COMPUTATION OF ALTERNATIVE CAPITAL GAINS TAX.

SEC. 123. COMPUTATION OF ALTERNATIVE CAPITAL GAINS TAX. Section 117 (c) (1) (relating to alternative tax on corporations) is hereby amended by striking out the second paragraph and inserting in lieu thereof the following: “(A) A partial tax shall first be computed upon the net income reduced by the amount of such excess, at the rates and in the manner as if this subsection had not been enacted. “(B) There shall then be ascertained an amount equal to 25 per centum of such excess, except that in the case of any taxable year beginning after March 31, 1951, and before April 1, 1954, there shall be ascertained an amount equal to 26 per centum of such excess. “(C) The total tax shall be the partial tax computed under subparagraph (A) plus the amount computed under subparagraph (B).”