Page:United States Statutes at Large Volume 69.djvu/934

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PRIVATE LAW 490-AUG. 12, 1955

[69

ST A T.

his incumbency in a civilian position in the White House office he shall receive the compensation appertaining to such position in lieu of the retired pay to which he is entitled as a retired officer of the Army: Provided further, That upon the termination of such civilian employment the payment of his retired pay shall be resumed. Approved August 12, 1955. CHAPTER 878

Private Law 490 August 12, 1955

AN ACT

[H. R. 7746]

-p^ provide tax relief to a charitable foundation and the contributors thereto.

Cannon Foundation, Elsberry, Mo.

68A Stat. 163, 166. 26 USC 501,503.

68A Stat. 58. 26 USC 170.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That the Cannon Foundation which was created on November 17, 1950, by a trust instrument executed by Clarence Cannon and Ida W. Cannon, of Elsberry, Missouri, the principal office of which is at Elsberry, Missouri, and the management and property of which is vested in and under the direction and control of a board of trustees consisting of the mayor of said city, the superintendent of schools, and others, and the beneficiaries of which consist of five churches situated in said city, and other beneficiaries, shall be deemed to be an organization (a) exempt from tax under section 101(6) of the Internal Revenue Code of 1939 and section 501(c)(3) of the Internal Revenue Code of 1954, and (b) to which section 3813(a) of the 1939 code and section 503(b) of the Internal Revenue Code of 1954 is inapplicable. SEC. 2. Contributions to the Cannon Foundation, referred to in section 1, shall be considered charitable contributions for purposes of section 23(o) and (q) of the Internal Revenue Code of 1939 and section 170 of the Internal Revenue Code of 1954. SEC. 3. Sections 1 and 2 shall be effective for the taxable years beginning after December 31, 1949, and prior to January 1, 1956. Approved August 12, 1955.

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