Page:United States Statutes at Large Volume 65.djvu/524

 490

PUBLIC LAW 183—OCT. 20, 1951

[65 STAT.

made under this subsection shall be deemed to have been filed on the last date prescribed by law for filing the return for such taxable year (determined without regard to any extension of time granted to either spouse). " (9) ADDITIONAL TIME roR ASSESSMENT.—If a joint return is made under this subsection, the period of limitations provided in sections 275 and 276 on the making of assessments and the beginning of distraint or a proceeding in court for collection shall with respect to such return include one year immediately after the date of the filing of such joint return (computed without regard to the provisions of paragraph (7) of this subsection).

26^u^*s^^c i§ 275, 276. ' po«<,p.497.

" ( 1 0) RULE FOR APPLICATION OF SECTION 3809 (a).

For the pliT-

26u*s' c^'i3809 (a)

poscs of section 3809(a) (relating to criminal penalties in the case of fraudulent returns) the term 'return' includes a separate return filed by a spouse with respect to a taxable year for which a joint return is made under this subsection after the filing of such separate return." (b) EFFECTIVE DATE.—The amendment made by subsection (a) shall be applicable only with respect to taxable years beginning after December 31, 1950.

SEC. 313. MUTUAL SAVINGS BANKS, BUILDING AND LOAN ASSOCIATIONS, COOPERATIVE BANKS. §u.*s.c.§ioi.

(^) MUTUAL SAVINGS BANKS.—Section 101 ^2) (relating to exemption from tax of mutual savings banks) is hereoy repealed. (b)

26U*s:o*§464.

Post, p. 491.

BUILDING AND LOAN ASSOCIATIONS AND COOPERATIVE BANKS.—

Section 101(4) (relating to exemption from tax of building and loan associations and cooperative banks) is hereby amended to read as follows: "(4) Credit unions without capital stock organized and operated for mutual purposes and without profit; and corporations or associations without capital stock organized prior to September 1, 1951, and operated for mutual purposes and without profit for the purpose of providing reserve funds for, and insurance of, shares or deposits in— " (A) domestic building and loan associations, " (B) cooperative banks without capital stock organized and operated for mutual purposes and without profit, or " (C) mutual savings banks not having capital stock represented by shares;". (c) EXEMPTIONS FROM EXCESS PROFITS TAX.—Section 454 (corporations exempt from the excess profits tax) is hereby amended by adding at the end thereof the following: " (h) Any mutual savings bank not having capital stock represented by shares, any domestic building and loan association (as defined in section 3797(a) (19)), and any cooperative bank without capital stock organized and operated for mutual purposes and without profit." (d)

FEDERAL SAVINGS AND LOAN ASSOCIATIONS.—Section 5(h)

of

the Home Owners' Loan Act of 1933, as amended (12 U.S.C. 1464 48 Stat. 132. (h)), is hereby amended by striking out " date) " and inserting in lieu thereof the following: "date, and except, in the case of taxable years beginning after December 31, 1951, income, war-profits, and excessprofits taxes)". 26us*c%23(k)(i) (®) BAD DEBT KESERVES.—Section 23(k)(1) (relating to deduction from gross income of bad debts) is hereby amended by adding at the end thereof the following: "In the case of a mutual savings bank not having capital stock represented by shares, a domestic building and loan association, and a cooperative bank without capital stock organ-

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