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Page:United States Statutes at Large Volume 61 Part 1.djvu/944

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PUBLIC LAWS-CHS. 515, 516-AUG. 8, 1947 443 Stat. 45; 58 Stat. (b) So much of section 114 (b) (4) of the Internal Revenue Code 26U.S. . 114 (b) (relating to percentage depletion for certain minerals) as precedes the (4). second sentence thereof, is amended to read as follows: "(4) PERCENTAGE DEPLETION FOR COAL, BAUXITE, FLUORSPAR, FLAKE GRAPHITE, VERMICULITE, BERYL, FELDSPAR, MICA, TALC (IN- CLUDING PYROPHYLLITE), LEPIDOLITE, SPODUMENE, BARITE, BALL, SAGGER, AND CHINA CLAY, ROCK ASPHALT, PHOSPHATE ROCK, TRONA, BENTONITE, GILSONITE, THENARDITE, AND METAL MINES, POTASH, AND SULIPUR.-- "(A) In General. -The allowance for depletion under sec- 53 Stat. 23(). tion 23 (m) shall be, in the case of coal mines, 5 per centum, in the case of metal mines, bauxite, fluorspar, flake graphite, vermiculite, beryl, feldspar, mica, talc (including pyro- phyllite), lepidolite, spodumene, barite, ball, sagger, and china clay, phosphate rock, rock asphalt mines, trona, ben- tonite, gilsonite, thenardite (from brines or mixtures of brine), and potash mines or deposits, 15 per centum, and in the case of sulfur mines or deposits, 23 per centum, of the gross income from the property during the taxable year, excluding from such gross income an amount equal to any rents or royalties paid or incurred by the taxpayer in respect of the property. 26 sU.4C 11s4 (b) (c) The first sentence of section 114 (b) (2) of the Internal Revenue (2). Code (relating to discovery value) is amended to read as follows: "In the case of mines (other than metal, bauxite, coal, fluorspar, flake graphite, vermiculite, beryl, feldspar, mica, talc (including pyro- phyllite), lepidolite, spodumene, barite, potash, ball, sagger, and china clay, phosphate rock, rock asphalt, trona, bentonite, gilsonite, thenar- dite, or sulfur mines) discovered by the taxpayer after February 28, 1913, the basis for depletion shall be the fair market value of the prop- erty at the date of discovery or within thirty days thereafter, if such mines were not acquired as the result of purchase of a proven tract or lease, and if the fair market value of the property is materially dispro- portionate to the cost." (d) The amendments made by subsections (b) and (c) of this sec- tion shall be applicable with respect to taxable years beginning after December 31, 1946. SEC. 16. CHARITABLE CONTRIBUTIONS BY CORPORATIONS. 56 Stat. 822 . Section 23 (q) (2) of the Internal Revenue Code (relating to char- (2). itable and other contributions by corporations) is hereby amended by striking out "the date of the cessation of hostilities in the present war, as proclaimed by the President" and inserting in lieu thereof "Decem- ber 31, 1948". Approved August 8, 1947. [CHAPTER 516] August 8, 1947 [H. J . Res. 2051 [Public Law 385] "Possessoryrights." 23 Stat. 26, 1100; 31 Stat. 330. 48U. S.C. 1358. JOINT RESOLUTION To authorize the Secretary of Agriculture to sell timber within the Tongass National Forest. Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That "possessory rights" as used in this resolution shall mean all rights, if any should exist, which are based upon aboriginal occupancy or title, or upon section 8 of the Act of May 17, 1884 (23 Stat. -2 4), section 14 of the Act of March 3, 1891 (26 Stat. 1095), or section 27 of the Act of June 6, 1900 (31 Stat. 321), whether claimed by native tribes, native villages, 920 [61 STAT.