Page:United States Statutes at Large Volume 78.djvu/280

 PUBLIC LAW 88-349-JULY 2, 1964

238

[78 STAT.

" (i) CERTAIN PROPERTY CONFISCATED BY THE GOVERNMENT OF CUBA.— "(1) TREATMENT AS SUBSECTION (C)(3) LOSS.—For purposes of

this chapter, in the case of an individual who was a citizen of the United States, or a resident alien, on December 31, 1958, any loss of property which— " (A) was sustained by reason of the expropriation, intervention, seizure, or similar taking of the property, before January 1, 1964, by the government of Cuba, any political subdivision thereof, or any agency or instrumentality of the foregoing, and " (B) was not a loss described in paragraph (1) or (2) of subsection (c), shall be treated as a loss to which paragraph (3) of subsection (c) applies. I n the case of tangible property, the preceding sentence shall not apply unless the property was held by the taxpayer, and was located in Cuba, on December 31, 1958. "(2)

68A Stat. 63. 26 USC 172. Ante, p. 48. 68A Stat. 817. 26 USC 6601.

Effective date.

S P E C I A L RULES.—

" (A) For purposes of subsection (a), any loss described in paragraph (1) shall be treated as having been sustained on October 14, 1960, unless it is established that the loss was sustained on some other day. " (B) For purposes of subsection (a), the fair market value of property held by the taxpayer on December 31, 1958, to which paragraph (1) applies, on the day on which the loss of such property was sustained, shall be its fair market value on December 31, 1958. " (C) For purposes of section 172, a loss described in paragraph (1) shall not be treated as an expropriation loss within the meaning of section 172(k). " (D) For purposes of section 6601, the amount of any tax imposed by this title shall not be reduced by virtue of this subsection for any period prior to February 26, 1964. " (3) REFUNDS OR CREDITS.—Notwithstanding a n j law or rule of law, refund or credit of any overpayment attributable to the application of paragraph (1) may be made or allowed if claim therefor is filed before January 1, 1965. No interest shall be allowed with respect to any such refund or credit for any period prior to February 26, 1964." (b) EFFECTIVE DATE.—The amendment made by subsection (a) shall apply in respect of losses sustained in taxable years ending after December 31, 1958. Approved June 30, 1964, 7:55 p.m. Public Law 88-349

July 2. 1964 [H. R. 6041]

Federal construction contract laborers. Fringe benefits. 49 Stat. 1011.

AN ACT To amend the prevailing wage section of the Davis-Bacon Act, as amended; and related sections of the Federal Airport Act, as amended; and the National Housing Act, as amended.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That section 1 of the Act of March 3, 1931, as amended (46 Stat. 1494, as amended; 40 U.S.C. 276a), is hereby amended by designating the language of the present section as subsection (a) and by adding at the end thereof the following new subsection (b):

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