Page:United States Statutes at Large Volume 72 Part 1.djvu/1651

 72 S T A T. ]

PUBLIC LAW 85-866-8EPT. 2, 1958

(b) LIMITATION.—Section 168(e) (relating to determination of adjusted basis of emergency facilities) is amended by adding at the end thereof the following new paragraph:

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26 USC les.

" (5) LIMITATION WITH RESPECT TO URANIUM ORE OR URANIUM

CONCENTRATE PROCESSING FACILITIES.—No Certificate shall be made under paragraph (2)(C) with respect to any facility unless existing facilities for processing the uranium ore or uranium concentrate which will be processed by such facility are unsuitable because of their location." (c) APPLICATIONS HERETOFORE F I L E D. — I n the case of any certificate which is made under section 168(e) of the Internal Revenue Code of 1954 for any facility to which the amendment made by subsection (a) applies, if application for such certificate was filed before the date of the enactment of this Act and within the time prescribed by the next to the last sentence of section 168(e)(2) of such Code, the second sentence of section 168(d)(1) of such Code shall not apply with respect to any taxable year of the taxpayer which ends prior to the date on which such certificate is made. I n the case of any certificate which is made under such section for any facility to which the amendment made by subsection (a) applies, if application for such certificate is filed at any time within 3 months after the date of the enactment of this Act, the next to the last sentence of section 168(e)(2) shall not apply and the second sentence of section 168(d)(1) shall not apply with respect to any taxable year of the taxpayer which ends prior to the date on which such certificate is made. SEC. 10. UNLIMITED DEDUCTION FOR CHARITABLE CONTRIBUTIONS BY INDIVIDUALS. (a) UNLIMITED DEDUCTION FOR CERTAIN INDIVIDUALS.—Section 170

26 USC 170.

(b)(1)(C) (relating to unlimited charitable deduction for certain individuals) is amended by adding at the end thereof the following new sentence: "In lieu of the amount of income tax paid during any such year, there may be substituted for that year the amount of income tax paid in respect of such year, provided that any amount so included in the year in respect of which payment was made shall not be included in any other year." (b) EFFECTI\'E DATE.—The amendment made by subsection (a) shall apply with respect to taxable years beginning after December

31, 1957. SEC. 11. CHARITABLE CONTRIBUTION CARRYOVER FOR CORPORATIONS. Section 170(b) (relating to limitations on charitable contribution deduction) is amended by adding at the end thereof the following new paragraph: " (3) SPECIAL RULE FOR CORPORATIONS HAVING NET OPERATING

LOSS CARRYOVERS.—In applying the second sentence of paragraph (2) of this subsection, the excess of— " (A) the contributions made by a corporation in a taxable year to which this section applies, over " (B) the amount deductible in such year under the limitation in the first sentence of such paragraph (2), shall be reduced to the extent that such excess reduces taxable income (as computed for purposes of the second sentence of section 172(b)(2)) and increases a net operating loss carryover under section 172 to a succeeding taxable year."

26 USC 172.

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