Page:United States Statutes at Large Volume 58 Part 1.djvu/75

 78TH CONG. , 2D SESS.-CH. 63-FEB. 25, 1944 SEC. 205. REDUCTION OF EXCESS PROFITS CREDIT BASED ON IN- VESTED CAPITAL IN CERTAIN BRACKETS. Section 714 (relating to the excess profits credit based on invested capital) is amended to read as follows: "SEC. 714. EXCESS PROFITS CREDIT-BASED ON INVESTED CAPITAL "The excess profits credit, for any taxable year, computed under this section, shall be the amount shown in the following table: "If the invested capital for the tax- The credit shall be: able year, determined under section 715 is: Not over $5,000,000 8% of the invested capital. Over $5,000,000, but not over $400,000, plus 6% of the excess over $10,000,000 $5,000,000. Over $10,000,000 $700,000, plus 5% of the excess over $10,000,000." SEC. 206. PUBLICITY OF RELIEF GRANTED UNDER SECTION 722. (a) IN GENERAL. -Section 722 is amended by inserting at the end thereof the following new subsection: "(g) The Commissioner shall compile for each fiscal year begin- ning after June 30, 1941, by internal revenue districts, and alphabet- ically arranged, all cases in which relief has been allowed during such year under the provisions of this section by the Commissioner and by The Tax Court of the United States, as the case may be. Such compilation shall contain the name and address of each taxpayer to which relief has been so allowed, the business in which the taxpayer is engaged, the amount of the excess profits credit before such allow- ance, the increase in such credit claimed, the increase in such credit allowed, and the amount of the gross reduction in the tax under this subchapter and of the gross increase in the tax under Chapter 1, which results from the operation of this section. In the case of relief allowed by The Tax Court of the United States, the Commissioner shall also set forth the data previously reported under this subsection with respect to relief previously allowed in such case by the Commis- sioner. Such compilation shall be published in the Federal Register. (b) TAXABLE YEARS TO WHICH APPLICABLE.- The compilation of cases required by the amendment made by subsetion (a) shal not be limited to cases relating to taxable years beginning after December 31, 1943. SEC. 207. STRATEGIC MINERALS. (a) IN GENERAL. -Section 731 (relating to corporations engaged in mining certain strategic minerals) is amended by inserting after "tungsten," the following: "fluorspar, flake graphite, vermicute, (b) TAXABLE YEARS TO WHICH APPLICABLE.-T he amendment made by subsection (a) insofar as it relates to flake graphite shall be appli- cable with respect to taxable years beginning after December 31, 1942. SEC. 208. NONTAXABLE INCOME OF CERTAIN INDUSTRIES WITH DEPLETABLE RESOURCES. (a) TECHNCAL A UMENDENNT.-S O much of section 735 (relating to nontaxable income from certain mining and timber operations) as precedes subsection (a) is amended to read as follows: 54 Stat. 981. 26 U.. 0 ., Supp. m, § 714. 55 58 STAT.] 54 Stat. 982. 26 U.S. 0.j 716. 54 Stat. 986; 56 Stat. 914. 26 U. S. 0., Supp. III, § 722. Compilation of re- lief cases. 53Stat. 4. 26U. .C.§§1-396; Supp. III, §§ 3-476. Ate,p.26etseq; post, pp. 231 et seq., 647. 56 Stat. 920. 26 U. S. 0., Supp. m, 731. 66 Stat. 905. 26 U. S. C., Supp m, 735.

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