Page:United States Statutes at Large Volume 73.djvu/173

 78 S T A T. ]

PUBLIC LAW 8 6 - 6 9 - J U N E 26, 1969

185

the net amount of those adjustments which are determined (as of the close of 1957) to be necessary solely by reason of the change to the method required by subsection (a) in order to prevent amounts from being duplicated or omitted. The amount of the taxpayer's tax for 1957 shall be recomputed (under the law applicable to 1957, modified as provided in paragraph (4) J taking into account an amount equal to i/j o of the net amount oi the adjustments determined under the preceding sentence. The amount of increase or decrease (as the case may oe) referred to in paragraph (2) or (3) shall be the amount of the increase or decrease ascertained under the preceding sentence, multiplied by 10. "(2) TREATMENT or DECREASE.—For purposes of subtitle F, if rgla."®^ eooithe recomputation under paragraph (1) results in a decrease, the amount thereof shall be a decrease in the tax imposed for 1957; except that for purposes of computing the period of limitation on the making of refunds or the allowance of credits with respect to such overpayment, the amount of such decrease shall be treated as an overpayment of tax for 1959. No interest shall be paid, for any period before March 16, 1960, on any overpayment of the tax imposed for 1957 which is attributable to such decrease. ''(3)

TREATMENT O INCREASE.— F

"(A) IN GENERAL.—For purposes of subtitle F (other than j^st.^^^ eooisections 6016 and 6655), if the recomputation under paragraph (1) results in an increase, the amount thereof shall be treated as a tax imposed by this subsection for 1959. Such tax shall be payable in 10 equal annual installments, beginning with March 15, 1960. "(B) SPECIAL RULES.—For purposes of subparagraph (A)— "(i) No interest shall be paid on any installment described in subparagraph (A) for any period before the time prescribed in such subparagraph for the payment of such installment. "(ii) Section 6152(c) (relating to proration of 26 usee 152. deficiencies to installments) shall apply. "(iii) In applying section 6502(a)(1) (relating to 26 USC (5502. collection after assessment), the assessment of any installment described in subparagraph (A) shall be treated as made at the time prescribed by such subparagraph for the payment of such installment. "(iv) Except as provided in section 381(c) (22), if ^o«''P- »39. for any taxable year the taxpayer is not a life insurance company, the time for payment of any remaining installments described in subparagraph (A) shall be the date (determined without regard to any extension of time) for filing the return for such taxable year. "(4) MODIFICATIONS or 1957 TAX COMPUTATION.—In recomputing the taxpayer's tax for 1957 for purposes of paragraph ' "(A) section 804(b) (as in effect for 1957) shall not apply with respect to any amount required to be taken into account by such paragraph, and "(B) the amount of the deduction allowed by section 805 (as in effect for 1957) shall not be reduced by reason of any amount required to be taken into account by such paragraph. "(f) DENIAL OF DOUBLE DEDUCTIONS.—Nothing in this part shall permit the same item to be deducted more than once under subpart B and once under subpart C.

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