Page:United States Statutes at Large Volume 83.djvu/751

 i83 STAT. ]

PUBLIC_LAW 9lil71-DEC.SO^.1169

723

SEC. 913. COOPERATIVE HOUSING CORPORATIONS. (a) STOCK HELD BY GOVERNMENTAL UNITS.—Section 216(b) (re-

lating to definitions) is amended by adding at the end thereof the following new paragraph: "(4) STOCK OWNED BY GOVERNMENTAL UNITS.—FoT purposes of this subsection, in determining whether a corporation is a cooperative housing corporation, stock owned and apartments leased by the United States or any of its possessions, a State or any political subdivision thereof, or any agency or instrumentality of the foregoing empowered to acquire shares in a cooperative housing corporation for the purpose of providing housing facilities, shall not be taken into account." (b) EFFECTIVE DATE.—The amendment made by subsection (a) shall apply to taxable years beginning after December 31, 1969. SEC 914. PERSONAL HOLDING COMPANY DIVIDENDS. (a) DIVIDENDS PAID AFTER CLOSE OF YEAR.—Section 563(b) (relating to personal holding company tax) is amended by striking out "10 percent" in paragraph (2) and inserting in lieu thereof "20 percent". (b) EFFECTIVE DATE.—The amendment made by subsection (a) shall apply to taxable years beginning after December 31, 1969. SEC. 915. REPLACEMENT OF PROPERTY INVOLUNTARILY CONVERTED WITHIN A 2-YEAR PERIOD. (a) IN GENERAL.—Section 1033(a)(3)(B) (relating to the period within which property must be replaced) is amended by striking out "one year" in clause (i) and inserting in lieu thereof "2 years". (b) EFFECTIVE DATE.—The amendment made by this section shall apply only if the disposition of the converted property (within the meaning of section 1033(a)(2) of the Internal Revenue Code of 1954) occurs after the date of the enactment of this Act. SEC. 916. CHANGE IN REPORTING INCOME ON INSTALLMENT BASIS. (a) IN GENERAL.—Section 453(c) (relating to change from accrual to installment basis of reporting) is amended by adding at the end thereof the following new paragraphs: "(4) REVOCATION OF ELECTION.—An election under paragraph (1) to report taxable income on the installment basis may be revoked by filing a notice of revocation, in such manner as the Secretary or his delegate prescribes by regulations, at any time before the expiration of 3 years following the date of the filing of the tax return for the year of change. If such notice of revocation is timely filed— " (A) the provisions of paragraph (1) and subsection (a) shall not apply to the year of change or for any subsequent year; " (B) the statutory period for the assessment of any deficiency for any taxable year ending before the filing of such notice, which is attributable to the revocation of the election to use the installment basis, shall not expire before the expiration of 2 years from the date of the filing of such notice, and such deficiency may be assessed before the expiration of such 2-year period notwithstanding the provisions of any law or rule of law which would otherwise prevent such assessment; and " (C) if refund or credit of any overpayment, resulting from the revocation of the election to use the installment basis,

26 USC r*2iV"

esA Stat. 199.

^SA Stat. 303.

^SA Stat. 154.

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