120
Conversion into money.
Taxes.
Special account. Establishment.
PUBLIC LAW 87-69-JUNE 27, 1961
[75 S T A T,
That the Secretary of the Treasury or the Administrator of General Services, as the case may be, is authorized to reject any ^ift under this section whenever he determines such action to be in the interest of the United States. SEC. 2. The Secretary of the Treasury shall convert into money, at the best terms available, any gift accepted by him under the provisions of paragraph (a)(3) of the first section of this Act; and the Administrator of General Services shall convert into money, at the best terms available, any gift accepted by him under the provisions of the first section of this Act. SEC. 3. If under applicable law any gift accepted under the first section of this Act is subject to a gift or inheritance tax, the Secretary of the Treasury or the Administrator of General Services, as the case may be, is a,uthorized to pay such tax out of the proceeds of such gift, or the proceeds of the redemption or sale of such gift, as the case may be. SEC. 4. There is hereby established on the books of the Treasury a special account into which shall be deposited all money received as gifts under this Act and all money received as a result of the conversion into money of gifts of property other than money received under this Act. The Secretary of the Treasury shall from time to time utilize the money in the special account for the payment at maturity or the redemption or purchase before maturity of any obligations of the United States included in the public debt of the United States. All obligations of the United States paid, redeemed, or purchased with money out of the special account snail be canceled and retired and shall not be reissued. All money deposited in the special account is hereby appropriated and shall be available for expenditure for the purposes of this Act. Approved June 27, 1961. Public Law 87-59
June 27, 1961 [H. R. 1877]
Plumbers Union Local No. 12. P e n s i o n fund.
68A Stat. 134, 163. 26 USC 401, 501.
73 Stat. 121. 26 USC 809.
AN ACT Relating to the effective date of the qualification of Plumbers Union Local Numbered 12 Pension Fund as a qualified trust under section 401(a) of the Internal Revenue Code of 1954, and for other purposes.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That the Plumbers Union Local Numbered 12 Pension Fund, which was established by a collective bargaining agreement effective September 1, 1954, and which has been held by the Internal Revenue Service to constitute a qualified trust under section 401(a) of the Internal Revenue Code of 1954, and to be exempt from taxation under section 501(a) of said Code, for years ending on or after June 3, 1959, shall be held and considered to have been a qualified trust under said section 401(a), and to have been exempt from taxation under said section 501(a), for the period beginning on September 1, 1954, and ending on June 3, 1959, but only if it is shown to the satisfaction of the Secretary of the Treasury or his delegate that the trust has not in this period been operated in a manner which would jeopardize the interests of its beneficiaries. SEC. 2. (a) Section 809(d) (11) of the Internal Revenue Code of 1954 (relating to deductions in computing gain from operations in the case of certain mutualization distributions) is amended by striking out "in 1958 and 1959" and inserting in lieu thereof "in 1958, 1959, 1960, and 1961".
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