PUBLIC LAW 183—OCT. 20, 1951
dealer, or (2) to any distiller, rectifier, importer, or wholesale liquor dealer who replaced for the possessor the full equivalent of the distilled spirits so destroyed or rendered unmarketable, without compensation, remuneration, payment, or credit of any kind in respect of the tax, or tax and duty on such distilled spirits. A claim for the amount of such tax, or such tax and duty, shall be filed with the Secretary of the Treasury within ninety days from the date of enactment of this Act. The claimant shall furnish proof to the Secretary's satisfaction that (1) the internal-revenue tax on such spirits, or the tax and duty if imported, was fully paid, (2) such spirits were lost, or rendered unmarketable, by reason of damage sustained as the result of the aforesaid flood conditions, (3) claimant was not indemnified by any valid claim of insurance or otherwise against loss of the tax (or tax and duty if imported) paid on the spirits, and (4) in those cases where applicable, that the claimant has replaced for the possessor the full equivalent of the distilled spirits so destroyed or rendered unmarketable, without compensation, remuneration, payment, or credit of any kind in respect of the tax, or tax and duty, on such distilled spirits. (b) DESTRUCTION OF SPIRITS.—When the Secretary, pursuant to this section, makes refund, or allows credit, in the amount of the tax, or tax and duty, on spirits rendered unmarketable, such spirits shall be destroyed under the supervision of the Secretary. (c) CREDIT.—Where credit is allowed to a distiller or rectifier for the internal-revenue tax previously paid as aforesaid, the Secretary is authorized and directed to provide for the issuance of stamps to cover the tax on spirits subsequently withdrawn or rectified to the extent of the credit so allowed. (d) REGULATIONS.—The Secretary is authorized to make such rules and regulations as may be necessary to carry out the provisions of this section.
TITLE V—EXCESS PROFITS TAX SEC. 501. MAXIMUM TAX FOR NEW CORPORATIONS. Section 430 (relating to impositon of tax) is hereby amended as
Ante, p. 473.
(1) By adding at the end of subsection (a) thereof, as amended by section 121 of this Act, the following: "(3) in the case of a corporation for which an amount is determined for the taxable year under subsection (e), the amount determined under such subsection." (2) By r e d e s i ^ a t i n g subsection (e) as subsection (f); and (3) By inserting after subsection (d) the following new subsection:
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" (e) NEW CORPORATIONS.— "(1) ALTERNATIVE AMOUNT.—In the case of a taxpayer which
commenced business after July 1, 1945, and whose fifth taxable year ends after June 30, 1950, the amount referred to in subsection (a)(3) shall be— " (A) If the taxable year is the first or second taxable year of the taxpayer, an amount equal to 5 per centum of the excess profits net income for the taxable year, except that if the excess profits net income exceeds $300,000, the amount shall be the sum of $15,000 plus the amount determined under subparagraph (E) of this paragraph. " (B) If the taxable year is the third taxable year of the taxpayer, an amount equal to 8 per centum of the excess profits net income for the taxable year, except that if the excess profits net income exceeds $300,000, the amount shall