Page:United States Statutes at Large Volume 65.djvu/505

This page needs to be proofread.


65 STAT.]

471

PUBLIC LAW 183—OCT. 20, 1951

SEC. 124. PILING OF CORPORATION RETURNS FOR TAXABLE YEARS ENDING AFTER MARCH 31, 1951, AND BEFORE OCTOBER 1, 1951.

In the case of a corporation subject to a tax imposed by chapter 1 of the Internal Revenue Code for a taxable year ending after March 31, 1951, but prior to October 1, 1951, such corporation shall after the date of the enactment of this Act and on or before January 15, 1952, make a return for such taxable year with respect to the tax imposed by chapter 1 of the Internal Revenue Code for such taxable year. The return required by this section for such taxable year shall constitute the return for such taxable year for all purposes of the Internal Revenue Code; and no return for such taxable year, with respect to any tax imposed by chapter 1 of such code, filed on or before the date of the enactment of this Act shall be considered for any of such purposes as a return for such year. The taxes imposed by chapter 1 of such code (determined with the amendments made by this Act) for such taxable year shall be paid on January 15, 1952, in lieu of the time prescribed in section 56(a) of such code. All payments with respect to any tax for such taxable year imposed by chapter 1 of such code under the law in effect prior to the enactment of this Act, to the extent that such payments have not been credited or refunded, shall be deemed payments made at the time of the filing of the return required by this section on account of the tax for such taxable year under chapter 1 determined with the amendments made by this Act.

53 Stat. 5. 26 U.S.C. § 1 et aei'.

53 Stat. 31. 26 U.S.C. §66 (a).

SEC. 125. EFFECTIVE DATE.

The amendments made by this part shall be applicable only with respect to taxable years beginning after March 31, 1951, and to taxable years beginning on January 1, 1951, and ending on December 31, 1951, except that the amendments made to sections 207, 362, and 421 of the Internal Revenue Code shall be applicable to taxable years beginning after December 31, 1950, and ending after March 31, 1951. In the case of an insurance company subject to the tax imposed by section 207, the provisions of section 26 (D) of such code applicable to the calendar year 1951 shall be applicable to a taxable year beginning after December 31, 1950, and before April 1, 1951, and ending after March 31, 1951. For treatment of taxable years (other than the calendar year 1951) beginning before April 1, 1951, and ending after March 31, 1951, see section 131.

ArOe, pp. 466-468. Post, p. 510.

Ante, p. 469. Post, p. 487.

PART III—FISCAL YEAR TAXPAYERS SEC 131. FISCAL YEAR TAXPAYERS.

(a) AMENDMENT or SEOTION 108.—Section 108 is hereby amended ^ u^1"^c°§los. by striking out paragraph (2) of subsection (f) and inserting in lieu Postip!m. thereof the following: " (2) that portion of a tentative tax consisting of— "(A) a tentative normal tax of 25 per centum of the normal-tax net income, plus "(B) a tentative surtax of 20 per centum of the surtax net income in excess of $25,000, which the number of days in such taxable year after June 30, 1950, and before April 1, 1951, bears to the total number of days in such taxable year, plus (if the taxable year ends after March 31, 1951)