Page:United States Statutes at Large Volume 72 Part 1.djvu/1319

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[72 Stat. 1277]
[72 Stat. 1277]
PUBLIC LAW 85-000—MMMM. DD, 1958

72 S T A T. ]

PUBLIC LAW 8 5 - 8 5 9 - S E P T. 2, 1958

respect to which credit or refund is allowable by reason of section 6416 (b)(5)), but instead there shall be paid— "(1) an amount equal to the difference between (A) the tax previously paid on the payments on such installment accounts, and (B) the total tax; except that "(2) if any such sale is pursuant to the order of, or subject to the approval of, a court of competent jurisdiction in a bankruptcy or insolvency proceeding, the amount computed under paragraph (1) shall not exceed the amount computed by multiplying (A) the amount for which such accounts are sold, by (B) the rate of tax under this chapter which applied on the day on which the transaction giving rise to such installment accounts took place. "(c) LIMITATION.—The sum of the amounts payable under this section in respect to the sale of any article shall not exceed the total tax." SEC. 105. EXEMPTION FROM RETAILERS EXCISE TAXES FOR NONPROFIT EDUCATIONAL ORGANIZATIONS. (a) EXEMPTION.—Subchapter F of chapter 31 (special provisions applicable to retailers tax) is amended by renumbering section 4057 as 4058, and by inserting after section 4056 the following new section: "SEC. 4057. EXEMPTION FOR NONPROFIT EDUCATIONAL ORGANIZATIONS. "Under regulations prescribed by the Secretary or his delegate, no tax shall be imposed under this chapter with respect to the sale of any article to a nonprofit educational organization for its exclusive use, or, in the case of a tax imposed by section 4041, with respect to the use by a nonprofit educational organization of any liquid as a fuel. For purposes of this section, the term 'nonprofit educational organization' means an educational organization described in section 503 (b)(2) which is exempt from income tax under section 501(a). " (b) CLERICAL AMENDMENT.—The table of sections for subchapter F of chapter 31 is amended by striking out "Sec. 4057. Cross reference." and inserting in lieu thereof


26 USC 40si-

26 USC 4041.

26 USC soa.soi.

"Sec. 4057. Exemption for nonprofit educational organizations. "Sec. 4058. Cross reference."

PART II—MANUFACTURERS EXCISE TAXES SEC. 111. REFRIGERATOR COMPONENTS. (a) REPEAL or TAX.—Section 4111 (tax on refrigeration equipment) is amended by striking out "Refrigerator components."

26 USC 4i 11.


(1) Section 4112 (definition of refrigerator components) is hereby repealed. (2) The table of sections for part I of subchapter B«of chapter 32 (refrigeration equipment) is amended by striking out

26 USC 4112.

"Sec. 4112. Definition of refrigerator components." SEC. 112. ELECTRIC, GAS, AND OIL APPLIANCES.

Section 4121 (tax on electric, gas, and oil appliances) is amended— (1) by striking out " (a) HOUSEHOLD-TYPE ARTICLES.—",

(2) by striking out subsection (b) thereof, (3) by striking out "Electric belt-driven fans." and inserting in lieu thereof "Electric direct-motor and belt-driven fans and air circulators.", (4) by striking out "Electric floor polishers and waxers.", and

26 USC 4121.