Page:United States Statutes at Large Volume 78.djvu/170

 128

PUBLIC LAW 88-272-FEB. 26, 1964

[78 STAT.

such motor vehicle for an adequate and full consideration in money or money's worth if— " (1) at the time of the purchase the purchaser is without notice or knowledge of the existence of such lien, and "(2) before the purchaser obtains such notice or knowledge, he has acquired possession of such motor vehicle and has not thereafter relinquished possession of such motor vehicle to the seller or his agent." (c) 68A Stat. 779. 26 USC 6323. 26 USC 6324.

76 Stat. 1003. 26 USC 911.

76 Stat. 51. 26 USC 165.

(1) Section 6323(a) is amended by striking out "subsection (c) " and inserting in lieu thereof "subsections (c) and (d) ". (2) Section 6324 is amended by inserting after "subsection (c) (relating to transfers of securities)" in subsections (a) and (b) the following: "and subsection (d) (relating to purchases of motor vehicles)". (d) EFFECTIVE DATES.—The amendments made by this section shall apply only with respect to purchases made after the date of the enactment of this Act. SEC. 237. EXCLUSION OF EARNED INCOME OF CERTAIN UNITED STATES CITIZENS WHO ARE RESIDENTS OF FOREIGN COUNTRIES. (a) REDUCTION OF LIMITATION.—Subparagraph ^B) of section 911(c)(1) (relating to limitations on amount of exclusion) is amended by striking out "$35,000" and inserting in lieu thereof "$25,000". (b) EFFECTIVE DATE.—The amendment made by subsection (a) shall apply to taxable years beginning after December 31, 1964. SEC. 238. LOSSES ARISING FROM CONFISCATION OF PROPERTY BY CUBA. Se(5tion 165 (relating to losses) is amended by redesignating subsection (i) as subsection (j) and by inserting after subsecticm (h) the following new subsection: "(i)

Ante, p. 43.

26 USC 6511.

CLERICAL AMENDMENTS.—

CERTAIN PROPERTY CONFISCATED BY CUUA.—For purposes of

this chapter, any loss of tangible property, if such loss arises from expropriation, intervention, seizure, or similar taking by the government of Cuba, any political subdivision thereof, or any agency or instrumentality of the foregoing, shall be treated as a loss from a casualty within the meaning of subsection (c)(3)." SEC. 239. CREDIT OR REFUND OF SELF-EMPLOYMENT TAX. Section 6511 (relating to limitations on credit or refund) is amended by adding at the end of subsection (d) the following new paragraph: "(5)

26 USC 14011403. 64 Stat. 514. 42 USC 418.

26 USC 7122,

SPECIAL PERIOD or

LIMITATION W^ITJI RESPECT TO SELF-

EMPLOYMENT TAX IN CERTAIN CASES.—If the claiui for credit or refund relates to an overpayment of the tax imposed by chapter 2 (relating to the tax on self-employment inconie) attributable to an agreement, or modification of an agreement, made pursuant to section 218 of the Social Security Act (relating to coverage of State and local employees), and if the allowance of a credit or refund of such overpayment is otherwise prevented by the operation of any law or rule of law other than section 7122 (relating to compromises), such ci-edit or refund may be allowed or made if claim therefor is filed on or before the later of the following dates: (A) the last day of the second year after the calendar year in which such agreement (or modification) is agreed to by the State and the Secretary of Health, Education, and Welfare, or (B) Decenil>er 31, 1965."

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