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IIPORT OI’ "[LH'I IF'YJAM The VICE PRESIDENT l.i:d before the Senate a communication from the Administrative Assistant Secretary of the Interior, transmitting. pursuant to law. a report for the fiscal year 1961 of contracts with private companies to extract llt'lillm from natural itas. and additional information regarding the current status of the program up to December 31. 1961: which. with the accompaminl papers, was referred to the Committee on Interior and Insular Affain anon or roar cunts run :r nuisances? or 1: Stir: The VICE PRESIDENT laid before :he Senate a communication from 13.’; administrative Assistant Attorney General. tfltflaIf‘iilllIL-l. pursuant to law, .i report of the 8dfllill;blfflll\'t: tort claLms paid by the Department for the fiscal year 1961 which, ruin the accompanying report. was referred to the Committee on 12.0 Judiciary. ACT!“ IIZISG AI’I'IOPIIAYIOKS Ti 7. AYCIZC :sncr (‘UIIISSIOK The VICE PRESIDENT laid be.’ :e the Senate a Communication {rim il.c Chairman of the US Atomic Erich‘? Commission. transmitting a draft - 1 proposed legislation authorizing apr: ;>:;ations for the Atomic Ehicrxy (‘Offiffil‘élOIi in acccrdance with section 261 of the Atormc Energy Act of 1954; much with re accompanying paper. a (U :r fern-d to the Joint Committee on Azcmx Energy. umrars or norrsszos'iii. .n: s IL‘ifZHC rosirioxs ix cunts- cOiiihllIhf cz PAHTIIKTS The VICE PRESIDENT lay}. fete the Senate a communication 1:1 in the Director of Personnel. Ix-partm-n'. t! Commerce. transmitting. pun-sari. to law. reports of ;).'\J.'"\.*;\il".i\; and ~c;cr.tific positions eszabluhcd :r. 12.1- Department for the calendar year 1961: ant-3:. with the accompanying papers, aas referred to the Committee on Post Office and (‘it'll Service The VICE PRESIDENT ‘.azd the Senate a communication 1: :n the Director of the Administrative Office 1 f the US. Courts. Ifflll\fflll'.;.'.;.’, irirsuant to law, reports of professional and scentiflc positions established 1:: the ci-zx's for the calendar year 1961; and“. agth the accompanying papers. was referred to the Committee on l’a~t O;Z.I:e and Civil Service. neon or mirioiui. tAilO! IELAYIHXS IOAID The VICE PRESIDENT laid before the Senate a communication from the Chairman of the National Labor Relations Board. transmitting, pursuant to Deb re law, the annual report of the Board for the fiscal year 1961, showing the names, salaries, and duties of all employees and officers of the Board, and cases heard or in which decisions were rendered by the Board; which, with the accompanying report, was referred to the Committee on Labor and Public Welfare. PETITIONS The VICE PRESIDENT laid before the Senate a resolution of the Legislature of the Territory of Guam favoring the enactment of legislation authorizing and empowering the appropriate department to reopen land condemnation of lands within the territory of Guam; which was referred to the Committee on Interior and Insular Affairs. Mr. JOHNSTON (for himself and Mr. THURMOND) presented a concurrent resolution of the Legislature of the State of South Carolina favoring the noncancellation by Federal Communications Commission of the license and franchise held by WIS—TV, Columbia, SC, for television transmission over VHF channel 10; which was referred to the Committee on Commerce. REPORTS OF COMMITTEES Mr. JOHNSTON, from the Committee on Post Office and Civil Service, to whom were referred the following resolutions, reported them each without amendment and submitted reports thereon, as follows: S. Res. 235. Resolution authorizing the Committee on Post Office and Civil Service to employ an additional clerical assistant (Rept. No. 11251); and S. Res. 236. Resolution authorizing the Committee on Post Office and Civil Service to investigate the postal service and civil service systems (Rept. No. 1126). Ordered, That the resolutions be referred to the Committee on Rules and Administration. Mr. MAGNUSON, from the Committee on Rules and Administration, to whom was referred the resolution (S. Res. 251) authorizingr the Committee