174 SIXTY-THIRD CONGRESS. Sess. I. Ch. 16. 1913. ¤¤I{&"" ’**‘°°"‘ its, not to exceed 5 er centum of the groes_value at the mme of the 1¤¤¤¤i¤¤¤¤¤¤r¤i¤¤- output for the year lor which the computation is made; and in case of insurance com anies the net addition, if any, required tieftaw to be made within &e year to reserve funds and the sums 0 than dividends aid within the year on policy and annuity contracts: Pro- _,}§’*'¤*‘¤H .°*°m" *”°"’· vided furtigr, That mutua fire insurance compames requiring their members to make premium deposits t0_PI’0V1(lB for losses and expenses shall not return as income any portion of the premium deposits returned to their olicyholders, but shall return as taxable income all income reeeived)by them from all other sources plus such portions of the premium deposits as are retained by the companies for purposes other than the payment of losses and expenses and remsurance ,¤}§F$F‘°_¤{'§’_'f_';__‘“‘ reserves: Provided jurtlwr, That mutual marine insurance comlpames shall include in their return of gross income gross premiums co ected and received b them less amounts paid for reinsurance, but shall be entitled to incliide in deductions from gross income amounts repaid to licyholdens on account of premiums previously paid by them, andm interest paid upon such amounts between the ascertainment thereof and the payment thereof and life insurance companies shall not include as income in any year such portion of anly actual premium received from any individual policyholdpr as sha have been paid back or credited to such individual pol1cyholder, or treated as an
- abatement of of such individual policyholder, within such
$2* °° °‘°°°" year; (third) e amount of interest accrued and paid within the I·*¤·*'~ year on its indebtedness to an amoimt of such inde tedness not ex-s ceeding the proportion of one·half of the sum of its interest bearing indebtedness and its paid-up capital stock outstanding at the close of the year, or if no capital stock, the capital employed in the business at the close of the year which the gross amount of its income for the gear from business transacted and capital invested within the United tates to the gross amount of its income derived from all ¤gg;¤g;_ ¢¤·¤¤*•°° sources within and without the United States: Provided, That in the · case of bonds or other indebtedness which have been issued with a guaranty that the mterest payable thereon shall be free from taxation, no deduction for the payment of the tax herein imposed shall 8,',fgf*P°**""“°”°*’ be allowed; (fourth) all sums fpaid Il3y_it within the year for taxes imposed under the authortty o the mted States or of any State or m*g_“gg_¤;gg;&*¤·¤*· Temtory thereof or the pnstrict of Columbia. In the case of assessdep0g_n_t¥¤:¤m·;¤¤¤ty ment msurance companies, whether domestic or foreign, the actual ' deposit of sums wit State or Territorial ofiioers, pursuant to law, as additions to_ guarantee or reserve funds shall be treated as being T M { payments requ1red_by law to reserve funds. ¤»¤¤?1‘¤·»°°>`??»l’PT °’ . °) Tim tu mem. ¤¤P¤¤¤d Shall be computed upon its entire not p,m,.,,, income accrued withm each precediigip calendar year ending Decem- "°“°”· ber thirty-first: Provaded, however, at for the year ending December thirty-first,_ mneteen hundred and thirteen, said tax shall be imposed upon its entue net mcome accrued within that portion of said year from March fi1st to December thirty-first, both dates Hm YW crew inclusive, to ascertamed by taolggg five-sixths of its entire net ,.,.m.,,,,_ inconiefor said calender year: Pr ed furllwr, That any corporation, gomt-stock company or association, or insurance company subject to l'd11S tax may _ esignate the last day of aply month in the ear as the day of the closing of 1ts fecal year and sh be entitled to lirave the tax payable by it computed upon the basis of the net income ascertained as herem provided for the year ending on the day so desig. nated in the gear preceding the date of assessment instead of u n Hmmm or to the basisof the net mcome for the calendar year precedini the dste muster. of assessment; and It shall give notice of the day it has t us designated as the GlfJS1.I1%)0f·1iS fiscal year to the collector of the district in which its principal usmess office is located at any time not less than
