Page:United States Statutes at Large Volume 88 Part 2.djvu/141

 88 STAT. ]

1457

PUBLIC LAW 93-483-OCT. 26, 1974

Public Law 93-483 AN ACT

To suspend until the close of June 30, 1!)75, the duty on certain carboxymethyl cellulose salts, and for other purposes. Be It enacted by the Senate and House of Representatives of flic United States of America in Congress assembled, That subpart B of part 1 of the Appendix to the Tariff Schedules of the United States (19 U.S.C. 1202) is amended by insertintr immediately after item 905.31 the followinjr new item: 907. 60

C a r b o x y m e t h y l cellulose sodium salts of a p u r i t y not exceeding 98 percent nor less than 95 percent by weight on a d r y weight basis (provided for in item 465.87, part 8A, schedule 4)

Free

N o change

October 26, 1974 [H. R. 12035]

C a r b ox y m e t h y l cellulose salts, duty suspension; Internal Revenue C o d e of 1954, amendments.

On or before 6/30/75.

SEC. 2. The amendment made by the first section of this Act shall apply with respect to articles entered, or withdrawn from warehouse, for consumption on or after the day after the date of the enactment of this Act. SEC, 3. (a) Section 2055(e) of the Internal Revenue Code of 1954 (relating to the disallowance of deductions in certain cases) is amended by adding at the end thereof the following new paragraph: ''(3) In the case of a will executed before September 21, 1974, or a trust created before such date, if a deduction is not allowable at the time of the decedent's death because of the failure of an interest in property which passes from the decedent to a person, or for a use, described in subsection (a), to meet the requirements of subparagraph (A) of paragraph (2) of this subsection, and if the governing instrument is amended or conformed on or before December 31, 1975, or, if later, on or before the 30th day after the date on which judicial proceedings begun on or before December 31, 1975 (which are required to amend or conform the governing instrument), become final, so that the interest is in a trust which is a charitable remainder annuity trust, a charitable remainder unitrust (described in section 64), or a pooled income fund (described in section 642(c)(5)), a deduction shall nevertheless be allowed. The Secretary or his delegate may, by regulation, provide for the application of the provisions of this paragraph to trusts whose governing instruments are amended or conformed in accordance with this paragraph, and such regulations may provide for any adjustments in the application of the provisions of section 508 (relating to special rules with respect to section 501(c)(3) organizations), subchapter J (relating to estates, trusts, beneficiaries, and decedents), and chapter 42 (relating to private foundations), to such trusts made necessary by the application of this paragraph. If, by the due date for the filing of an estate tax return (including any extension thereof), the interest is in a charitable trust which, upon allowance of a deduction, would be described in section 4947(a)(1), or the interest passes directly to a person or for a use described in subsection (a), a deduction shall be allowed as if the governing instrument was amended or conformed under this paragraph. If the amendment or conformation of the governing instrument is made after the due date for the filing of the estate tax return (including any extension thereof), the deduction shall be allowed upon the filing of a timely claim for credit or refund (as provided for in section 6511) of an overpayment resulting from the application of this paragraph. In the case of a credit or refund as a result

Effective date, 19 USC 1 2 0 2 note.

D i s a l l o w a n c e of deductions. 26 USC 2 0 5 5.

26 USC

664.

26 USC

642.

26 USC

508.

26 USC 5 0 1, 26 USC 6 4 1. 26 USC 4 9 4 0.

26 USC

4947.

26 USC

6511.

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