Page:United States Statutes at Large Volume 59 Part 1.djvu/592

 PUBLIC LAWS-CH. 453-NOV. 8, 1945 Ante, p. 523. Ante, p. 522. Ante, p. 526 53 Stat. 875; 56 Stat. 811, 812. 26 U. S. C., Supp. IV, § 22 (b) (9), (10). 50 Stat. 482. 31 U. S. C. 738a(e). 56 Stat. 936. 26 U. S. C., Supp. IV, 780. Ante, p. 518. 53 Stat. 169. 26 U. . c.C. 1200- 1207; Supp. IV, I 1200 t seq. 53 Stat. 111 . 26U.S. C .1160 -04; Supp. IV, § 600 tt seq. Infra. 53 Stat. 111. 26U. C. c.. 00; Supp. IV, § 600. Supra. 56 Stat. 853. 26 U. S. C., Snpp. IV, § 127 (c). refunded if claim therefor is filed with the Commissioner prior to January 1, 1947. Part V-Miscellaneous SEC. 151. REPORTS OF REFUNDS AND CREDITS TO JOINT COM- MITTEE ON INTERNAL REVENUE TAXATION. Section 3777 (c) (relating to refunds and credits with respect to tentative carry-back adjustments) is amended by striking out in the heading "Carry-Back", and by inserting after "section 3780 (b)" the following: "or under section 124 (k) ". SEC. 152. EXTENSION OF TREATMENT OF INCOME RESULTING FROM DISCHARGE OF INDEBTEDNESS. Section 22 (b) (9) and (10) (relating to the exclusion of income from the discharge of indebtedness) are amended by striking out "1945" in each of such paragraphs and inserting in lieu thereof "1946". SEC. 153. LOST POSTWAR CREDIT BONDS. Section 8 (c) of the Government Losses in Shipment Act, as amended, is amended by inserting before the period at the end thereof the following: ", and also means any bond issued under section 780 of the Internal Revenue Code". TITLE II-REPEAL OF CAPITAL STOCK TAX AND DECLARED VALUE EXCESS PROFITS TAX SEC. 201. REPEAL OF CAPITAL STOCK TAX. Effective with respect to years ending after June 30, 1945, chapter 6 (imposing the capital stock tax) is repealed. SEC. 202. REPEAL OF DECLARED VALUE EXCESS PROFITS TAX. Effective with respect to income-tax taxable years ending after June 30, 1946, subchapter B of chapter 2 (imposing the declared value excess profits tax) is repealed. SEC. 203. ALTERNATIVE TAX WHERE WAR LOSS RECOVERIES INCLUDED IN NET INCOME. Effective with respect to income-tax taxable years ending after June 30, 1945, and before July 1, 1946, section 600 is amended by inserting before the first paragraph thereof "(a) IN GENERAL.- and by inserting at the end of such section a new subsection reading as following: "(b) ALTERNATIVE TAX.- If the net income for the taxable year includes any amount on account of war loss recoveries under section 127 (c), then, in lieu of the tax computed under subsection (a), the tax shall be a tax computed as follows: "(1) An amount computed under subsection (a), after excluding from net income the amount of the war loss recoveries, plus "(2) One and one-quarter per centum of the amount of the war loss recoveries included in the net income or of such portion of the net income as would be subject to the tax imposed by subsection (a) in the absence of this subsection, whichever is the lesser." 574 [59 STAT.

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