CAPITAL GAIN DISTRIBUTIONS OF CERTAIN TRUSTS.

SEC. 306. CAPITAL GAIN DISTRIBUTIONS OF CERTAIN TRUSTS. (a) Amendment to Section 665(g)—Effective with respect to taxable years beginning after December 31, 1968, subsection (g) of section 665 (relating to definition of capital gain distribution) is amended by striking out “for such taxable year” the first place it appears therein. (b) Application to Trusts in Existence on December 31, 1969.—Section 331(d) (2) (C) of the Tax Reform Act of 1969 is amended by striking out “January 1, 1972” each place it appears therein and inserting in lieu thereof “January 1, 1973”.