1 the Secretary or his delegate, sêtting forth the aggregate amount of such payments and the name and address of the person to whom paid. "(2) Returns required by the Secretary-Every person who makes payments of dividends aggregating less than $10 to any other person during any calendar year shall, when required by the Secretary or his delegate, make a return setting forth the aggregate amount of such payments, and the name and address of the person to whom paid. "(b) Dividend Defined. “(1) General rule.—For purposes of this section, the term 'dividend' "(ii) to a foreign corporation, a nonresident alien, or a partnership not engaged in trade or business in the United States and composed in whole or in part of nonresident aliens; and "(B) any amount described in section 1373 (relating to undistributed taxable income of electing small business corporations). "(3) Special rule.-If the person making any payment described in subsection (a) (1) (A) or (B) is unable to determine the portion of such payment which is a dividend or is paid with respect to a dividend, he shall, for purposes of subsection (a) (1), treat the entire amount of such payment as a dividend or as an amount paid with respect to a dividend. "(c) Statements To Be Furnished to Persons With Respect to Whom Information Is Furnished.-Every person making a return under subsection (a) (1) shall furnish to each person whose name is set forth in such return a written statement showing "(1) the name and address of the person making such return, and "(2) the aggregate amount of payments to the person as shown on such return. The written statement required under the preceding sentence shall be furnished to the person or or before January 31 of the year following the calendar year for which the return under subsection (a)(1) was made. No statement shall be required to be furnished to any person under this subsection if the aggregate amount of payments to such person as shown on the return made under subsection (a) (1) is less than $10. "(d) Statements To Be Furnished by Corporations to Secretary-Every corporation shall, when required by the Secretary or his delegate— “(1) furnish to the Secretary or his delegate a statement stating the name and address of each shareholder, and the number of shares owned by each shareholder; "(2) furnish to the Secretary or his delegate a statement of such facts as will enable him to determine the portion of the earnings and profits of the corporation (including gains, profits. and income not taxed) accumulated during such periods as the Secretary or his delegate may specify, which have been distributed or ordered to be distributed, respectively, to its shareholders during such taxable years as the Secretary or his delegate may specify; and "(3) furnish to the Secretary or his delegate a statement of its accumulated earnings and profits and the names and addresses of the individuals or shareholders who would be entitled to such accumulated earnings and profits if divided or distributed, and of the amounts that would be payable to each." (b) Returns Regarding Payment of Patronage Dividends.-Section 6044 (relating to returns regarding patronage dividends) is amended to read as follows: "Sec. 6044. Returns Regarding Payments of Patronage Dividends. "(a) Requirement of Reporting.— "(1) In general.-Except as otherwise provided in this section, every cooperative to which part I of subchapter T of chapter 1 applies, which makes payments of amounts described in subsection (b) aggregating $10 or more to any person during any calendar year, shall make a return according to the forms or regulations prescribed by the Secretary or his delegate, setting forth the aggregate amount of such payments and the name and address of the person to whom paid. (2) Returns required by the secretary. Every such cooperative which makes payments of amounts described in subsection (b) aggregating less than $10 to any person during any calendar year shall, when required by the Secretary or his delegate, make a return setting forth the aggregate amount of such payments and the name and address of the person to whom paid. "(b) Amounts Subject to Reporting. "(1) General rule.