on Commerce to investigate certain matters within its jurisdiction, and providing funds therefor reported it with an amendment; and Ordered, That it be referred to the Committee on Rules and Administration. Mr. ROBERTSON, from the Joint Committee on Defense Production, submitted the 11th annual report (No. 1124) on the activities of the joint committee: which was ordered to be printed with illustrations. INTRODUCTION or BILLS AND A JOINT RESOLUTION Bills and a joint resolution were introduced, severally read the first and second times by unanimous consent, and referred as follows: By Mr. DIRKSEN: S. 2717. A bill to authorize certain improvement of Hurricane Creek for flood control purposes in the vicinity of Hillview, 111.; to the Committee on Public Works. By Mr. LAUSCHE: S. 2718. A bill for the relief of Mrs. Juana Christopetrou; to the Committee on the Judiciary. By Mr. HAYDEN: S. 2719. A bill to authorize the Secretary of Defense to lend certain Army, Navy, and Air Force equipment and to provide transportation and other services to the Boy Scouts of America in connection with the World Jamboree of Boy Scouts to be held in Greece in 1963, and for other purposes; to the Committee on Armed Services. By Mr. KERR (for himself, Mr. BUSH, and Mr. MONRONEY) : S. 2720. A bill to authorize reimbursement to the States or the designation of additional Interstate System mileage for certain free or toll highways now on the Interstate System, and for other purposes; to the Committee on Public Works. By Mr. CHURCH (by request): S. 2721. A bill to provide relief for the heirs and devisees of Fly and Her Growth, deceased Lower Brule Indian allottees; to the Committee on Interior and Insular Afiairs. By Mr. BUSH: S. 2722. A bill for the relief of Miss Livia Sernini (Cucciatti); to the Committee on the Judiciary. By Mr. ANDERSON: S. 2723. A bill to provide that lands within the exterior boundaries of a national forest acquired under section 8 of the act of June 28, 1934, as amended (43 U.S.C. 315g), may be added to the national forest, and for other purposes; to the Committee on Interior and Insular Affairs. By Mr. BENNETT: S. 2724. A bill to amend section 203(1) of the Federal Property and Administrative Services Act of 1949 to permit the disposal of surplus property for use in the development, operation, and maintenance of State parks and State recreational areas; to the Committee on Government Operations. By Mr. HARTKE: S. 2725. A bill to provide for a special additional appropriation for the purpose of accelerating research with respect to the causes, prevention, and cure of cancer, heart disease, and mental illness; to the Committee on Labor and Public Welfare. S. 2726. A bill to provide for the establishment of a Citizens‘ Council for the Spread of Freedom; to the Committee on Foreign Relations. S. 2727. A bill to provide for the establishment of a Permanent Commission on Governmental Operations; to the Committee on Government Operations. By Mr. PASTORE: S. 2728. A bill for the relief of Chan Wing Cheung, also known as Bill Woo; to the Committee on the Judiciary. By Mr. GOLDWATER: S. 2729. A bill for the relief of Horn Wah Yook (also known as Horn Bok Hcung); to the Committee on the Judiciary. By Mr. FULBRIGHT: S. 2730. A bill to waive the limitations and restrictions of section 142 of title 28, United States Code, with respect to the holding of court at Fayetteville, Ark. by the US. District Court for the Western District of Arkansas; to the Committee on the Judiciary. By Mr. WILLIAMS of New Jersey :' S. 2731. A bill to amend title 38, United States Code, to provide vocational rehabilitation, education and training, mustering-out and loan guaranty benefits for veterans of service after January 31, 1955, to provide that mustering-out pay shall be paid at increased rates for persons recalled to active duty since August 1, 1961, to provide loan assistance for persons so recalled who were compelled to liquidate their business, and for other purposes; to the Committee on Labor and Public Welfare. S. 2732. A bill for the relief of Yoon So Shim; to the Committee