Page:United States Statutes at Large Volume 78.djvu/169

 78 STAT. ]

PUBLIC LAW 88-272-FEB. 26, 1964

(3) SPECIAL RULE FOR 52-r)3-\VEEK YEAR.—Section 441(f)(2) (A) (relating to effective date with respect to special rules for o2-53-week year) is amended by striking out " I n any case in which the effective date or the applicability of any provision of this title is expressed in terms of taxable years beginning or ending with reference to a specified date"' and inserting in lieu thereof " I n any case in which the effective date or the applicability of any provision of this title is expressed in terms of taxable years beginning, including, or ending with reference to a specified date". (4) Subchapter B of chapter 6 is amended by iiLserting after the heading and before the table of sections the following:

127 68A Stat. 149. 26 USC 441.

"Part I. In general. "Part II. Certain font rolled corporationi,s.

"PART I—IN GENERAL" (d) EFFECTIVE DATE.—The amendments made by subsections (a) and (c) shall apply with respect to taxable years ending after December 31, 1963. The amendment made by subsection (b) shall apply with respect to transfers made after June 12, 1963. SEC. 236. VALIDITY OF TAX LIENS AGAINST PURCHASERS OF MOTOR VEHICLES. (a)

PURCHASERS WrrHouT A C I T A L

XOTICE OR KNOWLEIKJE OF

LiEX.—Section 6323 (relating to validity of liens for Federal taxes) 26 USC 6323. is amended by redesignating subsection (d) as subsection (e) and by inserting after subsection (c) the following new subsection: "(d)

ExcErrrox ix (1\SE or MOTOR VEHICLES.—

" (1) ExcEFTiox.—Even though notice of a lien provided in section 6321 has been filed in the manner prescribed in subsection ^^ "^^ ^^^^' (a) of this section, the lien shall not be valid with respect to a motor vehicle, as defined in paragraph (2) of this subsection, as against any purcliaser of such motor vehicle for an adequate and full consideration in money or money's worth if— " (A) at the time of the purchase the purchaser is without notice or knowledge of the existence of such lien, and " (B) before the purchaser obtains such notice or knowledge, he has acquired possession of such motoi- vehicle and has not thereafter reUnquished possession of such motor vehicle to the seller or his agent. "(2) DEFIXITTOX OF MOTOR ixiiicLE.—As used in this subsection, the term "motor vehicle' means a self-propelled Aehicle which is registered for highway use under the laws of any State or foreign country." (b) XTEXS FOR ESTATE AXD GIFT TAXES.—Sex:*tion 6324 (relating ^^ "^^ ^^24. to special lien for estate and gift taxes) is ameiuled by adding at the end thereof the following new subsection: " (d) ExcEPTiox tx C.\SE or MOTOR YEincLES.—The lien imposed by subsection (a) or (b) shall not be valid with respect to a motor vehicle, as defined in section 6323(d)(2), as against any purchaser of

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