PUBLIC LAWS-CH. 247-JUNE 29, 1939 Ante, p. 20. I.R.C. 27(c). Ante, p. 108. I. R . C.505 (a)(1). Taxable years to which applicable. Taxable years to which amendments applicable. Ante, pp . 867, 870, 872, 875, 876, 877, 878 , 879, 881. Declaration ofvalue. Ante, p. 169. I.R. C. §1202. Additional declara- tion years. Tax liens on securi- ties. Ante, p. 449. I. It. C. 3672. Invalidity of lien without notice. the purposes of this subchapter, the term 'adjusted net income' as used in section 27 (c) means the adjusted net income minus the deduc- tion allowed for Federal taxes under section 505 (a) (1)". (b) The amendment made by subsection (a) shall be applicable to taxable years beginning after December 31, 1938. SEC. 229. TAXABLE YEARS TO WHICH AMENDMENTS APPLICABLE. Except the amendments made by sections 211, 213, 214, 215, 217, 219, 220, 221, 222, 223, 226, 227, and 228, the amendments made by this title to the Internal Revenue Code shall be applicable only with respect to taxable years beginning after December 31, 1939. TITLE mI--CAPITAL STOCK AND EXCESS PROFITS TAXES SEC. 301. DECLARATION OF VALUE FOR CAPITAL STOCK PURPOSES, 1939 AND 1940. Section 1202 of the Internal Revenue Code (relating to declaration of capital stock value) is amended by inserting at the end thereof the following new subsection: "(e) ADDITIONAL DECLARATION YEARS.- In the case of any domestic corporation, the year ending June 30, 1939, and the year ending June 30, 1940, shall each, if not otherwise a declaration year, con- stitute an additional declaration year if with respect to such year (1) the taxpayer so elects (which election cannot be changed) in its return filed before the expiration of the statutory filing period or any authorized extension thereof, and (2) the value declared by the taxpayer is in excess of the adjusted declared value computed under paragraph (1) of subsection (b). If, under this subsection, the year ending June 30, 1939, is a declaration year, the computa- tion, under paragraph (1) of subsection (b), of the adjusted de- clared value for the year ending June 30, 1940, shall be made on the basis of the value declared for the year ending June 30, 1939." TITLE IV-MISCELLANEOUS AMENDMENTS SEC. 401. TAX LIENS ON SECURITIES. Section 3672 of the Internal Revenue Code is amended to read as follows: "SEC. 3672. VALIDITY AGAINST MORTGAGEES, PLEDGEES, PUR- CHASERS, AND JUDGMENT CREDITORS. "(a) INVALDIrT OF LIEN WrIOUTr NOTICE.- Such lien shall not be valid as against any mortgagee, pledgee, purchaser, or judgment creditor until notice thereof has been filed by the collector- "(1) UNDER STATE OR TERRITORIAL LAWS.-In accordance with the law of the State or Territory in which the property subject to the lien is situated, whenever the State or Territory has by law provided for the filing of such notice; or "(2) WITH CLERK OF DISTRICT COURT.-In the office of the clerk of the United States district court for the judicial district in which the property subject to the lien is situated, whenever the State or Territory has not by law provided for the filing of such notice; or "(3) WrrH cLERK OF DISTrCT CouT OF THE UNITED STATES FOR THEB DIsror or COLummA.- In the office of the clerk of the 882 [53 STAT.
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