Page:United States Statutes at Large Volume 78.djvu/140

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PUBLIC LAW 88-272-FEB. 26, 1964

[78 STAT.

^'^^ AMKXDMKNT OF sKCTiox 272.—The tt>xt of section 272 (relating to disposal of coal) is anieiuled by inserting "or iron ore" after "coal*' each place it appears. (b) CLERICAL AMENDMENTS.—

Ante, p. 97. 26 USC 631.

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^|jg headini>' of section (531 is amended to read as follows:

^ ' 'SEC. 631. GAIN OR LOSS IN THE CASE OF TIMBER, COAL, OR DOMESTIC IRON ORE."

(2) The table of sections for part III of subchapter I of chapter 1 is amended by striking out "Sec. 631. Gain or loss in the case of timber or coal."

and inserting in lieu thereof the following: "Sec. 631. Gain or loss in the case of timber, coal, or domestic iron ore."

(3) The heading of section 272 is amended to read as follows: "SEC. 272. DISPOSAL OF COAL OR DOMESTIC IRON ORE."

(4) The table of sections for part IX of subchapter B of chapter 1 is amended by striking out "Sec. 272. Disposal of coal."

and inserting in lieu thereof the following: "Sec. 272. Disposal of coal or domestic iron ore."

26 USC 1016.

^5^ Section 1016(a) (15) is amended by inserting "or domestic iron ore" after "coal". 26 USC rt02. (0) Section 142(a)(3)(B) is amended to read as follows: " (B) from the cutting of timber, or the disposal of timber, coal, or iron ore, if section 631 applies to such gain or loss, or" 68^stItr'io?5!' C^').Section 211(a)(3) of the Social Security Act is amended 42 USC 411. by striking out clause (B) and inserting in lieu thereof " (B) from the cutting of timber, or the disposal of timber, coal, or iron ore, if section 631 of the Internal Revenue Code of 1954 applies to such gain or loss,". (c) EFFECTIVE DATE.—The amendments made by this section shall apply with respect to amounts received or accrued in taxable years beginning after December 31, 1963, attributable to iron ore mined in such taxjible years. SEC. 228. INSURANCE COMPANIES. (a) CERTAIN MUTUAMZATION DISTUIBUTIONS MADE I N 1962.— (1)

75^stat^*i2o^^' 26 USC 80*9.

D E D U C T F O N FOR CERTAIN 3IUTUALIZATI0N DISTRIBUTIONS.—

Section 809(d) (11) (relating to deductions in computing ^ahi from operations in the case of certain mutualization distributions) IS amended by striking out "and 1961" and inserting in lieu thereof "1961, and 1962". (2) APPLICATION OF SECTION sir..—Section 809(g)(3) (relating to application of section 815 to certain mutualization distributions) is amended by striking out "or 1961" and inserting in lieu thereof "1961, or 1962". (b) ACCRUAL OF BOND DISCOUNT.—

73 Stat. 133.

26 USC 171. 26 USC 103. 26 USC 1232.

(J) LiFE INSURANCE COMPANIES.—Section 818(b) (relating to amortization of premium and accrual of discount) is amended by adding at the end thereof the following new paragraph: "(3) EXCEPTION.—For taxable years beginning after December 31, 1962, no accrual of discount shall be required under paragraph (1) on any bond (as defined in section 171(d)), except iu the case of discount which is— " (A) interest to which section 103 applies, or " (B) original issue discount (as denned in section 1232(b)).

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