Page:United States Statutes at Large Volume 86.djvu/698

 frao Certificat Congress.

PUBLIC LAW 92-418-AUG. 29, 1972

[86

STAT.

"(c) If a claim, under this section is settled or compromised for tiiore than $100,000, the Secretary shall certify it to Congress." (b) Chapter 17 of title 14, United States Code, is amended by striking out the following item in the analysis: "646. Claims for damages occasioned by vessels." and inserting the following item in pla<?e thereof: ^ "646. Admiralty claims against the United States." SEC. 3. Section 9 of the Act of March 9, 1920, chapter 9, as amended (41 Stat. 527, as amended; 46 U.S.C. 749) is amended by striking out the words "having control of the possession or operation of any merchant vessel.'' ,. Approved August 29, 1972. . - .. /,'.

Public Law 92-418 August 29, 1972 [H. R.11185]

Veterans' organizations. Tax exempt status. 68A Stat. 163; 83 Stat. 5 4 1. 26 USC 5 0 1.

83 Stat. 5 3 7.

AN ACT

To amend the Internal Revenue Code of 1954 with regard to the exempt status of veterans' organizations, and for other purposes. Be it enacted by the /Senate and House of Representatives of the United States of America in Congress assembled, That (a) section 501(c) of the Internal Revenue Code of 1954 (relating to list of exempt organizations) is amended by adding at the end thereof the following new paragraph: "(19) A post or organization of war veterans, or an auxiliary unit or society of, or a trust or foundation for, any such post or organization— " (A) organized in the United States or any of its possessions, " (B) at least 75 percent of the members of which are war veterans and substantially all of the other members of which are individuals who are veterans (but not war veterans), or are cadets, or are spouses, widows, or widowers of war veterans or such individuals, and ,,it> < " (C) no part of the net earnings of which inures to the benefit of any private shareholder or individual.''. (b) Section 512(a) of such Code (relating to definition of unrelated business taxable income) is amended by adding at the end thereof the following new paragraph: "(4) SPECIAL RULE APPLICABLE TO ORGANIZATIONS DESCRIBED I N SECTION 501(0(19).—In the case of an organization described

Supra,

83 Stat. 5 4 9.

Effective date. 76 Stat. 5 1.

?n ••,} in section 501(c) (19), the term 'unrelated business taxable income' does not include any amount attributable to payments for life, sick, accident, or health insurance with respect to members of such organizations or their dependents which is set aside for the purpose of providing for the payment of insurance benefits or for a purpose specified in section 170(c)(4). If an amount set »is aside under the preceding sentence is used during the taxable p> year for a purpose other than a purpose described in the preceding sentence, such amount shall be included, under paragraph (1), in unrelated business taxable income for the taxable year.'' (c) The amendments made by this section shall apply to taxable years beginning after December 31, 1969. SEC. 2. (a) Section 165(h) of the Internal Revenue Code of 1954 (relating to disaster losses) is amended by— (1) striking out the first sentence and inserting in lieu thereof

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