Page:United States Statutes at Large Volume 39 Part 1.djvu/1021

SIXTY-FOURTH CONGRESS. Sess. II. C11. 159. 1917. IOOI sum of (a) eight per centum of the actual capital invested and used or employed m the busmess rn the United States, and (b) that proportion of $5,000 which the entire actual capital invested and used or erpployed in the busmess in the United States bears to the entire actu capital invested; and in case no such capital is used or em loyed in the business in the United States the tax shall be imposed) upon that portion of such net income which is in excess of the sum of (a) eight per centum of that proportion of the entire actual capital invested and or empyloyed in the business which the net income from sources within the nrted States bears to the entire net income, and (b) that proportion of $5,000 which the net income from sources within the United States bears to the entire net income. A Sec. 202. That for the purpose of this title, actual capital invested M`dif}i·g°°·ii*:1£m. means (1) actual cash paid in, (2) the actual cash value, at the time of payment, of assets other than cash paid in, and (3) paid in or eamed sugilus and undivided profits used or emplo ed in the business; but oes not include money or other property lyiorrowed by the coréporation or§`§>artnership. A I nc. 203. at the tax herein imposed upon corporations and am ax rmrrmri: m' partnerships shall be computed upon the basis of the net income shown by their income tax returns under Title I of the Act entitled **”“·P· "’°·— "A.n Act to increase the revenue, and for other purposes," a proved September eighth, nineteen hundred and sixteen, or under this title, and shall be assessed and collected at the same time and in the same ¤¢11•¤¤¤¤- manner as the income tax due under Title I of such Act of September PWM eighth, nineteen hundred and sixteen: PromZdcd,- That for the pur- rem {ear or puzpose of this title a partnership shall have the same privilege with "°"““l" reference to fixing its Escal year as is accorded corporations under ammm. section thirteen (a) of Title I of such Act of September e' hth, nineteen hundred and sixteen: And prmnkled further, That wlgere a cor- mmmbgléw ¤¤¤· oration or partnership makes return prior to March first, nineteen hundred an eighteen, covering its own fiscal year and includes therein any income received during the calendar year ending December thirty-first, nineteen hundred and sixteen, the tax herein imlposed shall be that proportion of the tax based uppn such full fisce year which the time from January first, nineteen undred and seventeen, to the end of such fiscal year bears to the full fiscal year. C H d Sno, 204. That corporations exemlpt from tax under the provisions pie-iii¤l£i»i;;s(i"¤:¤¤f»ii of section eleven of itlc I of the ct approved September eighth, ·""‘·P· °°· nineteen hundred and sixteen, and partnerships carrying on or oing the same business shall be exempt from the provisions of this title, c,,{§‘,§’,°,"‘°',,,"°,‘}';,§, and the tax imposed by this title shall not attach to incomes of part- wwwnerships derived from agriculture or from personal services. _ Sec. 205. That every corporation having a net income of $5,000 or ,,§,,’,§]’§§&°’,,,‘,t’,,,,‘°,;‘d$€ more for the taxable year making a return under Title I of such Act of September eighth, nineteen hundred and sixteen, shall for the {purposes of this title include in such return a detailed statement 0 the actual capital invested. _ _ muh Every partnership having a net mcome of $5,000 or more for the _,m,,,,,,,,,,,,*3;§,,,,,,,,,_ taxable ear shall render a correct return of the income of the partnership {br the taxable year, setting forth specifically the actual capital invested and the oss income for such year and the deductions hereinafter allowed. guch returns shall be rendered at the same time and '1‘¤¤¤¤¤¤m¤¤¤¤r- in the same manner and form as is préescribed for income—tax returns under Title I of such Act of Septem r eighth, nineteen hundred and sixteen. In computin net income of alpartnershrp for thzpurpeses §§,‘f°;‘,jY’;,9, 7,,, of this title there shal§ be allowed like eductions as are owed to individuals in sections five (a) and six (a) of such Act of September eighth, nineteen hundred and sixteen. _ _ _ Sec. 206. That all administrative, special, and general provisions ¤gl~:¤¤¤ ¤*¤ •¤Pliof law, including the laws in relation to the assessment, remission,