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 66 S T A T. ]

629

PUBLIC LAW 539-JULY 14, 1952

such air carrier, foreign air carrier, or ticket agent is engaged in such unfair or deceptive practices or unfair methods of competition, it shall order such air carrier, foreign air carrier, or ticket agent to cease and desist from such practices or methods of competition." SEC. 3. Section 902(d) of the Civil Aeronautics Act of 1938, as amended, is amended to read as follows:

49 USC 622.

"GRANTING REBATES

" (d) Any air carrier, foreign air carrier, or ticket agent, or any officer, agent, employee, or representative thereof, who shall, knowingly and willfully, offer, grant, or give, or cause to be offered, granted, or given, any rebate or other concession in violation of the provisions of this Act, or who, by any device or means, shall, knowingly and willfully, assist, or shall willingly suffer or permit, any person to obtain transportation or services subject to this Act at less than the rates, fares, or charges lawfully in effect, shall be deemed guilty of a misdemeanor and, upon conviction thereof, shall be subject for each offense to a fine of not less than $100 and not more than $5,000." SEC. 4. Nothing contained in this Act shall be construed to enlarge or extend the jurisdiction of the Civil Aeronautics Board over transportation not subject to the Civil Aeronautics Act of 1938, as amended. SEC. 5. This Act shall be effective upon enactment. Approved July 14, 1952.

Public Law 539

49 USC 681. Effective date.

CHAPTER 741

AN ACT To amend section 113(b)(1)(B) of the Internal Revenue Code with respect to the adjustment of the basis of property for depreciation, obsolescence, amortization, and depletion.

July 14, 1952 [H. R. 3168]

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That so much Internal Revenue amendment. of section 113(b)(1)(B) of the Internal Revenue Code (relating Code,Stat. 4 0. 53 to adjustments to basis of property for depreciation, etc.) as precedes 26 USC 113. the word "Where" is hereby amended to read as follows: " (B) in respect of any period since February 28, 1913, for exhaustion, wear and tear, obsolescence, amortization, and depletion, to the extent of the amount— (i) allowed as deductions in computing net income under this chapter or prior income tax laws, and "(ii) resulting (by reason of the deductions so allowed) in a reduction for any taxable year of the taxpayer's taxes under this chapter (other than subchapter E), subchapter E of chapter 2, or prior income, warprofits, or excess-profits tax laws, • but not less than the amount allowable under this chapter or prior income tax laws. Clause (ii) of this subparagraph shall not apply in respect of any period since February 28, 1913, and before January 1, 1952, unless an election has been made under subsection (d). " SEC. 2. Section 113 of the Internal Revenue Code (relating to basis of property) is hereby amended by adding at the end thereof the following new subsection: "(d) ELECTION I N RESPECT OF DEPRECIATION, E T C., ALLOWED B E FORE 1952.—Any person may elect to have clause (ii) of subsection

(b)(1)(B) apply in respect of periods since February 28, 1913, and

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