1976—Puspan. L. 94–455 inserted provision permitting an insurance company which joins in the filing of a consolidated return to adopt the taxable year of the common parent corporation even though such year is not a calendar year.

Amendment by Puspan. L. 94–455 applicable to taxable years beginning after Dec. 31, 1980, see section 1507(c)(1) of Puspan. L. 94–455, set out as a note under section 1504 of this title.

Section applicable only to taxable years beginning after Dec. 31, 1954, see Effective Date of 1956 Amendment note set out under section 316 of this title.