-Except as otherwise provided in this section, the amounts subject to reporting under subsection (a) are "(A) the amount of any patronage dividend (as defined in section 138(a)) which is paid in money, qualified written notices of allocation (as defined in section 1388 (c)). or other property (except nonqualified written notices of allocation as defined in section 1388 (d)), "(B) any amount described in section 1382 (c) (2) (A) (relating to certain nonpatronage distributions) which is paid in money, qualified written notices of allocation, or other property (except nonqualified written notices of allocation) by an organization exempt from tax under section 521 (relating to exemption of farmers cooperatives from tax), and "(C) any amount described in section 1382(b) (2) (relating to redemption of nonqualified written notices of allocation) and, in the case of an organization described in section 1381(a)(1), any amount described in section 1382(c) (2) (B) relating to redemption of nonqualified written notices of allocation paid with respect to earnings derived from sources other than patronage). "(2) Exceptions.-The provisions of subsection (a) shall not apply, to the extent provided in regulations prescribed by the Secretary or his delegate, to any payment— "(A) by a foreign corporation, or "(B) to a foreign corporation, a nonresident alien, or a partnership not engaged in trade or business in the United States and composed in whole or in part of nonresident aliens. "(c) Exemption for Certain Consumer Cooperatives.—A cooperative which the Secretary or his delegate determines is primarily engaged in selling at retail goods or services of a type that are generally for personal, living, or family use shall, upon application to the Secretary or his delegate, be granted exemption from the reporting requirements imposed by subsection (a). Application for exemption under this subsection shall be made in accordance with regulations prescribed by the Secretary or his delegate. "(d) Determination of Amount Paid.—-—-—For purposes of this section, in determining the amount of any payment— "(1) property (other than a qualified written notice of allocation) shall be taken into account at its fair market value, and "(2) a qualified written notice of allocation shall be taken into account at its stated dollar amount. "(e) Statements To Be Furnished to Persons With Respect to Whom Information Is Furnished.—Every cooperative making a return under subsection (a) (1) shall furnish to each person whose name is set forth in such return a written statement showing "(1) the name and address of the cooperative making such return, and "(2) the aggregate amount of payments to the person as shown on such return. The written statement required under the preceding sentence shall be furnished to the person on or before January 31 of the year following the calendar year for which the return under subsection (a) (1) was made. No statement shall be required to be furnished to any person under this subsection if the aggregate amount of payment to such person as shown on the return made under subsection (a) (1) is less than $10." (c) Returns Regarding Payment of Interest.-Subpart B of part III of subchapter A of chapter 61 (relating to information returns) is amended by adding after section 6047 (as added by section 7(f) of this Act) the following new section: "Sec. 6048. Returns Regarding Payments of Interest. "(a) Requirement of Reporting.— "(1) In general.-Every person "(A) who makes payments of interest (as defined in subsection (b)) aggregating $10 or more to any other person during any calendar year, or "(B) who receives payments of interest as a nominee and who makes payments aggregating $10 or more during any calendar year to any other person with respect to the interest so received. shall make a return according to the forms or regulations prescribed by the Secretary or his delegate, setting forth the aggregate amount of such payments and the name and address of the person to whom paid. "(2) Returns required by the Secretary. Every person who makes payments of interest (as defined in subsection (b)) aggregating less than $10 to any other person during any calendar year shall, when required by the Secretary or his delegate, make a return setting forth the aggregate amount of such payments and the name and address of the person to whom paid. "(3) Other returns required by Secretary. Every corporation making payments, regardless of amounts, of interest other than interest as defined in subsection (b) shall, when required by regulations prescribed by the Secretary or his delegate, make a return according to the forms or regulations prescribed by the Secretary or his delegate, setting forth the amount paid and the name and address of the recipient of each such payment. "(b) Interest Defined. "(1) General rule.