Page:United States Statutes at Large Volume 67.djvu/651

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STAT.]

P U B L I C LAW 2 8 7 - A U G. 15, 1953

Public Law 287

61fi. CHAPTER 512

AN ACT To amend the I n t e r n a l Revenue Code to extend the time during which certain provisions relating to income and estate taxes shall apply, and for other purposes.

August 15, 1953 [H. R. 6426]

Be it enacted by the Senate and House of Representatives of the n cal United States of America in Congress assembled, That (^a) SHORT C T aencgh s iAct oif h e TITLE.—This Act, divided into titles and sections according to the 1953. Income following table of contents, may be cited as the "Technical Changes tate taxes.and esAct of 1953": TABLE O F CONTENTS TITLE I — E X T E N S I O N PROVISIONS

Sec. 101. Election a s to recognition of gain in certain corporate liquidations. Sec. 102. Extension of time to make election in respect of excessive depreciation allowed for periods before 1952. Sec. 103. Extension of time for making election w i t h respect to war-loss recoveries. Sec-104. Extension of period of abatement of income taxes of members of Armed Forces upon death. Sec. 105. Extension of temporary provisions relating to life insurance companies. Sec. 106. Extension of period for exemption from additional e s t a t e tax of members of Armed Forces upon death. TITLE II—MISCELTANEOITS

Sec. Sec. Sec. Sec. Sec. Sec. Sec. Sec. Sec. Sec.

201. Venue of actions for violations of Act of October 19, 1949. 202. Deduction of certain unpaid expenses and interest. 203. Basis of certain property transferred in trust. 204. E a r n e d income from sources without the United States. 205. Net operating loss carry-overs. 206. Amortization deduction for grain storage facilities. 207. Exclusion of certain transfers taking effect a t death. 208. F a i l u r e to relinquish a power in certain disability cases. 209. Reversionary interests in case of life insurance. 210. Marital deduction in certain cases where decedent died before April 3, 1948. Sec. 211. Mitigation of effect of statute of limitations. (b)

ACT AMENDATORY OF INTERNAL EEVENUE CODE.—Except as

otherwise expressly provided, wherever in this Act an amendment or repeal is expressed in terms of an amendment to or repeal of a chapter, subchapter, title, supplement, section, subsection, subdivision, paragraph, subparagraph, or clause, the reference shall be considered to be made to a provision of the Internal Revenue Code. (c) MEANING OF TERMS USED.—Except as otherwise expressly provided, terms used in this Act shall have the same meaning as when used in the Internal Revenue Code:

TITLE I~EXTENSION PROVISIONS SEC. 101. ELECTION AS TO RECOGNITION OF GAIN I N CERTAIN CORPORATE LIQUIDATIONS. (a) AMENDMENT or SECTION 112 (b)(7).—Section 112(b)(7)

(relating to recognition of gain in certain corporate liquidations) is hereby amended by striking out "1951 or 1952" in subparagraph (A) (ii) and inserting in lieu thereof "1951, 1952, or 1953". (b) EFFECTIVE DATE.—The amendment made by subsection (a) shall apply with respect to taxable years ending after December 31, 1952.

65 Stat. 493. 26 USC 112.

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