616
PUBLIC LAW 287-AUG. 15, 1953
[67 S T A T.
SEC. 102. EXTENSION OF TIME TO MAKE ELECTION IN RESPECT OF EXCESSIVE DEPRECIATION ALLOWED FOR PERIODS ... i BEFORE 1952. 66 Stat. 629. (a) AMENDMENT OF SECTION 113 (d).—So Hiuch of section 113(d) (relating to election in respect of depreciation, etc., allowed before 1952) as follows the first sentence thereof is hereby amended to read as follows: "Such an election shall be made in such manner as the Secretary may by regulations prescribe and shall be irrevocable when made, except that an election made on or before December 31, 1952, may be revoked at any time before January 1, 1955. A revocation of an election shall be made in such manner as the Secretary may by regulations prescribe, and no election may be made by any person after he has so revoked an election. The election shall apply in respect of all property held by the person making the election at any time on or before December 31, 1952, and in respect of all periods since February 28, 1913, and before January 1, 1952, during which such person held such property or for which adjustments must be made under subsection (b)(2). An election or a revocation of an election by a transferor, donor, or grantor made after the date of the transfer, gift, or grant of property shall not affect the basis of such property in the hands of the transferee, donee, or grantee. No election may be made under this subsection after December 31, 1954." (b) EFFECTIVE DATE.—The amendment made by subsection (a) shall be effective as if included in the amendment made by section 2 66 Stat. 629. gf Public Law 539, Eighty-second Congress, at the time of its enactment. SEC. 103. EXTENSION OF TIME FOR MAKING ELECTION WITH RESPECT TO WAR-LOSS RECOVERIES. 65 Stat. 514. Section 127(c)(5) (relating to election with respect to war-loss "^^
recoveries) is hereby amended by striking out "December 31, 1952" and inserting in lieu thereof "December 31, 1953". SEC. 104. EXTENSION OF PERIOD OF ABATEMENT OF INCOME TAXES OF MEMBERS OF ARMED FORCES UPON DEATH. 65 Stat. 507. Section 154 (relating to income taxes of members of Armed Forces 26 USC 154. ^^ death) is hereby amended by striking out "January 1, 1954" and inserting in lieu thereof "January 1, 1955". SEC. 105. EXTENSION OF TEMPORARY PROVISIONS RELATING TO LIFE INSURANCE COMPANIES. 66 Stat. 444. (a) TAX FOR 1953.—Sectious 201 (a)(1) (relating to imposition of 203A,"f3f ^^^' tax on life insurance companies), 203A (relating to 1951 and 1952 adjusted normal-tax net income of life insurance companies), and 433 (a)(1)(H) (relating to excess profits net income of life insurance companies) are each hereby amended by striking out "1951 and 1952" wherever appearing therein and inserting in lieu thereof "1953". (b) EFFECTIVE DATE.—The amendments made by subsection (a) shall apply only to taxable years beginning in 1953. The application 26 USC 201. of the amendment to section 201(f) (relating to disallowance of double deductions) made by section 336(c)(2) of the Revenue Act of 65 Stat. 508. 1951 is hereby extended to taxable years beginning after December 31, 1952. SEC. 106. EXTENSION OF PERIOD FOR EXEMPTION FROM ADDITIONAL ESTATE TAX OF MEMBERS OF ARMED FORCES UPON DEATH. 65 Stat. 567. Section 939(b) (relating to the tax treatment of estates of certain 26 USC 939. members of the Armed Forces) is hereby amended by striking out "JANUARY 1, 1954" and inserting in lieu thereof "JANUARY 1, 1955", and by striking out "January 1, 1964" and inserting in lieu thereof "January 1, 1955".
�
