Page:United States Statutes at Large Volume 58 Part 1.djvu/940

 PUBLIC LAWS-CHS. 713, 714-DEC. 23, 1944 Federal Crop Insur- ance Act. 52 Stat. 72. 7U.8. C.§ 1501- 1518; Supp. III, 1502 t seq. Ante, pp. 918, 919. 56 Stat. 695; 57 Stat. 418. Penalty mail. Ante, p. 394. 57 Stat. 418. Ante, p. 451. December 23, 1944 [H. R. 49681 [Public Law 5521 Merchant Marine Act, 1936, amend- ments. 54 Stat. 1106 . 46 U. S. C., Supp. III, 1 1161 (c). Reserve fund de- posits, taxation. 54 Stat. 1106 . 46U. .C.§1161; upp. mI, § 1161. Tems construed. accordingly in advance of the appropriation of the funds herein authorized. SEC. 6. For the administration of the Federal Crop Insurance Act, as amended, including amendments made by this Act, there is hereby made immediately available for the remainder of the fiscal year end- ing June 30, 1945, as an additional amount, not in excess of $3,000,000 of the unobligated balances of the funds appropriated for carrying out the provisions of the Federal Crop Insurance Act for the fiscal years 1943 and 1944, and such amount thereof as may be required shall be available for deposit to the general fund of the Treasury for the cost of penalty mail incident to the crop insurance program as required by section 2 of the Act of June 28, 1944 (Public Law 364, Seventy-eighth Congress). The provisos in the items entitled "Fed- eral Crop Insurance Act" contained in the Department of Agriculture Appropriation Act, 1944, and the Department of Agriculture Appro- priation Act, 1945, are hereby repealed. Approved December 23, 1944. [CHAPTER 714] AN ACT To amend section 511 (c) of the Merchant Marine Act, 1936, as amended, relative to deposit of vessel proceeds received from the United States in certain cases, and for other purposes. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assnembled, That the first sen- tence of section 511 (c) of the Merchant Marine Act, 1936, as amended, is amended to read as follows: "(c) In the case of the sale or actual or constructive total loss of a vessel, if the taxpayer deposits an amount equal to the net proceeds of the sale or to the net indemnity with respect to the loss in a con- struction reserve fund established under subsection (b), then- "(1) if the taxpayer so elects in his income-tax return for the taxable year in which the gain was realized, or "(2) m case a vessel is purchased or requisitioned by the United States, or is lost, in any taxable year beginning after December 31, 1939, and prior to January 1, 1944, and the tax- payer receives payment for the vessel so purchased or requisi- tioned, or receives from the United States indemnity on account of such loss, subsequent to the end of such taxable year, if the taxpayer so elects prior to March 31, 1945, or prior to the expi- ration of sixty days after the receipt of the payment or indem- nity, whichever is later, and in accordance with a form of elec- tion to be prescribed by the Commissioner of Internal Revenue with the approval of the Secretary of the Treasury, no gain shall be recognized to the taxpayer in respect of such sale or indemnification in the computation of net income for the purposes of Federal income or excess-profits taxes. If an election is made under subdivision (2) and if computation or recomputation in accord- ance with this subsection is otherwise allowable but is prevented, on the date of making such election or within six months thereafter, by any statute of limitation, such computation or recomputation never- theless shall be made notwithstanding such statute if a claim therefor is filed within six months after the date of making such election." SEC. 2 . Section 511 of the Merchant Marine Act, 1936, as amended, is amended by adding at the end thereof a new subsection to read as follows: "(n) The terms 'contract for the construction' and 'construction contract', as used in this section, shall include, in the case of a tax- payer who constructs a new vessel in a shipyard owned by such tax- 920 [58 STAT.

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