PUBLIC LAWS-CH. 619-OCT. 21 , 1942 Ante, pp.820, 821. Post, p. 876. 53 Stat. 15. 26U.S.C.§23(q). Ante, p. 817. Infra. Post, p. 851 . months after the date on which the claim was filed or, in case no claim was filed and the overpayment was found by the Board, ending at the time the petition was filed with the Board." (d) EFFrrIIE DATE OF AMENDMENTS. -The amendments made by this section adding the last sentence of section 23 (k) (1) and adding section 23 (k) (4) shall be effective only with respect to taxable years beginning after December 31, 1942; the amendment inserting section 23 (k) (5) and amendments related thereto shall be appli- cable only with respect to taxable years beginning after December 31, 1941; and the other amendments made by this section shall be effective with respect to taxable years beginning after December 31, 1938. (e) CROSS-rEFERENCE.- For extended period of limitation by reason of debts becoming worthless, see section 169. SEC. 125. CORPORATE CONTRIBUTIONS TO UNITED STATES, ETC, OR FOR CHARITABLE USE OUTSIDE UNITED STATES DEDUCT- IBLE. The first sentence of section 23 (q) (relating to allowance of cor- porate charitable contributions) is amended to read as follows: "In the case of a corporation, contributions or gifts payment of which is made within the taxable year to or for the use of: "(1) The United States any State, Territory, or any political subdivision thereof or the District of Columbia, or any possession of the United States, for exclusively public purposes; or "(2) A corporation, trust, or community chest, fund, or foundation, created or organized in the United States or in any possession thereof or under the law of the United States, or of any State or Territory, or of the District of Columbia, or of any possession of the United States, organized and operated exclu- sively for religious, charitable, scientific, literary, or educational purposes or for the prevention of cruelty to children (but in the case of contributions or gifts to a trust, chest, fund, or founda- tion, payment of which is made within a taxable year beginning after the date of the cessation of hostilities in the present war, as proclaimed by the President, only if such contributions or gifts are to be used within the United States or any of its possessions exclusively for such purposes), no part of the net earnings of which inures to the benefit of any private shareholder or indi- vidual, and no substantial part of the activities of which is carrying on propaganda, or otherwise attempting, to influence legislation; to an amount which does not exceed 5 per centum of the t4xpaver's net income as computed without the benefits of this subsection? SEC. 126. AMORTIZABLE BOND PREMIUM. (a) DEDTOUION FOR AMORTIZABLE BOND PREMIUM. - Section 23 (relating to deductions from gross income) is amended by inserting at the end thereof the following: "(v) BOND PREvMIUM DEDUCrION. -In the case of a bondholder, the deduction for amortizable bond premium provided in section 125." (b) GENERAL RULE, ELECTION, AND DEINITIONS.- The Internal Revenue Code is amended by inserting after section 124 the following new section: "SEC. 125. AMORTIZABLE BOND PREMIUM. "(a) GENEAiL RBuL. - In the case of any bond, as defined in sub- section (d), the following rules shall apply to the amortizable bond 822 [56 STAT.
�
