Page:United States Statutes at Large Volume 88 Part 1.djvu/279

 88 STAT. ]

PUBLIC LAW 93-310-JUNE 8, 1974

235

Public Law 93-310 AN ACT To provide for the suspension of duty on certain copying shoe lathes until the close of June 30, 1976, and for other purposes.

June 8, 1974 [H. R. 8215]

Be it enacted by the Senate and House of Representatives of the United States of Anienca in Congress assembled, That item 911.70 of copying shoe the Appendix to the Tariff Schedules of the United States (19 U.S.C. DutV suspen1202) is amended by striking out "6/30/72" and inserting in lieu sion, extension. thereof "6/30/76". SEC. 2. (a) The amendment made by the first section of this Act ^^ "^*^ '^02 shall apply with respect to articles entered, or withdrawn from warehouse, for consumption after the date of the enactment of this Act. (b) Upon request therefor filed with the customs officer concerned on or before the one hundred and twentieth day after the date of the enactment of this Act, the entry or withdrawal of any article— (1) which was made after June 30, 1972, and on or before the date of the enactment of this Act, and (2) with respect to which there would have been no duty if the amendment made by the first section of this Act applied to such entry or withdrawal, shall, notwithstanding the provisions of section 514 of the Tariff Act of 1930 or any other provision of law, be liquidated or reliquidated 19 USC 1514. as though such entry or withdrawal had been made on the day after the date of the enactment of this Act. Exempt organiSEC. 3. (a) Section 501 of the Internal Revenue Code of 1954 (relat- z a t i o n s. ing to exemption from tax on corporations, etc.), is amended by 26 USC 501 redesignating subsection (f) as (g), and by inserting after subsection (e) the following new subsection: "(f) COOPERATIVE SERVICE ORGANIZATIONS OF OPERATING EDUCATIONAL ORGANIZATIONS.—For purposes of this title, if an organiza-

tion is— "(1) organized and operated solely to hold, commingle, and collectively invest and reinvest (including arranging for and supervising the performance by independent contractors of investment services related thereto) in stocks and securities, the moneys contributed thereto by each of the members of such organization, and to collect income therefrom and turn over the entire amount thereof, less expenses, to such members, "(2) organized and controlled by one or more such members, and "(3) comprised solely of members that are organizations described in clause (ii) or (iv) of section 1 7 0 (b)(1)(A) — " (A) which are exempt from taxation under subsection (a), or " (B) the income of which is excluded from taxation under section 115(a), then such organization shall be treated as an organization organized and operated exclusively for charitable purposes.". (b) EFFECTIVE DATE.—The amendments made by this section shall apply to taxable years ending after December 31, 1973. Approved June 8, 1974.

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use 170.

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use 115.

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note

501

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