76 STAT.]
PUBLIC LAW 87-864-OCT. 23, 1962
be taken into account under section 172 or 1212 for taxable years after the taxable year to the same extent and in the same jaanner as— " (A) a net operating loss sustained for the taxable year, if paragraph (4) of subsection (a) applied, or " (B) a net operating loss or capital loss sustained for the prior taxable year (or years), if paragraph (5)(B) of subsection (a) applied." (b) The amendment made by subsection (a) shall be effective with respect to taxable years beginning on or after January 1, 1962. SEC. 6. (a)(1) Section 7608 of the Internal Revenue Code of 1954 (relating to authority of Internal Revenue enforcement officers) is amended by adding at the end thereof the following new subsection:
1143
Effective date. 26 USC 7608.
"(b) ENFORCEMENT or LAWS RELATING TO INTERNAL REVENUE OTHER T H A N SUBTITLE E. —
"(1) Any criminal investigator of the Intelligence Division or of the Internal Security Division of the Internal Revenue Service whom the Secretary or his delegate charges with the duty of enforcing any of the criminal provisions of the internal revenue laws or any other criminal provisions of law relating to internal revenue for the enforcement of which the Secretary or his delegate is responsible is, in the performance of his duties, authorized to perform the functions described in paragraph (2). "(2) The functions authorized under this subsection to be performed by an officer referred to in paragraph (1) are— " (A) to execute and serve search warrants and arrest warrants, and serve subpoenas and summonses issued under authority of the United States; " (B) to make arrests without warrant for any offense against the United States relating to the internal revenue laws committed in his presence, or for any felonj cognizable under such laws if he has reasonable grounds to believe that the person to be arrested has committed or is committing any such felony; and " (C) to make seizures of property subject to forfeiture under the internal revenue laws." (2) Such section is further amended by striking out "Any" and inserting in lieu thereof " (a) ENFORCEMENT OF SUBTITLE E AND OTHER LAWS PERTAINING TO LIQUOR, TOBACCO, AND FIREARMS.—Any".
(b) The amendments made by subsection (a) shall take effect on the day after the date of enactment of this Act. Approved October 23, 1962.
Effective date.
Public Law 87-864 JOINT RESOLUTION Fixing the time of assembly of the Eighty-eighth Congress.
Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the Eightyeighth Congross shall assemble at noon on Wednesday, January 9, Approved October 23, 1962.
October 23, 1962 [H. J. R e s. 907]
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