An Act to suspend the duties on certain bicycle parts and accessories until the close of December 31, 1973
PL 91-689 (H.R.19670), enacted 01/12/1971

84 STAT. ] 
PUBLIC LAW 91-689-JAN. 12, 1971 
2073 
at any time before the expiration of such 2-year period, but only to the 
extent that the overpayment or deficiency is attributable to an election 
made under this section. No interest shall be allowed on any credit 
or refund described in the preceding sentence, and no interest shall be 
assessed with respect to any deficiency described in the preceding 
sentence, for any period before the day which is one year after the date 
of the enactment of this Act. 
SEC. 3. (a) For purposes of applying section 1212(a) of the Inter-
nal Revenue Code of 1954 (as amended by section 512 of the Tax 
Reform Act of 1969) in the case of a corporation which makes an 
election under subsection (b), any net capital loss sustained in a tax-
able year beginning after December 31, 1969, may not be carried back 
to any taxable year beginning before January 1, 1970, for which it 
was subject to taxation under section 802 of such Code, if the carry-
back of such loss would result in an increase in sucli corporation's 
income tax liability for any such taxable year. 
(b) An election to have the provisions of subsection (a) apply shall 
be made by a corporation— 
(1) in such form and manner as the Secretary of the Treasury 
or his delegate may prescribe, and 
(2) not later than the time prescribed by law for filing a claim 
for credit or refund of overpayment of income tax for the first 
taxable year beginning after December 31, 1969, in which such 
corporation sustains a net capital loss. 
(c) The Secretary of the Treasury or his delegate shall prescribe 
such regulations as he determines necessary to carry out the purposes 
of this section. 
Approved January 12, 1971. 
Capital loss 
carryover, corpo-
rations. 
83 Stat. 638. 
26 u s e 1212. 
73 Stat. 115. 
Regulations. 
Public Law 91-689 
AN ACT 
To suspend the duties on certain bicycle parts and accessories until the close of 
December 31,1973. 
January 12, 1971 
[H. R. 19670] 
Be it enacted hy the Senate and House of Rejyresentatives of the 
United States of Ameiica in Congress assembled, That subpart B of 
part 1 of the appendix to title I of the Tariff Act of 1930 (Tariff 
Schedules of the United States; 28 F.R., pt. II, Aug. 17, 1963; 77A 
Stat.; 19 U.S.C. 1202) is amended as follows: 
Immediately preceding item 915.25 insert the following new items: 
Bicycle parts. 
Duty suspen-
77A Stat. 434. 
80 Stat. 71. 
"912,05 
912.10 
Generator lighting sets for bicycles (pro-
vided for in item 663.39, part 3F, scliedule 
6) 
Derailleurs, caliper brakes, drum brakes, 
three-speed hubs incorporating coaster 
brakes, three-speed hubs not incorporat-
ing coaster brakes, click twist grips, click 
stick levers, multiple freewheel sprockets 
(provided for in item 732.36, part 60, 
schedule?) 
Free 
Free 
No change 
No change 
On or before 
12/31/73, 
On or before 
12/31/73. 
SEC. 2. The amendments made by this Act shall apply with respect 
to articles entered, or withdrawn from warehouse, for consumption 
after the date of enactment of this Act. 
Approved January 12, 1971.