Volume 75 · 121
Public Law 87–59
Relating to the effective date of the qualification of Plumbers Union Local Numbered 12 Pension Fund as a qualified trust under section 401(a) of the Internal Revenue Code of 1954, and for other purposes.
Approved June 27, 1961
Statutory text
AN ACT
Relating to the effective date of the qualification of Plumbers Union Local Numbered 12 Pension Fund as a qualified trust under section 401(a) of the Internal Revenue Code of 1954, and for other purposes.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
That the Plumbers Union Local Numbered 12 Pension Fund, which was established by a collective bargaining agreement effective September 1, 1954, and which has been held by the Internal Revenue Service to constitute a qualified trust under section 401(a) of the Internal Revenue Code of 1954,
68A Stat. 134, 163.
and to be exempt from taxation under section 501(a) of said Code, for years ending on or after June 3, 1959, shall be held and considered to have been a qualified trust under said section 401(a), and to have been exempt from taxation under said section 501(a), for the period beginning on September 1, 1954, and ending on June 3, 1959, but only if it is shown to the satisfaction of the Secretary of the Treasury or his delegate that the trust has not in this period been operated in a manner which would jeopardize the interests of its beneficiaries.
Sec. 2.
Section 809(d)(11) of the Internal Revenue Code of
1954 (relating to deductions in computing gain from operations in the case of certain mutualization distributions) is amended by striking out “in 1958 and 1959” and inserting in lieu thereof “in 1958, 1959, 1960, and 1961”.
Section 809(g)(3) of such Code (relating to application of section 815 to certain mutualization distributions) is amended by striking out “in 1959” and inserting in lieu thereof “in 1959, 1960, or 1961”
The amendments made by subsections (a) and (b) shall apply to taxable years beginning after December 31, 1959.
Sec. 3.
Paragraph 1102(b) of the Tariff Act of 1930, as
Tariff Act of 1930, amendment.
amended (19 U.S.C. 1001; par. 1102), is amended by striking out “Cashmere goat,” and by inserting after “other like animals” the following: “(including hair of animals like the Cashmere goat)”.
Paragraph 1102 of such Act is further amended by adding at the end thereof the following new subparagraph:
“(c) Hair of the Cashmere goat, in the grease or washed, 18 cents per pound of clean content; scoured, 21 cents per pound of clean content; on the skin, 16 cents per pound of clean content; sorted, or matchings, if not scoured, 19 cents per pound of clean content.”
The amendments made by this section shall apply to articles entered, or withdrawn from warehouse, for consumption, on or after the date of enactment of this Act, and to articles covered by entries or withdrawals which have not been liquidated or the liquidation of which has not become final on such date of enactment.
Sec. 4.
The pension fund of the slate, tile, and roofing industry in
Slate, tile, and roofing industry of N.Y. City.
New York City, which was created as a result of an agreement between the Composition Roofers, Damp and Waterproof Workers Association, Local Union Numbered 8, and several employer associations and other individual employers in the industry, and which has been held by the Internal Revenue Service to constitute a qualified trust under section 401(a) of the Internal Revenue Code of 1954, and to be exempt from taxation under section 501(a) of such Code, shall be held and
considered to have been a qualified trust under such section 401(a) and to be exempt from taxation under such section 501(a), for the period beginning July 1, 1957, and ending November 24, 1958, but only if it is shown to the satisfaction of the Secretary of the Treasury or his delegate that the trust has not in this period been operated in a manner which would jeopardize the interest of its beneficiaries.
Approved June 27, 1961.