CLARIFICATION OF DEFINITION OF PRODUCED FILM RENTS.

SEC. 211. CLARIFICATION OF DEFINITION OF PRODUCED FILM RENTS. (a) In General.— Subparagraph (B) of paragraph (5) of section 543(a)(defining produced film rents for purposes of personal holding company income) is amended by adding at the end thereof the following new sentence: “In the case of a producer who actively participates in the production of the film, such term includes an interest in the 90 STAT. 1545proceeds or profits from the film, but only to the extent such interest is attributable to such active participation.” (b) Effective Date.— The amendment made by subsection (a) shall apply to taxable years ending on or after December 31, 1975.