An Act to amend the Internal Revenue Code of 1954 with respect to exportation of imported distilled spirits, wines, and beer, and with respect to the total contract price of sales of personal property on the installment plan
PL 88-539 (H.R.98), enacted 08/31/1964

746 
PUBLIC LAW 88-539-AUG. 31, 1964 
[78 STAT. 
August 31, 1964 
[H. R. 98] 
Public Law 88-539 
AN ACT 
To amend the Internal Revenue Code of 1954 with respect to exportation of 
imported distilled spirits, wines, and beer, and with respect to the total 
contract price of sales of personal property on the installment plan. 
Distilled 
spirits-
Tax refund. 
72 Stat. 1336. 
Personal prop-
erty, installment 
plan reporting. 
68A Stat. 154. 
26 u s e 453. 
Revolving credit 
type plans. 
Ante, p. 75. 
Be it enacted hy the Senate and House of Representatives 
of the 
United States of America in Congress assemhlea^ That section 5062 
of the Internal Revenue Code of 1954 (26 U.S.C. 5062) is amended 
by adding at the end thereof a new subsection (c) as follows: 
" (c) EXPORTATION OF IMPORTED LIQUORS.— 
"(1) ALLOWANCE OF TAX.—^Upon the exportation of imported 
distilled spirits, wines, and beer upon which the duties and 
internal revenue taxes have been paid or determined incident 
to their importation into the United States, and which have been 
found after entry to be unmerchantable or not to conform to 
sample or specifications, and which have been returned to cus-
toms custody within six months of their release therefrom, the 
Secretary or his delegate shall, under such regulations as he 
shall prescribe, refund, remit, abate, or credit, without interest, 
to the importer thereof, the full amount of the internal revenue 
taxes paid or determined with respect to such distilled spirits, 
wines, or beer. 
"(2) DESTRUCTION IN LIEU OF EXPORTATION.—At the option of 
the importer, such imported distilled spirits, wines, and beer, 
after return to customs custody, may be destroyed under customs 
supervision and the importer thereof granted relief in the same 
manner and to the same extent as provided in this subsection 
upon exportation." 
SEC. 2. The amendment made by the first section of this Act shall 
apply with respect to articles exported or destroyed after the date 
of the enactment of this Act. 
SEC. 3. (a) Section 453(a) of the Internal Revenue Code of 1954 
(relating to dealers in personal property) is amended to read as 
follows: 
"(a) DEALERS IN PERSONAL PROPERTY.— 
"(1) I N GENERAL.—Under regulations prescribed by the Sec-
retary or his delegate, a person who regularly sells or otherwise 
disposes of personal pjroperty on the installment plan may return 
as income therefrom in any taxable year that proportion of the 
installment payments actually received in that year which the 
gross profit, realized or to be realized when payment is completed, 
bears to the total contract price. 
"(2) TOTAL CONTRACT PRICE.—For purposes of paragraph (1), 
the total contract price of all sales of personal property on the 
installment j)lan includes the amount of carrying charges or in-
terest which is determined with respect to such sales and is added 
on the books of account of the seller to the established cash selling 
price of such property. 
This paragraph shall not apply with 
respect to sales of personal property under a revolving credit 
type plan or with respect to sales or other dispositions of property 
the income from which is, under subsection (b), returned on the 
basis and in the manner prescribed in paragraph (1)." 
(b) Section 453(e) of such Code (relating to revolving credit type 
plans) is amended to read as follows: 
"(e) CARRYING 
CHARGES NOT INCLUDED IN TOTAL 
CONTRACT 
PRICE.—If the carrying charges or interest with respect to sales of 
personal property, the income from which is returned under subsection 
78 STAT.] 
PUBLIC LAW 88-540-AUG. 31, 1964 
747 
(a) (1), is not included in the total contract price, payments received 
with respect to such sales shall be treated as applying first against 
such carrying charges or interest. This subsection shall not apply with 
respect to sales or other dispositions of property the income from 
which is, under subsection (b), returned on the basis and in the man-
ner prescribed in subsection (a) (1)." 
(c) The amendment made bv subsection (a) shall apply in respect 
to sales made in taxable years beginning on or after January 1, 1960. 
The amendment made by subsection (b) shall apply in respect of 
sales made during taxable years beginning after December 31,1963. 
Approved August 31, 1964. 
Public Law 88-540 
AN ACT 
To amend the Act entitled "An Act to authorize the purchase, sale, and exchange 
of certain Indian lands on the Yakima Indian Reservation, and for other pur-
poses", approved July 28, 1955. 
August 31, 1964 
[H. R. 5837] 
Be it enacted hy the Seriate and House of Representatives 
of the 
United States of America in Congress assembled^ That the first section 
of the Act entitled "An Act to authorize the purchase, sale, and 
exchange of certain Indian lands on the Yakima Reservation, and for 
other purposes", approved July 28, 1955, is amended to read as 
follows: 
"That (a) the Secretary of the Interior is authorized, in his discre-
tion, to— 
"(1) purchase for the Yakima Tribes, with any funds of such 
tribes, and to otherwise acquire by gift, exchange, or relinquish-
ment, any lands or interest in lands or improvements thereon 
within the Yakima Indian Reservation or within the area ceded 
to the United States by the treaty of June 9,1855; 
" (2) sell or approve sales of any tribal trust lands, any interest 
therein or improvements thereon, such sales being limited to 
agencies of the Federal, State, or local governments for recrea-
tional, educational, civic, or other public purposes, and to indi-
vidual members of the tribes; 
" (3) exchange any tribal trust lands, including interests therein 
or improvements thereon, for any lands situated within such res-
ervation or the area ceded to the United States by the treaty 
of June 9, 1855; and 
"(b) Where lands are held in multiple ownership, the Secretary 
is authorized to sell and exchange such lands to other Indians or the 
Yakima Tribes only if the sale or exchange is authorized in writing 
by the owners of at least a majority interest in such lands; except that 
no greater percentage of approval of individual Indians shall be 
required under this Act than m any other statute of general applica-
tion approved by Congress. 
"(c) In all cases in which the Secretary is acquiring for the Yakima 
Tribes lands or interests in lands presently held in trust or under 
restrictions for the benefit of an individual Indian, title shall be taken 
in the name of the United States in trust for the Yakima Tribes. 
In 
all cases in which land being purchased is presently held by the 
grantor in fee simple, title shall be taken for and held by the Yakima 
Tribes in fee and such land shall not, by reason of its being owned 
by the tribes, be exempt from taxation in accordance with the laws of 
the State of Washington. 
"(d) The Secretary shall obtain the advice and consent of the 
Yakima tribal council before entering into any of the above trans-
actions involving the acquisition or disposition of tribal land. 
The 
Yakima Indian 
Reservation. 
Land purchase. 
69 Stat. 392. 
25 USC608-608C, 
12 Stat. 951.