t A. B., I935, Western Maryland; LL. B., I938, Columbia University; Member of Philadelphia and District of Columbia bars. * See note 2 of the first part of this article for an explanation of the terminology employed. i. See note 4 in the first installment of the article, 9I U. OF PA. L. REV. 394, 396. The outline of this portion of the article follows: I. The Invested Capital Credit (i) Rate of Return (2) Basis of Assets (3) Exchanges (a) The General Rule (b) Identity Reorganizations (c) Railroad Reorganizations (4) Intercorporate Liquidations II. General Relief (I) Corporations Using the Average Earnings Method (a) Interruptions (b) Temporary Economic Disturbances (c) Profit Cycles (d) Changes in the Character of the Business (e) The Catch-all Clause (2) Corporations Organized After December 3I, I939 (3) Procedure Under Section 722 (4) The Place of Section 722 in the Excess Profits Tax Law III. Inconsistencies IV. Miscellaneous Provisions V. Conclusion.