PUBLIC LAWS-CH. 63-FEB. 25, 1944 Sec. 105. Returns of income (sec. 61 (b)). (a) Determination of status (sec. 51 (f)). (b) Joint returns where spouses have different taxable years (sec. 51 (b)). Sec. 106. Victory tax. (a) Change in rate (sec. 450). (b) Repeal of credits against Victory tax (sec. 453). (c) Technical amendments (secs. 456 and 34). Sec. 107. Repeal of earned income credit. (a) In general (secs.25 (a),47 (d),and 185). (b) Earned income from sources without United States (sec. 116 (a)). Sec. 108. Certain fiscal year taxpayers. (a) In general (sec. 108). (b) Taxable years to which applicable. Sec. 109. Exclusion from gross income of mustering-out pay of members of armed forces (sec. 22 (b) (14)). Sec. 110. Last-in, first-out inventory. (a) Ingeneral (sec. 22 (d) (6)). (b) Effective date. Sec. 111. Denial of deduction for Federal excise taxes not deductible under section 23 (a) (sec. 23 (c)). Sec. 112. Deduction for losses on securities in affiliated corporations. (a) Stock losses (sec. 23 (g) (4) (B)). (b) Bond losses (sec. 23 (k) (5) (B)). (c) Taxable years to which applicable. Sec. 113. Partially worthless bad debts. (a) In general (sec. 23 (k)). (b) Years to which applicable. Sec. 114. Corporate contributions to veterans' organizations (sec. 23 (q)). Sec. 115. Special deduction for blind (sec. 23). Sec. 116. Credit for dividends paid on preferred stock of public utilities. (a) Dividends unpaid and accumulated (sec. 26 (h) (1)). (b) Stock issued to replace existing securities (sec. 26 (h) (2)). Sec. 117. Returns by organizations exempt from taxation. (a) In general (sec. 54). (b) Years to which applicable. Sec. 118. Penalties in connection with estimated tax. (a) In general (sec. 294). (b) Technical amendment (sec. 60 (b)). (c) Taxable years to which applicable. Sec. 119. Back pay attributable to prior years. (a) In general (sec. 107 (d)). (b) Technical amendment (sec. 107). (c) Taxable years to which applicable. Sec. 120. Election as to recognition of gain in certain corporate liqui- dations. (a) In general (sec. 112 (b) (7)). (b) Basis (sec. 113 (a) (18)). (c) Effective date. Sec. 121 . Reorganization of certain insolvent corporations. (a) Nonrecognition of gain or loss on certain reorganizations (sec. 112 (b) (10)). (b) Recognition of gain or loss of security holders in connection with certain corporate reorganizations (sec. 112 (1)). (c) Basis (sec. 113 (a) (6) and (21)). (d) Technical amendments (secs. 112 and 718). (e) Effective date. Sec. 122. Reorganization by adjustment of capital structure prior to Sep- tember 22, 1938 (sec. 113 (a)). Sec. 123. Gain from sale or exchange of property pursuant to orders of Federal Communications Commission. (a) In general (sec. 112 (m)). (b) Taxable years to which applicable. Sec. 124. Percentage depletion for flake graphite, vermiculite, potash, beryl, feldspar, mica, talc, lepidolite, barite, and spodumene. (a) In general (sec. 114 (b)). (b) Discovery value (sec. 114 (b)). (c) Definition of gross income from the property (sec. 114 (b)). (d) Percentage depletion for flake graphite retroactive to 1943. (e) Termination of percentage depletion for certain minerals. [58 STAT.
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