464 or political subdivisions thereof, including any officer, employee

464 or political subdivisions thereof, including any officer, employee
464
PUBLIC LAWS-CHS. 754, 755, 759-AUC . 18, 19, 1950 [64 STAT .
or political subdivisions thereof, including any officer, employee, or
agent thereof in his official capacity, give security for the safekeeping
and prompt payment of the funds so deposited to the same extent and
of the same kind as is authorized by the law of the State in which such
association is located in the case of other banking institutions in the
State."
Approved August 18, 1950 .
[CHAPTER 7551
August 18, 1950
[B. R . 9120]
[Public Law 716]
Internal Revenue
Code, amendments .
66 tat . 876.
26 U . S.
§ 322 (b)
(3).
c.
Infra .
58 Stat . 74.
26 U. S. C . § 322
note.
Supra .
53 Stat. 87.
26 U. S . C . § 276 (b) .
53 Stat. 86.
26 U. S. 0. § 275.
August 19, 1950
[S.1858]
[Public Law 717]
AN ACT
To amend section 322 (b) (3) of the Internal Revenue Code .
Be it enacted , by the Senate and House of Representatives of the
United States of; America in Congress assembled, That (a) section
322 (b) (3) of the Internal Revenue Code is hereby amended by striking out the last sentence and inserting in lieu thereof the following
"Notwithstanding the foregoing provisions of this paragraph, the
period within which a claim for credit or refund may be filed, or credit
or refund allowed or made if no claim is filed, shall not expire prior
to two years after the time the tax was paid, but if a claim is filed,
or credit or refund allowed or made if no claim is filed, more than six
months after the expiration of the period within which the Commissioner may make an assessment pursuant to such agreement or any
extension thereof, the amount of the credit or refund shall not exceed
the portion of the tax paid during the two years immediately preceding
the filing of the claim, or, if no claim is filed, immediately preceding
the allowance of the credit or refund ."
(b) The amendment made by subsection (a) shall be applicable to
taxable years beginning after December 31, 1941, and, subject to the
provisions of the second sentence of section 169 (c) of the Revenue
Act of 1942 (added by section 509 (a) of the Revenue Act of 1943 and
amended by section 2 of this Act), the amendment shall also be applicable to taxable years beginning after December 31, 1923, and before
January 1, 1942 .
SEC. 2. The second sentence of section 169 (c) of the Revenue Act
of 1942 is hereby amended to read as follows : "A provision having the
effect of section 322 (b) (3), as amended, of the Internal Revenue
Code and a provision having the effect of the amendment made by
subsection (b) of this section, shall be deemed to be included in the
revenue laws respectively applicable to taxable years beginning after
December 31, 1923, but such provisions shall be effective with respect
to taxable years beginning prior to January 1, 1942, only if at some
time after February 24, 1944, the Commissioner may assess the tax
for such taxable year solely by reason of having made (either before,
on, or after February 24, 1944) an agreement with the taxpayer pursuant to section 276 (b) of the Internal Revenue Code or the corresponding provision of the applicable prior revenue law to extend
beyond the time prescribed in section 275 of such code or the corresponding provision of such prior revenue law the date within which
the Commissioner may assess the tax ."
Approved August 18, 1950 .
[CHAPTER 759]
AN ACT
To permit the admission of alien spouses and minor children of citizen members
of the United States armed forces .
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled, That notwithstand-
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