Page:United States Statutes at Large Volume 58 Part 1.djvu/95

 78TH CONG. , 2o SESS.-CH. 63-FEB. 25 ,1944 made prior to the date prescribed for the filing of the estate tax return" the following: "or, in the case of a decedent dying on or before October 21, 1942, if the disclaimer is made prior to September 1, 1944". (b) DEDUCTION IN CASE OF NONRESIDENTS NOT CrIzENs.- The first sentence of section 861 (a) (3) (relating to the deduction for charitable, etc., bequests) is amended by inserting after "if the dis- claimer is made prior to the date prescribed for the filing of the estate tax return" the following: "or, in the case of a decedent dying on or before October 21, 1942, if the disclaimer is made prior to Septem- ber 1, 1944". (c) ESTATES WITH RESPECT TO WHIH AMENDMENTS APPLICABLE.- The amendments made by this section shall be applicable to estates of decedents dying after February 10, 1939. SEC. 512. DISTRIBUTIONS BY PERSONAL HOLDING COMPANIES. (a) IN GENERAL. -T he last sentence of section 115 (a) of the Internal Revenue Code is amended by adding after the word "dis- tribution", where it first appears, the following: "(to the extent of its subchapter A net income, whether or not a dividend as defined in the preceding sentence)". (b) EFFECTnIV DATE. - The amendment made by subsection (a) shall be effective for all taxable years beginning after December 31, 1941. SEC. 513. PERIOD OF LIMITATIONS IN CASE OF RELATED TAXES UN- DER CHAPTER 1 AND CHAPTER 2. (a) IN GENERAL.- The Internal Revenue Code is amended by inserting at the end of Chapter 38 a new section to read as follows: "SEC. 3807. PERIOD OF LIMITATIONS IN CASE OF RELATED TAXES UNDER CHAPTER 1 AND CHAPTER 2. "(a) DEFINITIONS. -As used in this section- "(1) The term 'tax previously determined' shall have the mean- ing assigned to such term by section 3801 (d). "(2) The term 'the same taxable year' shall include any taxable year which coincides in whole or in part with the taxable year for which the determination referred to in subsection (b) is made. "(b) EXTENSION OF PERIOD OF LIrrITATION. - If- "(1) under a determination in respect of a tax imposed by Chapter 1 or Chapter 2, a deficiency is assessed or a credit or refund of an overpayment is allowed within the period of limita- tions properly applicable thereto, and "(2) the application of the law or facts determined in the ascertainment of such deficiency or overpayment to any other such tax of the taxpayer under Chapter 1 or Chapter 2 for the same taxable year would result in an increase or decrease in the amount of the tax previously determined in respect of such other tax, and "(3) on any date prior to the expiraton of one year from the assessment of a deficiency or the allowance of a credit or refund in respect of the tax referred to in paragraph (1), the assessment of a deficiency or the allowance of a credit or refund in respect of the tax referred to in paragraph (2) is prevented (except for the provisions of section 3801 or 734) by the operation (whether before, on, or after the date of enactment of the Revenue Act of 1943) of any law or rule of law other than this section and other than section 3761 (relating to compromises), 75 66Stat. 949. 26 U. S. 0., Supp. m, 861 (a) (3). 6 Stat. 896. 26 U. S. 0., Supp. nI, 115 (a). 53 Stat. 4. 26U. . 0.0. 1-4; Supp. II, 3. 4. Post, p. 23 63 Stat. 467. 26U. .. 5.3790- 3802; Supp. II, §I 3790-3806. Pot,pp. 90, 240, 246. 63 Stat. 473. 26U.S.c. 3801 (d). Post, p. 246 63 Stat. 4, 104. 26 U..s. 6 1-M., 500-762; Supp. II, ohs. 1, 2. Ante, p. 26 t ueq; post, pp. 231 et ee., 647. Supra. 53 Stat. 471; 66 Stat. 27. 26U.. C. 1381; Sua. m1, i 73L Po, p. a6. 53 Stat. 42. 2U.8. . j3761. 58 STAT.]

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