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trator of the War Shipping Administration, one shall be an officer or employee of the Reconstruction Finance Corporation and shall be appointed by the Chairman of the board of directors of the Reconstruction Finance Corporation, and one shall be an officer or employee of the War Production Board and shall be appointed by the Chairman of the War Production Board. The members of the Board shall not receive additional compensation for service on the Board but shall be allowed and paid necessary travel and subsistence expenses (or a per diem in lieu thereof) while away from their official station on duties of the Board. They shall elect a chairman from among their members. The Board shall have a seal which shall be judicially noticed.

"(2) The principal office of the Board shall be in the District of Columbia, but it or any division thereof may meet and exercise its powers at any other place within the United States. The Board may establish such number of field offices throughout the United States as it deems necessary to expedite the work of the Board. Four members of the Board shall constitute a quorum, and any power, function, or duty of the Board may be exercised or performed by a majority of the members present if the members present constitute at least a

quorum.

"(3) The Board is authorized, subject to the civil-service laws and the Classification Act of 1923, as amended, to employ and fix the compensation of such officers and employees as it deems necessary to assist it in carrying out its duties under this section. The Board may, with the consent of the head of the Department, agency, or instrumentality of the United States concerned, utilize the services of any officers or employees of the United States, and reimburse such Department, agency, or instrumentality for the services so utilized.

"(4) The Board may delegate in whole or in part any power, function, or duty to the Secretary of a Department, and any power, function, or duty so delegated may be delegated in whole or in part by the Secretary to such officers or agencies of the United States. as he may designate, and he may authorize successive redelegations of such powers, functions, and duties.

"(5) The chairman of the Board may from time to time divide tra the Board into divisions of one or more members, assign the members of the Board thereto, and in case of a division of more than one member, designate the chief thereof. The Board may also, by regulations or otherwise, determine the character of cases to be conducted initially by the Board through an officer or officers of, or utilized by, the Board, the character of cases to be conducted initially by the various officers and agencies authorized to exercise powers of the Board pursuant to paragraph (4), the character of cases to be conducted initially by the various divisions of the Board, and the character Teof cases to be conducted initially by the Board itself. The Board may review any determination by any such officer, agency, or division on its own motion, or in its discretion at the request of any contractor or subcontractor aggrieved thereby. Unless the Board upon its own motion initiates a review of such determination within 60 days from the date of such determination, or at the request of the contractor or subcontractor made within 60 days from the date of such determina

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tion initiates a review of such determination within date of such request, such determination shall be dee tion of the Board. Upon any review by the Boa determine as the amount of excessive profits an than, equal to, or greater than that determined by or division whose action is so reviewed.

"(e) (1) Any contractor or subcontractor aggrie the Board determining the amount of excessive accrued by such contractor or subcontractor may, (not counting Sunday or a legal holiday in the Dist the last day) after the mailing of the notice of suc section (c) (1), file a petition with The Tax Court o for a redetermination thereof. Upon such filing su exclusive jurisdiction, by order, to finally determ any, of such excessive profits received or accrued b subcontractor, and such determination shall not be termined by any court or agency. The court ma amount of excessive profits an amount either less greater than that determined by the Board. A pr Tax Court to finally determine the amount, if any, shall not be treated as a proceeding to review the d Board, but shall be treated as a proceeding de no poses of this subsection the court shall have the duties, insofar as applicable, in respect of the cont tractor, the Board and the Secretary, and in respec of witnesses and the production of papers, notice of before divisions, review by the Tax Court of dec stenographic reporting, and reports of proceedings under sections 1110, 1111, 1113, 1114, 1115 (a), 11 1120, and 1121 of the Internal Revenue Code in the ing to redetermine a deficiency. In the case of a Board or Secretary, the fees and mileage, and the any deposition shall be paid out of appropriation Department available for that purpose, and in the witnesses, shall be paid, subject to rules prescribed party at whose instance the witness appears or the The filing of a petition under this subsection shall the execution of the order of the Board under subs

