Page:United States Statutes at Large Volume 52.djvu/945

 PUBLIC LAWS-CH. 575-JUNE 22, 1938 firmed under this chapter, shall be exempt from any stamp taxes now or hereafter imposed under the laws of the United States or of any State. Mcodification or can- SEC. 268. Except as provided in section 270 of this Act, no income ness, ertain proets or profit taxable under any law of the United States or of any State accrued. now in force or which may hereafter be enacted, shall, in respect to the adjustment of the indebtedness of a debtor in a proceeding under this chapter, be deemed to have accrued to or to have been realized by a debtor, by a trustee provided for in a plan under this chapter, or by a corporation organized or made use of for effectuating a plan under this chapter by reason of a modification in or cancelation in whole or in part of any of the indebtedness of the debtor in a proceeding under this chapter. Ifplanforpurpseof "SEc. 269. Where it appears that a plan has for one of its principal purposes the avoidance of taxes, objection to its confirmation may be made on that ground by the Secretary of the Treasury, or, in the case of a State, by the corresponding official or other person so authorized. Such objections shall be heard and determined by the judge, inde- pendently of other objections which may be made to the confirmation of the plan, and, if the judge shall be satisfied that such purpose exists, he shall refuse to confirm the plan. basis of property for "SEC. 270. In determining the basis of property for any purposes income tax purposes. of any law of the United States or of a State imposing a tax upon income, the basis of the debtor's property (other than money) or of such property (other than money) as is transferred to any person required to use the debtor's basis in whole or in part shall be decreased by an amount equal to the amount by which the indebtedness of the debtor, not including accrued interest unpaid and not resulting in a tax benefit on any income tax return, has been canceled or reduced in a proceeding under this chapter. The Commissioner of Internal Revenue, with the approval of the Secretary of the Treasury, shall prescribe such regulations as he may deem necessary in order to reflect such decrease in basis for Federal income-tax purposes and otherwise carry into effect the purposes of this section. Taxes owingwithin "SEC. 271 . Any provision in this chapter to the contrary notwith- one year from filing petition and not as standing, all taxes which may be found to be owing to the United sreadtionr o 'p.on- States or any State from a debtor within one year from the date of the filing of a petition under this chapter and have not been assessed prior to the date of the confirmation of a plan under this chapter, and all taxes which may become owing to the United States or any State from a receiver or trustee of a debtor or from a debtor in possession, shall be assessed against, may be collected from and shall be paid by the debtor or the corporation organized or made use of for effectuat- Provio. ing a plan under this chapter: Provided, however, That the United ofsettlement, etan States or any State may in writing accept the provisions of any plan dealing with the assumption, settlement, or payment of any such tax. Rights ofemployees "SEC. 272. The right of employees or of persons seeking employ- ees tojoin labor organ- ment on the property of a debtor under the jurisdiction of the court izstions. to join a labor organization of their choice, or to refuse to join or remain members of a company union, shall be free from interference, restraint, or coercion by the court, a debtor, or trustee. It shall be the duty of a debtor or trustee to report to the judge any agreement restricting or interfering with such right, and the judge shall there- upon enter an appropriate order for the termination of such agree- ment and for notice to the employees that the same is no longer bind- ing upon them. No funds of the estate shall be used by a debtor or a trustee for the purpose of maintaining company unions. 904 [52 STAT.

