INCOME FROM DISCHARGE OF INDEBTEDNESS.

SEC. 304. INCOME FROM DISCHARGE OF INDEBTEDNESS. (a) Amendment of Section 22 (b) (9).—Effective with respect to discharges of indebtedness occurring within taxable years ending after December 31, 1950, section 22 (b) (9) (relating to income from discharge of indebtedness) is hereby amended (1) by striking out “if the taxpayer makes and files at the time of filing the return, in such manner as the Commissioner, with the approval of the Secretary, by regulations prescribes, its consent” and inserting in lieu thereof “if the taxpayer, at such time and in such manner as the Secretary by regulations prescribes, makes and files its consent”, and (2) by striking out the last sentence thereof. 65 Stat. 484 (b) Amendment of Section 22 (b) (10).—Section 22 (b) (10) (relating to income from discharge of indebtedness of a railroad corporation) is hereby amended by striking out “December 31, 1951” and inserting in lieu thereof “December 31, 1954”.