payable in advance and computed only on unpaid balances.
1959—Subsec. (c)(11). Pub. L. 86–376 added par. (11).
1955—Subsec. (a)(2). Act Aug. 12, 1955, § 3, inserted sentence at end excepting from consideration as “individuals” certain charitable foundations created before July 1, 1950.