Pub. L. 89-610, tit. VII, sec. 703

Sec. 703. Effective with respect to taxable years ending after December 31, 1961, section 4 of the District of Columbia Income and Franchise Tax Act of 1947 (D.C. Code, sec. 47–1551c) is amended by adding at the end thereof the following new subsection: “(aa) Notwithstanding subsection (m), any distribution in liquidation of a regulated public utility (as denned in section 7701(a) (33) (A) (iii) of the Internal Revenue Code of 1954) which, for purposes of the Internal Revenue Code of 1954, is treated as in part or full payment in exchange for the stock in such utility, shall, if for purposes of this article the stock is a capital asset, be treated as in part or full payment in exchange for the stock.”