"(2) Any contractor or subcontractor (excludi described in subsection (a) (5) (B)) aggrieved by the Secretary made prior to the date of the enactm Act of 1943, with respect to a fiscal year ending b as to the existence of excessive profits, which is r agreement with the contractor or subcontractor, days (not counting Sunday or a legal holiday in the bia as the last day) after the date of the enactm Act of 1943, file a petition with The Tax Court of for a redetermination thereof, and any such con tractor aggrieved by a determination of the Sec after the date of the enactment of the Revenue respect to any such fiscal year, as to the existence which is not embodied in an agreement with the

day in the District of Columbia as the last day) after the date of determination, file a petition with The Tax Court of the United es for a redetermination thereof. Upon such filing such court I have the same jurisdiction, powers, and duties, and the proceedshall be subject to the same provisions, as in the case of a petition with the court under paragraph (1), except that the amendts made to this section by the Revenue Act of 1943 which are not e applicable as of April 28, 1942, or to fiscal years ending before 1, 1943, shall not apply.

f) For repricing of war contracts, see Title VIII of the Revenue

of 1943.

g) If any provision of this section or the application thereof to person or circumstance is held invalid, the remainder of the on and the application of such provision to other persons or mstances shall not be affected thereby.

h) This section shall apply only with respect to profits derived contracts with the Departments and subcontracts which are butable to performance prior to the termination date. For the poses of this subsection

"(1) The profits derived from any contract with a Department or subcontract which shall be deemed 'attributable to performance prior to the termination date' shall be

"(A) in the case of any contract or subcontract the performance of which requires more than twelve months, or in the case of any contract or subcontract with respect to which the powers of the Board are exercised separately pursuant to subsection (c) (1) rather than on a fiscal-year basis, the portion of the profits so derived which is determined by the Board to be equal to the same percentage of the total profits so derived as the percentage of completion of the contract prior to the termination date; and

"(B) in all other cases, the profits so derived which are received or accrued prior to the termination date; and "(2) The term 'termination date' means—

"(A) December 31, 1944; or

"(B) If the President not later than December 1, 1944, finds and by proclamation declares that competitive conditions have not been restored, such date not later than June 30, 1945, as may be specified by the President in such proclamation as the termination date; or

"(C) If the President, not later than June 30, 1945, finds and by proclamation declares that competitive conditions have been restored as of any date within six months prior to the issuance of such proclamation, the date as of which the President in such proclamation declares that competitive conditions have been restored;

except that in no event shall the termination date extend beyond the date proclaimed by the President as the date of the termination of hostilities in the present war, or the date specified in a concurrent resolution of the two Houses of Congress as the date of such termination, whichever is the earlier.

i) (1) The provisions of this section shall not apply to—

"(A) any contract by a Department with any other department, bureau, agency, or governmental corporation of the United

States or with any Territory, possession, or State or any ag thereof or with any foreign government or any agency the

or

"(B) any contract or subcontract for the product of a min or gas well, or other mineral or natural deposit, or timber, w has not been processed, refined, or treated beyond the first or state suitable for industrial use; or

"(C) any contract or subcontract for an agricultural comm in its raw or natural state, or if the commodity is not custom sold or has not an established market in its raw or natural s in the first form or state, beyond the raw or natural state, in w it is customarily sold or in which it has an established ma The term 'agricultural commodity' as used herein shall include shall not be limited to

"(i) commodities resulting from the cultivation of soil such as grains of all kinds, fruits, nuts, vegetables, straw, cotton, tobacco, sugar cane, and sugar beets; "(ii) natural resins, saps and gums of trees;

"(iii) animals such as cattle, hogs, poultry, and sh fish and other marine life, and the produce of live anim such as wool, eggs, milk and cream; or

"(D) any contract or subcontract with an organization exer from taxation under section 101 (6) of the Internal Reve Code; or

"(E) any contract with a Department, awarded as a result competitive bidding, for the construction of any building, str ture, improvement, or facility; or

"(F) any subcontract, directly or indirectly under a contr or subcontract to which this section does not apply by reason this paragraph.

