[58 STAT. PUBLIC LAWS-CH. 63-FEB . 25, 1944 53 Stat. 462 . 26U.S. C. 3760 53 Stat. 462. 26U. S.. C . 3761. 53 Stat. 72; 6 Stat. 870. 26 U. .., nSpp. m, 1 204 (a). 53 Stat 3. 26U.8.0.§204 (b) (1). Supr. 56 Stat. 872. 26 U. S. C., Supp. In, §204 (e) (11). Supra. 53 Stat. 74; 56 Stat 872. 26 U. S. C., Supp. m, 207 (a). 53 Stat 72. 26 U...S. 2. Su1 a 20.L2 making of assessments and the beginning of distraint or a pro- ceeding in court for collection shall with respect to any deficiency resulting from any such consents include one year immediately after the date such consents were filed, and such assessment and collection may be made notwithstanding any provision of the internal revenue laws or any rule of law which would otherwise prevent such assessment and collection. The period within which claim for credit or refund may be filed, or credit or refund allowed or made if no claim is filed, with respect to any overpayment by the grantor resulting from the consents shall include one year immediately after the date of the filing of the consents, and credit or refund may be allowed or made notwithstanding any provision or rule of law (other than this subsection, section 3760 of the Internal Revenue Code or a corresponding provision of prior law, relating to closing agreements, and section 3761 of the Inter- nal Revenue Code or a corresponding provision of prior law, relating to compromises) which would otherwise prevent such credit or refund. No interest shall be allowed or paid on any overpayment, or assessed on any deficiency, resulting from the application of paragraph (2) of this subsection. SEC. 135. MUTUAL FIRE INSURANCE COMPANIES ISSUING PER- PETUAL POLICIES. (a) TAxAmBIIY UNDER SECrION 204. -Section 204 (a) (relating to tax on insurance companies other than life or mutual) is amended as follows: (1) by inserting in paragraph (1) after "every mutual marine insurance company" the following: "and every mutual fire insur- ance company exclusively issuing either perpetual policies, or policies for which the sole premium charged is a single deposit which (except for such deduction of underwriting costs as may be provided) is refundable upon cancellation or expiration of the policy"; (2) by inserting in paragraph (2) after "a foreign mutual marine insurance company" the following: "and a foreign mutual fire insurance company described in paragraph (1) of this sub- section"; and (3) by inserting in paragraph (3) after "foreign mutual marine insurance companies" the following: "and foreign mutual fire insurance companies described in paragraph (1) of this subsection". (b) GROSS INcoME--Section 204 (b) (1) (relating to a definition of gross income) is amended by inserting after the semicolon at the end thereof, the following: "except that in the case of a mutual fire insurance company described in paragraph (1) of subsection (a) of this section, the amount of single deposit premiums paid to such company shall not be included in gross income; . (c) DrvmIDDs.-Section 204(c (c)(11) (relating to deduction of divi- dends paid or declared) is amended by striking out the period at the end of the first sentence thereof, and inserting the following: ", except in the case of a mutual fire insurance company described in paragraph (1) of subsection (a) of this section.". (d) NorNTAxArnTr UNDER SEC'noN 207. -Section 207 (a) (relating to tax on mutual insurance companies other than life or marine) is amended by inserting after "other than a life or a marine insurance company" and after other than a life or marine insurance company", wherever appearing therein, the following: "or a fire insurance com- pany subject to the tax imposed by section 204". 52
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