Page:United States Statutes at Large Volume 58 Part 1.djvu/94

 PUBLIO LAWS-CH. 63 -FEB. 25, 1944 56 Stat. 878. 26 U. S. 0., Supp. m, 322 note. Ante, p. 72. 56 Stat. 876. 26 U.S. C., SBpp. i,jm(b)(3). 53 Stat. 87. 26U. .0. 276(b). 53 Stat. 86. 26 U. S. 0. 1275. 3 Stat. 111. 26 U. 8. C., Supp. II. 60i2. 6 8tat. 94. 26U.8. , pp. m. i 812 (d). United States (or, until the date on which the President proclaims that hostilities m the present war have terminated, to a territory of the United States for the use of members of the military or naval forces of the United States) without payment of tax, or affixing stamps thereto, under such rules and regulations and the filing of such bonds as the Commissioner, with the approval of the Secretary, may prescribe." (b) EFrTCIVE DATE.-The amendment made by subsection (a) shall be effective as of January 1, 1942. SEC. 509. RETROACTIVE EFFECT OF SECTION 169 OF THE REVENUE ACT OF 1942 (a) IN GENERAL. --Section 169 (c) of the Revenue Act of 1942 (relating to the effective date of certain amendments to section 322) is amended by inserting at the end thereof the following: "A provi- sion having the effect of the amendment inserting section 322 (b) (3) of the Internal Revenue Code, and a provision having the effect of the amendment made by subsection (b) of this section, shall be deemed to be included in the revenue laws respectively applicable to taxable years beginning after December 31, 1923, but such amendments shall be effective with respect to taxable years beginning prior to January 1, 1942, only if on or at some time after the date of the enactment of the Revenue Act of 1943 the Commissioner may assess the tax for such taxable year solely by reason of having made (either before, on, or after the date of the enactment of the Revenue Act of 1943) an agreement with the taxpayer pursuant to section 276 (b) of the Internal Revenue Code or the corresponding provision of the applica- ble prior revenue law to extend beyond the time prescribed in section 275 or the corresponding provision of such prior revenue law the date within which the Commissioner may assess the tax." (b) CErrAIN TRANsFEREE.- If a transferee of a taxpayer and the Commissioner executed an agreement to extend the time within which the liability with respect to the tax of the taxpayer for a taxable year beginning in 1936 might be assessed against such transferee, any over- payment of the tax of the taxpayer with respect to such taxable year which The Tax Court of the United States finds has been paid by such transferee shall, when the decision of The Tax Court of the United States has become final, be credited or refunded to such transferee. Such credit or refund shall not exceed the amount paid by the trans- feree with respect to the tax of the taxpayer for such taxable year within the four years immediately preceding the execution of such agreement. SEC. 510. CAPITAL GAINS AND LOSSES OF CORPORATIONS FOR PUR- POSE OF DECLARED VALUE EXCESS PROFITS TAX. (a) IN GENERALA--Section 602 (defining net income for the pur- poses of the declared value excess profits tax) is amended by inserting before the period at the end thereof the following: ", and by excludI ing therefrom the excess of the net long-term capital gain over the net short-term capital loss". (b) TAXABLE YEARS TO WINCH PArLICABLi.- The amendment made by subsection (a) shall be applicable to taxable years beginning after December 31, 1943. SEC. 51L DEDUCTION FOR DISCLAIMED LEGACIES PASSING TO CHARITIES. (a) DDuc'roN IN CASE OF CAITE r s AND REsIDENTS. -The first sen- tence of section 812 (d) (relating to the deduction for charitable, etc., bequests) is amended by inserting after "if the disclaimer is 74 [58 STAT.

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