PUBLIC LAWS-C. 63 -FEB. 25, 1944 SEC. 203. CERTAIN FISCAL YEAR TAXPAYERS. (a) COMPUTATION OF TAX FOR TAXABLE YEARS BEGINNING IN 1943 54tat. 975. AND ENDING IN 1944.- Section 710 (a) (relating to imposition of excess 26uio8.sc. supp. profits tax) is amended by inserting at the end thereof the following te. 3; infra. new paragraph: "(6) TAXABLE YEARS BEGINNING IN 1943 AND ENDING IN 1944.- In the case of a taxable year beginning in 1943 and ending in 1944, the tax shall be an amount equal to the sum of- "(A) that portion of a tentative tax, computed as if the law applicable to taxable years beginning on January 1, 1943, were applicable to such taxable year, which the number of days in such taxable year prior to January 1, 1944, bears to the total number of days in such taxable year, plus "(B) that portion of a tentative tax, computed as if the law applicable to taxable years beginning on January 1, 1944, were applicable to such taxable year, which the number of days in such taxable year after December 31, 1943, bears to the total number of days in such taxable year." (b) COMPUTATION OF TAX FOR TAXABLE YEAR BEGINNING IN 1941 6 Stat. 900 pp. AND ENDING Arrr JUNr 30, 1942.-Section 710 (a) (3) (relating to mi, no (a)(3). certain fiscal year taxpayers) is amended to read as follows: "(3) TAXABLE YEARS BEGINNING IN 1941 AND ENDING AFTER JUNE so, 1942.- In the case of a taxable year beginning in 1941 and ending after June 30, 1942, the tax shall be an amount equal to the sum of- "(A) that portion of a tentative tax under this subchapter, computed as if the law applicable to taxable years beginning on January 1, 1941, were applicable to such taxable year, which the number of days in such taxable year before July 1, 1942, bears to the total number of days in such taxable year, plus "(B) that portion of a tentative tax under this subchapter, computed as if the law applicable to taxable years beginning on January 1, 1941, were applicable to such taxable year, but 6 t. 5., Supp. as if the amendments made by sections 105 (a), (b) (other II,g 3,15,23, 26. than those relating to dividends on the preferred stock of 26 U.s C., Supp. public utilities), (c), (d), and (e) (1), 202, and 206 of the Il, o710,711. Revenue Act of 1942 were applicable to such taxable year, which the number of days in such taxable year after June 30, 1942, bears to the total number of days in such taxable year." (c) TAXABL YEARS To WmICH APPLCABLE.- The amendment made by subsection (a) shall be applicable only to taxable years beginning in 1943 and ending in 1944. The amendments made by subsection (b) shall be applicable only to taxable years beginning in 1941 and ending after June 30, 1942. SEC. 204. INCREASE IN SPECIFIC EXEMPTION. 54 Stat. 975. 26 U.s . c., Supp. (a) IN GENERAL-Section 710 (b) (1) (relating to the specific m, 710 (b) (1). exemption) is amended by striking out '$5,000" and inserting m lieu thereof "$10,000". 31 tat. 55stat. (b) RErURN REQUREMENT. -Section 729 (b) (2) (relating to 26 U. s . c .iSupp. return requirement) is amended by striking out "$5,000" and insert- m,b . ing in lieu thereof "$10,000". 893St.-5 (c) CONSOIDATED RFrURNs. - Section 141 (c) (relating to compu- m26 U .(c)., pp. tation of tax in case of consolidated return) is amended by striking out "$5,000" and inserting in lieu thereof "$10,000". [58 STAT.
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