Page:United States Statutes at Large Volume 70.djvu/463

 70

STAT.]

40T

PUBLIC LAW 631~JUNE 29, 1956

of the Internal Revenue Code of 1954 is hereby amended by inserting at the end thereof "Sec. 177. Trademark and trade name expenditures." (c) Subsection (a) of section 1016 of the Internal Revenue Code of 1954 (relating to adjustments to basis) is hereby amended by striking out the period at the end of paragraph (15) and inserting in lieu thereof a semicolon, and by adding at the end of such subsection the following new paragraph: "(16) for amounts allowed as deductions for expenditures treated as deferred expenses under section 177 (relating to trademark and trade name expenditures) and resulting in a reduction of the taxpayer's taxes under this subtitle, but not less than the amounts allowable under such section for the taxable year and prior years." SEC. 5. LIVESTOCK SOLD ON ACCOUNT OF DROUGHT. (a) Section 1033 of the Internal Revenue Code of 1954 (relating to involuntary conversions) is hereby amended by redesignating subsection (f) thereof as subsection (g) and by inserting after subsection (e) of such section the following new subsection: "(f) LIVESTOCK SOLD ON ACCOUNT OF DROUGHT.—For purposes of this subtitle, the sale or exchange of livestock (other than poultry) held by a taxpayer for draft, breeding, or dairy purposes in excess of the number the taxpayer would sell if he followed his usual business practices shall be treated as an involuntary conversion to which this section applies if such livestock are sold or exchanged by the taxpayer solely on account of drought." (b) The amendment made by this section shall apply with respect to taxable years ending after December 31, 1955, but only in the case of sales and exchanges of livestock after December 31, 1955. Approved June 29, 1956. P u b l i c Law 630

CHAPTER

68A Stat. 45.

68A Stat, 300. 26 USC 1016.

68A Stat. 306. 26 USC 1033.

Effective date.

465

AN ACT Adopting and anthorizinj? the imin-ovement of Rockland Harbor, Maine.

June 29, 1956 [S. 1749]

Be it enacted by the Senate and Ilou^se of Representatives of the Rockland United States of America in (•ongtess a-ssembled^ That the modifica- bor, Maine. tion of the project for improvement of Rockland Harbor, Maine, is hereby adopted and authorized substantially in accordance with the recommendations of the Chief of Engineers contained in Senate Document 3s'uinbered 82, Eighty-fourth Congress, first session, at an estimated cost of $710,000, and subject to the conditions set forth therein, the work to be prosecuted under the direction of the Secretary of the Army and the supervision of the Chief of Engineers. SEC. 2. There are authorized to be appropriated such sums as may Appropriation. be necessary to carry out the provisions of this Act. Approved June 29, 1956. Public Law 631

CHAPTER 473

AN ACT To amend the Export Control Act of 1949 to continue for an additional period of two years the authority provided thereunder for the regulation of exports.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That section 12 of

June 29, 1956 [H. R. 9052]

