An Act to provide for the establishment of the Arkansas Post National Park, in the State of Arkansas
PL 86-595 (H.R.6108), enacted 07/06/1960

74 S T A T . ] 
PUBLIC LAW 86-595-JULY 6, 1960 
333 
Public Law 86-594 
AN ACT 
July 6, I960 
[II. R. 425 1] 
To amend the Internal Revenue Code of 1954 with respect to the limitation on 
the deduction of exploration expenditures. 
Be it enacted hy the Senate and House of Repfesentatives 
of the 
United States of Ainerica in Congress assembled^ That subsection (c) pendui^'e^s!°" ^ 
of section 615 of the Internal Revenue Code of 1954 (relating to the 
68A stat! 211. 
deduction of exploration expenditures) is amended to read as follows: 
^^ ^^^ ^^^• 
"(c) LIMITATION.— 
"(1) I N GENERAL.—This section shall not apply to any amount 
paid or incurred to the extent that it would, when added to the 
amounts w^hich have been deducted under subsection (a) and the 
amounts which have been treated as deferred expenses under sub-
section (b), or the corresponding provisions of prior law, exceed 
$400,000. 
"(2) AMOUNTS TAKEN INTO ACCOUNT.—For purposes of para-
graph (1), there shall be taken into account amounts deducted and 
amounts treated as deferred expenses by— 
"(A) the taxpayer, and 
"(B) any individual or corporation who has transferred to 
the taxpayer any mineral property. 
"(3) 
APPLICATION OF PAEAGRAPH (2){B).—Paragraph (2) (B) 
shall apply with respect to all amounts deducted and all amounts 
treated as deferred expenses which were paid or incurred before 
the latest such transfer from the individual or corporation to the 
taxpayer. 
Paragraph (2) (B) shall apply only if— 
"(A) the taxpayer acquired any mineral property from 
the individual or corporation under circumstances w^hich 
make paragraph (7), (8), (11), (15), (IT), (20), or (22) of 
section 113(a) of the Internal Revenue Code of 1939 apply to 
53 stat. 4o. 
such transfer; 
"(B) the taxpayer would be entitled under section 381(c) 
(10) to deduct expenses deferred under this section had the 
^^ ^^^ ^^^• 
distributor or transferor corporation elected to defer such 
expenses; or 
"(C) the taxpayer acquired any mineral property from 
the individual or corporation under circumstances which 
make section 334(b), 362(a) and (b), 3T2(a), 373(b)(1), 
1061, or 1082 apply to such transfer." 
SEC. 2. The amendment made by the first section of this Act shall 
apply only with respect to taxable years beginning after the date of 
the enactment of this Act. 
Approved July 6, 1960. 
Public Law 86-595 
AN ACT 
July 6, 1960 
To provide for the establishment of the Arkansas Post National Memorial, in 
[H. . 6108] 
the State of Arlcansas. 
Be it enacted hy the Senate and House of Representatives 
of the 
United States of America in Congress assembled^ That the Secre-
tary of the Interior shall acquire, by gift, purchase, condemnation, 
or otherwise, the lands (together with any improvements thereon) 
known as the Arkansas Post State Park, and any other lands ad-
jacent to such park which, in his opinion, are necessary or desirable 
to carry out the purposes of this Act. 
Arkansas 
P o s t 
National Memorial. 
334 
PUBLIC LAW 86-596-JULY 6, 1960 
[74 S T A T , 
16 U S C 1, 2-4, 
22, 43. 
Appropriation. 
SEC. 2. (a) The lands acquired under the first section of this Act 
shall be set aside as a public park for the benefit and enjoyment of 
the people of the United States, and shall be designated as the 
Arkansas Post National Memorial. 
The Secretary of the Interior 
shall administer the park as a part of the national park system, 
subject to the provisions of the Act entitled "An Act to establish a 
National Park Service, and for other purposes", approved August 
25,1916 (39 Stat. 535). 
(b) In order to provide for the proper development and mainte-
nance of the park, the Secretary of the Interior shall construct and 
maintain therein such roads, trails, markers, buildings, and other 
improvements, and such facilities for the care and accommoda-
tion of visitors, as he may deem necessary. 
SEC. 3. There are hereby authorized to be appropriated such 
sums, but not more than $125,000, as may be needed for the acquisi-
tion of lands and interests in lands and for development of the 
Arkansas Post National Memorial, of which not more than $25,000 
shall be used for acquisition purposes, and in addition thereto, such 
sums as may be needed for its administration and maintenance. 
Approved July 6, 1960. 
July 6, 1960 
[H. R. 9142] 
Public Law 86-596 
AN ACT 
To provide for payment for lands heretofore conveyed to the United States as a 
basis for lieu selections from the public domain, and for other purposes. 
Interior 
Depart-
ment. 
Payment for cei^ 
tain lands. 
42 Stat. 1017. 
C o n d i t i o n for 
payment. 
Be it enacted hy the Senate and House of Representatives 
of the 
United States of America in Congress assemhled^ That the Secretary 
of the Interior shall certify to the General Accounting Office for 
audit the claim of any person who relinquished or conveyed lands to 
the United States as a basis for a lieu selection in accordance with the 
provisions of the fifteenth paragraph under the heading "Surveying 
the Public Lands" in the Act of June 4, 1897 (30 Stat. 11, 36), as 
amended and supplemented by the Acts of June 6, 1900 (31 Stat. 
588, 614), March 3, 1901 (31 Stat. 1010, 1037), March 3, 1905 (33 
Stat. 1264) and the Act of September 22, 1922 (42 Stat. 1067, 16 
U.S.C. 483), and who has not heretofore received his lieu selection, 
a reconveyance of his lands, or authority to cut and remove timber, 
as provided by law, and there shall be paid to each such person whose 
claim is found to be valid the sum of $1.25 per acre for the lands con-
veyed by him to the United States with interest thereon at the rate 
of 4 per centum per annum, from the date on which application was 
last made by said person for a lieu selection, for reconveyance, or for 
authority to cut and remove timber or, if no such application has been 
made, from the date of this Act. 
Said payment shall be made from 
moneys appropriated under the heading "Claims for Damages, 
Audited Claims, and Judgments," and acceptance thereof shall con-
stitute a full and complete satisfaction of all claims which the per-
son to whom payment is made may have against the United States 
arising from the transaction in connection with which the payment 
is made. No person shall receive, or be entitled to receive, payment 
under this Act except upon demand therefor made in writing to the 
Secretary, or any officer of the Department of the Interior to whom 
the Secretary delegates authority to receive such demand, within one 
year from the date of this Act. 
SEC. 2. (a) The right to receive payment under this Act shall not be 
assignable.