Section, added Pub. L. 91-172, title VIII, Section 804(a), Dec. 30, 1969, 83 Stat. 685; amended Pub. L. 93-406, title II, Section 2005(c)(14), Sept. 2, 1974, 88 Stat. 992; Pub. L. 94-455, title III, Section 302(a), Oct. 4, 1976, 90 Stat. 1554; Pub. L. 95-600, title IV, Sections 441(a), 442(a), title VII, Section 701(x)(1), (2), Nov. 6, 1978, 92 Stat. 2878, 2920; Pub. L. 95-600, title IV, Section 441(a), as amended Pub. L. 96-222, title I, Section 104(a)(5)(B), Apr. 1, 1980, 94 Stat. 218, provided for a 50-percent maximum rate on personal service income.

Effective Date of Repeal

Repeal effective for taxable years beginning after Dec. 31, 1981, see section 101(f)(1) of Pub. L. 97-34, set out as an Effective Date of 1981 Amendment note under section 1 of this title.

Transitional Rule in Case of Taxable Year Beginning Before Nov. 1, 1978K, and Ending After Oct. 31, 1978

Section 441(b)(2) of Pub. L. 95-600, as amended by Pub. L. 96-222, title I, Section 104(a)(5)(A), Apr. 1, 1980, 94 Stat. 218, provided that in the case of a taxable year which began before Nov. 1, 1978, and ended after Oct. 31, 1978, the amount taken into account under subsec. (b)(2)(B) of section 1348 of this title by reason of section 57(a)(9) of this title be 50 percent of the lesser of the net capital gain for the taxable year or the net capital gain taking into account only gain or loss properly taken into account for the portion of the taxable year before Nov. 1, 1978.

PART VII - RECOVERIES OF FOREIGN EXPROPRIATION LOSSES

Sec.

1351.

Treatment of recoveries of foreign expropriation losses.