-For purposes of subsections (a) (1) and (2), the term 'interest' means "(A) interest on evidences of indebtedness (including bonds, debentures, notes, and certificates) issued by a corporation in registered form, and, to the extent provided in regulations prescribed by the Secretary or his delegate, interest on other evidences of indebtedness issued by a corporation of a type offered by corporations to the public; "(B) interest on deposits with persons carrying on the banking business; "(C) amounts (whether or not designated as interest) paid by a mutual savings bank, savings and loan association, building and loan association, cooperative bank, homestead association, credit union, or similar organization, in respect of deposits, investment certificates, or withdrawable or repurchasable shares; "(D) interest on amounts held by an insurance company under an agreement to pay interest thereon; and "(E) interest on deposits with stockbrokers and dealers in securi ties. "(2) Exceptions. For purposes of subsections (a) (1) and (2), the term 'interest' does not include "(A) interest on obligations described in section 103(a) (1) or (3) (relating to interest on certain governmental obligations); "(B) to the extent provided in regulations prescribed by the Secretary or his delegate, any amount paid by or to a foreign corporation, a nonresident alien, or a partnership not engaged in trade or business in the United States and composed in whole or in part of nonresident aliens; and "(C) any amount on which the person making payment is required to deduct and withhold a tax under section 1451 (relating to tax-free covenant bonds), or would be so required but for section 145 (d) (relating to benefit of personal exemptions). "(c) Statements To Be Furnished to Persons With Respect to Whom Information Is Furnished.-Every person making a return under subsection (a) (1) shall furnish to each person whose name is set forth in such return a written statement showing "(1) the name and address of the person making such return, and "(2) the aggregate amount of payments to the person as shown on such return. The written statement required under the preceding sentence shall be furnished to the person on or before January 31 of the year following the calendar year for which the return under subsection (a) (1) was made. No statement shall be required to be furnished to any person under this subsection if the aggregate amount of payments to such person as shown on the return made under subsection (a) (1) is less than $10." (d) Penalties for Failure To File Information Returns.-Section 6652 (relating to failure to file certain information returns) is amended to read as follows: "Sec. 6652. Failure To File Certain Information Returns. "(a) Returns Relating to Payments of Dividends, Interest, and Patronage Dividends. In the case of each failure to file a statement of the aggregate amount of payments to another person required by section 6042 (a) (1) (relating to payments of dividends aggregating $10 or more), section 6044 (a) (1) (relating to payments of patronage dividends aggregating $10 or more), or section 6048(a) (1) (relating to payments of interest aggregating $10 or more), on the date prescribed therefor (determined with regard to any extension of time for filing), unless it is shown that such falure is due to reasonable cause and not to willful neglect, there shall be paid (upon notice and demand by the Secretary or his delegate and in the same manner as tax), by the person failing to so file the statement, $10 for each such statement not so filed, but the total amount imposed on the delinquent person for all such failures during any calendar year shall not exceed $25,000. "(b) Other Returns.-In the case of each failure to file a statement of a payment to another person required under authority of section 6041 (relating to certain information at source), section 6042 (a) (2) (relating to payments of dividends aggregating less than $10), section 6044(a) (2) (relating to payments of patronage dividends aggregating less than $10), section 6048 (a) (2) (relating to payments of interest aggregating less than $10), section 6048(a) (3) (relating to other payments of interest by corporations), or section 6051(d) (relating to information returns with respect to income tax withheld), on the date prescribed therefor (determined with regard to any extension of time for filing), unless it is shown that such failure is due to reasonable cause and not to willful neglect, there shall be paid (upon notice and demand by the Secretary or his delegate and in the same manner as tax) by the person failing to so file the statement, $1 for each such statement not so filed, but the total amount imposed on the delinquent person for all such failures during the calendar year shall not exceed $1,000. "(c) Alcohol and Tobacco Taxes. "For penalties for failure to file certain information returns with respect to alcohol and tobacco taxes, see generally, subtitle E." (e) Penalties for Failure To Furnish Statements to Persons With Respect to Whom Returns Are Filed.