State Of New York et al v. Mnuchin et al

Filing 47

DECLARATION of Owen T. Conroy in Support re: 44 CROSS MOTION for Summary Judgment .. Document filed by State Of Connecticut, State Of New York, State of Maryland, State of New Jersey. (Attachments: # 1 Exhibit 1, # 2 Exhibit 2, # 3 Exhibit 3, # 4 Exhibit 4, # 5 Exhibit 5, # 6 Exhibit 6, # 7 Exhibit 7, # 8 Exhibit 8, # 9 Exhibit 9, # 10 Exhibit 10, # 11 Exhibit 11, # 12 Exhibit 12, # 13 Exhibit 13, # 14 Exhibit 14, # 15 Exhibit 15, # 16 Exhibit 16, # 17 Exhibit 17, # 18 Exhibit 18, # 19 Exhibit 19, # 20 Exhibit 20, # 21 Exhibit 21, # 22 Exhibit 22, # 23 Exhibit 23, # 24 Exhibit 24, # 25 Exhibit 25, # 26 Exhibit 26, # 27 Exhibit 27, # 28 Exhibit 28, # 29 Exhibit 29, # 30 Exhibit 30, # 31 Exhibit 31, # 32 Exhibit 32, # 33 Exhibit 33, # 34 Exhibit 34, # 35 Exhibit 35, # 36 Exhibit 36, # 37 Exhibit 37, # 38 Exhibit 38, # 39 Exhibit 39, # 40 Exhibit 40, # 41 Exhibit 41, # 42 Exhibit 42, # 43 Exhibit 43, # 44 Exhibit 44, # 45 Exhibit 45, # 46 Exhibit 46, # 47 Exhibit 47, # 48 Exhibit 48, # 49 Exhibit 49, # 50 Exhibit 50, # 51 Exhibit 51, # 52 Exhibit 52, # 53 Exhibit 53, # 54 Exhibit 54, # 55 Exhibit 55, # 56 Exhibit 56, # 57 Exhibit 57, # 58 Exhibit 58, # 59 Exhibit 59, # 60 Exhibit 60, # 61 Exhibit 61, # 62 Exhibit 62, # 63 Exhibit 63, # 64 Exhibit 64, # 65 Exhibit 65, # 66 Exhibit 66, # 67 Exhibit 67, # 68 Exhibit 68, # 69 Exhibit 69, # 70 Exhibit 70, # 71 Exhibit 71, # 72 Exhibit 72, # 73 Exhibit 73, # 74 Exhibit 74, # 75 Exhibit 75, # 76 Exhibit 76, # 77 Exhibit 77, # 78 Exhibit 78, # 79 Exhibit 79, # 80 Exhibit 80, # 81 Exhibit 81, # 82 Exhibit 82, # 83 Exhibit 83, # 84 Exhibit 84, # 85 Exhibit 85, # 86 Exhibit 86, # 87 Exhibit 87, # 88 Exhibit 88, # 89 Exhibit 89, # 90 Exhibit 90, # 91 Exhibit 91, # 92 Exhibit 92, # 93 Exhibit 93, # 94 Exhibit 94, # 95 Exhibit 95, # 96 Exhibit 96, # 97 Exhibit 97, # 98 Exhibit 98, # 99 Exhibit 99, # 100 Exhibit 100, # 101 Exhibit 101, # 102 Exhibit 102, # 103 Exhibit 103, # 104 Exhibit 104, # 105 Exhibit 105, # 106 Exhibit 106)(Conroy, Owen)

Exhibit 53

1606

PUBLIC LAW 85-866-SEPT. 2, 1968

[72

ST AT.

Public Law 85-866

It

September 2, 1958
[H. R. 8381]

If

!1

AN ACT

rj0

amen(j

(he Isiternni Revenue Code of 1054 to correct unintended benefits and
hardships anfi to make technical amendments, and for other purposes.

Be it enacted oy the Senate and House of Representatives of the
United States of America in Congress assembled,

TITLE I—TECHNICAL AMENDMENTS
ACT OF 1958
SECTION 1. SHORT TITLE, ETC.

citation of title. - (a) SHORT TITLE.—This title may be cited as the "Technical
Amendments Act of 1958''.
68A stat. 26 usc,
(b) AMENDMENT OF 1954 CODE.—Except as otherwise expressly provided, wherever in this title an amendment or repeal is expressed in
terms of an amendment to or a repeal of a section or other provision,
the reference shall be considered to be made to a provision of the
Internal Revenue Code of 1954.
(c) EFFECTIVE DATE.—Except as otherwise expressly provided—
(1) amendments made by this title to subtitle A of the Internal
26 USC 1-1552.
Revenue Code of 1954 (relating to income taxes) shall apply to
taxable years beginning after December 31,1953, and ending after
August 16, 1954; and
26 USC 6001(2) amendments made by this title to subtitle F of such Code
7852
(relating to procedure and administration) shall take effect as
of August 17,1954, and such subtitle, as so amended, shall apply
as provided in section 7851 of the Internal Revenue Code of 1954.
SEC. 2. DEALERS IN TAX-EXEMPT SECURITIES.
26 USC 7.;.

21 USC 10 !6.

(a) MUNICIPAL BONDS.—Section 75 (relating to dealers in taxexempt securities) is amended—
(1) by striking out paragraph (1) of subsection (b) and inserting in lieu thereof the following:
"(1) The term 'municipal bond' means any obligation issued
by a government or political subdivision thereof if the interest
on such obligation is excludable from gross income; but such term
does not include such an obligation if—
"(A) (i) it is sold or otherwise disposed of by the taxpayer within 30 days after the date of its acquisition by him,
or
"(ii) its earliest maturity or call date is a date more than
5 years from the date on which it was acquired by the taxpayer; and
"(B) when it is sold or otherwise disposed of by the taxpayer—
"(i) in the case of a sale, the amount realized, or
"(ii) in the case of any other disposition, its fair
market value at the time of such disposition,
is higher than its adjusted basis (computed without regard
to this section and section 1016 (a) (6)).
Determinations under subparagraph (B) shall be exclusive of
interest";
(2) by striking out "short-term" each place it appears in subsection (a); and
(3) by adding at the end of subsection (a) the following newsentence :
"Notwithstanding the provisions of paragraph (1), no reduction to
the cost of securities sold during the taxable year shall be made in