Page:United States Statutes at Large Volume 83.djvu/752

 724

26ljsc'7m^' 7122.

26 USC 453.

26 USC r333°^

26 USC 351. 26 USC 1223.

PUBLIC LAW 91-172-DEC. 30, 1969

[83 STAT.

for any taxable year ending before the date of the filing of the notice of revocation is prevented on the date of such filing, or within one year from such date, by the operation of any law or rule of law (other than section 7121 or 7122), refund or credit of such overpayment may nevertheless be made or allowed if claim therefor is filed within one j^ear from such date. No interest shall be allowed on the refund or credit of such overpayment for any period prior to the date of the filing of the notice of revocation. "(5) ELECTION AFTER REVOCATION.—If the taxpayer revokes under paragraph (4) an election under paragraph (1) to report taxable income on the installment basis, no election under paragraph (1) may be made, except with the consent of the Secretary or his delegate, for any subsequent taxable year before the fifth taxable year following the year of change with respect to which such revocation is made." (b) EFFECTIVE DATE.—The amendment made by subsection (a) shall apply to an election made for any year of change (as defined in section 453(c)(1) of the Internal Revenue Code of 1954) ending on or after the date of the enactment of this Act, and shall also apply to any such year of change which ended before such date if the 3-year statutory period for assessment of any deficiency for such year has not expired on the date of the enactment of this Act. SEC. 917. RECOGNITION OF GAIN IN CERTAIN LIQUIDATIONS. ^^^' purposes of applying section 333(e) and (f) of the Internal Revenue Code of 1954 to a distribution in liquidation of a corporation during 1970, stock (including stock received in respect of such stock by reason of a stock dividend or stock split) or securities received by a qualified electing shareholder in exchange for his stock in the liquidating corporation shall be considered as having been acquired by the liquidating corporation before January 1, 1954, if— (1) such stock or securities were acquired by the liquidating corporation after December 31, 1953, from such qualified electing shareholder (or from a person from whom such qualified electing shareholder acquired such stock in the liquidating corporation by gift, bequest, or inheritance) solely in exchange for its stock in a transaction to which section 351 of such Code (or the corresponding provisions of prior law) applied, and (2) the holding period of such stock or securities in the hands of the liquidating corporation, determined under section 1223(2) of such Code, includes any period before January 1, 1954. Subtitle B—Miscellaneous Excise Tax Provisions SEC. 931. CONCRETE MIXERS.

79 Stat. 157.

(a) EXEMPTION FROM T A X ON MoTOR VEHICLES.

SectioU 4 0 6 3 (a)

(relating to exemption of specified articles from the tax on motor vehicles) is amended by adding at the end thereof the following new paragraph: 26 USC 4061. u^5^ CONCRETE MIXERS.—The tax imposed under section 4061 shall not apply in the case of— " (A) any article designed (i) to be placed or mounted on an automobile truck chassis or truck trailer or semitrailer chassis and (ii) to be used to process or prepare concrete, and

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