Page:United States Statutes at Large Volume 59 Part 1.djvu/535

 59 STAT.] 79TH CONG. , 1ST SESS.-CHS. 339, 340 -JULY 31, 1945 STABLIzATION OPERATIONS BY THE FUND SEC. 13. (a) The governor and executive director of the Fund appointed by the United States are hereby directed to obtain promptly an official interpretation by the Fund as to whether its authority to use its resources extends beyond current monetary stabilization operations to afford temporary assistance to members in connection with seasonal, cyclical, and emergency fluctuations in the balance of payments of any member for current transactions, and whether it has authority to use its resources to provide facilities for relief, reconstruction, or arma- ments, or to meet a large or sustained outflow of capital on the part of any member. (b) If the interpretation by the Fund answers in the affirmative any of the questions stated in subsection (a), the governor of the Fund representing the United States is hereby directed to propose promptly and support an amendment to the Articles of Agreement for the pur- pose of expressly negativing such interpretation. The President is hereby authorized and directed to accept an amendment to that effect on behalf of the United States. FURTHER PROMOTION OF INTERNATIONAL ECONOMIC RELATIONS SEC. 14. In the realization that additional measures of international economic cooperation are necessary to facilitate the expansion and balanced growth of international trade and render most effective the operations of the Fund and the Bank, it is hereby declared to be the policy of the United States to seek to bring about further agreement and cooperation among nations and international bodies, as soon as possible, on ways and means which will best reduce obstacles to and restrictions upon international trade, eliminate unfair trade practices, promote mutually advantageous commercial relations, and otherwise facilitate the expansion and balanced growth of international trade and promote the stability of international economic relations. In considering the policies of the United States in foreign lending and the policies of the Fund and the Bank, particularly in conducting exchange transactions, the Council and the United States representa- tives on the Fund and the Bank shall give careful consideration to the progress which has been made in achieving such agreement and cooperation. Approved July 31, 1945. [CHAPTER 340] AN ACT To facilitate reconversion, and for other purposes. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That this Act may be cited as the "Tax Adjustment Act of 1945". SEC. 2. INCREASE IN EXCESS-PROFITS TAX SPECIFIC EXEMPTION. (a) IN GENERAL--Section 710 (b) (1) of the Internal Revenue Code is amended to read as follows: "(1) SPECIFIC EXEMPTION. - A specific exemption of $25,000, except that in the case of a taxable year beginning in 1945 and ending in 1946, the specific exemption shall be an amount equal to the sum of (A) an amount which bears the same relation to $10,000 which the number of days in such taxable year prior to January 1, 1946, bears to the total number of days in such taxable year and (B) an amount which bears the same relation to $25,000 517 Declaration of U. 8. policy. July 31,1945 1H. R . a331] (Public Law 172] TaxAdjustmentAct of 1945. 54 Stat. 975. 26 U. S. C., supp. Iv. i 71o (b) (1). Pos, p. 5n.