on the Judiciary. By Mr. quest) : S. 2733. A bill to amend section 20b of the Interstate Commerce Act. as amended; to the Committee on Commerce. By Mr. RUSSELL (for himself and Mr. SAL'roNs'rALL): S. 2734. A bill to authorize appropriations during fiscal year 1963 for aircraft, missiles, and naval vessels for the Armed Forces, and for other purposes; to the Committee on Armed Services. By Mr. BEALL: S. 2735. A bill for the relief of John R. Devereux; to the Committee on the Judiciary. By Mr. CAPEHART: S. 2736. A bill for the relief of Arie Abramovich; to the Committee on the Judiciary. By Mr. MAGNUSON (for himself. Mr. CHURCH, Mr. JACKSON, Mr. Moasrz, and Mrs. Nl-masacsn): S. 2737. A bill to encourage the use of American-flag vessels by domestic industries, and for other purposes; to the Committee on Commerce. By Mr. SCO'I'I‘: S. 2738. A bill to deny the use of the US. postal service for the carriage of Communist political propaganda; to the Committee on Post Oflice and Civil Service. MAGNUSON (by re By Mrs. NEU'BERGER (for herself and Mr. Morass): S. 2739. A bill to authorize the Secretary of the Interior to construct, operate, and maintain the Merlin division. Rogue River Basin project, Oregon, and for other purposes: to the Committee on Interior and Insular Affairs. By Mr. KERR (for himself and Mr. Cmvzz» (by request): S.J. Res. 148. Joint resolution providing for the establishment of the National Capital Parks Memorial Board; to the Committee on Public Works. ADDITIONAL COAUTHORS OF SENATE JOINT RESOLUTION 142 On motion by Mr. M0622, and by unanimous consent, Ordered, That the names of the following Senators be added as coauthors of the ioint resolution tSJ. Res. 142) proposing an amendment to the Constitution of the United States relative to equal rights for men and women: Mr. Hlt‘l-tt‘i', Mr. Ciuvsz. .\fr. Grunts-c. Mr. Loss of Missouri. Mr. Btatr. Mr. BRUSKA. Mr. Moss. Mr. YOUKC of North Dakota. Mr. Cooi-rr. Mr. Bean. Mr. Butt. .\ir. BARTLIZTT, Mr. litoitsr, Mr. Saurnrns. Mr. Titunocs. Mr. Dwoasnut. and Mr. CARLSON. ZXF‘IXSIIS OI’ (‘ONIXTTIIZ TO ATTIND TU’ mat. or m: LAT! snuroa sciiourri. .\fr. CAILSOI submitted the following resolution (8. Res. 272i: Resolved, That the Secretary of the Senate is hereby authorized and directed to pay from the contingent fund of the Senate the actual and necessary expenses incurred by the committee appointed to arrange for and attend the funeral of the Honorable Andrew F. Schoeppel. late a Senator from the State of Kansas. on vouchers to be approved by the chairman of the Committee on Rules and Administration. The Senate proceeded, by unanimous consent. to consider the said resolution; and Resolved, That thereto. ADDmOXAL FUNDS POI SU‘BCONHITTEI 0N IICIATOIY LABOR 0' (‘0M NITTEE ON LA80! AND PUBLIC \\’£LI‘.\IE Mr. WILLIAMS of New Jersey submitted the following resolution 15. Res. 2731: which was referred to the Committee on Labor and Public Welfare: Rcsolred, That the Committee on Labor and Public Welfare. or any duly authorized subcommittee thereof. is authorized under sections ill-ital and 138 of the Legislative R§Ofttfltllltttl0f1 Act of 1946. as amended. and in accordance ‘nth its jurisdictions specified by rule XXV of the Standing Rules of the Senate. to examine. investigate, and make a complete study of any and all matters pertaining to migratory labor ltlt‘ltldllltt. but not limited to. such problems as (a) the wages of migratory workers, their working conditions. transportation facilities. hOtlSltli-l. health and educational opportunities for migrants and their children. (b) the nature of and the relationships between the programs of the Federal Government and the programs of State and local governments and the activities of private organizations deal111$! with the problems of migratory workers. and (c) the degree of additional Federal action necessary in this area. Sec. 2. For the purposes of this resolution the committee. from February 1. 1962. to January 31. 