Page:United States Statutes at Large Volume 78.djvu/903

 78 STAT. ]

PUBLIC LAW 88-572-SEPT. 2, 1964

erty by the government of any foreign country^, any political subdivision thereof, or any agency or instrumentality of the foregoing, or "(ii) losses (treated under section 165(g)(1) as losses from the sale or exchange of capital assets) from securities which become worthless by reason of the expropriation, intervention, seizure, or similar taking of property by the government of any foreign country, any political subdivision thereof, or any agency or instrumentality of the foregoing.

861

68A Stat. 49. 26 USC 165.

" (B) PORTION or LOSS ATTRIBUTABLE TO FOREIGN EXPROPRIATION CAPITAL LOSS.—FoT purposes of paragraph (1), the por-

tion of any net capital loss for any taxable year attributable to a foreign expropriation capital loss is the amount of the foreign expropriation capital loss for such year (but not in excess of the net capital loss for such year). " (C) PRIORITY or APPLICATION.—For purposes of paragraph (1), if a portion of a net capital loss for any taxable year is attributable to a foreign expropriation capital loss, such portion shall be considered to be a separate net capital loss for such year to be applied after the other portion of such net capital loss." (b) The amendment made by subsection (a) shall apply with respect to net capital losses (to the extent attributable to foreign expropriation capital losses, as defined in section 1212(a)(2)(A) of the Internal Revenue Code of 1954) sustained in taxable years ending after December31, 1958. Approved September 2, 1964.

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Public Law 88-572 AN ACT September 2, 1964 To authorize the Secretary of the Army to acquire the building constructed on [H. R. 9803] the Fort Jay Military Reservation, New York, by the Young Men's Christian Association.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That the Secretary ^^f °^ ^^^ '^^!^" of the Army is authorized to acquire on behalf of the United States, N.Y. *'''"^^*'°"' out of funds appropriated pursuant to section 2 of this Act, fee simple title to the building constructed on the Fort J a y Military Reservation, New York, by the Young Men's Christian Association. SEC. 2. The purchase price for the property acquired under this Act fofbuUdii!^"°" shall be $150,000, provided that no funds may be expended for acqui- "^ "' '"^' " sition of title to the property in the absence of specific appropriation of funds for such acquisition, which appropriation is hereby authorized. Approved September 2, 1964.

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