CAPITAL GAINS AND STOCK OPTIONS.

SEC. 308. CAPITAL GAINS AND STOCK OPTIONS. (a) In General—Section 58(g)(2) (relating to tax preferences attributable to foreign sources) is amended by adding at the end thereof the following new sentence: “For purposes of this paragraph, preferential treatment is accorded such items which are attributable to a foreign country or possession of the United States if such country or possession 85 Stat. 525imposes no significant amount of tax with respect to such items.”, (b) Effective Date—The amendment made by this section shall apply to taxable years beginning after December 31, 1969.