- $559 (__ TITLEW 26.-»-1.wm pint Islamls the lnmmc téx sliall be levied, amwd, collected, gm mid as othemdse pmvitled bylaw. (June 2,_1924, 4.0l{_ it lg;}. K 43 " »_ _ {MSL 6% isaac of idtiuns cr dammit wrporations iuliiliiag mink: ~rcq¤i ts.-—·(&) Izfthe case of citizens of sho United Smms or éumeglc corporations, sjutisfyiilx the fol- Mviaag wvdltlxms, grw income means only gross ilwvme 'fmru $lmr{·x·S within thier United ;St8{%3—-Z- . - “ · 41) If 80 per centum or more bt the Agmss Ainccuge of such risizzéi ar d¤mc.stic·_ccrp0ratic¤ (cofnpixtéd wltlzgoutfthe benefit (1%;* mis section), for the threeryear . pcrimi, lmmediatgly. mv { ¤~·1{¤g the élnsc of the taxablg; ywr__(0r for such part of such 1
- §·;·i·¤i fimmediately précediug the » close of étxgzh talxable year 1
at may? be apphicabla) was deitveq Irqm sources within n pos- i ,.t~>~i{»¤ of th¤;,l3nitc·d Statés; and { _ . {2; jr, ifthe case of suchiécrporation, 50 pé1·.c;entHm or www of im gmk income (mmputed without the bemm- of this swim:} mr Qsuch period or such part th0I€0f-W8S_ dérivéd from the m·tis·e conduct at a trade or busméaw within a possession ‘ nf the United States; or _ -_ _ . , ` · {3} It, in the mmol sugchtcitheu; 50 perceutum or more -tp£» 1Eié gross. income fcémpqted `without the be¤—@§t_ of this swsiuu} .150: such period or such. part thereof was derived from the; pctive conduct ct a trade or business. within a pos-
ot the United States, either on his own account; or a$
»;mem‘ployce or agentbt amtlser.f . _. ‘ . {ln Natwithaaudlng that provisions of subdivision _( 21) there sim! he included in gms; ·inc0‘mg all amounts received by such t·iti:¤e·ns or corporatimas within the United, Sthtw, Whether dég ,rivt=¢l from sources within or without theJU¤fté§ ~ Statasi ·- Y {cl As used in `tlxls sectiqu the term “p sion ot the 6 fu_iw<1 Statm " does not include th; Virgin Islands qt ‘ thé: -i'::i1ed States. '(juué. 2, 1924,4.01 p; m.,.c. 234,] 262, 43; S¥:sf.»294.) l · · · ‘ . ’ . _ - 1631.·Carpcrhti0¤¤ .¤»rg•.;l ized `tmdcr Claims Trade Act;' credits nBosved.———(a) For the purpésa gmly ot thertax imposed 3»3v·st~ct10q_ 981 oi this title there shall be allowed. in the case of :1 ccrparatlou brgauued under scctkms'141 t0”162 of Title 15 {tim China Trhde Act, 1922); Kcradit of sm qxpount equal t0» me proportion of the net iriéoing derived from sources 'within, Vhlilfl l (determined in 2. similar mum; to thet provided’in >»·<rti4m 958) which the mr value otrthe sharwfqt stock of the mrmration owneé on the laét day of the taxable yéar by ·(1) M 2•Zi·mms rmidgpt in the United States, qr..p0ssessl0`ns of‘ me United Statesyand (2) i:idivlduaf.`cltizam¢ of the Unitéd. Smtés or China whereverjwident, bears tc, the par value ot the whole rmmber of klmrm oi stock br the corporation outst:mdi.¤g on suci date :_ Provided, Thit in no case shallf the muopaat by which the. tax im e •·>>~= byx section 981“ls‘dimiuishcd by "regmn ci ‘ such credit emcédvithe A amcbmxt -01 the special dividend xuqdcr subdivigicn (li) ci this section. · (bl Ssiw credit éill mat bc' allowed tmlsu the 'Secretary cf Commerce has certided to the Coémmiomr of Internal Revenue (1) the ¤mouat.wh1c§, during the year ending on the date Hxed by law for ming the return, the corporatiim has distributnd as n dlvméml to or {dr the li·ei1»eHt* og such D?!’$0H8 as an tm lm day of the tnxhble year were resident in Chim. the (hmm! Btutw. 6: of the Unitecl
Statgs, or were lmiridual cltlzcm of the Unitéd or
Chim, ind owned sham oi stock at the ·wrpm·&ti¤¤, (2) that ‘ such mem dividqnd was iq mléition tc all other •B¤10€BtS, Damhlé or tc bc payable to smhr perachs. or for their bepeilt, by M tw of their intemt in tw corporation; Azad-. (3) that such distribution has, beén mada to - or fur ttm `bcnem: at such persons ia pmpoigtipza to the mr éalua di the sharm at stnék Qf the ccrporattmf owned by arch; gexccm that it the c0rp0ra—· {MQ has mmvtharz gm dam, ct stuck, the shall contain a , statement that lh? arttclas of iacorgioratloin prqvltle
