PUBLIC LAWS-CH. 666 -AUG. 10, 1939 the provisions of section 13 (e) of the Railroad Unemployment Insur- ance Act, any withdrawal by such State from its account in the Unemployment Trust Fund for purposes other than the payment of compensation of the whole or any part of amounts so withheld from certification with respect to such State pursuant to this Act shall be deemed to constitute a breach of the conditions set forth in sections 49Stt. 626upp. 303 (a) (5) of the Social Security Act and 1603 (a) (4) of the IV,§ 3 (a). Internal Revenue Code. The terms "preliminary amount" and "liqui- nte, p. 1391. dating amount", as used herein, shall have the meanings defined in section 13 of the Railroad Unemployment Insurance Act. peductionsurance SE. 907. In addition to any other deductions made under section benefits; maximum. 203 of the Social Security Act, as amended, deductions shall be Ante,p.1367. made from any primary insurance benefit or benefits to which an individual is entitled or from any other insurance benefit payable with respect to such individual's wages, until such deductions total 1 per centum of any wages paid him for services performed in 1939, and subsequent to his attaining age sixty-five, with respect to which Ant, p. 1381 . the taxes imposed by section 1400 of the Internal Revenue Code have not been deducted by his employer from his wages or paid by such employer. Social security SEC. 908. All functions of the Social Security Board shall be admin- Federal Security Ad- istered by the Social Security Board under the direction and super- min is trator. vision of the Federal Security Administrator. Lo^eral Svingsian SEC. 909 . Subsection (h) of section 5 of the Home Owners' Loan employmenttaxes. Act of 1933, as amended, is amended by inserting after the words 48 Stat. 133. s12U.ts. . 1 1464 "United States", where they first appear in such subsection, the fol- (h) . , 1387. lowing: "(except the taxes imposed by sections 1410 and 1600 of the Internal Revenue Code with respect to wages paid after December 31, 1939, for employment after such date)". Revenue Act of SEC. 910. (a) The provisions of section 213 (f) of the Revenue 93ssumption of lia- Act of 1939 shall apply without regard to the exception therein bility notroAc"ed provided, if (1) the taxpayer in the determination referred to in under prior Acts. Application of pro- such exception is a corporation, (2) such determination is by a visions without re- deb anrd to except cision of the Board of Tax Appeals or of a court, (3) under the Ant, p. i8. law applicable to the taxable year in which the exchange occurred, the basis of the property, acquired upon the exchange from the tax- payer by the party assuming a liability of the taxpayer or acquiring the property subject to a liability, is the cost to such party of the property acquired upon the exchange, and (4) the taxpayer in pursuance of the plan of reorganization effected a complete liqui- dation immediately subsequent to the exchange. Claims for refundo (b) N overpayment determined to have been made for any tax- limitation. t able year by reason of the provisions of paragraph (a) of this section shall be refunded or credited unless a claim for refund is filed within the period of limitations otherwise provided by law for filing a claim for refund for such taxable year, or within one year from the date Ante, p. 862 . of enactment of the Revenue Act of 1939, whichever of such periods Interest, restriction expires the later. No interest shall be allowed or paid on the amount on pamenof any overpayment refunded or credited by reason of the provisions of this section. uoor stoes ad- SEC. 911. Subsection (d) of section 602 of the Revenue Act of cultural Adjustment 1936, as amended, (relating to floor stocks adjustment) is amended Act. Time limitation for by striking out "January 1, 1937", and inserting in lieu thereof fing of clais. "January 1, 1940". 49 p Approved, Aug 17411939. 7 U. s. C., supp. Approved, August 10, 1939. IV, §642 (d). 1402 [53 STAT.