Sec. 306. Exclusion of dividends from controlled foreign corporations from the definition of personal holding company income for purposes of the personal holding company rules
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Paragraph
(1)of section 543(a) is amended by redesignating subparagraphs
(C)and
(D)as subparagraphs
(D)and (E), respectively, and by inserting after subparagraph
(B)the following new subparagraph: dividends received by a United States shareholder (as defined in section 951(b)) from a controlled foreign corporation (as defined in section 957(a)), . The amendments made by this section shall apply to taxable years ending on or after the date of the enactment of this Act.