An Act to amend section 165(i) of the Internal Revenue Code of 1954
PL 91-677 (H.R.18693), enacted 01/12/1971

84 STAT. ] 
PUBLIC LAW 91-677-JAN. 12, 1971 
2061 
Public Law 91-677 
AN ACT 
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January 12, 1971 
To amend provisions of the Internal Revenue Code of 1954 relating to the treat- 
[H. R. 18693] 
ment of certain losses sustained by reason of the confiscation of proi>erty by 
the government of Cuba. 
Taxes. 
refund or credit. 
Be it enacted hy the Senate and House of Representatives 
of the 
United States of America in Congress assembled^ That (a) section 
165(i) of the Internal Revenue Code of 1954 (relating to certain confi'rcaaon°by^^' 
property confiscated by the government of Cuba) is amended— 
Cuba. 
(1) by striking out "or (2) "in paragraph (1) (B) ; 
H 1^6 lH. 
(2) by striking out "on December 31, 1958" in the last sentence 
of paragraph (1) and inserting in lieu thereof the following: 
"on one or more days in the period beginning on December 31, 
1958, and ending on May 16,1959"; 
(3) by amending paragraph (2) (B) to read as follows: 
"(B) For purposes of subsection (a), the fair market 
value of property held by this taxpayer on one or more days 
during the period beginning on December 31, 1958, and end-
ing on Ma^i^ 16, 1959, to which paragraph (1) applies, on the 
day on which the loss of such property was sustained, shall 
be its fair market value on the first day in such period on 
which the property was held by the taxpayer."; and 
(4) by striking out paragraph (3) thereof. 
(b) (1) The amendments made by subsection (a) of this section 
Effective date. 
shall apply in respect of losses sustained in taxable years ending after 
December 31,1958. 
(2) Notwithstanding: any law or rule of law, refund or credit of 
overpayment, 
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any overpayment attributable to the amendments made by subsection 
(a) may be made or allowed if claim therefor is filed after the date of 
the enactment of this Act and before July 1, 1971. No interest shall be 
allow^ed with respect to any such refund or credit for any period 
before January 1,1972. 
SEC. 2. (a) Section 172(b)(1)(D) of the Internal Revenue Code 
of 1954 (relating to carryover of foreign expropriation losses) is 
amended by inserting before the semicolon at the end thereof the 
following: "(or, with respect to that portion of the net operating loss 
for such year attributable to a Cuban expropriation loss, to each of 
the 15 taxable years following the taxable year of such loss)". 
(b) Section 172(b) (2) of such Code (relating to amount of carry- 
^e stat. 889. 
backs and carryovers) is amended by inserting before the period at 
the end thereof the following: ", and, if a portion of a foreign expro-
priation loss for the loss year is attributable to a Cuban expropriation 
loss, such portion shall be considered to be a separate foreign expropri-
ation loss for such year to be applied after the other portion of such 
foreign expropriation loss". 
(c) Section 172(k) of such Code (relating to definition of foreign 
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exproj)riation loss) is amended by adding at the end thereof the 
following new paragraph: 
"(3) The term 'Cuban expropriation loss' means, for any tax- 
"Cuban expro-
able year, a foreign expropriation loss sustained by reason of the P"^*'°" 
expropriation, intervention, seizure, or similar taking of prop-
ert;^, before January 1, 1964, by the government of Cuba, any 
political subdivision thereof, or any agency or instrumentality 
of the foregoing. The portion of a foreign expropriation loss for 
any taxable year attributable to a Cuban expropriation loss is 
the amount of the Cuban expropriation loss." 
78 Stat. 47. 
2062 
PUBLIC LAW 91-678-JAN. 12, 1971 
[84 STAT. 
Effective date. 
(d) The amendments made by this se-ction shall apply in respect 
of foreign expropriation losses sustained in taxable years ending 
after December 31, 1958. 
Approved January 12, 1971„ 
January 
[H. R. 
Taxe s 
Cemen 
floor sto 
refunds. 
12. 1971 
17658] 
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Ante, 
pp. 
1843. 
xers. 
1743, 
Conditions. 
Definitions. 
Public Law 91-678 
AN ACT 
To provide floor stock refunds in tlie case of cement mixers. 
Be it enacted hy the Senate and House of Representatives 
of the 
United States of America in Congress asseimhled^ That (a) where 
before January 1, 1970, and after June 30, 1968, any cement mixer 
subject to the tax imposed by section 4061 of the Internal Revenue 
Code of 1954 during such period, had been sold by the manufacturer, 
producer, or importer, and on January 1, 1970, was held by a dealer 
and had not been used and was intended for sale, there shall be credited 
or refunded (without interest) to the manufacturer, producer, or 
importer an amount equal to the tax paid by the manufacturer, pro-
ducer, or importer on his sale of the cement mixer, if— 
(1) claim for such credit or refund is filed with the Secretary of 
the Treasury or his delegate on or before the last day of the ninth 
calendar month beginning after the date of enactment of this Act, 
based upon a request submitted to the manufacturer, producer, or 
importer on or before the last day of the sixth calendar month 
beginning after the date of enactment of this Act, by the dealer 
who held the cement mixer in respect of which the credit or refund 
is claimed; and 
(2) on or before the last day of the ninth calendar month 
beginning after the date of enactment of this Act, reimbursement 
has been made to the dealer by the manufacturer, producer, or 
importer for the tax on the cement mixer or written consent has 
been obtained from the dealer to allowance of the credit or refund. 
(b) For the purposes of this section— 
(1) The term "cement mixer" means— 
(A) any article designed (i) to be placed or mounted on an 
automobile truck chassis or truck trailer or semitrailer chassis 
and (ii) to be used to process or prepare concrete, and 
(B) parts or accessories designed primarily for use on or in 
connection with an article described in subparagraph (A). 
(2) The term "dealer" includes a wholesaler, jobber, distributor, 
or retailer. 
(3) A cement mixer shall be considered as "held by a dealer" if 
title thereto has passed to the dealer (whether or not delivery to him 
has been made), and if for purposes of consumption title to the cement 
mixer or possession thereof had not at any time prior to January 1, 
1970, been transferred to any person other than a dealer. For purposes 
of subsection (a) and notwithstanding the preceding sentence, a cement 
mixer shall be considered as "held by a dealer" and not to have 
been used, although possession of such cement mixer has been trans-
ferred to another person, if such cement mixer is returned to the 
dealer in a transaction under which any amount paid or deposited by 
the transferee for such cement mixer is refunded to him (other than 
amounts retained by the dealer to cover damage to the cement mixer). 
Moreover, such a cement mixer shall be considered as held by a dealer 
on January 1, 1970, even though it was in the possession of the trans-
feree on such day, if it was returned to the dealer (in a transaction 
described in the preceding sentence) before January 31,1970.