Page:United States Statutes at Large Volume 65.djvu/531

 65 STAT.]

497

PUBLIC LAW 183—OCT. 20, 1951

(3) Section 113(b)(1) (relating to adjusted basis of property) is hereby amended by adding at the end thereof the following new subparagraph: " (K) in the case of a residence the acquisition of which resulted, under the provisions of section 112(n), in the nonrecognition of any part of the gain realized upon the sale, exchange, or involuntary conversion of another residence, to the extent provided in section 112(n)(4)." (4) Section 117(h) (relating to determination of holding period) is hereby amended by adding at the end thereof the following new paragraph: "(7) In determining the period for which the taxpayer has held a residence, the acquisition of which resulted under section 112 (n) in the nonrecognition of any part of the gain realized on the sale, exchange, or involuntary conversion of another residence, there shall be included the period for which such other residence had been held as of the date of such sale, exchange, or involuntary conversion." (5) Section 276 (relating to period of limitation upon assessment and collection) is hereby amended by adding at the end thereof the following: "(e) G A I N U P O N SALE OR EXCHANGE OF EESIDENCE.—In the case of a deficiency described in section 112(n)(7), such deficiency may be assessed at any time prior to the expiration of the time therein provided." (c) EFFECTIVE DATE.—The amendments made by this section shall be applicable to taxable years ending after December 31, 1950, but the provisions of section 112(n)(1) and (6) of the Internal Revenue Code shall apply only with respect to residences sold (within the meaning of such section) after such date.

53 Stat. 44. 26 U.S.C. § 113 (b) (1). Ante, p. 487. Ante, p. 494.

53 Stat. 52. 2 6 U.S.C. § 117(h).

53 Stat. 87. 26 U.S.C.i 276.

Ante, p. 494.

SEC. 319. PERCENTAGE DEPLETION.

(a) ALLOWANCE OF PERCENTAGE DEPLETION.—So much of paragraph (4) of section 114(b) as precedes the last sentence of subparagraph (A) is hereby amended to read as follows:

58 Stat. 44. 26 U.S.C. § 114 (b) (4).

" (4) FERCENTAGE DEPLETION FOR COAL AND METAL MINES AND FOR CERTAIN OTHER MINES AND NATURAL MINERAL DEPOSITS.

" (A) IN GENERAL.—The allowance for depletion under section 23(m) in the case of the following mines and other natural deposits shall be— " (i) in the case of sand, gravel, slate, stone (including pumice and scoria), brick and tile clay, shale, oyster shell, clam shell, granite, marble, sodium chloride, and, if from brine wells, calcium chloride, magnesium chloride, and bromine, 5 per centum, "(ii) in the case of coal, asbestos, brucite, dolomite, magnesite, perlite, wollastonite, calcium carbonates, and magnesium carbonates, 10 per centum, " (iii) in the case of metal mines, aplite, bauxite, fluorspar, flake graphite, vermiculite, beryl, garnet, feldspar, mica, talc (including pyrophyllite), lepidolite, spodumene, barite, ball clay, sagger clay, china clay, phosphate rock, rock asphalt, trona, bentonite, gilsonite, thenardite, borax, fuller's earth, tripoli, refractory and fire clay, quartzite, diatomaceous earth, metallurgical grade limestone, chemical grade limestone, and potash, 15 per centum, and "(iv) in the case of sulfur, 23 per centum,

53 Stat. 14. 26 U.S.C. §23(m).

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