1963. inclusive. is authorized (1) to make such expenditures as it deems advisable; (2) to employ upon a temporary basis. technical. clerical. and other assistants and consultants: Provided. That the minority is authorized to select one person for appointment. and the person so selected shall be appointed and his compensation shall be so fixed that his cross rate shall not be less by more than$1,400 than the the Senate agree highest gross rate paid to any other employee; and (3) with the prior consent of the heads of the departments or agencies concerned. and the Committee on Rules and Administration. to utilize the reimbursable services. information. facilities. and personnel of any of the departments or agencies of the Government Sac. 3. The committee shall report its findings. together with its recommendations for legislation as it deems advisable. to the Senate at the earliest practicable date. but not later than January 31. 1963. Ste. 4. Expenses of the committee under this resolution. which shall not exceed 550.000. shall be paid from the contillitt‘lit fund of the Senate upon vouchers approved by the chairman of the committee. srocit msraiauriou nurse A5 smart or ciirmu. The Senate. under its order of January 18. 1962. resumed the consideration of its unfinished busines; viz, the bill Gift 8847) to amend the Internal Revenue Code of 1954 so as to provide that a distribution of stock made to an individual tor certain corporations) pursuant to an order enforcing the antitrust laws shall not be treated as a dividend distribution but shall be treated as a return of capital; and to provide that the amount of such a distribution made to a corporation shall be the fair market value of the distribution. Pending debate. On motion of Mr. Goa: to recommit the bill to the Committee on Finance with instructions to report back. at such time as a final order prescribing the terms of divestiture of General Motors stock by E. l. du Pont de Nemours & Co shall have been entered. a bill providing such tax relief as the committee may deem appropriate and equitable. Pending debate. Isssacs raost nit: nous! A message from the House of Representatives. by Mr. Bartlett, one of its clerks: Mr. President: The House of Representatives has passed the following resolution. which I am directed to communicate to the Senate: Resoircd. That the House has heard with profound sorrow of the death of the Honorable Assam F. scnozrrn. a Seaator of the United States from the State of Kansas. Resolved. That the Clerk communicate these resolutions to the Senate and transmit a copy thereof to the family of the deceased Senator. Resolved. That a committee of six Members be appointed on the part of the House to join the committee appointed on the part of the Senate to attend the funeral. Resolved. That as a further mark of respect to the memory of the deceased the House do now adjourn. aisratwriort TREATIID AS ant-its or CAPITAL The Senate resumed the consideration of its unfinished business. viz, the bill (H R. 8847) to amend the Internal Reve STOCK nue Code of 1954 so as to provide that a titstribution of stock made to an individual -or certain corporations' pursuant to an order enforcing the antitrust laas shall not be treated as a dividend distribution but shall be treated as a return of capital: and to provide that the amount of such a distribution made to a corporation shall be the fair market value of the distribution The question being on agreeing to .\f:. Gou's motion to recommit the bill aztii instructions. Pending debate. The hour of 2 arrived. The Senate. under its order of January 18, 1962, proceeded to tour on .\f.'. Goat's motion to recommit, with instructions; and It was determined in{ Yeas----- 25 the negative. Nays...“ 6? On motion by Mr. Kt'cntt, The yeas and nays being desired by one-fifth of the Senators present. Senators who voted in the affirmative are— o'clock pm. having Bartlett linden mes-1;! Burdiek Humphrey Us“ Carroll Jackson lather“! Church Kefaum Fell Clark Latucno Prounln Douglas Lon‘. RAIN-l Smith, Llano Ooro Shannon Taro-awn‘: 0mm‘ "to" 11...". Mch‘amara Senators who voted in the neganve are— Aiken Irvin Murphy Aiiott Pong 1'»: .'c Anderson will‘!!! PM!’ Ooldnto: Randolph Bennett Battle Robertson Bible Rickey BM Soap Bill Saltonllatl Bush Holland Scott 8) rd. Va m Brannon Byrd. W \‘n. Jl'lll Smith. Home moon Johnston W arm/rt Jm .“'.(‘I.Z.'.l Carbon Sauna Bnaia‘toa Cue, N J. Kerr ‘him Can. 8. Oak. Kuchel Thurmcnd Loan. No m Cotton LOB‘. Ll will‘! (‘zirtla Mansfield Willi-Ill. K J Dltlatt‘. Why Ilium Del Dudd LleClelian Young. .'| M D'Iurahak Honrot‘e)‘ 1m Ohio KLletzde! Norton Eagle Hund So the motion was not agreed to. On motion by .\fr. Bran of Virginia to reconsider the vote disagreeing to the motion. On motion by .\i.'. Diaitszs. The motion to reconsider was 14:5. on the table. On motion by Mr I)uC;L\5 to amend the bill by striking out in various places certain words and inserting 11‘. lieu thereof other words. On motion by .\ir Dot-cuts. The yeas and nays, being desired by one-fifth of the Senators present, acre ordered on the question of agreeing ‘.0 the amendments. After debate, The question being taker. or. amt-cm; to the amendments propdsed by Mr. Dot'cus. v11. On page 2. lines 7 and 8, strike out to a qualifying shareholder as defined in subsection (b))” shareholder On page 2, strike out lines 12 through 16, as follows: “(b) QUALIFYING SHAREHOLDER.—FOI‘ purposes of this section, the term ‘qualifying shareholder’ means any shareholder other than a corporation which may be allowed a deduction under section 243, 244, or 245 with respect to dividends received.” On page 2, line 17, strike out “(o)” and insert (b) On page 3, after line 2, insert the following: “(3) Amount distributed to corporate distributees.—Notwithstanding section 301(b) (1) (but subject to section 301(b) (2)), for purposes of this section the amount of a distribution of divested stock received by a corporation shall be the fair market value of such stock. “(4) Basis of divested stock received by corporate distributees.--Notwithstanding section 301(d), the basis of divested stock received by a corporation in a distribution to which subsection (a) applies shall be the fair market value of such stock.” On page 3, line 3, strike out “(d)” and insert (0) On page 3, line 12, strike out “(e)” and insert (d) On page 2, line 7, strike out “(e)" and insert (d) On page 5, beginning with line 4, strike out all through line 21 on page 12 as follows: “SEC. 2. (a) Section 301 of the Internal Revenue Code of 1954 (relating to distributions of property) is amended by redesignating subsection (f) as subsection (g) and inserting after subsection (e) the following new subsection: “ ‘(f) SPECIAL RULES FOR DISTRIBUTIoNs or ANTITRUST SToCK To CORPORATIONS.—— “ ‘(1) DEFINITION OF ANTRITRUST sToCK.—For purposes of this subsection, the term “antitrust stock” means stock received, by a corporation which is a party to a suit described in section 1111(d) (relating to definition of antitrust order), in a distribution made after September 6, 1961, either pursuant to the terms of, or in anticipation of, an antitrust order (as defined in subsection ((1) of section 1111). “ ‘(2) AMOUNT DISTRIBUTED—Notwithstanding subsection (b) (1) (but subject to subsection (b) (2) ), for purposes of this section the amount of a distribution of antitrust stock received by a corporation shall be the fair market value of such stock. “ ‘(3) BAsIs.—-Notwithstanding subsection (d) , the basis of antitrust stock received by a corporation in a distribution to which subsection (a) applies shall be the fair market value of such stock decreased by so much of the deduction for dividends received under the provisions of section 243, 244, or 245 as is, under regulations prescribed by the Secretary or his delegate, attributable to the excess, if any, of— and insert to a “‘(A) the fair market value of the stock, over “ ‘(B) the adjusted basis (in the hands of the distributing corporation immediately before the distribution) of the stock, increased by the amount of gain which is recognized to the distributing corporation by reason of the distribution.’ “(b) The amendments made by this section shall apply only with respect to distributions made after the date of the enactment of this Act. “SEC. 3. (a) Section 312 of the Internal Revenue Code of 1954 (relating to the effect on earnings and profits) is amended by adding at the end thereof the following new subsection: “ ‘(k) SPECIAL ADJUSTMENT 0N DIsPoSITION or ANTITRUST STOCK RECEIVED As A DIVIDEND.—If a corporation received antitrust stock (as defined in section 301 (f)) in a distribution to which section 301 applied, and the amount of the distribution determined under section 301 (f) (2) exceeded the basis of the stock determined under section 301(f) (3), then proper adjustment shall be made under regulations prescribed by the Secretary or his delegate, to the earnings and profits of such corporation at the time such stock (or other property the basis of which is determined by reference to the basis of such stock) is disposed of by such corporation.’ “(b) Subsection (b) of section 535 of the Internal Revenue Code of 1954 (relating to accumulated taxable income) is amended by adding at the end thereof the following new paragraphs: “ ‘(9) DISTRIBUTIONS 0P DIVESTED sToCK.--There shall be allowed as a. deduction the amount of any dividend distribution received of divested stock (as defined in subsection (e) of section 1111), minus the taxes imposed by this subtitle attributable to such receipt, but only if the stock with respect to which the distribution is made was owned by the distributee on September 6, 1961, or was owned by the distributee for at least 2 years prior tothe date on which the antitrust order (as defined in subsection (d) of section 1111) was entered. “ ‘(10) SPECIAL ADJUSTMENT 0N DISPOSITION or ANTITRUST STOCK RECEIVED As A DIvIDEND.—If— “ ‘( A) a corporation received antitrust stock (as defined in section 301(f)) in a distribution to which section 301 applied, “ ‘(B) the amount of the distribution determined under section 3016) (2) exceeded the basis of the stock determined under section 301 (f) (3), and “ ‘(0) paragraph (9) did not apply in respect of such distribution, then proper adjustment shall be made, under regulations prescribed by the Secretary or his delegate, if such stock (or other property the basis of which is determined by reference to the basis of such stock) is sold or exchanged.’ “(c) Section 543 of the Internal Revenue Code of 1954 (relating to personal holding company income) is amended (1) by adding at the end of paragraph (1) of subsection (a) the following new sentence: ‘This paragraph shall not apply to a dividend distribution of divested stock (as defined in subsection (e) of section 1111) but only if the stock with respect to which the distribution is made was owned by the distributee on September 6, 1961, or was owned by the distributee for at least 2 years prior to the date on which the antitrust order (as denied in subsection (d) of section 1111) fiwas entered‘; and (2) by adding at the end thereof the following new subsection: “ ‘(d) SPECIAL ADJUSTMENT 0N DIsPOSITION 0F ANTITRUST STOCK RECEIVED As A DIvIDEND.—If— “ ‘(1) a corporation received antitrust stock (as defined in section 301 (f) ) in a distribution to which section 301 applied, “‘(2) the amount of the distribution determined under section 301(f) (2) exceeded the basis of the stock determined under section 301(f)(3), and ‘I; “ ‘(3) such distribution was includible in personal holding company income under subsection (a) (1) , then proper adjustment shall be made, under regulations prescribed by the Secretary or his delegate, to amounts includible in personal holding company income under subsection (a)(2) with respect to such stock (or other property the basis of which is determined by reference to the basis of such stock) .’ “(d) Subsection (b) of section 545 of the Internal Revenue Code of 1954 (relating to undistributed personal holding company income) is amended by adding at the end thereof the following new paragraphs: “ ‘(10) DISTRIBUTIONS 0P DIVESTED STOCK.