Rev. Proc. 76-35

Rev. Proc. 63-7, 1963-1 C.B. 485, as clarified by Rev. Proc. 75-54, 1975-2 C.B. 594, sets forth rules for determining the taxable year of a foreign corporation for purposes of section 902(d), sections 951 through 972, and sections 1246 through 1248 of the Internal Revenue Code of 1954. The rules set forth in Rev. Proc. 63-7 are equally applicable in determining the taxable year of a liquidating foreign corporation for purposes of section 332(b)(2).

Rev. Proc. 63-7 is amplified.