SURTAX ON CORPORATIONS IMPROPERLY ACCUMULATING SURPLUS.

SEC. 315. SURTAX ON CORPORATIONS IMPROPERLY ACCUMULATING SURPLUS. (a) Long-Term Capital Gains.—Section 102 (d) (1) (relating to definition of section 102 net income) is hereby amended by adding at the end thereof the following new subparagraph: “(D) Long-Term Capital Gains.—The excess of the net long-term capital gain for the taxable year over the net short-term capital loss for such year, minus the taxes imposed by this chapter attributable to such excess. The taxes attributable to such excess shall be an amount equal to the difference between (i) the taxes imposed by this chapter (except the tax imposed by this section) for such year and (ii) such taxes computed for such year without including such excess in net income.” (b) Effective Date.—The amendment made by subsection (a) shall be applicable only with respect to taxable years beginning after December 31, 1950.