26 U.S.C. § 596
Section 596 · Limitation on dividends received deduction
Amended 2 times on record
In the case of an organization to which section 593 applies and which computes additions to the reserve for losses on loans for the taxable year under section 593(b)(2), the total amount allowed under sections 243, 244, and 245 (determined without regard to this section) for the taxable year as a deduction with respect to dividends received shall be reduced by an amount equal to 8 percent of such total amount.
Editorial notes U.S. Code · Office of the Law Revision Counsel
Amendments
1986—Pub. L. 99–514 substituted “an amount equal to 8 percent of such total amount” for “an amount equal to the applicable percentage for such year (determined under subparagraphs (A) and (B) of section 593(b)(2)) of such total amount”.
Effective Date of 1986 Amendment
Amendment by Pub. L. 99–514 applicable to taxable years beginning after Dec. 31, 1986, see section 901(e) of Pub. L. 99–514, set out as a note under section 166 of this title.
Effective Date
Section 434(c) of Pub. L. 91–172 provided that: “The amendments made by this section [enacting this section and amending section 246 of this title] shall apply to taxable years beginning after July 11, 1969.”