Sec. 8020. Dividends received on certain preferred stock; and dividends paid on certain preferred stock of public utilities
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Sections 244 and 247 are hereby repealed, and the table of sections for part VIII of subchapter B of chapter 1 is amended by striking the items relating to sections 244 and 247. Paragraph
(5)of section 172(d) is amended to read as follows: The deductions allowed by section 243 (relating to dividends received by corporations) and 245 (relating to dividends received from certain foreign corporations) shall be computed without regard to section 246(b) (relating to limitation on aggregate amount of deductions). . Paragraph
(1)of section 243(c) is amended to read as follows: In the case of any dividend received from a 20-percent owned corporation, subsection (a)(1) shall be applied by substituting 80 percent for 70 percent .’’. Section 243(d) is amended by striking paragraph (4). Section 246 is amended— by striking , 244, in subsection (a)(1), in subsection (b)(1)— by striking sections 243(a)(1), 244(a), the first place it appears and inserting section 243(a)(1) , by striking 244(a), the second place it appears, and by striking subsection
(a)or
(b)of section 245, and 247, and inserting and subsection
(a)or
(b)of section 245, , and by striking , 244, in subsection (c)(1). Section 246A is amended by striking , 244, both places it appears in subsections
(a)and (e). Sections 263(g)(2)(B)(iii), 277(a), 301(e)(2), 469(e)(4), 512(a)(3)(A), 805(a)(4)(A), (C), and (D), 805(b)(4) (as redesignated by this Act), 832(b)(5)(B)(ii), (D)(i), and (D)(ii)(I), 833(b)(3)(E), and 1059(b)(2)(B) are each amended by striking , 244, each place it appears. Section 805(a)(4)(B) is amended by striking , 244(a), each place it appears. Section 810(c)(2)(B) is amended by striking 244 (relating to dividends on certain preferred stock of public utilities), . Section 1244(c)(2)(C) is amended by striking 244, .