-Subchapter B of chapter 68 (relating to assessable penalties) is amended by adding after section 6677 (as added by section 7(g) of this Act) the following new section: "Sec. 6678. Failure to Furnish Certain Statements. "In the case of each failure to furnish a statement under section 6042 (c), 6044 (e), or section 6048 (c) on the date prescribed therefor to a person with respect to whom a return has been made under section 6042 (a) (1), 6044(a) (1), or 6048 (a) (1), respectively, unless it is shown that such failure is due to reasonable cause and not to willful neglect, there shall be paid (upon notice and demand by the Secretary or his delegate and in the same manner as tax), by the person failing to so furnish the statement, $10 for each such statement not so furnished, but the total amount imposed on the delinquent person for all such failures during any calendar year shall not exceed $25,000." (f) Technical Amendments.-Section 6041 (relating to information at source) is amended (1) by striking out, in subsection (a) thereof, "(other than payments described in section 6042 (1) or section 6045)" and inserting in lieu thereof "(other than payments to which section 6042 (a) (1), 6044(a) (1), or 6048 (a) (1) applies, and other than payments with respect to which a statement is required under the authority of section 6042(a) (2), 6044(a) (2), 6045, 6048(a)(2), or 6048(a)(3))"; and (2) by striking out subsection (c) thereof. (g) Clerical Amendments.— (1) The table of sections for subpart B of part III of subchapter A of chapter 61 is amended— (A) by striking out "Sec. 6042. Returns regarding corporate diridends, earnings, and profits." and inserting in lieu thereof "Sec. 6042. Returns regarding payments of dividends and corporate earnings and profits."; (B) by striking out: "Sec. 6044. Returns regarding patronage diridends." and inserting in lieu thereof "Sec. 6044. Returns regarding payments of patronage dividends."; and (C) by adding at the end of such table the following: “Sec. 6048. Returns regarding payments of interest.". (2) The table of sections for subchapter B of chapter 68 is amended by adding at the end thereof the following: “Sec. 6678. Failure to furnish certain statements." (h) Effective Dates. (1) Dividends and interest.-The amendments made by this section shall apply to payments of dividends and interest made on or after January 1, 1963. So the reported amendment was agreed to. On motion by Mr. BYRD of Virginia to reconsider the vote agreeing to the amendment, On motion by Mr. MANSFIELD, The motion to reconsider was laid on the table. On the question of agreeing to the reported amendment on page 52, striking out all on line 1 down to and including line 22 one page 57 (being sec. 6 amending sec. 482, relating to allocation of income and deductions among taxpayers). On motion by Mr. DOUGLAS to amend the amendment by inserting on page 57, after line 22, a new section to repeal the withholding of income tax at source on wages, On motion by Mr. MANSFIELD to lay the amendment on the table, It was determined in Yeas............. the affirmative. (Nays--- 62 17 On motion by Mr. Douglas, The yeas and nays being desired by one-fifth of the Senators present. Senators who voted in the affirmative are Alken Allott Beall Bennett Boggs Bottum Bush Butler Byrd, Va. Dirksen Ellender The further consideration of the said amendment was laid aside. On motion by Mr. KERR, and by unanimous consent, Ordered. That certain amendments remaining undisposed of be considered, and that, if a yea and nay vote is desired on any tonight, such amendment be laid aside until tomorrow. On the question of agreeing to the reported amendment on page 381, inserting section 21 (expenditures by farmers for clearing land), Pending debate, ENROLLED BILLS PRESENTED The Secretary reported that on today he presented to the President of the United States the following enrolled bills: S. 1606. An act to authorize the Federal Power Commission to exempt small hydroelectric projects from certain of the licensing provisions of the Federal Power Commission; S. 3574. An act to extend the International Wheat Agreement Act of 1949; and S. 3327. An act to make eligible for assistance under the public facility loan program certain areas where research or development installations of the National Aeronautics and Space Administration are located. The Secretary reported that on today he presented to the Administrator of the