[Code of Federal Regulations]
[Title 26, Volume 10]
[Revised as of April 1, 2004]
From the U.S. Government Printing Office via GPO Access
[CITE: 26CFR1.955-0]

[Page 316]
 
                       TITLE 26--INTERNAL REVENUE
 
    CHAPTER I--INTERNAL REVENUE SERVICE, DEPARTMENT OF THE TREASURY 
                               (CONTINUED)
 
PART 1_INCOME TAXES--Table of Contents
 
Sec. 1.955-0  Effective dates.

    (a) Section 955 as in effect before the enactment of the Tax 
Reduction Act of 1975--(1) In general. In general, Sec. Sec. 1.955-1 
through 1.955-6 are applicable with respect to withdrawals of previously 
excluded subpart F income from qualified investment in less developed 
countries for taxable years of foreign corporations beginning after 
December 31, 1962, and to taxable years of United States shareholders 
(as defined in section 951(b)) within which or with which such taxable 
years of such foreign corporations end. However, such sections are 
effective with respect to withdrawals of amounts invested in less 
developed country shipping companies described in section 955(c)(2) (as 
in effect before the enactment of the Tax Reduction Act of 1975) only 
for taxable years of foreign corporations beginning before January 1, 
1976, and for taxable years of United States shareholders (as defined in 
section 951(b)) within which or with which such taxable years of such 
foreign corporations end. For rules applicable to withdrawals of amounts 
invested in less developed country shipping companies described in 
section 955(c)(2) (as in effect before such enactment), in taxable years 
of foreign corporations beginning after December 31, 1975, see section 
955(b)(5) (as amended by such Act) and Sec. Sec. 1.955A-1 through 
1.955A-4.
    (2) References. Except as otherwise provided therein, all references 
contained in Sec. Sec. 1.955-1 through 1.955-6 to section 954 or 955 or 
to the regulations under section 954 are to those sections and 
regulations as in effect before the enactment of the Tax Reduction Act 
of 1975. For regulations under section 954 (as in effect before such 
enactment), see 26 CFR Sec. 1.954-1 through 1.954-5 (Revised as of 
April 1, 1975). For taxable years of foreign corporations beginning 
after December 31, 1975, and for taxable years of United States 
shareholders (as described in section 951(b)) within which or with which 
such taxable years of such foreign corporations end, the definitions of 
less developed countries and less developed country corporations 
contained in section 902(d) (as amended by such Act) and Sec. 1.902-2 
apply for purposes of determining the credit for corporate stockholders 
in foreign corporations under section 902.
    (b) Section 955 as amended by the Tax Reduction Act of 1975. Except 
as otherwise provided therein, Sec. Sec. 1.955A-1 through 1.955A-4 are 
applicable to taxable years of foreign corporations beginning after 
December 31, 1975, and to taxable years of United States shareholders 
(as defined in section 951(b)) within which or with which such taxable 
years of such foreign corporations end.

[T.D. 7893, 48 FR 22508, May 19, 1983, as amended by T.D. 7894, 48 FR 
22529, May 19, 1983]