Page:United States Statutes at Large Volume 73.djvu/178

 14:0 26 USC 1232.

PUBLIC LAW 86-69-JUNE 25, 1959

[73 S T A T.

^g^ BONDS AND OTHER EVIDENCES OF INDEBTEDNESS.—Section

1232

(a)(2)(C) of such Code (relating to bonds and other evidences of indebtedness) is amended to read as follows: "(C)

DOUBLE INCLUSION IN INCOME NOT REQUIRED.—This

section shall not require the inclusion of any amount previously includible in gross income." (f) CONFORMING C H A N G E S I N CROSS R E F E R E N C E S. —

1504,891.^ 8 4 2, 26 USC 1201.

(1) Sections 842 and 1504(b)(2) of such Code are each amended by striking out ", 811,". Section 891 of such Code is amended by striking out "811,". ^2) Section 1201 of such Code is amended by striking out "802(a)," in subsection (a), and by adding at the end of the section the following new subsection: " (c) L I F E INSURANCE COMPANIES.—

26 USC 4371. 26 USC 6501,

26 USC 6655.

26 USC 6072.

"For alternative tax in case of life insurance companies, see section 802(a)(2)." (o) pj^i-j^grj^pi^ (2) of section 4371 of such Code (relating to tax on policies issued by foreign insurers) is amended by striking out "816" and inserting in lieu thereof "819". ^g^ LIMITATIONS O ASSESSMENT AND COLLECTION.—Section 6501(c) N

of such Code (relating to exceptions to limitations on assessment and collection) is amended by adding at the end thereof the following new paragraph: "(6) TAX RESULTING FROM CERTAIN DISTRIBUTIONS O FROM TERR MINATION AS LIFE INSURANCE COMPANY.—111 the case of any tax imposed under section 802(a)(1) by reason of section 802(b)(3) on account of a termination of the taxpayer as an insurance company or as a life insurance company to which section 815(d) (2)(A) applies, or on account of a distribution by the taxpayer to which section 8 1 5 (d)(2)(B) applies, such tax may bo assessed within 3 years after the return was filed (whether or not such return was filed on or after the date prescribed) for the taxable year for which the taxpayer ceases to ba an insurance company, the second taxable year for which the taxpayer is not a life insurance company, or the taxable year in which the distribution is actually made, as the case may be." (h) ESTIMATED TAX FOR 1958.—In the case of any taxpayer subject to tax under section 811 of the Internal Revenue Code of 1954 (as such section was in effect before the enactment of this Act), no addition to ^\^Q ^J^X shall be made under section 6655 of such Code (relating to failure by corporation to pay estimated tax) with respect to estimated tax for a taxable year beginning in 1958. (i) INCOME TAX RETURNS FOR 1958.—Every life insurance company subject to the tax imposed by section 802(a) of the Internal Revenue Code of 1954 (as amended by section 2 of this Act) shall, after the date of the enactment of this Act and on or before September 15, 1959 (in jjgy Qf ^^ ^j^g time prescribed by section 6072(b) of such Code), make a return for its taxable year beginning in 1958 with respect to the tax imposed by such section (as amended by section 2 of this Act). The return required by this subsection for such taxable year shall constitute the return for such taxable year for all purposes of the Internal Revenue C^ode of 1954; and no return for such taxable year, with respect to the tax imposed by part I of subchapter L of chapter 1 of such Code (as in effect prior to the effective date of the amendment made by section 2 of this Act), filed on or before the date of the enactment of this Act shall be considered for any of such purposes as ii return for such taxable year. All payments made on or before the date of the enactment of this Act with respect to the tax for such

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