PUBLIC LAWS-CH. 63-FEB . 25, 1944 53 Stat. 40. 26U.S. . §112(g). Ante, p. 43 . Ante, p. 42 . 5 8Stat. 14 26 U. .0. m, S23 (. 53 Stat. 45 . 26U.S.0., III, 114 (b) (4). 3 8tao 14. 26U. .0. §23 graph the term 'reorganization' shall not be limited by the definition of such term in section 112 (g)." (b) TAXABLE YEARS TO WHICH APPLICABLE.- A provision having the effect of the amendment made by subsection (a) shall be deemed to be included in the revenue laws respectively applicable to taxable years beginning after December 31, 1935. SEC. 123. GAIN FROM SALE OR EXCHANGE OF PROPERTY PURSUANT TO ORDERS OF FEDERAL COMMUNICATIONS COMMISSION. (a) IN GENERAL. -Section 112 is amended by adding at the end thereof a new subsection as follows: "(m) GAIN FROM SALE OR EXCHANGE TO EFrECTUATE POLICIES OF FEDnRAL COMMUNICATIONS COMMISSION.- If the sale or exchange of property (including stock in a corporation) is certified by the Federal Communications Commission to be necessary or appropriate to effec- tuate the policies of the Commission with respect to the ownership and control of radio broadcasting stations, such sale or exchange shall if the taxpayer so elects, be treated as an involuntary conversion of such property within the meaning of subsection (f) of this section. For the purposes of subsection (f) of this section as made applicable by the provisions of this subsection, stock of a corporation operating a radio broadcasting station, whether or not representing control of such corporation, shall be treated as property similar or related in service or use to the property so converted. The part of the gain, if any, upon such sale or exchange to which subsection (f) of this section is not applied shall nevertheless not be recognized, if the taxpayer so elects, to the extent that it is applied to reduce the basis for deter- mining gain or loss upon sale or exchange of property, of a character pp. subject to the allowance for depreciation under section 23 (1), remain- ing in the hands of the taxpayer immediately after the sale or exchange, or acquired in the same taxable year. The manner and amount of such reduction shall be determined under regulations prescribed by the Commissioner with the approval of the Secretary. Any election made by the taxpayer under this subsection shall be made by a statement to that effect in his return for the taxable year in which the sale or exchange takes place (or, with respect to taxable years beginning before January 1, 1944, by a statement to that effect filed within six months after the date of the enactment of the Reve- nue Act of 1943 in such manner and form as may be prescribed by regulations prescribed by the Commissioner with the approval of the Secretary) and such election shall be binding for the taxable year and all subsequent taxable years." (b) TAXABL7E YEARS TO WHICH APPLICABLE.-The amendments made by this section shall be applicable with respect to taxable years beginning after December 31, 1942. SEC. 124. PERCENTAGE DEPLETION FOR FLAKE GRAPHITE, VERMIC- ULITE, POTASH, BERYL, FELDSPAR, MICA, TALC, BARITE, LEPIDOLITE, AND SPODUMENE.
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(a) IN GENERAL. -SO much of section 114 (b) (4) (relating to percentage depletion for certain minerals) as precedes the second sen- tence thereof is amended to read as follows: "(4) PERCENTAGE DEPLETION FOR COAL, FLUORSPAR, FLAKE GRAPH- rr, VERMICLITE, BERTL, FEIDPAB, MICA, TALo, LEPIDOITE, SPODU- MENE, BARITE, BALL AND SAGGER CLAY, ROCK ASElHAIr, AND MEJrAL MINES, POTAS, AND SULPHtU.- - (A) In General--The allowance for depletion under ,; section 23 (m) shall be, in the case of coal mines, 5 per 44 [58 STAT.
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