492
Ante, pp. 466, 468, 470. Poa, p. 518. 63 Stat. 12. 26 U.S.C. §23. Ante, p p. 485, 486, 490, 491. Post, pp. 499,515.
PUBLIC LAW 183—OCT. 20, 1951
[65 STAT.
^2) By inserting after such paragraph the following: " (B) An organization exempt from taxation under the provisions of subparagraph (A) shall be subject to the taxes imposed by sections 13 and 15, or section 117(c)(1), except that in computing the net income of such an organization there shall be allowed as deductions from gross income (in addition to other deductions allowable under section 23)— "(i) amounts paid as dividends during the taxable" year upon its capital stock, and " (ii) amounts allocated during the taxable year to patrons with respect to its income not derived from patronage (whether or not such income was derived during such taxable year) whether paid in cash, merchandise, capital stock, revolving fund certificates, retain certificates, certificates of indebtedness, letters of advice, or in some other manner that discloses to each patron the dollar amount allocated to him. Allocations made after the close of the taxable year and on or before the fifteenth day of the ninth month following the close of such year shall be considered as made on the last day of such taxable year to the extent the allocations are attributable to income derived before the close of such year. Patronage dividends, refunds, and rebates to patrons with respect to their patronage in the same or preceding years (whether paid in cash, merchandise, capital stock, revolving fund certificates, retain certificates, certificates of indebtedness, letters of advice, or in some other manner that discloses to each patron the dollar amount of such dividend, refund, or rebate) shall be taken into account in computing net income in the same manner as in the case of a cooperative organization not exempt under subparagraph (A). Such dividends, refunds, and rebates made after the close of the taxable year and on or before the 15th day of the ninth month following the close of such year shall be considered as made on the last day of such taxable year to the extent the dividends, refunds, or rebates, are attributable to patronage occurring before the close of such year." (b) TECHNICAL AMENDMENTS.—
53 Stat. 33. 26 U.S.C.§101. .4m«e,pp.490,491. Supra. 57 Stat. 149. 26 U. S. 0. 5§ 421424. Ante, p. 468. Post, pp. 610,518.
63 Stat. 65. 26 U.S. O. §148.
(1) Section 101 is hereby amended by striking out "Except as provided in supplement U " and inserting in lieu thereof the following: "Except as provided in paragraph (12)(B) and in supplement U ". (2) The last sentence of section 101 is hereby amended by striking out "Notwithstanding supplement U " and inserting in lieu thereof "Notwithstanding paragraph (12)(B) and supplement U". (c) INFORMATION RETURNS.—Section 148 (relating to information
by corporations) is hereby amended by adding at the end thereof the following: " (f) PATRONAGE DIVIDENDS.—Any corporation allocating amounts as patronage dividends, rebates, or refunds (whether in cash, merchandise, capital stock, revolving fund certificates, retain certificates, certificates of indebtedness, letters of advice, or in some other manner that discloses to each patron the amount of such dividend, refund, or rebate) shall render a correct return stating (1) the name and address of each patron to whom it has made such allocations amounting to $100 or more during the calendar year, and (2) the amount of such allocations to each patron. If required by the Secretary, any such corporation shall render a correct return of all patronage dividends, rebates, or refunds made during the calendar year to its patrons. This subsection shall not apply in the case of any corporation (includ-
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