Page:United States Statutes at Large Volume 78.djvu/898

 856 esAStat.^a^oe 26 USC 1034."

PUBLIC LAW 88-570-SEPT. 2, 1964

^^^ ^ " ^ ^^^"^^ t'^® resale of such property shall be treated as a part of the transaction constituting the original sale of such property. "(f)

76 Stat. 977. 26 USC 593.

[78 STAT.

REACQUISITIONS BY DOMESTIC BUILDING AND LOAN ASSOCIA-

TIONS.—This section shall not apply to a reacquisition of real property by an organization described in section 593(a) (relating to domestic building and loan associations, etc.)." (b) The table of sections for such part III is amended by adding at the end thereof the following: "Sec. 1038. Certain reacquisitions of real property."

(c)(1) The amendments made by this section shall apply to taxable years beginning after the date of the enactment of this Act. (2) If the taxpayer makes an election under this paragraph, the amendments made by this section shall also apply to taxable years beginning after December 31, 1957, except that such amendments shall not apply with respect to any reacquisition of real property in a taxable year for which the assessment of a deficiency, or the credit or refund of an overpayment, is prevented on the date of the enactment of this Act by the operation of any law or rule of law. An election under this paragraph shall be made within one year after the date of the enactment of this Act and shall be made in such form and manner as the Secretary of the Treasury or his delegate shall prescribe by regulations. (3) If an election is made by the taxpayer under paragraph (2), and if the assessment of a deficiency, or the credit or refund of an overpayment, for any taxable year to which such election applies is not prevented on the date of the enactment of this Act by the operation of any law or rule of law— (A) the period within which a deficiency for such taxable year may be assessed (to the extent such deficiency is attributable to the application of the amendments made by this section) shall not expire prior to one year after the date of such election; and (B) the period within which a claim for credit or refund of an overpayment for such taxable year may be filed (to the extent such overpayment is attributable to the application of such amendments) shall not expire prior to one year after the date of such election. No interest shall be payable with respect to any deficiency attributable to the application of such amendments, and no interest shall be allowed with respect to any credit or refund of any overpayment attributable to the application of such amendments, for any period prior to the date of the enactment of this Act. An election by a taxpayer under paragraph (2) shall be deemed a consent to the application of this paragraph. Approved September 2, 1964.

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