77TH CONG., 2n SESS.- CH. 619-OCT. 21, 1942 "(f) DEFICIT CREDIT.-T he amount by which the adjusted net income exceeds the sum of (1) the earnings and profits accumulated after February 28, 1913, as of the beginning of the taxable year, and (2) the earnings and profits of the taxable year (computed as of the close of the taxable year without diminution by reason of any distributions made during the taxable year). For the purposes of this subsection, earnings and profits of the taxable year shall be com- puted without diminution by the amount of the tax imposed under section 14, 102, 103, or 351 for such taxable year; and earnings and profits accumulated after February 28, 1913, as of the beginning of the taxable year, shall be diminished on account of the tax under section 14, 102, 103, or 351 for any previous taxable year only by the amount of such tax as computed under the amendments made by section 501 of the Revenue Act of 1942. "(g) STOCK REDEMPTION CREDIT. -An amount equal to the portion of the recognized gain, realized within the taxable year and prior to March 3, 1936, from the sale or other disposition of a capital asset, which, pursuant to a contract, was distributed prior to such date to shareholders in redemption in whole or in part of preferred stock and which is not otherwise allowable as a credit under any other provision of this section or section 27." (b) EFFECTIVE DATE OF AMENDMENTS.- The amendments made by subsection (a) shall be effective as of the date of the enactment of the Revenue Act of 1936. (c) OVERPAYMENTS.-I f the refund or credit of any overpayment for any taxable year, to the extent resulting from the application of this section, is prevented on the date of the enactment of this Act or within one year from such date, then, notwithstanding any other pro- vision of law or rule of law (other than this subsection and other than section 3761 of the Internal Revenue Code or section 3229 of the Revised Statutes, or such section as amended by section 815 of the Revenue Act of 1938, relating to compromises), such overpayment shall be refunded or credited in the same manner as in the case of an income tax erroneously collected under the Revenue Act of 1936, if claim therefor is filed within one year from the date of the enactment of this Act. SEC. 502. STAMP TAX ON CERTAIN INSURANCE POLICIES. (a) IMPOSITION OP TAX. - Section 1804 (relating to stamp tax on policies issued by foreign insurers) is amended to read as follows: "SEC. 1804. INSURANCE POLICIES. "(a) INSURANCE POLICIES OTHER THAN LIFE, AND INDEMNITY, FIDELITY OR SURErr BONDS. -On each policy of insurance (other than life), indemnity, fidelity, or surety bond, or certificate, binder, cover- ing note, receipt, memorandum, cablegram, letter, or other instrument by whatever name called whereby a contract of insurance or an obliga- tion of the nature of an indemnity, fidelity, or surety bond is made, continued, or renewed against, or with respect to, hazards, risks, losses, or liabilities wholly or partly within the United States, if issued to or for, or in the name of, a domestic corporation or partnership, or an individual resident of the United States, or with respect to hazards, risks, or liabilities within the United States, if issued to or for, or in the name of, a foreign corporation, foreign partnership, or nonresident individual, engaged in a trade or business within the United States, and if the insurer is a nonresident alien individual, or a foreign part- nership, or a foreign corporation, and if such policy or other instru- ment is not signed or countersigned by an officer or agent of the insurer 49 Stat. 1655, 1676, 1677, 1732. 49 Stat. 1666 . 49 Stat. 1648 . 53 Stat. 462. 26 U. S. C.§ 3761. 52 Stat. 578 . 49 Stat. 1648 . 63 Stat. 197. 260 . S. C., Supp. 1, i§104. 56 STAT.] 955
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