Page:United States Statutes at Large Volume 59 Part 1.djvu/588

 PUBLIC LAWS-CH. 453 -NOV. 8, 1945 53 Stat. 86 . 26U.s. 0. 275. 53 Stat. 4, 104, 111. 26 U. S. C. i51-396, 500-604; Supp. IV, it 3-421, 500 -605. Ante, p. 518 d seq.; p. 557 et seq.; post, pp. 574, 670, 673. 53 Stat. 19; 56 Stat. 806. 26 U. . C., Supp. IV, § 26 (e). 53 Stat. 863 . 26 U. . C., Supp. IV, § 13 (a) (2). Ante, pp. 519, 568. Supra. 55 Stat. 693. 26 U. S. O., Supp. IV, § 15 (a). Supra. 53 Stat. 19. 26 U. S. c., Supp. IV, i 26 (b). Ante, pp. 519, 568. Supra. 53 Stat. 35; 56 Stat. 807. 26 U. S. C., Supp. IV, § 102 (d) (1). 53 Stat. 56. 26 U. S. C., Supp. IV, § 131 (b). 53 Stat. 72 . 26 U. s. C., Supp. IV, § 204 (a) (2). 53 stat. 18, 19. 26 U. S. C. 8Supp. IV, 1 26 (a), (b). Supra. 56 Stat. 837; 68 Stat. 32. 26 U. s. C., Supp. IV, t0os. excess profits credit resulting in the carry-back, at any time before the expiration of the period within which (under section 275 or subsection (a) or (b) of this section) a deficiency (with respect to tax imposed either by chapter 1 or by subchapter A or B of chapter 2) for such taxable year (whichever is the longer period) may be assessed." (2) EFFECTIVE DATE.-T he amendment made by this subsection shall be applicable with respect to all taxable years beginning after December 31, 1940. (g) TECHNICAL AMENDMENTS.- Effective with respect to taxable years beginning after December 31, 1945- (1) Section 26 (e) (relating to the credit for income subject to the excess profits tax) is repealed. (2) Section 13 (a) (2) (defining "normal tax net income") is amended by striking out "minus the credit for income subject to the tax imposed by Subchapter E of Chapter 2 provided in section 26 (e) and". (3) Section 15 (a) (defining "corporation surtax net income") is amended (A) by striking out "minus the credit for income sub- ject to the tax imposed by Subchapter E of Chapter 2 provided m section 26 (e) and"; and (B) by striking out "(computed by limiting such credit to 85 per centum of the net income reduced by the credit for income subject to the tax imposed by Subchapter E of Chapter 2 in lieu of 85 per centum of the adjusted net income so reduced),". (4) Section 26 (b) (relating to the credit for dividends re- ceived) is amended by striking out "reduced by the credit for income subject to the tax imposed by Subchapter E of Chapter 2 provided in subsection (e)". (5) Section 102 (d) (1) (defining terms for the purposes of the tax imposed by section 102) is amended by striking out sub- paragraph (D) thereof. (6) Section 131 (b) (prescribing certain limitations on the foreign-tax credit) is amended by striking out paragraph (3) thereof. (7) Section 204 (a) (2) (relating to foreign mutual insurance companies other than life or marine) is amended to read as follows: " (2) NORMAL-TAX AND CORPORATION SURTAX NET INCOME OF FOR- EIGN INSURANCE COMPANIFS OTHER THAN LIFE OR MtUTUAL AND FOREIGN MUTUAL MARINE. -In the case of a foreign insurance com- pany (other than a life or mutual insurance company) and a foreign mutual marine insurance company and a foreign mutual fire insurance company described in paragraph (1) of this sub- section, the normal tax net income shall be the net income from sources within the United States minus the credit provided in section 26 (a) and the credit provided in section 26 (b), and the corporation surtax net income shall be the net income from sources within the United States minus the credit provided in section 26 (b)." (h) FISCAL YEAR TAXPAYERS. -For taxable years beginning in 1945 and ending in 1946, see section 131. Part III-Fiscal Year Taxpayers SEC. 131. FISCAL YEAR TAXPAYERS. (a) INCOME TAxES.- Section 108 of the Internal Revenue Code is amended by striking out "(c)" at the beginning of subsection (c) and inserting in lieu thereof "(d)", and by inserting after subsection (b) the following: [59 STAT.

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