Page:United States Statutes at Large Volume 59 Part 1.djvu/536

 PUBLIC LAWS-CH. 340-JULY 31, 1945 54 Stat. 989. 26 U. S. C., Supp. IV, § 729 (b) (2). Ante, p. 517; post, p. 571. 53 Stat. 58. 26 U. S. C., Supp. IV, S141 (c). 56 Stat. 936. 26 U. S. C., Snpp. IV, 780 (a). 56 Stat. 936. 26 U. 8. C., Supp. IV, § 780 (b). 56 Stat. 937. 26 U. S. C., Supp. IV, §780 (c). 56 Stat. 937. 26 U. S. C., Supp. IV, § 781 (a). 58 Stat. 59. 26 U. S. C., Supp. IV, 781 (b). 56 Stat. 938. 26 U. S. C., Supp. IV, 781 (c). Stpra. which the number of days in such taxable year after December 31, 1945, bears to the total number of days in such taxable year; and in the case of a mutual insurance company (other than life or marine) which is an interinsurer or reciprocal underwriter, a specific exemption of $50,000;" (b) RETURN REQUIREMENT. -Section 729 (b) (2) of the Internal Revenue Code is amended by striking out "$10,000 or, in the case of a mutual insurance company (other than life or marine) which is an interinsurer or reciprocal underwriter, is not greater than $50,000" and inserting in lieu thereof "the specific exemption provided in section 710 (b) (1)". (c) CONSOrIATED RETuRNs. - Section 141 (c) of the Internal Rev- enue Code is amended by striking out "of $10,000" and inserting in lieu thereof "as". (d) TAXABLE YEARS TO WHICH APPr CABLE. -The amendments made by this section shall be applicable to taxable years beginning after December 31, 1945, and to taxable years beginning in 1945 and ending in 1946. SEC. 3. CHANGES IN PROVISIONS RELATING TO POSTWAR REFUND OF EXCESS-PROFITS TAX. (a) The first sentence of section 780 (a) of the Internal Revenue Code is amended by striking out the words "the date of cessation of hostilities in the present war" and substituting in lieu thereof the following: "December 31, 1943". (b) Section 780 (b) of the Internal Revenue Code is amended by striking out the words "three months before the date of maturity of bonds for such year under subsection (c)" and inserting in lieu thereof the following: "July 1, 1945". (c) Section 780 (c) of the Internal Revenue Code is amended (1) by inserting in the last sentence after the words "to which this section applies" the following: "shall be payable at the option of the owner on or after January 1, 1946, and", and (2) by striking out the last two lines from the table at the end thereof. (d) Section 781 (a) of the Internal Revenue Code is amended by striking out the words "three months before the date of maturity of the bonds for such year" and inserting in lieu thereof the following: "July 1, 1945". (e) The last sentence of section 781 (b) of the Internal Revenue Code is amended by striking out the words "the time of the maturity of bonds issued with respect to such taxable year" and substituting in lieu thereof the following: "January 1, 1946'. (f) Section 781 (c) of the Internal Revenue Code is amended to read as follows: "(c) TAX PAYMENTS AFTER CUT-OFF DATE.- In the case of a pay- ment of the tax imposed by this subchapter shown on the return for any taxable year for which a credit is provided in section 780 (a), or the payment of a deficiency in respect of such tax for any such taxable year, on or after July 1, 1945, the amount of the credit under section 780 (a) for such taxable year attributable to such payment shall be paid the taxpayer in cash. No interest for the period after December 31, 1945, shall be assessed or collected on that portion of the tax or deficiency so paid equal to the credit under section 780 (a) attributable to such payment. If after January 1, 1946, there is any credit under section 780 (a) remaining in favor of the taxpayer attributable to any taxable year for which a credit is provided in section 780 (a), such remainder shall be paid to the taxpayer in cash. No amount of any payment made under this subsection to a taxpayer shall be included in gross income." [59 STAT.

