An Act to provide that the interest on certain insured loans sold out of the Agricultural Credit Insurance Fund shall be included in gross income
PL 91-617 (H.R.15979), enacted 12/31/1970

84 STAT. ] 
PUBLIC LAW 91-618-DEC. 31, 1970 
1855 
such grant or contract is given or used, and the amount of that portion 
of the cost of the project or undertaking supplied by other sources, 
and such other records as will facilitate an effective audit. 
(b) The Secretary and Comptroller General of the United States, 
or any of their duly authorized representatives, shall have access for 
the purpose of audit and examination to any books, documents, papers, 
and records of such recipients that are pertinent to the grants or 
contracts entered into under the provisions of this Act under other 
than competitive bidding procedures. 
SEC. 503. Payments under this Act may be made in advance or by 
way of reimbui'sement and in such installments as the Secretary may 
determine. 
Approved December 31, 1970. 
Records, acces 
sibility. 
Payments. 
Public Law 91-617 
AN ACT 
December 31, 1970 
To provide that the interest ou certain insured loans sold out of the Agricultural 
[H. R. 15979] 
Credit Insurance Fund shall be included in gross income. 
Be it enacted hy the Senate and House of Represeiitatives 
of the 
United States of Amelia 
in Cmigress assembled^ That (a) section 
306(a) (1) of the Consolidated Farmers Home Administration Act of 
1961, as amended (7 U.S.C. 1926(a) (1)), is amended by adding at 
the end thereof the following new sentence: "When any loan made for 
a purpose specified in this paragraph is sold out of the Agricultural 
Credit Insurance Fund as an insured loan, the interest or other income 
thereon paid to an insured holder shall be included in gross income for 
purposes of chapter 1 of the Internal Revenue Code of 1954." 
(b) The amendment made by subsection (a) shall apply to the 
insured loans sold out of the Agricultural Credit Insurance Fund 
a f 
ter the date of the enactment of this Act. 
Approved December 31, 1970. 
Agricultural 
Credit Insur-
ance Fund. 
Insured loans, 
interest; tax 
treatment. 
79 Stat. 9 31. 
68A Stat. 3; 
83 Stat. 678. 
26 u s e 1. 
Effective date. 
Public Law 91-618 
AN ACT 
December 31, 1970 
To amend the Internal Revenue Code of 1954 to clarify the applicability of the 
[H. R. lesoe] 
exemption from income taxation of cemetery corporations. 
Be it enacted hy the Senate and House of Representatives 
of the 
Vnited States of America in Congress assemmed, That paragraph (13) 
of section 501(c) of the Internal Revenue Code of 1954 (relating to 
exempt organizations) is amended to read as follows: 
" (13) Cemetery companies owned and operated exclusively for 
the benefit of their members or which are not operated for profit; 
and any corporation chartered solely for the purpose of the dis-
posal of bodies by burial or cremation which is not permitted by 
its charter to engage in any business not necessarily incident to 
that purpose and no part of the net earnings of which inures to 
the benefit of any private shareholder or individual." 
SEC. 2. The amendment made by the first section of this Act shall 
apply to taxable years ending after the date of enactment of this Act. 
Approved December 31, 1970. 
Cemetery corjao-
rations. 
Income tax ex^ 
emption. 
68A Stat. 164. 
26 u s e 50 1. 
Effective date.