PUBLIC LAWS-C. 63--FEB. 25, 1944 5sBtat. 160 . 2U. S. o.. 1114. s5 Btat. 878. 25 U. S. C., snpp. , § 322 note. Peot, p. 74. 56 Stat. 944, 962 57 Stat. 150. 26U.. C., uBpp. II, i1811 note, 1o0 note. Pou p. 830. £(c) CERTIN DISCxmIONARY TRUSTS.- In the case of property in a trust created prior to January 1, 1939, if on and after January 1, 1939, no power to revest title to such property in the grantor could be exercisedeither by the grantor alone, or by the grantor in conjunction with any other person not having a substantial adverse interest in the disposition of such property or the income therefrom, then a relinquish- ment by the grantor on or after January 1, 1939, and prior to January 1, 1940, of power or control with respect to the distribution of such property or the income therefrom by an exercise or other termination of such power or control shall not be deemed a transfer of property for the purposes of this title. If such property was transferred in trust, the grantor not retaining such power to revest title thereto in himself, or if such power to revest title to such property in the grantor was relinquished, while a law was in effect imposing a tax upon the transfer of property by gift, this subsection shall apply only if (1) gift tax was paid with respect to such transfer or relinquishment, and not credited or refunded, or a gift tax return was made within the time prescribed on account of such transfer or relinquishment but no gift tax was paid with respect to such transfer or relinquishment because of the deductions and exclusions claimed on such return, and (2) the grantor consents, in accordance with regulations prescribed by the Commissioner with the approval of the Secretary, for all purposes of this title to treat such transfer or relinquishment m the calendar year in which effected, and for all periods thereafter, as having been a transfer of property subject to tax under this title. This subsection shall not apply to any payment or other disposition of income occurring prior to the termination of power or control with respect to the future disposition of income from the trust property." (c) INTEREST ON OVERPAYMENTT.- No interest shall be allowed or paid on any overpayment resulting from the application of this section. SEC. 503. USE OF COMMISSIONERS IN CASES BEFORE THE TAX COURT OF THE UNITED STATES. Section 1114 (relating to procuring of testimony, etc., before The Tax Court of the United States) is amended by inserting "(a) IN GENERAL.-" before "For", and by inserting at the end thereof the following: "(b) COMMIssIONERS. - The Presiding Judge may from time to time by written order designate an attorney from the legal staff of the court to act as a commissioner in a particular case. The com- missioner so designated shall proceed under such rules and regulations as may be promulgated by the court. The commissioner shall receive the same travel and subsistence allowances now or hereafter provided by law for commissioners of the Court of Claims." SEC. 04 . RETROACTIVIT OF SEVEN-YEAR STATUTE OF LIMITA- TIONS RELATING TO BAD DEBTS. Section 169 (c) of the Revenue Act of 1942 (relating to the retro- active effect of section 322 (b) (5) of the Internal Revenue Code) is amended by striking out after December 31, 1938" and inserting in lieu thereof "after December 31, 1937". SEC. 55 . EXTENSION OF TIME IN CONNECTION WITH RELEASE OF POWERS OF APPOINTMENT. Section 403 (d) (3) of the Revenue Act of 1942 is amended by striking out "March 1, 1944" wherever it appears and inserting i [58 STAT.
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