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PUBLIC LAW 429-MAR. 13, 1966
[70
ST A T.
and which point is the terminal point of the fourteenth call in the deed dated 24 February 1950 from the City Council of Charleston to West Virginia Pulp and Paper Company); thence north 48 degrees 28 minutes 30 seconds west 2,999.27 feet, along lands of the West Virginia Pulp and Paper Company to a point which is distant 11.42 feet north 68 degrees 33 minutes east from an iron pipe; thence north 69 degrees 00 minutes east a distance of 104.71 feet to a point conmion to this tract, lands leased by the city of Charleston to the Xorth Carolina Terminal Company, and lands of the South Carolina State Ports Authority; thence along lands of the South Carolina State Ports Authority north 86 degrees 45 minutes 50 seconds east 15.58 feet, north 88 degrees 32 minutes 20 seconds east 50.00 feet, south 87 degrees 23 minutes 40 seconds east 50.00 feet, south 82 degrees 42 minutes 40 seconds east 50.00 feet, south 76 degrees 46 minutes 40 seconds east 50.00 feet, south 70 degrees 20 minutes 40 seconds east 50.00 feet, south 64 degrees 09 minutes 40 seconds east 50.00 feet, south 30 degrees 44 minutes 40 seconds east 24.55 feet, north 86 degrees 54 minutes 06 seconds east 374.48 feet, south 48 degrees 27 minutes 10 seconds east 899.77 feet, south 41 degrees 32 minutes 50 seconds west 25.00 feet, south 48 degrees 27 minutes 10 seconds east 1.494.83 feet to a point on the eastern edge of the concrete dock; thence along the eastern edge of the concrete dock south 41 degrees 31 minutes 30 seconds west approximately 483.0 feet to the point of beginning and containing 30.75 acres, more or less. Approved March 2, 1956.
Public Law 429 March 13, 1956 [H. R. 7201]
CHAPTER 83
AN ACT Iteluting to the taxation of income of insurance companies.
Be it enacted by the Senate and House of Reprejfentativen of the cJn^'a^y^T^MAc* United States of America in Conyre-HH a-sHein hied, That this Act be cited for 1955. as the "Life Insurance Company Tax Act for 1955". SEC. 2. REVISION OF FORMULAS FOR TAXING INCOME OF LIFE INSURANCE COMPANIES. Part I of subchapter L of chapter 1 of the Internal Revenue Code of li'uicr^'so"' et 1954 is hereby amended to read as follows: seq.
"PART I—LIFE INSURANCE COMPANIES "Subljart A. 1955 formula. "Subpart B. 1942 formula. "Subpart C. Miscellaneous provisions.
"Subpart A—1955 Formula "See. "Sec. "Sec. "Sec. "Sec.
801. 802. 803. 804. 805.
Definition of life insurance company, Tax imposed for 1955. Income and deductions. Iteserve and other policy liability deduction. Special interest deduction.
"SEC. 801. DEFINITION OF LIFE INSURANCE COMPANY. " (a) L I F E INSURAXCK COMPANY DEFINED.—For purposes of this
subtitle, the term 'life insurance company' means an insurance company which is engaged in the business of issuing life insurance and
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