General Services Administration the enrolled joint resolution (S.J. Res. 29) proposing an amendment to the Constitution of the United States relating to the qualifications of electors. ADJOURNMENT On motion by Mr. MANSFIELD, at 8 o'clock and 29 minutes p.m., The Senate, under its order of today. adjourned until 10 o'clock am. on to morrow. THURSDAY, AUGUST 30, 1962 The PRESIDENT pro tempore called the Senate to order at 10 o'clock am.. and the Chaplain offered prayer. THE JOURNAL On motion by Mr. SMATHERS, and Senators who voted in the negative by unanimous consent. are Bartlett Burdick Capehart Carroll Douglas The reading of the Journal of the proceedings of Wednesday, August 29, 1962, was dispensed with. COMMITTEES AUTHORIZED TO SIT The Committee on Post Office and Civil Service, the Special Subcommittee on Arts of the Committee on Labor and Public Welfare, the Subcommittee on Investigations of the Committee on Government Operations, and the Committee on Banking and Currency were authorized to sit during the session of the Senate today, on the request of Mr. SMATHERS; and The Subcommittee on Antitrust and Monopoly of the Committee on the Judiciary on tomorrow, on the request of Mr. MANSFIELD. EXECUTIVE SESSION On motion by Mr. SMATHERS, The Senate proceeded to the consideration of executive business; and after the consideration of executive business, LEGISLATIVE SESSION The Senate resumed its legislative its legislative session. REPORT ON EXPORT CONTROL The PRESIDENT pro tempore laid before the Senate a communication from the Secretary of Commerce, transmitting, pursuant to law, the 60th quarterly report on export control for the period ended June 30, 1962; which, with the accompanying report, was referred to the Committee on Banking and Currency. REPORT ON REVIEW OF CERTAIN ACTIVITIES OF GOVERNMENT OF VIRGIN ISLANDS The PRESIDENT pro tempore laid before the Senate a communication from the Comptroller General of the United States, transmitting, pursuant to law, a report of the review of certain activities of the Government of the Virgin Islands of the United States, fiscal year 1961; which, with the accompanying report, was referred to the Committee on Government Operations. ANNUAL REPORT OF BUREAU OF NARCOTICS The PRESIDENT pro tempore laid before the Senate a communication from the Assistant Secretary of the Treasury, transmitting, pursuant to law, the Annual Report of the Federal Bureau of Narcotics for the calendar year 1961; which, with the accompanying report, was referred to the Committee on Finance. PETITIONS The PRESIDENT pro tempore laid before the Senate a petition from sundry citizens praying the enactment of legislation providing for the maintenance of fair pricing of products and the protection of trademarked articles; which was referred to the Committee on Commerce. Mr. KEATING presented a resolution adopted by the New York City Central Labor Council, remonstrating against alleged unwarranted attacks on the International Ladies' Garment Workers' Union by a subcommittee of the House Committee on Education and Labor; which was referred to the Committee on Labor and Public Welfare. PRINTING OF REVIEW ON INTERIM REPORT ON BOGGY CREEK, FLA., CENTRAL AND SOUTHERN FLORIDA PROJECT Mr. KERR (for Mr. CHAVEZ) presented a communication from the Secretary of the Army, together with a letter from the Chief of Engineers, Department of the Army, transmitting a review on an interim report on Boggy Creek, Fla., central and southern Florida project; which, with the accompanying papers, was referred to the Committee on Public Works and ordered to be printed as a Senate document, with illustrations. PRINTING OF REVIEW OF REPORT ON DORCHESTER BAY AND NEPONSET RIVER, MASS. Mr. KERR (for Mr. CHAVEZ) presented a communication from the Secretary of the Army, together with a letter from the Chief of Engineers, Department of the Army, transmitting a report on a review of the reports on the Dorchester Bay and Neponset River, Mass.; which, with the accompanying papers, was referred to the Committee on Public Works and ordered to be printed as a Senate document, with illustrations. PRINTING OF REVIEW OF INTERIM REPORT ON GILA RIVER, ARIZ., CAMELSBACK RESERVOIR Mr. KERR (for Mr. CHAVEZ) presented a communication from the Secretary of the Army, together with a letter from the Acting Chief of Engineers, Department of the Army, transmitting a report on a review of an interim report on the Gila River, Ariz., Camelsback Reservoir; which, with the accompanying papers, was referred to the Committee on Public Works and ordered to be printed as a Senate document, with an illustration. REPORTS OF