Page:United States Statutes at Large Volume 83.djvu/205

 83 STAT. ]

PUBLIC LAW 91-106-OCT. 31, 1969

described in this paragraph shall be allowed if, at the time of filing the return, such loss has been claimed for inheritance or estate tax purposes." (4) Paragraph (6) of section 3(b) of such title is repealed. ^rs^at 339 (c) Title X I of such article is amended as follows: D. c. c ode (1) Section 1 of such title (D.C. Code, sec. 47-1583) is amended to 47-15575. read as follows: 61 Stat. 350. "SEC. 1. BASIS FOR DETERMINING G A I N OR Loss.—The basis for determining the gain or loss from the sale or other disposition of property shall be the same basis as that provided for determining gain or loss under the Internal Revenue Code of 1954." (2)(A) Section 2 of such title (D.C. Code, sec. 47-1583a) is amended to read as follows: "SEC. 2. COMPUTATION OF G A I N OR Loss.—The gain or loss, as the case may be, from the sale or other disposition of property, including the amount realized and the amount recognized, shall be determined in the same manner provided for the determination of gain or loss for Federal income tax purposes under the Internal Revenue Code of 1954." (B) The item in the table of contents of such article relating to section 2 of title X I is amended to read as follows: "SEC. 2. Computation of gain or loss." (3)(A) Sections 3 and 5 of such title (D.C. Code, secs. 47-1583b, 4 7 - Repeals. 1583d) are repealed. (B) The items in the table of contents of such article relating to such sections 3 and 5 are repealed. (4) Section 6 of such title (D.C. Code, sec. 47-1583e) is amended to read as follows: "SEC. 6. DEPRECIATION.—The basis used in determining the amount allowable as a deduction from gross income under the provisions of section 3(a)(7) of title III of this article shall be the same basis as that DC. code provided for determining the gain from the sale or other disposition of '^'^•^557b. property for Federal income tax purposes under the Internal Revenue Code of 1954." SEC. 602. Paragraph (5) of section 2(b) of title III of article I of the District of Columbia Income and Franchise Tax Act of 1947 (47-1557a) is amended to read as follows: ^^ Stat. 335. "(5) COMPENSATION FOR INJURIES OR SICKNESS.—To the extent not otherw^ise specifically excluded from gross income under this title, amounts excluded from gross income under sections 104 and 105 of the Internal Revenue Code of 1954." 26 USC io4. SEC. 603. (a) Title X II of article I of the District of Columbia ^°Income and Franchise Tax Act of 1947 (D.C. Code, secs. 47-1586— 47-1586n) is amended (1) by redesignating sections 14 and 15 as ^i Stat. 352. sections 15 and 16, respectively, and (2) by inserting after section 13 the following new section: "SEC. 14. DECLARATIONS OF ESTIMATED TAX BY CORPORATIONS AND UNINCORPORATED BUSINESSES.-^ (a) DECLARATION OF ESTIMATED

TAX.—Every corporation and unincorporated business required to make and file a franchise tax return under this article shall make and file a declaration of estimated tax at such time or times and under such conditions, and shall make payments of such tax during its taxable year in such amounts and under such conditions, as the District of Columbia Council shall by regulation prescribe. I n the case of the taxable year beginning in 1970, such regulations may not require payment before the last day on which a return for such taxable year is required to be filed under section 3(a) of title V of this article of an aggregate ^^ Stat. 342. amount of estimated tax for such year in excess of one-half of such 47-15645° ^ estimated tax.

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