82
INTERNAL REVENUE CODE OF 1954
(d) EXTENSION OF STATUTE OF LIMITATIONS.—Notwithstanding
any law or rule of law (other than section 7122, relating to compromises), any amount determined as a deficiency under subsection (c), or which would be so determined if assessment were prevented in the manner described in subsection (c), with respect to any taxable year may be assessed as if on the date of the expiration of the time prescribed by law for the assessinent of a deficiency for the fifth taxable year of the 5 consecutive taxable years specified in subsection (a), 1 year remained before the expiration of the period of limitation upon assessment for any such taxable year. SEC. 271. DEBTS OWED BY POLITICAL PARTIES, ETC. (a) GENERAL RULE. — I n the case of a taxpayer (other than a bank
as defined in section 581) no deduction shall be allowed under section 166 (relating to bad debts) or under section 165(g) (relating to worthlessness of securities) by reason of the worthlessness of any debt owed by a political party. (b)
DEFINITIONS.—
(1) POLITICAL PARTY.—For purposes of subsection (a), the term "political party " means— (A) a political party; (B) a national, State, or local committee of a political party; or (C) a committee, association, or organization which accepts contributions or makes expenditures for the purpose of influencing or attempting to influence the election of presidential or vicepresidential electors or of any individual whose name is presented for election to any Federal, State, or local elective public office, whether or not such individual is elected. (2) CONTRIBUTIONS.—For purposes of paragraph (1)(C), the term "contributions" includes a gift, subscription, loan, advance, or deposit, of money, or anything of value, and includes a contract, promise, or agreement to make a contribution, whether or not legally enforceable. (3) EXPENDITURES.—For purposes of paragraph (1)(C), the term "expenditures" includes a payment, distribution, loan, advance, deposit, or gift, of money, or anything of value, and includes a contract, promise, or agreement to make an expenditure, whether or not legally enforceable. SEC. 272. DISPOSAL OF COAL.
Where the disposal of coal is covered by section 631, no deduction shall be allowed for expenditures attributable to the making and administering of the contract under which such disposition occurs and to the preservation of the economic interest retained under such contract, except that if in any taxable year such expenditures plus the adjusted depletion basis of the coal disposed of in such taxable year exceed the amount realized under such contract, such excess, to the extent not availed of as a reduction of gain under section 1231, shall be a loss deductible under section 165(a). This section shall not apply to any taxable year during which there is no income under the contract.
§ 279(d)
�
