PUBLIC LAWS--H . 619-OCT. 21, 1942 53 Stat. 157 . 26U.S.C.§1027 (d). 53 Stat. 157. 26U.S.C.§1030 (b). 49 Stat. 1656 . 49 Stat. 1665, 1664. 49 Stat. 1664. Poat, p. 965. 49 Stat. 1664. 49 Stat. 1664 . to a donor outside the States of the Union and the District of Columbia, the period specified in this paragraph shall be one hundred and fifty days in lieu of ninety days." (b) EFFECTIVE DATE.- The amendment made by this section shall be applicable with respect to notices of deficiency mailed after the date of the enactment of this Act. SEC. 457. OVERPAYMENT FOUND BY BOARD. The second sentence of section 1027 (d) (relating to overpayment found by the Board of Tax Appeals) is amended by striking out "or the filing of the petition" and inserting in lieu thereof "or the mailing of the notice of deficiency". SEC. 458. DEFINITION OF PROPERTY IN UNITED STATES. (a) TECHNICAL AMENDMENT TO DEFINITION.- Section 1030 (b) is amended to read as follows: "(b) PROPERTY WITHIN THE UNITED STATES. -Stock in a domestic corporation owned and held by a nonresident not a citizen of the United States shall be deemed property situated within the United States." (b) EFrFEcrVE DATE OF AMENDMENT. -T he amendment made by this section shall be effective as of February 10, 1939. TITLE V-AMENDMENTS TO PRIOR REVENUE ACTS AND MISCELLANEOUS PROVISIONS SEC. 501. ADDITIONAL CREDITS FOR UNDISTRIBUTED PROFITS TAX. (a) AMENDMENTS TO THE REVENUE ACT or 1936. - (1) Section 14 (a) (2) of the Revenue Act of 1936 (relating to definition of undistributed net income) is amended to read as follows: "(2) The term 'undistributed net income' means the adjusted net income minus the sum of (A) the dividend paid credit pro- vided in section 27, (B) the credit provided in section 26 (c) relating to restrictions on payment of dividends, (C) except in cases where section 26 (c) (1) is applicable, the deficit credit provided in section 26 (f), and (D) the redemption credit provided in section 26 (g)." (2) Section 26 (c) of the Revenue Act of 1936 (relating to credits of corporations) is amended by amending the heading to read as follows: "(c) RESTRICTIONS ON PAYMENT OF DIVIDENDS.- "; and by amending paragraph (3) to read as follows: "(3) DEFICIT CORPORATIONS.- In the case of a corporation hav- ing a deficit in accumulated earnings and profits as of the close of the preceding taxable year, the amount of such deficit, if the corporation is prohibited by a provision of a law or of an order of a public regulatory body from paying dividends during the existence of a deficit in accumulated earnings and profits, and if such provision was in effect prior to May 1, 1936. "(4) DoUBLE CREDIT NOT AILOWED.-If more than one of the credits provided in the foregoing paragraphs (1), (2), and (3) apply, then the paragraph which allows the greatest credit shall be applied; and, if the credit allowable under each paragraph is the same, only one of such paragraphs shall be applied." (3) Section 26 of the Revenue Act of 1936 (relating to credits of corporations) is amended by adding at the end thereof the following new subsections: 954 [56 STAT.
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