1090 SIXTY-FIFTII CONGRESS. Sess. III. Ch. 18. 1919. "’*’**’{',ZSE§g§¤*’¤°F· tion, would constitute less than 20 pier centum of such entire net income, in which event the tax shall e determined upon the entire mma. net income, without reference to this section, as other taxes are determined under this title. The total tax computed under this section shall be subject to the limitations provided m section 302. _ uulgemptw corpm- Sec. 304. (a) That the corporations enumerated m section 231 .4m,p.1m. shall, to the extent that they are exempt_ from income tax 1mder Title II, be exempt from taxation under this title. E¤<>¤¤1>¢i¤¤ of $3,000- (b) Any corporation whose net income for the taxable year is less hmm f m cm thz2n)$i’»£10g§) shéll bteaexenzapt frgrgiotaxlptiictzgnéindplr this title.f ld th .. r¤ z c ec eo nyc r1negem_emmmgogo, e mmm; °x°mpt' portion of the net income]-gi-:)r1ved_from the mining of gold shall be exempt from the tax imposed by this title, and the tax on the remaining portion of the net income shall be the rglocportion of a. tax computed without the benefit of this subdivision w such remaining portion of ghe net inrciglme gears to the entigd net énccirlplg. tl f . Fwimwmsyw. mc. 305. at a tax is compu nn er ti e or a period of less than twelve months, the speecific exemption of $3,000 wherever f ed to this l h 11 ed ed h th reerr m t1te,sa r uc toanamountw c is e same roportion of $3,000 as the number of months in the period is of twesve months. P H Credits- . nr I.--CREDITS. ,,mPgj"°·* P°"i°d de- Sec. 310. That as used in this title the term "prewar period" means the calendar years 1911, 1912, and 1913, or, if a corporation was not in existence during the whole of such period, then as many of W PM sncéh yegrp dufi1;gTt}l;;e wit;) e of whichfithe cogporatiiopl was in exisgentcip. Nr ¢¤<¤¤¤¤~ no. 1. a at e war·pro ts cr it s a consist 0 e sum of :
- 3.000 ¤¤¤Dtf¤¤- _ (1) A specific exemption of $3 000· and
r§ii€eWm°g:£t (SZ (2) An amount egual to the average net income of the corporation ‘l,$,,¥"°,§‘,‘g“,j‘,§°;’; for the prewar period, plus or minus, as the case may be, 10 per capmi. centum of the difference between the average invested capital for the Lesnmaym. prewar period and the myested capital for the taxable year. If the tgu isbcomppx for a period of less than twteilve nponthtshsuch arlpoung s er u totesame roportion ereo as enum ero months in the period is of twelge months. ,¤f°·{;c?hgp;f¤¤¤r¤¤¤¤ _ (b) If the corporation had no net income for the (prewar period, or ’ if the amount computed under paragraph (2) of sub ivision (a) is less than 10 per centum_ of its invested capital for the taxable year, then the war-profits credit shall be the sum of: $1;¤0£m mt at in- (é) glppecilic exemption of $3,000; and _ _ 1 f mm wp,m_ ( ) amount equal to 10 per centum of the mvested capita 01‘ N the taziplgp year. · { · °P'°“*°¤¤¢¤¤°¤· c) e co oration was not in existence during the whole 0 at least_&>01:is_calel1;l(i§)ar year ddurtipg the prgwar psriogidphenéhexcept 8iS provi msu ivision( ) ewar-pro tscre its be e sum 0 1
- 3*°°°· (1) A specific exemptiorf of $3,000; and
” (2281Ar; tilargnpunt eqn?.] tx;] the slaime perceztihtage of the invested
capi o ayer or the taxa e year as e aver e percentage of net income atlinvested capital, for the prewar peridld, of corporations engagked in a trade or business of the same general class as that conducted y the taxpayer; but such amount shall in no case be less D _ _ than 10 per centum of the invested capital of the taxpayer for the C,,,,f,'Q§`,5";§,‘j,‘§“’ bY taxable year. Such average percentage be determined by the AM 302 Commissioner on the basis of data contained in returns made 1111d€1' ‘**" · Title II of the Revenue Act of 1917, and the average known as the U a mt de- median shall be used. If such average percentage has not b€611 m,,,,,,§“€° determmed and published at least 30 ays prior to the time Whéil the retum of the taxpayer is due, then for purposes of such return
