Page:United States Statutes at Large Volume 52.djvu/611

 PUBLIC LAWS--CH. 289 -MAY 28, 1938 Effective date. (c) The amendments made by this section shall be effective July 1, 1938. Palm oil and palm SEC. 703. EXEMPTION OF PALM OIL AND PALM OIL RESIDUE FROM oil residue. PROCESSING TAX. Exemption from processing tax. 48 Stat. 763. 26U.S.C.§999; Supp. III, § 999. p fl ti e Effective July 1, 1938, section 6021/2 (a), as amended, of the Revenue Act of 1934 (relating to the processing tax on certain oils) is amended by striking out "but does not include the use of palm oil in the manufacture of tin plate" and inserting in lieu thereof "but does not include the use of palm oil in the manufacture of tin plate or terne plate, or any subsequent use of palm oil residue resulting from the manufacture of tin plate or terne plate". Lumber. SEC. 704. AMENDMENTS TO TAX ON LUMBER. No deduction for (a) Section 601 (c) (6) of the Revenue Act of 1932 is further eaingetc., nboard amended by adding at the end thereof the following: "In deter- 47 Stat. 260. mining board measure for the purposes of this paragraph no deduc- d"Lumber" to in- tion shall be made on account of planing, tonguing, and grooving. As used in this paragraph, the term 'lumber' includes sawed timber." Efctive dante; rna- (b) Each sentence of the amendment made by subsection (a) ional obligation, etc. shall become effective (1) on the sixtieth day after the date of the enactment of this Act unless in conflict with any international obli- gation of the United States or (2) if so in conflict, then on the termination of such obligation otherwise than in connection with the undertaking by the United States of a new obligation which continues such conflict. ExemptionofNorth (c) Section 601 (c) (6) of the Revenue Act of 1932 is further e pine, etc. amended by inserting after the amendment made by subsection (a) of this section the following: "The tax imposed by this paragraph shall not apply to lumber of Northern white pine (pinus strobus), Norway pine (pinus resinosa), and Western white spruce." Effective date. (d) The amendment made by subsection (c) shall be effective July 1, 1938. Supplies for certain SEC. 705. EXEMPTION FROM EXCISE TAX OF SUPPLIES FOR CERTAIN aircraft. AIRCRAFT. d Excise tax exemp- (a) Section 630 of the Revenue Act of 1932, as amended, is Terms defined. amended by inserting at the end thereof the following: "The term 48 tat. 26. 'vessels' as used in this section includes civil aircraft employed in foreign trade or trade between the United States and any of its possessions, and the term 'vessels of war of the United States or of any foreign nation' includes aircraft owned by the United States or by any foreign nation and constituting a part of the armed forces Restriction, thereof. The privileges granted under this section in respect of civil aircraft employed in foreign trade or trade between the United States and any of its possessions in respect of aircraft registered in a foreign country, shall be allowed only if the Secretary of the Treasury has been advised by the Secretary of Commerce that he has found that such foreign country allows, or will allow, substantially reciprocal Bi foreign t i privileges in respect of aircraft registered in the United States. If the Secretary of the Treasury is advised by the Secretary of Com- merce that he has found that a foreign country has discontinued or will discontinue the allowance of such privileges, the privileges granted under this section shall not apply thereafter in respect of civil aircraft registered in that foreign country and employed in foreign trade or trade between the United States and any of its possessions.". Bmivedate. b) The amendment made by subsection (a) shall be effective July 1, 1938. 570 [52 STAT. t

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