—Th8re shall be allowed as a deduction the amount of any income attributable to the receipt of a distribution of divested stock (as defined in subsection (e) of section 1111), minus the taxes imposed by this subtitle attributable to such receipt, but only if the stock with respect to which the distribution is made was owned by the distributee on September 6, 1961, or was owned by the distributee for at least 2 years prior to the date on which the antitrust order (as defined in subsection (d) of section 1111) was entered. “ ‘(11) SPECIAL ADJUSTMENT 0N DIsPostTIoN or ANTITRUST STOCK RECEIVED As A DIVIDEND—If— “ ‘( A) a corporation received antitrust stock (as defined in section 301(f)) in a distribution to which section 301 applied, “ ‘(B) the amount of the distribution determined under section 301 (f) (2) exceeded the basis of the stock determined under section 301 (f) (3), and “ ‘(0) paragraph (10) did not apply in respect of such distribution. then proper adjustment shall be made, under regulations prescribed by the Secretary or his delegate, if such stock (or other property the basis of which is determined by reference to the basis of such stock) is sold or exchanged.’ "(e) Subsection (bi of section 556 of the Internal Revenue Code of 1954 (relating to undistributed foreign personal holding company income) is amended by adding at the end thereof the following new paragraphs: “(7| Dimist'rioss or Divzsrzn sroctt—There shall be allowed as a deduction the amount of any income attributable to the receipt of a dtstribution of divested stock (as defined in subsection (e) of section 11111, minus the taxes imposed by this subtitle attributablc to such receipt. but only if the stock with respect to which the distribution is made was owned by the distribute-e on September 6. 1961. or was owned by the distributee for at least 2 years prior to the date on which the antitrust order (as defined in subsection (d) of section 1111) was entered. "'(8i Srlzciu. Amcsntnn 0:: Diseosmox or ANrirRUsr srocx ascziveb As A DrvrDsNn—If— “ ‘(Al a corporation received antitrust stock (as defined in section 301(f)) in a distribution to which section 301 implied, " ‘(Bl the amount of the distribution determined under section 301(f)(2) exceeded the basis of the stock determined under section 301(f)(3).and “ ‘(3) paragraph (7) did not apply in respect of such distribution. then proper adjustment shall be made, under regulations prescribed by the Secretary or his delegate. if such stock ‘or other property the basis of which is determined by reference to the basis of such stock) is sold or exchanged.’ "(1) Subsection (b) of section 561 of the Internal Revenue Code of 1954 (relating to deduction for dividends paid) is amended to read as follows: " '(b) Srsciii. Rt'tas APPLICABLE.— “ ‘(1) In determining the deduction for dividends paid. the rules provided in section 562 (relating to rules applicable in determining dividends eligible for dividends paid deduction) and section 563 (relating to dividends paid after the close of the taxable year) shall be applicable. “ ‘ i 2) If a corporation received antitrust stock (as defined in section 301(fi) in a distribution to which section 301 applied and such corporation distributes such stock (or other property the basis of which is determined by reference to this basis of such stock) to its shareholders. proper adJustment shall be made. under regulations prescribed by the Secretary or his delegate. to the amount of the deduction provided for in subsection m.’ " "(g) The amendments made by this section shall apply only with respect to distributions made after the date of the enactment of this Act." It was determined in{Yeas _____ 18 the negative___-_-___ ._ Nays . . ,__- 71 The yeas and rays having been heretofore ordered. Senators who voted in the ammo" are— Bu'tlett Javits Lit-teal! Burdlcl Resting Home Cooper Kefauvci' Reuben" Douglas hunch. I’ell Oore Lomt Hawaii Prnimin Oruening McNamara Yunomugh Senators who voted in the negative 8T0— Aiken tn'in Noni'oney Aliott Pong Horton Anderson Fulbright Hundt ileaii Goldwater Murphy Bennett Hart Pasture Bible Home I‘routy linggs Hayden Randolph liush Hickey Robertoon Byrd. Va Hill Ru-eli liyrd. W. Va. Holland haizonstall Cannon lfruska Smatlier'l (‘anon Humphrey Smith. Mus (‘armll Jackson Smith. Main. Case, N J. Johnston Sparkman (‘nu-.8 Dnk. Jordan 8tennls (‘hurcn Kerr Svmington Clark Kuchel Talmadge Cotton Long. Io. Thurmond Curtis Lon‘, IA. To'tt Dirksen Hsgnuson Wiley Dodd Mansfield Williams. .