552
53 Stat. 58. 26 U.S.C. § 141.
PUBLIC LAW 183—OCT. 20, 1951
[65 STAT.
such construction and the production of such new product is in furtherance of a course of action to which the taxpayer (or a corporation with which the taxpayer has the privilege under section 141 of filing a consolidated return for its first taxable year under this subchapter) was committed prior to the close of the base period by contract with another person, which contract granted a license, franchise, or similar right essential for the production of such new product."
SEC. 512. AVERAGE BASE PERIOD NET INCOME—NEW CORPORATION. 26 u.^s.c^§'445(c).
Section 445(c) (relating to total assets for first three years of new corporation) is hereby amended by adding at the end thereof the following new sentence: "For the purpose of this subsection, the net capital addition or reduction shall be computed without regard to the limitation to 75 per centum provided in section 435(g)(3) Ts'c: 1435. (C) and section 435(g)(4)(C) ancf (E). " SEC. 513. EXCESS PROFITS CREDIT—REGULATED PUBLIC UTIUTIES. 26 u.^8."!^§ 448 (c) Section 448(c)(3) (relating to regulated public utilities) is hereby (3). amended to read as follows: "(3) 6 per centum in the case of a corporation engaged as a common carrier (A) in the furnishing or sale of transportation by railroad, if subject to the jurisdiction of the Interstate Commerce Commission, or (B) in the furnishing or sale of transportation of oil or other petroleum products (including shale oil) by pipe line, if subject to the jurisdiction of the Interstate Commerce Commission or if the rates for such furnishing or sale are subject to the jurisdiction of a public service orpublic utility commission or other similar body of the District of Columbia or of any State." SEC. 514. CONSOLIDATED RETURNS OF REGULATED PUBLIC UTILITIES. 26 u.^s. W.\u» (e). Section 448(e) (relating to consolidated returns of regulated public utilities) is hereby amended by adding at the end thereof the following new sentence: " For purposes of filing a consolidated return with its railroad lessee corporation, a railroad lessor corporation described in 26U.^8 ci'434(d). section 434(d) (without regard to the requirement of payment of the lessor's taxes b ^ the lessee) shall be considered a corporation described in subsection (c)(3)." SEC. 515. NONTAXABLE INCOME FROM CERTAIN MINING PROPERTIES. 26u^s c^\"453 Section 453 (relating to nontaxable income from exempt excess output) is hereby amended as follows: (a) By amending the first sentence of subsection (a) (13) thereof to read as follows: "The term 'unit net income' means the amount ascertained by dividing the net income (computed with the allowance for depletion) from the coal, ore, sulphur, potash, metallurgical grade limestone, chemical grade limestone, or timber recovered from the mineral property, or timber block, as the case may be, during the taxable year by the number of units of such mineral or timber recovered from such property in such year." (b) By inserting immediately after the words "coal mining property" in subsection (b)(2) thereof the following: ", or of a sulphur, potash, metallurgical grade limestone, or chemical grade limestone mineral property,". (c) By striking out so much of subsection (b)(4) as precedes the second sentence and inserting in lieu thereof the following: "(4)
CERTAIN PROPERTIES NOT IN OPERATION DURING NORMAL
PERIOD.—For any taxable year, the nontaxable income from exempt excess output of a metal or coal mining property, of a
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