"(2) The Board is authorized by regulation to interpret and app the exemptions provided for in paragraph (1) (A), (B), (C), (1 and (F), and interpret and apply the definition contained in subs tion (a) (7).

"(3) In the case of a contractor or subcontractor who produces acquires the product of a mine, oil or gas well, or other mineral natural deposit, or timber, and processes, refines, or treats such product to and beyond the first form or state suitable for industri use, or who produces or acquires an agricultural product and processe refines, or treats such a product to and beyond the first form or sta in which it is customarily sold or in which it has an established marke the Board shall prescribe such regulations as may be necessary give such contractor or subcontractor a cost allowance substantiall equivalent to the amount which would have been realized by su contractor or subcontractor if he had sold such product at such fir form or state. Notwithstanding any other provisions of this sectio there shall be excluded from consideration in determining whether not a contractor or subcontractor has received or accrued excessiv profits that portion of the profits, derived from contracts with th Departments and subcontracts, attributable to the increment in valu of the excess inventory. For the purposes of this paragraph the term 'excess inventory' means inventory of products, herein before describe in this paragraph, acquired by the contractor or subcontractor in the form or at the state in which contracts for such products on hand of

contract would be exempted from this section by subsection (i) (B) or (C), which is in excess of the inventory reasonably necesto fulfill existing contracts or orders. That portion of the fits, derived from contracts with the Departments and subconts, attributable to the increment in value of the excess inventory, the method of excluding such portion of profits from considerain determining whether or not the contractor or subcontractor received or accrued excessive profits, shall be determined in accorde with regulations prescribed by the Board. In the case of a egotiation with respect to a fiscal year ending prior to July 1, 1943, portion of the profits, derived from contracts with the Departnts and subcontracts, attributable to the increment in value of the ess inventory shall (to the extent such portion does not exceed the essive profits determined) be credited or refunded to the contractor subcontractor, and in case the determination of excessive profits s made prior to the date of the enactment of the Revenue Act of 3, such credit or refund shall be made notwithstanding such deternation is embodied in an agreement with the contractor or subtractor, but in either case such credit or refund shall be made only the contractor or subcontractor, within ninety days after the date the enactment of the Revenue Act of 1943, files a claim therefor h the Secretary concerned.

(4) The Board is authorized, in its discretion, to exempt from some all of the provisions of this section—

"(A) any contract or subcontract to be performed outside of the territorial limits of the continental United States or in Alaska; "(B) any contracts or subcontracts under which, in the opinion of the Board, the profits can be determined with reasonable certainty when the contract price is established, such as certain classes of agreements for personal services, for the purchase of real property, perishable goods, or commodities the minimum price for the sale of which has been fixed by a public regulatory body, of leases and license agreements, and of agreements where the period of performance under such contract or subcontract will not be in excess of thirty days;

“(C) any contract or subcontract or performance thereunder during a specified period or periods, if in the opinion of the Board, the provisions of the contract are otherwise adequate to prevent excessive profits;

"(D) any contract or subcontract for the making or furnishing of a standard commercial article, if, in the opinion of the Board, competitive conditions affecting the sale of such article are such as will reasonably protect the Government against excessive prices;

"(E) any contract or subcontract, if, in the opinion of the Board, competitive conditions affecting the making of such contract or subcontract are such as are likely to result in effective competition with respect to the contract or subcontract price; and "(F) any subcontract or group of subcontracts not otherwise exempt from the provisions of this section, if, in the opinionof the Board, it is not administratively feasible in the case of such subcontract or in the case of such group of subcontracts to determine and segregate the profits attributable to such subcontract or