COMMITTEES Mr. BEALL, from the Committee on Armed Services, to whom was referred the bill (S. 3613) to provide that participation by members of the National Guard in the reenactment of the Battle of Antietam shall be held and considered to be full-time training duty under section 503 of title 32, United States Code, and for other purposes, reported it without amendment and submitted a report (No. 1983) thereon. Mr. CHURCH, from the Committee on Interior and Insular Affairs, to whom was referred the bill (S. 3451) to provide relief for residential occupants of unpatented mining claims upon which valuable improvements have been placed, and for other purposes, reported it with amendments and submitted a report (No. 1984) thereon. Mr. ROBERTSON, from the Committee on Banking and Currency, to whom was referred the bill (H.R. 10383) to amend the Federal Home Loan Bank Act to give Puerto Rico the same treatment as a State in the election of Federal home loan bank directors, reported it without amendment and submitted a report (No. 1985) thereon. Mr. YARBOROUGH, from the Committee on Commerce, to whom was referred the joint resolution (H.J. Res. 489) to provide protection for the golden eagle, reported it with amendments and submitted a report (No. 1986) thereon. INTRODUCTION OF BILLS Bills were introduced, read the first and second times by unanimous consent, and referred as follows: By Mr. WILLIAMS of Delaware: S. 3686. A bill to extend and strengthen the Federal air pollution control program; to the Committee on Public Works. By Mr. SPARKMAN (for himself and Mr. HILL): S. 3687. A bill to provide for certain land acquisition for the establishment of a national wildlife refuge as part of the Walter F. George lock and dam project, Chattahoochee River, Ga. and Ala.; to the Committee on Public Works. ADDED COAUTHOR OF SENATE JOINT RESOLUTION 221 Under authority heretofore granted, the name of Mr. ANDERSON was added as a coauthor of the joint resolution (S.J. Res. 221) to designate the lake to be formed by the waters impounded by the San Luis Dam in the State of California as "Lake O'Neill," previously introduced. REVENUE ACT OF 1962 On motion by Mr. MANSFIELD, and by unanimous consent, The Senate resumed the consideration of its unfinished business, viz, the bill (H.R. 10650) to amend the Internal Revenue Code of 1954 to provide a credit for investment in certain depreciable property, to eliminate certain defects and irregularities, and for other purposes. The question being on agreeing to the reported amendment on page 381, inserting on line 16 section 21, on expenditures by farmers for clearing land, After debate, The amendment was agreed to. On motion by Mr. KERR to reconsider the vote agreeing to the amendment, On motion by Mr. WILLIAMS of Delaware, The motion to reconsider was laid on the table. The reported amendment on page 386, inserting on line 7 section 23, on effective date of section 1371 (c) of the Internal Revenue Code of 1954, was agreed to. On motion by Mr. KERR to reconsider the vote agreeing to the amendment, On motion by Mr. WILLIAMS of Delaware, The motion to reconsider was laid on the table. On the question of agreeing to the reported amendment on page 388, inserting on line 11 section 24, on certain losses sustained in converting from street railway to bus operations, Pending debate, The further consideration of the said amendment was temporarily laid aside. The reported amendment on page 389, inserting on line 15 section 25, on pension plan of Hodcarriers' Union, was agreed to. On motion by Mr. KERR to reconsider the vote agreeing to the amendment, On motion by Mr. WILLIAMS of Delaware, The motion to reconsider was laid on the table. The reported amendment on page 390, inserting on line 9 section 26, on continuation of partnership in a two-man partnership, was agreed to. On motion by Mr. KERR to reconsider the voting agreeing to the amendment, On motion by Mr. WILLIAMS of Delaware, The motion to reconsider was laid on the table. The reported amendment on page 305, line 23, was disagreed to. On motion by Mr. KERR to reconsider the vote disagreeing to the amendment, On motion by Mr. HUMPHREY, The motion to reconsider was laid on the table. The Senate resumed the consideration of the reported amendment on page 388, line 11, inserting section 24 on certain losses sustained in converting from street railway to bus operations. Pending debate, MESSAGE FROM THE HOUSE A message from the House of Representatives, by Mr. Maurer, one of its clerks: Mr. President: The House of Representatives has passed the bill of the Senate (S. 2965) to provide standby authority to accelerate