Page:United States Statutes at Large Volume 39 Part 1.djvu/786

SIXTY-FOURTH CONGRESS. Sess. I. Ch. 463. 1916. 765 And the tax in such cases shall be withheld, deducted, and returned “'°°“'·" "¤· for and in behalf of any person subj act to the taxhereinbefore imposed, §*:·}’·•p__s{¥’{°'*°°**d- although such interest or dividen s do not exceed $3,000, by (1) any 'M banlger or person who shall sell or otherwise realize coupons, checks, or bills of exchange drawn or made in pa ent of any such interest or dividends (not payable in the United States), and (2) any person ,,,,l},,j{“'°"°‘*’°"""°"‘ who shall obtain payment (not in the United States), in behalf of ` another of such divi ends and interest by means of coupons, checks, or bills of exchange, and also (3) any dealer in such coupons who shall D¤¤*¤‘¤ *¤ <=°¤P<>¤S- purchase the same for any such dividends or interest (not ayable in the United States), otherwise than from a banker or anogrer dealer in such coupons. (e) Where the tax is withheld at the source, the benefit of the t.’·“°W¤¤°° °’°==¤¤¤P· exemption_and the deductions allowable under this title may be had mm by coriplyrng with the foregoing provisions of this section. (f) persons, Hrms, or corporations undertaldng as a matter of {,·*°°P$° {*”1“"°°‘°' business or for profit the collection of foreign pa ents of such interest gencglng me Ny. or dividends by means of coupons, checks, orhlxrlls of exchange shall . obtam a license from the Commissioner of Internal Revenue, and shall be sulgect to such regulations enabling the Government to ascertain an verify the due withholding and payment of the income tax required to be withheld and paid as the Commissioner of Internal Revenue, with the approval of the Secretary of the Treasury, shall prescribe; and any person who shall knowinggy undertake to collect ,°c*;&¤¤*Sv!g$1=¤*t{;>°¤;,u¤¤¤- such payments as a oresaid without having o tained a. license there- mg °° s°' for, or without complying with such rggulations shall be deemed guilty of a misdemeanor and for each o ense be dried in a. sum not exceeding $5,000, or imprisoned for a term not exceeding one year, or both, m the discretion of the court. (g) The tax herein imposed upon gains, (profits, and ·income not ,,§§§*,§’,“c§}n§f‘“"“’ °' falling under the foregoing and not retume and paid by virtue of the foregoing shall be assessed by personal return under rules and regulations to be prescribed by the Commissioner of Internal Revenue No umm umm and approved by the Secretary of the Treasury. The intent and misused. Y pm·pose of this title is that all gains profits, and income of a taxable class, as defined by this title, shall be charged and assessed with the corresponding tax, normal and additional, prescribed by this title, and said tax shalll be pail by the owner (pf such inpomei or the; ro er re resentative aving therecei t, custo y, contro , or is osa _ gf lhs sfme. For the urpose of this title ownership or lialiility m2.Yf°”hlpd°°°r shall be determined as ol the year for which a return is required to bqlllindemdi fh l el toth dd t d t P *** •# e rovisions o t is tit e r ating e e uc ion an paymen u¤v¤¤¤¤ ¤ ex of the din: at the source of income shall only apply to the normal tax s° '°°umn°d` hereinbefore imposed upon individuals. Paar 11.-0}: Conronxrrons. <><>¤>¤¤¢*¤¤¤- Sec. 10. That there shall be levied, assessed, collected, and paid ,,,§,‘{,,'§:’ ‘“ °° ”°* annually upon the total net income received in the preceding calendar gggwgjifém year from all sources by every corporation, (ioint-stock cornipany or ’ association, or insurance company, organize in the Unite States, no matter how created or organized but not including partnerships, Fomignxromvmgd a tax of two per centum upon such income; and a hke tax shall e smesmmes. levied, assessed, collected, and paid annually upon the total net income received in the receding calendar year from all sources within the United States by every corporation, joint-stock company or association or insurance company organized, authorized, or ex1st— ing under the laws of any foreign country, including interest on bonds, notes, or other interest-bearing obligations of residents, corporate or otherwise, and including the income derived from dividends on