VIGNAL REVENUE 1045 n· method for the npportionmént of sneh special dividend among such persons, and that the amount eertined has been distribnted in accordance with the method so provided. ~ (c) For the purposes of this section féhnres of stock of e corporation shell be considered in m» owned by the person in whom the equitable right Ito the incomenfrom such shares is in t good faith vested. ‘. ‘ , ~(d)~ As used in this section the term "Chinn" shall have the same meaning as when used in·sections.14I to 162 of Titie 15. (June 2, »1924, 4.01 p, m., c-. 234, S 263, 43 Stat. @5; Fen. 26, 1925, c. 345, §- 11, 43 Stat, 9%.) ~ v I Part V.-4-PAYMENT, COLLECTION, AND REFUND OF
_ ._ TAX AND/PENALTIES _ · _1041,·Time for pnyment of tax; payments in fnl1.~=—·Except as
provided fn sectious.1042 to 10-14 of this title the total nmennt of tax`imposed by this title shell be paid-· ,_ _ , { (1) In the case oi a taxpayer, other than e n—onresident’e1ien Y-»individual,‘ and other than a foreign ··corpornt§on not having
- au oéice or place of business in the United States, on or before
the 15th dey of March following the close of the calendar. year,
E or, if the return should be made nn the basis. of a_ Hsien.! yenr,
then on or before the fifteenth day of the thirdTmonth following
2 the close of the dscal·yenr»; and A ._ _ _. . _` · j(2) In the case ot a nonresident nlien individual, and ot a ' tmeigrr corporation not having an e&ce or piece of in the United States, on orbefore the 15th dey of Jnne feijowing the dose of the ‘mIe¤dar year, er, 1t·¢ne.remm be made _on the basis ot a Bscel year, then onjorbefore tbe`15th dey of t}ie\si;th_ month following the dose of the Hscal yeh:. (June 2, 1924,?U31\p{jn`.,.c.»234, § 27D(a), 43 Sint. %5.) “ · . , ·
1042. Same; `inyment in installments.-—i( 1) taxpayer
may glect-to pay' the thx in four equal installments, in which case the first instnllmentshqll be paid on or before the letesf" date _ prescribed in section 1041 ot this title for the payment of thewtax by the taxpayer, the second installment shelf be `peicl on or before the 15th dny ot_ the third month, the third. in- · stallment on or before the 15th day of the sixth month, end the fourtlf installment bn or before the 15th day of Jninth month, after such tdnte. , . - _” · ‘ ' (2} Ifnny installgnent is not paid` on the date Bxed for its iwyment, the whole amount ot the thx unpnidshnll be pnié upon notice and demand from the collector. (June 2, 1924,
- 4.01 ppm., c. 234, § 270(=b), 43 Stat. 295.) J _, . . -
__1043.-Same; extension of time for payment.-y·(1) At tm request of the taxpayer, the Commissioner of Irgternat Revenue may extend the time forrpnyment of the emonnt determined as the tax py the taxpayer, or any installment thereof, for n period not to exceed six months, from the date·”presc,rtm&! in sections 1041 or 1042 of this title for the payment of tkie tax. or an installment thereof. In sncncnse the amount in respect oi which tlie. extension is granted shall be {reid on or before ttxe date of the expiration of the pieriod of the extension. ._ .· (2) It the time for peynient is tlins eitended thereshnll be ' collected, as we pnrt of such amount, intereu thereon nt the rate of 8 pergcentum pe; annum from the date when snch pay- xnent should have been mnvjejif no ext ‘ on had been granted, until the: exbirntion of the gerim of izcweitensien. (June 2, 1924, 4.01 pom., c. E14, §_270(c)`, 43 Stnt. @5.) · 2 · _ 2- 1944. Sine; tgxes paysbie at mnrce.—··—'1‘ne provisions or sections 1041 to 1043`o£ this title nhnllénot apply to the pnyment of a tax reqnired to be withheld at the source under section 962 or 989. (June-2, 1924, 4.01 p. rn., c. 234, §270 (d), 43 Stnt. 295.) ‘ 1045. '.EII5\iBQtit)!\ of retnrn and determination of amount of tax.--—-··As soon as préeticnble after the return is tiled the Commiétoner ot Intermxl Revenue slmjl cxungiue it and shalt determine the correct amount of the tax. (June"2, 1924, 4.01 p.‘m., c. 234, Q 271, 43 Stat. @8.) ” _ 5
