Page:United States Statutes at Large Volume 63 Part 1.djvu/929

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63 STAT.] 81ST CONG. , 1ST SESS.-CHS. 714, 720-OCT. 25 , 1949 Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the Commission on Renovation of the Executive Mansion is hereby empowered, with the approval of the President, to determine the details of and to execute a suitable plan for the preservation or other appropriate disposition of all the materials removed from the Executive Mansion in connection with the renovation thereof and consistent with their symbolical value and without commercial exploitation: Provided, That report shall be made to the Congress of action taken under this authority on Janu- ary 3, 1950, and every six months thereafter until the final report is submitted: Providedfurther, That the Commission is hereby author- ized and empowered to use for this purpose any of the funds appro- priated for the renovation and modernization of the Executive Mansion under Public Law 119, Eighty-first Congress, first session, approved June 23,1949. Approved October 25, 1949. [CHAPTER 720] AN ACT To amend certain provisions of the Internal Revenue Code. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. FARMERS' RETURNS AS DECLARATIONS OF ESTIMATED TAX. Section 60 (a) of the Internal Revenue Code (relating to declaration of estimated tax by farmers) is hereby amended by striking out the period at the end thereof and inserting in lieu thereof the following: "; and if such an individual files a return on or before January 31 of the succeeding taxable year, and pays in full the amount computed on the return as payable, such return shall have the same effect as that prescribed in section 58 (d) (3) in the case of a return filed on or before January 15." SEC. 2 . FOREIGN TAX CREDIT. (a) Section 131 (c) of the Internal Revenue Code (relating to adjustments on payment of accrued taxes) is hereby amended by add- ing at the end thereof the following new sentences: "In such redeter- mination by the Commissioner of the amount of tax due from the taxpayer for the year or years affected by a refund, the amount of the taxes refunded for which credit has been allowed under this section shall be reduced by the amount of any tax described in subsection (a) imposed by the foreign country or possession of the United States with respect to such refund; but no credit under this section, and no deduc- tion under section 23, shall be allowed for any taxable year with respect to such tax imposed on the refund. No interest shall be assessed or collected on any amount of tax due upon any redetermination by the Commissioner, resulting from a refund to the taxpayer, for any period prior to the receipt of such refund, except to the extent interest was paid by the foreign country or possession of the United States on such refund for such period." (b) The amendment made by subsection (a) shall be applicable with respect to taxable years beginning after December 31, 1938. If the allowance of a credit or refund of any overpayment of tax resulting from the application of the amendment made by subsection (a) is pre- vented on the date of the enactment of this Act, or within one year from such date, by the operation of any law or rule of law (other than 891 Commission on Renovation of the Ex- ecutive Mansion. Preservation, etc., of materials. Report to Congress. Use of funds. Ante, p. 235 . October 25, 1949 [H. R . 5268] [Public Law 378] Internal Revenue Code, amendments. 57 Stat. 143. 26U.S.C. 60(a). 58 Stat. 243. 26 U.S. C.. 58 (d) (3). 53 Stat. 57. 26U.. C. 131(c). 53 Stat. 12. 26U.S.C.C 23; Supp. II, i 23. Pout, p. 892 .