65 STAT.]
PUBLIC LAW 183—OCT. 20, 1951
465
SEC. 103. INAPPLICABILITY OF CERTAIN PENALTIES AND ADDITIONS TO TAX. (a) PENALTIES FOR FAILURE TO F I L E RETURN.—Section 145 (relating to penalties with respect to failure to file returns, pay tax, etc.) is hereby amended by relettering subsection (f) as subsection (g) and ^u^s c^V45 by adding after subsection (e) a new subsection (f) as follows: "(f) In the case of taxable years beginning prior to November 1, 1951, and ending after October 31, 1951, the penalties prescribed by this section for willful failure to make declarations of, or pay, estimated tax shall not be applicable to a failure to take into account the increase in rates of tax imposed on individuals by the Revenue Act of 1951." (b) ADDITIONS TO TAX.—Section 294(d)(2) (relating to additions leu^s ^c'§ 2 4 (d) 9 to tax for substantial under-estimates of estimated tax) is hereby (2). amended by adding at the end thereof a new sentence as follows: "In the case of taxable years beginning prior to November 1, 1951, and ending after October 31, 1951, the additions to tax prescribed by this subsection shall not be applicable if the taxpayer failed to meet the requirements of this paragraph by reason of the increase in rates of tax on individuals imposed by the Revenue Act of 1951." SEC. 104. COMPUTATION OF TAX IN CASE OF CERTAIN JOINT RETURNS. If a joint return of a husband and wife is filed under the provisions of section 51(b)(3) of the Internal Revenue Code in a case where 26 u^s ^cf'§ 51 (b) the husband and wife have different taxable years because of the death (3). of either spouse, and the taxable year of the surviving spouse covered by such joint return began before November 1, 1951, and ended after October 31, 1951, the amendments made by this part and section 131 Post, p. 471. shall be applicable in respect of such joint return as if the taxable years of both spouses covered by the joint return ended on the date of the closing of the surviving spouse's taxable year. SEC. 105. EFFECTIVE DATE OF PART I. Except as provided in section 104, the amendments made by this part shall be applicable only with respect to taxable years beginning after October 31, 1951, and to taxable years beginning on January 1, 1951, and ending on December 31, 1951. For treatment of taxable years (other than the calendar year 1951) beginning before November 1, 1951, and ending after October 31, 1951, see section 131.
P"'*' P- "^L
PART II—CORPORATION INCOME TAXES SEC. 121. INCREASE IN RATE OF CORPORATION NORMAL TAX. (a) AMENDMENT OF SECTION 13.—Subsections (a) and (b) of section 13 (relating to normal tax on corporations) are hereby amended to read as follows: " (a) DEFINITIONS.—For the purposes of this chapter— "(1) ADJUSTED NET INCX)ME.—The term 'adjusted net income' means the net income minus the credit provided in section 26(a), relating to interest on certain obligations of the United States and Government corporations. "(2) NORMAL-TAX NET INCOME.—The term 'normal-tax net income' means the adjusted net income minus the sum of the following credits: " (A) The credit for dividends received provided in section 26(b); " (B) In the case of a public utility, the credit for dividends paid on its preferred stock provided in section 26(h); and
^u^g c 513 Post', p'. 518. ^u^g c" 526
^ f* | ^ j g (i,) f *g Post, p.m.
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