or a producer of logs or lumber from a timber block, or a lessor of mineral property, or a timber block, as defined in s6tat. 9s. section 735, there shall be excluded nontaxable income from m26u. UC.,s upp . exempt excess output of mines and timber blocks provided in AMte, pp. S, 7. section 735; in the case of a natural gas company, as defined in section 735, there shall be excluded nontaxable income from exempt excess ouput provided in section 735; and in the case of a producer of minerals, or a producer of logs or lumber from a timber block, there shall be excluded nontaxable bonus income provided in section 735. In respect of nontaxable bonus income provided in section 735 (c), a corporation described in section 735 (c) (2) shall be deemed a producer of minerals for the purposes of this subparagraph. (f) TAxABLE YEARS TO WmICE CERTAIN AMENDMENrs APPLICABLE.- The amendments made by this section with respect to lessors of mineral properties which were in operation during the base period, and with respect to lessors of timber blocks, as defined without regard to the amendments made by this section, which were in operation during the base period, and with respect to natural gas companies, shall be applicable with respect to taxable years beginning after December 31,1941. SEC. 209. EXEMPT CORPORATIONS. 4 Stat. 988; 52 Stat. 967. 26sU. . C. I 727 (h); 49U. S. C. §481-496; Supp. II, § 481 ed Q. M4Stat. 975. 26 U. . o.. 71i-- 752; Supp. III , 710 et eq. Ante, pp. 43, 53 -67; supra. 56 Stat. 96. 26U.8.0., n8pp. m, 1 780 (a). Ante, p. 54. 56 Stat. 937. 26U.S.O,Bnpp m, § 780 (c). Pod, p. 59. 56 Stat. 937. 26 U.S. ., Supp m §780 (d). 66 Stat. 936. a2 U. 8.0, SBP. 8uwv» &.W - (a) CORPORATIONs SUBJECT TO TTLr IV OF TE CIVIm AERONAu- Trcs ACT OF 1938. -Section 727 (h) (exempting certain corporations subject to Title IV of the Civil Aeronautics Act of 1938) is amended by adding at the end thereof the following new sentence: "Such ex- clusion from gross income for such year shall also be made in com- puting the unused excess profits credit adjustment for any other tax- able year, but only for the purpose of determining whether the cor- poration is exempted by this subsection from the tax imposed by this chapter for such other taxable year." (b) RETRoACTInE EFFECr.-T he amendment made by this section shall be effective as if it were a part of the Excess Profits Tax Act of 1940 on the date of the enactment of such Act. Part II-Post-War Refund of Excess Profits Tax SEC. 250. POST-WAR REFUND OF EXCESS PROFITS TAX. (a) CREDIT IN CASE OF FISCAL YEAR BEGINNING IN 1941 AND ENDING ArFER JUNE 30, 1942. - T he last sentence of section 780 (a) (pro- viding for a post-war refund of excess profits tax) is amended to read as follows: "For the purposes of this part, in the case of a taxpayer whose tax is determined under section 710 (a) (3), the term 'tax imposed under this subchapter' means the portion of the tentative tax determined under section 710 (a) (3) (B).' (b) TRANSFERS TO SUCCESSORS OF TAXPAYER.- Section 780 (c) (relat- ing to terms and maturity of bonds) is amended by inserting after pledge, hypothecation, or otherwise," the following: "except to a successor as defined in subsection (g) ,". (c) EXEMPTION OF PROCEEDS FROM TAx. - Section 780 (d) (relating to exemption of proceeds of bonds from tax upon redemption) is amended by inserting after "such bond" the following: "paid to the taxpayer". d) ERIGTs AND LUABIITIS Or SuccWEssoL-Section 780 (relating to post-war refund of excess profits tax) is amended by inserting at the end thereof the following: PUBLIo LAWS-CH. 63--FEB. 25, 1944 [58 STAT. 58
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