2045 TITLE 31.•——MO1\’E i 748aQ Consolidation of Liberty bond taxi exemptions.——The Various Acts authorizing the issues of Liberty ·bonds Vrare amended. and _SUDD]éIB€I1[€d as follows: _ _ » (a) `Unand after January 1% 1921; 4 per centum an,d_»4%4` ~per eentum Liberty bomisslnall be exempt from gr duatetl additional income taxes. commonly known as surtax and excess-` profits and war·proHts tages, now or hereafter i posed by the Ynited States upon the income or profits of individuals, partnerships, corporations, or associations, in respect to the interestou aggregate Dl'iH(iiPKl_RIi10\iHtS' thereof as follows :- `· _ ~ {mai the expiration of—two years after the date of the ter- I imitation of the war betiveen the United States and the German (;m·ermnent, as » iixed by proclamation of the President, oni $125.000 aggregate principal amount; and for three years more on $50,000. aggregate principal amount. - ‘ -` _ '
VY A.\'lJ‘1*‘l.\'ANCE (b) The exemptions provided in subdivision (:1) shall be in `addition to the exemptions provided in section 7 of tlse_Second Liberty Bond Act,‘“ and in addition to the exemption provided inosubdivision (3) of section 1 of the'Supplement to the, Second éLiberty Bond Act in respect to bonds issued upon conversion of 3% per centum bonds, but shell be in lieu of the exemptions providedandfree from the conditions and limitations, imposed in subdivisions (1) and (2) ofsection 1_ of the Supplement to the Second Liberty Bond Act-and in section 2 of the Victory Liberty Loan Act} (Feb. 26, 1926, ic. 27, § 1125, 44 Stat. 122.): I · This section is § 112§ of the Revenue Act of 1926. . I *Sectiou 7 of the Second. Liberty Bond Act referred to 1`in the text constitutes { 747 of this title of the Code. · _ ‘ ’ Section 2 of the Victory Liberty- Loan Act mentioned in the text constitutes S 749 of this title of the‘Codet _
