Page:United States Statutes at Large Volume 70.djvu/65

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STAT.]

PUBLIC LAW 4 0 1 - J AN. 31, 1966

SEC. 2. The amendment made by section 1 shall be applicable with respect to taxable years begi ming after December 31, 1951, and before January 1, 1954. No interest shall be allowed or paid on any overpayment resulting from such amendment. Approved January 28, 1956. Public Law 400

CHAPTER

Effective date.

19

AN ACT January 28, 1956 [H. R. 73641 Relating to the application of the documentary stamp tax to transfers of certain obligations paid for in installments.

Be it enacted by the Senate and House of Representatives of the United /States of Amerioa in Congress assembled, That effective as of January 1, 1955, section 4332 of the Internal Revenue Code of 1954 (relating to exemption from tax on sales or transfers of certificates of indebtedness) is hereby amended by relettering subsection (b) as subsection (c) and by inserting after subsection (a) the following new subsection: " (b) INSTALLMENT PURCHASE OF OBLIGATIONS.—The tax imposed by section 4331 shall not apply to any instrument under the terms of which the obligee is required to make payment therefor in installments and is not permitted to make in any year a payment of more than 20 percent of the cash amount to which entitled upon maturity of the instrument." Approved January 28, 1956. Public Law 401

CHAPTER

Documentary stamp tax. 68A Stat. 516. 26 USC 4332-

68A Stat. 516. 26 USC 4331.

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JOINT RESOLUTION To request the Secretary of State to arrange for the International Joint Commission, United. States and Canada, to conduct a survey of the proposed Passamaquoddy tidal power project, and for other purposes.

Resolved by the Senate and House of Repre-setitatlves of the United States of America i/i Congress assembled. That the International Joint (commission created by the treaty between the United States and (ireat Britain relating to boundary waters between the United States and Canada, signed at Washington on January 11, 1909, under the provisions of such treaty, be requested by the Secretary of State to arrange for a final survey to be made to determine the cost of construction of the proposed Passamacjuoddy tidal power project at Passamaquoddy Bay in the State of Maine, United States of America, and the Province of New I^runswick, Dominion of Canada, and to determine whether or not such cost would allow hydroelectric power to be produced at a price that is economically feasible, and also to determine what contribution such project Mould make to the national economy and the national defense. SEC, 2. The survey provided for in the first section shall make use of the report (dated March 15, 1950) made by the International Passamaquoddy Engineering Board to the International Joint Commission, and with the supplemental report (dated May 1952) on details of estimate of cost of comprehensive investigation of Passamaquoddy tidal power project by Corps of Engineers, United States Army. SEC. 3. The Secretary of the Army, the Federal Power Commission, and other officers and agencies of the Government of the United States are authorized to assist the International Joint Commission

January 31, 1956 [S. J. R e g. 121

P a s samaquoddy t i d a l power project. Survey. 36 Stat. 2448.

Agency assistance.

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