An Act to continue until the close of June 30, 1975, the suspension of duties on certain forms of copper, and for other purposes.
PL 93-497 (H.R.12281), enacted 10/29/1974

1534 
PUBLIC LAW 93-497-OCT. 29, 1974 
[88 STAT. 
Integration of 
rail service with 
other modes of 
transportation, 
study. 
Report to Con-
gress. 
45 u s e 645 
note. 
SEC. 17. The Secretary of Transportation shall conduct a study and 
report to the Congress withm one year after the date of enactment 
of this section on the potential for integrating rail service provided by 
the National Railroad Passenger Corporation with other modes of 
transportation, inchiding buses, with particular attention to the 
transportation needs of rural areas. Such study and report shall include 
an evaluation of the funding mechanisms to assist increased service 
by other modes of transportation, including buses, connected to rail 
service provided by the National Railroad Passenger Corporation 
where such assistance will provide the opportunity for increased 
utilization of such rail service, especially by persons residing in rural 
areas. 
Approved October 28, 1974. 
October 29, 1974 
[H. R.12281] 
Certain copper, 
duty suspension; 
Internal Revenue 
Code of 1954, 
amendment. 
Effective date 
19 u s e 1202 
note. 
26 use 334 
note. 
26 u s e 334. 
26 u s e 1 et 
seq. 
Public Law 93-497 
AN ACT 
To continue until the close of June 30, 1975, the suspension of duties on certain 
forms of copper, and for other purposes. 
Be it enacted hy the Senate and House of Representatives 
of the 
United States of America in Congress assembled^ That items 911.10 
(relating to copper waste and scrap), 911.11 (relating to articles of 
copper), 911.13 (relating to copper bearing ores and materials), 911.14 
(relating to cement copper and copper precipitates), 911.15 (relating 
to black copper, blister copper, and anode copper), and 911.16 (relat-
ing to other unwrought copper) of the Appendix to the Tariff Sched-
ules of the United States (19 U.S.C. 1202) are each amended by 
striking out "6/30/74" and inserting in lieu thereof "6/30/75". 
SEC. 2. The amendments made by the first section of this Act shall 
apply with respect to articles entered, or withdrawn from warehouse, 
for consumption on or after July 1,1974. 
SEC. 3. (a) Notwithstanding the provisions of section 334 of the 
Internal Revenue Code of 1954 (relating to basis of property received 
in liquidations), no adjustment to the basis of any property distributed 
in complete liquidation of a corporation prior to July 1,1957, shall be 
made for any liability if— 
(1) the distributor and distributee did not consider the liability 
relevant to the value of the stock with respect to which the distri-
bution was made, 
(2) the distributor and distributee reasonably relied upon a 
decision of a United States district court specifically adjudicating 
the amount of the liability and its affirmance by the appropriate 
United States court of appeals, and 
(3) the amount of the liability so adjudicated was not greater 
than would be compensated for by insurance. 
The provisions of this section apply without regard to whether such 
decision was subsequently reversed or modified by that United States 
court of appeals following distribution of such property in complete 
liquidation. 
(b) To the extent that the liability described in subsection (a) is 
not compensated for by insurance or otherwise, the amount thereof 
shall be allowed as a deduction under the appropriate provision of the 
Internal Revenue Code of 1954 for the taxable year in which payment 
thereof was made and shall be effective in determining income tax 
liabilities of all taxable years prior thereto. 
Approved October 29, 1974.