Page:United States Statutes at Large Volume 79.djvu/209

 79 STAT. ]

PUBLIC LAW 89-44-JUNE 21, 1965

SEC. 810. STATUTE OF LIMITATIONS ON ASSESSMENT AND COLLECTION OF EXCISE TAXES. (a) BETURisr DEEMED FiiiED.—Subsection (b) of section 6501 (relating to time return deemed filed) is amended by adding at the end thereof the following new paragraph: "(4) BETDKN or EXCISE TAXES.—For purposes of this section, the filing of a return for a specified period on which an entry has been made with respect to a tax imposed under a provision of subtitle D (including a return on which an entry has been made showing no liability for such tax for such period) shall constitute the filing of a return of all amounts of such tax which, if properly paid, would be required to be reported on such return for such period."

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(b) SUBSTANTIAL OMISSIOK OF TAX ON KETUKN.—

(1) IN GENERAL.—Subsection (e) of section 6501 (relating to limitations on assessment and collection where there is an omission from gross income) is amended by adding at the end thereof the following new paragraph: " (3) EXCISE TAXES^-rrln the case of a return of a tax imposed under a provision of subtitle D, if the return omits an amount of such tax properly includible thereon which exceeds 25 percent of the amount of such tax reported thereon, the tax may be assessed, or a proceeding in court for the collection of such tax may be begun without assessment, at any time within 6 years after the return is filed." (2) CLERICAL AMENDMENT.—The heading for subsection (e) of section 6501 is amended by striking out "OMISSION FROM GROSS INCOME" and inserting in lieu thereof "SUBSTANTIAL OMISSION OP ITEMS". (c) EFFECTIVE DATE.—The amendments made by subsections (a)

and (b) shall apply with respect to returns filed on or after July 1, 1965. SEC. 811. EXCHANGES FOR SALE OF POULTRY. (a) EXEMPTION FROM TAX.—^A corporation, association, or organization organized and operated exclusively for the purpose of providing an exchange for the sale of poultry for the poultry growers of a particular locality shall be treated for purposes of the Internal Revenue Code of 1954 as an organization described in section 501(c) 7/stlt^*534^^^' (relating to list of exempt organizations) of such Code, if— (1) such corporation, association, or organization has no capital stock and is not organized for profit, (2) no member of the governing body of such corporation, association, or organization receives any compensation from such corporation, association, or organization, (3) the net earnings of such corporation, association, or organization (except for reasonable additions to reserves for the operation of such exchange) are devoted exclusively to disseminating information as to the best methods of poultry culture and to other agricultural purposes, and (4) at all times on and after June 10, 1965, and before the close of its last taxable year beginning before January 1, 1966, all of the net assets of such corporation, association, or organization must, on liquidation for any reason, be transferred to an educational organization which is exempt from tax under section 501(a) of such Code or which is an agency or instrumentality of, or is owned or operated by, a State. (b) APPLICATION OF SUBSECTION (a).—Subsection (a) shall apply to taxable years beginning after December 31, 1953, and ending after August 16, 1954, which begin before January 1, 1966. 49-850 0-66—14

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