Page:United States Statutes at Large Volume 74.djvu/373

 74 S T A T. ]

PUBLIC LAW 86-595-JULY 6, 1960

333

Public Law 86-594 AN ACT To amend the Internal Revenue Code of 1954 with respect to the limitation on the deduction of exploration expenditures.

July 6, 1960 [II. R. 425 1]

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That subsection (c) pendui^'e^s!°" ^ of section 615 of the Internal Revenue Code of 1954 (relating to the 68A stat! 211. deduction of exploration expenditures) is amended to read as follows: ^^ ^^^ ^^^• " (c) LIMITATION.—

"(1) IN GENERAL.—This section shall not apply to any amount paid or incurred to the extent that it would, when added to the amounts which have been deducted under subsection (a) and the amounts which have been treated as deferred expenses under subsection (b), or the corresponding provisions of prior law, exceed $400,000. "(2) AMOUNTS TAKEN INTO ACCOUNT.—For purposes of paragraph (1), there shall be taken into account amounts deducted and amounts treated as deferred expenses by— " (A) the taxpayer, and " (B) any individual or corporation who has transferred to the taxpayer any mineral property. "(3)

APPLICATION OF PARAGRAPH (2) { B). — Paragraph (2)(B)

shall apply with respect to all amounts deducted and all amounts treated as deferred expenses which were paid or incurred before the latest such transfer from the individual or corporation to the taxpayer. Paragraph (2)(B) shall apply only if— " (A) the taxpayer acquired any mineral property from the individual or corporation under circumstances which make paragraph (7), (8), (11), (15), (IT), (20), or (22) of section 113(a) of the Internal Revenue Code of 1939 apply to such transfer; " (B) the taxpayer would be entitled under section 381(c) (10) to deduct expenses deferred under this section had the distributor or transferor corporation elected to defer such expenses; or " (C) the taxpayer acquired any mineral property from the individual or corporation under circumstances which make section 334(b), 362(a) and (b), 3T2(a), 373(b)(1), 1061, or 1082 apply to such transfer." SEC. 2. The amendment made by the first section of this Act shall apply only with respect to taxable years beginning after the date of the enactment of this Act. Approved July 6, 1960.

53 Stat. 4o. ^^ ^^^ ^^^•

Public Law 86-595 AN ACT To provide for the establishment of the Arkansas Post National Memorial, in the State of Arlcansas. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That the Secretary of the Interior shall acquire, by gift, purchase, condemnation, or otherwise, the lands (together with any improvements thereon) known as the Arkansas Post State Park, and any other lands adjacent to such park which, in his opinion, are necessary or desirable to carry out the purposes of this Act.

July 6, 1960 [H.. 6108]

Arkansas P o s t National Memorial.

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