‘s .1 D'Iorahak McCarthy Va iiiiams. Del Illendcr McClellan Young. N. Oak. lngle McGee Young. Ohio 80 the amendment was not agreed to On motion by Mr. KERR to reconsider the vote disagreeing to the amendment. On motion by Mr. DIIKSIN, The motion to reconsider was laid on the table. No amendment being made. Ordered, That the bill pass to a third reading. The said bill was read the third time. Resolved, That it pass. Ordered, That the Secretary notify the House of Representatives thereof. On motion by Mr. Kan to reconsider the vote on the passage of the bill, On motion by Mr. Wituiuss of Delaware, The motion to reconsider was laid on the table. oanu roa Aniotnrntm oNrn. mason On motion by Mr. Mansnm, and by unanimous consent. Ordered. That when the Senate concludes its business today it adjourn until Thursday next. Olllilflt roe Aoiocimnnn no! ruUasnAr Nsxr UNTIL rottowulc nos-DAY On motion by Mr. MANsnEtD, and by unanimous consent. Ordered, That when the Senate adiourns on Thursday next it will be to meet on Monday. January 29. 1962 AUTHORITY 'OI SIGNING H l. 8847 On motion by .\Il'. MANsnnn. and by unanimous consent, Ordered, That the Presiding Officer be authorised to sign, during the adjournment following today's session, the enrolled bill (HR. 8841) to amend the internal Revenue Code of 1954 so as to provide that a distribution of stock made to an individual (or certain corporations) pursuant to an order enforcinit the antitrust laws shall not be treated as a dividend distribution but shall be treated as a return of capital; and to provide that the amount of such a distribution made to a corporation shall be the fair market value of the distribution. Cltt‘l’ sAsix sAtioNu. max. an‘. (in motion by .\fr. .‘JLR‘STIILZ. The Senate proceeded to consider the bill is 1760i to establ‘ash the (‘in-a‘. Basin National Park in Nevada and for other purposes. Anions-urn On motion by Mr. Pnoxxur. o'clock and 10 minutes pm. The Senate, under its order 0! 10¢.- ._ adjourned until ‘Thursday next TIH‘RSIHY, .I\.\'l'.\it\' 25. i962 The VICE PRESIDENT called Senate to order, and the Chapman offered prayer rue iot'arut. On motion by Mr. Maxsnm. and by unanimous consent, The reading of the Journal of the proceedinits of 'himday, January 23 1962. was dlsptflsc'd with. IKIOLLZD IILL SIGIID DYIIXO ADJOI'III!!!’ Under the authority of the order of Tuesday last, the President pro :ernpere signed during the :idwurnment of the Senate the enrolled bill (if R 8847» to amend the Internal Revenue Code of 1954 so as to provide that a dzstrbutzor. of stock made to an indztzdual (or certain corporations) pursuant ‘.t- ar. order enforcing the anmrus'. laws ~hall :20‘. be treated as a ti'.‘-.ti~-:.d (L‘TYLDZLZL'I‘. bu’. shall be treated .L.\ :i return of capztal and to provide that the Amount 0! such a distribution made to a corpcratzon shall be the fair market value of the distribution. previously signed by the Speaker of the House of Representatives and found truly enrolled by the Secre~ tary of the Senate the similar no! rm: iiors! A message from the Home of RepreH‘lliatltt's', by Mr. .‘daurer. one of its clerks: .lfr. P'cndflz.“ The Home of Representatives has duaxrecd to the amend~ ments of the Senate to the bill ‘R R 2470) to provide for the (-SthblL'~?'.me!‘.'. of the Lincoln Boyhood Natzonsl Memorial in the State of lndiaha and f0.’ other purposes; 1'. mks a conferenci- ‘.23: the Senate on the disattreeing votes cf the two Houses thereon and has appointed .\ir Aseis'ttt. .\If. Rt'mnroan. .\ir O‘Baita' of New York. .\i.'. Sn'ton and .\fr. (‘Hrs-own", managers a’. the same on its part The House has passed the bill ~lf R 7927) to admit postal rates. and for other purpo~es in whzch 2'. requeqs the concurrence of the Sthate iiot'ss siti. lunar: The bill if R 7927, this day rece:ved from the llouse of RepresenZair-es for concurrence. was read the first and 8fond times by unanimous cement and re~ « AnteriorContinuar »