PUBLIC LAWS-CO . 168-APR. 2, 1948 53 Stat. 35. 26U.S.0. 102. 53 Stat. 36 . 26U.S.0. 105. Poat, p. 136. 63 Stat. 18 . 26 U.S. 0 ..25 (b) (1), (2). (4) AVOIDANCE OF SURTAXES BY INCORPORATION.--For surtax on corporations which accumulate surplus to avoid surtax on share- holders, see section 102. "(5) SALE OF OIL OR GAS PROPERTIES.-For limitation of surtax attributable to the sale of oil or gas properties, see section 105." SEC. 105. TAXABLE YEARS TO WHICH AMENDMENTS APPLICABLE. The amendments made by this title shall be applicable with respect to taxable years beginning after December 31, 1947. For treatment of taxable years beginning in 1947 and ending in 1948, see section 601. TITLE II-CREDITS AGAINST NET INCOME FOR NORMAL TAX AND SURTAX SEC. 201. ADDITIONAL CREDITS AGAINST NET INCOME FOR NORMAL TAX AND SURTAX. Paragraphs (1) and (2) of section 25 (b) of the Internal Revenue Code are hereby amended to read as follows: "(1) CREDrrs.- T here shall be allowed for the purposes of both the normal tax and the surtax, the following credits against net income: " (A) An exemption of $600 for the taxpayer; and an addi- tional exemption of $600 for the spouse of the taxpayer if a separate return is made by the taxpayer, and if the spouse, for the calendar year in which the taxable year of the taxpayer begins, has no gross income and is not the dependent of another taxpayer; "(B) (i) An additional exemption of $600 for the taxpayer if he has attained the age of 65 before the close of his taxable year; and "(ii) An additional exemption of $600 for the spouse of the taxpayer if a separate return is made by the taxpayer, and if the spouse has attained the age of 65 before the close of such taxable year, and, for the calendar year in which the taxable year of the taxpayer begins, has no gross income and is not the dependent of another taxpayer; "(C) (i) An additional exemption of $600 for the taxpayer if he is blind at the close of his taxable year; and "(ii) An additional exemption of $600 for the spouse of the taxpayer if a separate return is made by the taxpayer, and if the spouse is blind and, for the calendar year in which the taxable year of the taxpayer begins, has no gross income and is not the dependent of another taxpayer. For the purposes of this clause the determination of whether the spouse is blind shall be made as of the close of the taxable year of the tax- payer, unless the spouse dies during such taxable year, in which case such determination shall be made as of the time of such death; "(iii) For the purposes of this subparagraph an individual is blind only if either: his central visual acuity does not exceed 20/200 in the better eye with correcting lenses, or his visual acuity is greater than 20/200 but is accompanied by a limita- tion in the fields of vision such that the widest diameter of the visual field subtends an angle no greater than 20 degrees; " (D) An exemption of $600 for each dependent whose gross income for the calendar year in which the taxable year of the taxpayer begins is less than $500, except that the exemption shall not be allowed in respect of a dependent who has made a joint return with his spouse under section 51 for the taxable year beginning in such calendar year. 112 [62 STAT.
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