PUBLIC LAW 183—OCT. 20, 1951
provisions of section 7(c) of such Act, as amended, shall not apply to an overpayment resulting from the application of this section. SEC. 610. REVERSIONARY INTERESTS IN CASE OF LIFE INSURANCE. If refund or credit of any overpayment resulting from the applica26 u!s*." a §'811 note. ^^^^ ^f section 503 of the Revenue Act of 1950 was prevented on October 25, 1950, by the operation of any law or rule of law (other than section 3760 of the Internal Revenue Code, relating to closing agreements, and i u*s.*c?.' §§ 3760, other than section 3761 of such code, relating to compromises), refund 3761. or credit of such overpayment may, nevertheless, be made or allowed if claim therefor was filed after October 25, 1949, and on or before October 25, 1950. SEC. 611. INCOME PURSUANT TO AWARD OF INTERSTATE COMMERCE COMMISSION. 26u.*s.c! §42. (^) Notwithstanding section 42 of the Internal Revenue Code, amounts received, pursuant to an award under the order issued under 39 u^ s.^a § 523 et the Railway Mail P a y Act of 1916 by the Interstate Commerce Commission on December 4, 1950, as compensation for the transportation of mail during 1950 and prior years shall be deemed to be income which accrued in the taxable years in which the services to which such ^"^"" compensation relates were rendered. Notwithstanding section 292 of such code, no interest shall be assessed or collected for any period prior to July 1, 1951, with respect to that part of any deficiency which the Secretary determines to be attributable to the inclusion of income in a taxable year by reason of the application of this section. Any deficiency attributable to the inclusion of income in any taxable year by reason of the application of this section may be assessed at any time prior to the expiration of the period for assessment with respect to the taxable year of the taxpayer which includes December 4, 1950, 26 u^s.^c. § 275. notwithstanding the provisions of section 275 of the Internal Revenue Code or any other provision of law or rule of law which would otherwise prevent such assessment. 26u.*s.^'. §292. (b) Section 292 (relating to interest on deficiencies) is hereby amended by adding at the end thereof the following new subsection: " (d) With respect to any corporation entitled to receive payment for the transportation of United States mail, if an award is retroactively received for the transportation of United States mail, and if such award is required to be treated as income in the year or years in which the mail was carried, then, notwithstanding the provisions of subsection (a) of this section, no interest shall be due, with respect to any period prior to thirty days after such award is granted, for tax deficiencies resulting from the inclusion of such additional mail payments retroactively. SEC. 612. CREDIT IN PRIOR TAXABLE YEARS FOR DIVIDENDS RECEIVED ON PREFERRED STOCK OF A PUBLIC UTILITY. I n the case of taxable years beginning before April 1, 1951, any Ante, pp. 468, 469, reference in section 15(a) or 26 (b) of the Internal Revenue Code to 487, dividends received on the preferred stock of a public utility shall be construed as referring only to dividends received on the preferred stock of a public utility with respect to which the credit provided in ^n««,p.469. section 26(h) of such Code for dividends paid was allowable. SEC. 613. CONSOLIDATED RETURNS—INCLUDIBLE CORPORATION. If an aifiliated group making a consolidated return with respect to the first taxable year of the group ending after June 30, 1950, included a corporation described in section 454(f) of the Internal Revenue Stat M*^*' ^^^' ^ Code pursuant to the consent provided in section 141(e)(7) of such 26 U.S.C. § 454, code, such corporation may withdraw such consent at any time within § 141 (e)(7).