256 SIXTY-SEVENTH coxennss. sms. 1. cs. 136. 1921. ¤*°°¤ *¤· amount of tax due upon such redetermination, if any, shall be paid upon notice and demand by the collector, or the amount of tax over— paid, if any, shall be credited or refunded to the taxpayer in accord- P°"’*" ance with the provisions of section 252; 1,$°${’EZ°°"°u"°’”` (9)_ In the case of mines, oil and pas wells,_ other natural deposits, ,g¥;;'¤Q,g° rggiiugg and timber, a reasonable allowance or depletion and for depreciation gw. ’ P ’ of im rovements, according to the pecuhar conditions in each case, _ basediii ncost including cost of development not otherwise deducted: ii£i;°”i: acquired Prwideg? That in the case of such {properties acquired plrior to March P'*°’*° M°'°'**»*°”· 1, 1913, tithe fair malrketdvalue o lgiizglpropertly (01} the taxpay1g’s interest erein ont at ate enin euo costu tot at ,.§’.;;°°,:;,‘r$..:P·*°°'· date: Pnmzzazjumm, That in at me of mms, oil and gis wells, discovered b the taxpayer, on or after March 1, 1913, and not `
as {Ee reaslult off &urchase of a provenutiliacthegr lease, where
e airmar etv ueo e ro rtyismate y ro rtionate to the cost, the depletion aHowI:nce shall be based niipoiiothe fair market value of the propernty at the date of the discovery, or within
°l°°°° thirty days thereafter: A provided further, That suc depletion
allowance based on discovery value shall not exceed the net income, comphuted without allowance for depletion, from the_ property upon whic the discoveiig is made, except where such net mcome so com- _ puted is less than e depletion allowance based on cost or fair market
°° b° value as of March 1, 1913; such reasonable allowance in all the above
cases to be made under rules and regulations to be prescribed by the Lam Commissioner with the approval o the Secretary. In the case of ` leases the egetdgictions gllqwed by paragraph shall be equitably a ortion tween the essor an essee; ng? _ mp P80) In the case of insurance companies (other than life insurance
{Q, {2 com anies), in addition to the above (unless otherwise allowed):
°°P* “‘°i””’°”°°- (A) g`he net addition required by law to be made within the taxable year to reserve funds (including in the case of assessment insurance companies the actual deposit of sums with State or Territorial officers pursuant to law as additions to guarantee or reserve funds); and (B) hmmm dm D°_ the sums other than dividends paid within the taxable year on policy mw s1,1¤m. and annuity contracts. After December 31, 1921, this subdivision shall apply only to mutual insurance companies other than life insurance com ames; pigs}-gi°p¤li1`Qrisi?°Uy (11) In the Ease of corporations (excppt those taxed under section 243) issuing policies covering life, he th, and accident insurance combined in one policy issued on the weekly premium payment plan continuing for life an not subject to canoe lation, in addition to the above, such portion of the net addition (not required by law) made within the taxable gear to reserve fimds as the Commissioner finds Txmmm Dmm_ to be required for the protection of the holders of such policies only. ¤e;3¤t£l¢r _ m This subdivision shall not be m effect after December 31, 1921;
"`°"”°°° (12) ln the case of mutual marine insurance companies, there
shall be allowed, in addition to the deductions allowed in par aphs (1) to (10), inclusive, and paragraph (14), unless otherwise mw Premium repay- . . . , cd} mm. amounts repaid to dpolicyholders on account of premiums previously paid by them, an interest paid upon such amounts between the O,,mmum,m_“_ and the payrtplent thereof; _ (_ I _ mmmpma. 13 the case o mutu insurance compames mc uding inter- Fmm mama d__ insurers and reciprocal underwriters, but not including mutual life posits, ac, or mutual marine insurance compames) requiring} their members tg rliialie dggglsits to pglivniledfor lossetsu an egxpenses, the; s a a owe , in 'tion to e e uctions ow in ar (1) to (10), inclusive, and paragraph (14), unless otherwige zitlldiivreid, the amount of premium_ deposits returned to their policyholders and the amount of dpremium deposits retained for the payment of losses, expenses, an reinsurance reserves;