public works programs of the Federal Government and State and local public bodies with amendments, in which it requests the concurrence of the Senate. The Speaker of the House having signed three enrolled bills, víz, H.R. 7278, H.R. 10431, and H.R. 11257, and an enrolled joint resolution, viz, House Joint Resolution 864, I am directed to bring the same to the Senate for the signature of its President. ENROLLED BILLS AND JOINT RESOLUTION SIGNED The Secretary reported that he had examined and found truly enrolled the following bills and joint resolution: H.R. 7278. An act to amend the act of June 5, 1952, so as to remove certain restrictions on the real property conveyed to the Territory of Hawaii by the United States under authority of such act; H.R. 10431. An act to revise, codify, and enact title 37 of the United States Code, entitled "Pay and Allowances of the Uniformed Services"; H.R. 11257. An act to amend section 815 (art. 15) of title 10, United States Code, relating to nonjudicial punishment, and for other purposes; and H.J. Res. 864. Joint resolution making continuing appropriations for the fiscal year 1963, and for other purposes. The PRESIDENT pro tempore thereupon signed the same. REVENUE ACT OF 1962 The Senate resumed the consideration of its unfinished business, viz, the bill (H.R. 10650) to amend the Internal Revenue Code of 1954 to provide a credit for investment in certain depreciable property, to eliminate certain defects and irregularities, and for other purposes. The question being on agreeing to the reported amendment on page 388, line 11. Pending debate, Mr. DOUGLAS raised a question as to the presence of a quorum; Whereupon The PRESIDING OFFICER (Mr. BURDICK in the chair) directed the roll to be called; When The question being taken on agreeing to the reported amendment, viz, on page 388, insert after line 10 the following: Sec. 24. Certain losses sustained in converting from street railway to bus operations. (a) In General.—If a corporation has a net operating loss for the taxable year ending December 31, 1953, or the taxable year ending December 31, 1954, principally as the result of conversion from street railways to bus operations with respect to part or all of the company's operations, then its unused conversion loss will be subject to the treatment provided in subsection (c). (b) Unused Conversion Conversion Loss DeAned.—The amount of the unused conversion loss shall be the aggregate of the net operating losses for years described in subsection (a) reduced to the extent that they have been used as net operating loss carryovers or carrybacks_to reduce taxable income for any taxable year beginning before January 1, 1960. (c) Treatment of Unused Conversion Loss. If a taxpayer has an unused conversion loss, then in determining the amount of the net operating loss carryover from the taxable year ending December 31, 1959, to each of the 5 tarable years following such taxable year for purposes of section 172 of the Internal Revenue Code of 1954, such unused conversion loss shall be treated as a net operating loss for the taxable year ending December 31, 1959. This subsection shall apply only for years in which the taxpayer is engaged in the furnishing or sale of transportation (as defined in sec Bottum Bush Butler Byrd, Va. Byrd, W Va. Cannon Capehart Carlson Hickenlooper Hill Hruska Humphrey Jordan, N.C. Jordan, Idaho Keating Kuchel Long, Mo. Carroll Case Church Clark Cooper Cotton Curtis Long, Hawaii Long, La. Dirksen Mansfield McNamara Metcalf Monroney Morton Moss Mundt Pastore Williams, NJ. Williams, Del. Young. N. Dak. So the amendment was agreed to. On motion by Mr. HUMPHREY to reconsider the vote agreeing to the amendment, On motion by Mr. SMATHERS, The motion to reconsider was laid on the table. On motion by Mr. SMATHERS, The Senate resumed the consideration of the reported amendment on page 52, line 1, striking out section 6, amending section 482, relating to allocation of income and deductions among taxpayers, Pending debate, MESSAGE FROM THE HOUSE A message from the House of Representatives, by Mr. Bartlett, one of its clerks: Mr. President: The House of Representatives has passed without amendment the bill of the Senate (S. 2250) to provide for the incorporation of the National Woman's Relief Corps, Auxiliary to the Grand Army of the Republic, organized 1883, 78 years old. The House has agreed to the following concurrent resolutions of the Senate: S. Con. Res. 87. Concurrent resolution authorizing the printing of additional copies of the hearings entitled "Military Cold War Education and Speech Review Policies" and the report thereon. |