is an IRIC. (2) Carryovers from IRIC years No carryforward, and no carryback, shall arise for a taxable year for which a corporation is an IRIC. (c) Certain taxes not To apply Sections 55, 531, and 541 shall not apply to an IRIC. (d) Credits not allowed No credits under this chapter shall be allowed to an IRIC. (e) Redemptions In applying section 302(b)(5), an IRIC shall be treated as a publicly offered regulated investment company. (f) Reliance on certification (1) Reliance With respect to the requirement in sections 998(a)(3) and 998A(b)(2)(A), a corporation may rely on the certification of its shareholders, unless or until such time that the corporation has reason to know that the certification is false or is no longer true. (2) Redemption upon false certification If a corporation has reason to know that the certification made by one of its shareholders is false or is no longer true, the corporation must redeem the stock held by such shareholder as soon as reasonably practicable (and in no case more than 30 days after the corporation obtains such reason to know). Failure to redeem such stock in a timely manner shall result in the corporation failing the requirement of section 998(a)(3) or 998A(b)(2)(A), whichever is applicable. (3) Certification by certain institutions For purposes of this subsection, a certification with regard to a person which is made by an institution described in section 871(h)(5)(B) in a form satisfactory to the Secretary under section 871(h) shall be deemed to be a certification by such person. . (b) Clerical amendment The table of parts for subchapter N of chapter 1 of the Internal Revenue Code of 1986 is amended by redesignating the item relating to part V as relating to part VI and inserting after the item relating to part IV the following new item: Part V—International regulated investment companies . (c) Effective date The amendments made by this section shall apply to taxable years beginning after the date of the enactment of this Act.