ELECTION AS TO RECOGNITION OF GAIN IN CERTAIN CORPORATE LIQUIDATIONS.

SEC. 316. ELECTION AS TO RECOGNITION OF GAIN IN CERTAIN CORPORATE LIQUIDATIONS. (a) Amendment of Section 112 (b) (7).—Section 112 (b) (7) (relating to recognition of gain in certain corporate liquidations) is hereby amended by striking out in subparagraph (A) (ii) “1951” and by inserting in lieu thereof “1951 or 1952”. (b) Basis of Property.—Section 113 (a) (18) (relating to basis of property received in certain corporate liquidations) is amended by striking out “the Revenue Act of 1950” and by inserting in lieu thereof “any revenue act”. (c) Effective Date.—The amendments made by this section shall be applicable only to taxable years ending after December 31, 1951.