264 SIXTY·SEVENTH CONGRESS. Sess. I. Ch. 136. 1921. B_d“"£{,';_’*’- (5) Bad debts in the nature of agency balances and bills receivable dm tm ascertained to be worthless and charged off within the taxable year; mmm. m °°r` (6) The amount received as dividends from corporations as provided in paragraph (6) of subdivision (a) of section 234; E=¤¤1>¢ i¤¤¤¤¢- (7) The amoimt of interest earned during the taxable year which under paragraph (4) of subdivision (b) of section 213 is exempt from taxation under this title, and the amount of interest allowed as a mam tc I credit under subdivision (a) of section 236; _ 1,,,,,.,;,, °°’ ° °’ ° (8) A reasonable allowance, for the exhaustion, wear and tear of pgoperty, as provided in paragraph (7) of subdivision (a) of section 2 4; “P°°“’° "·°"°,.;§“,,,,,,‘”' (9) In the case of such a domestic insurance company, the net ggwlmmm income of which (computed without the benefit of this paragraph) is $25,000 or less, the sum of $2,000; but if the net income is more than $25,000 the tax imposed by section 246 shall not exceed the tax which would be payable if the $2,000 credit were allowed, plus the _ amount of the net income in excess of $25,000. tJLZ{°“‘“ °°"’°”' (b) In the case of a foreign corporation the deductions allowed in §*j,‘,}°1§§°,,j‘$,_°’*°“'°"· this section shall be allowed to the extent provided in subdivision (b) ' of section 234. mD,v£¤¤¤¢i¤& item (c) Nothing in this section or in section 246 shall be construed to r permit the same item to be twice deducted. véedagimmhw pm. PART IV.—AD1nN1srnAnvn PROVISIONS.
- ’°"'“““‘°' °“‘“· raumm or raxns.
¤i»`é;&°ii¢'i¤¤r¤e. is Sec. 250. (a) That except as otherwise rovided in this section and 3‘»$,;£,§"°‘°·%8‘ sections 221 and 237 the tax shall be paid) in four installments, each consisting of one—fourth of the total amount of the tax. The first installment shall be paid at the time fixed by law for fil' the return, and the second installment shall be paid on the fifteerittli da of the third month, the third installment on the fifteenth day of the sixth Exmmn 0, ms, month, and the fourth installment on the fifteenth day of the ninth P¤Y¤¤¤¤· month, after the time Hxed by law for the return. Where an extension of time for filingla return is the time for payment of the first installment shall e postponed until the date of the exlpiration of the period of the extension, but the time for gayment of the other _ installments shall not be postponed unless the ommissioner so prop,E'$°$?;Es,§°§l,?§f’ "”°° vides in granting the extension. In any case in which the time for the payment of any installment is at the request of the taxpayer thus postponed, there shall be added as a part of such installment interest thereon at tho rate of one-half of 1 per centum er month from the wma mmm on time it would have been due if no extension hadp been granted, until demi:. paid. If any installment is not paid when due, the whole amount of the tax un aid shall become due and payable upon notice and demand by 'Itlhe collgctor. h f h b d 0r¢¤¤¤¤¤ ¤i¤s¤¤ var- e tax ma at the o tion o the taxpayer e ai in a s` le a - mm °° mm m°m"ment instead drf installnihnts, in which case the tgtal amounutlihall ge paid on or before the time Hxed by law for filing the return, or, where an extension of time for filing the return has been granted, on or before _ _ the expiration of the period of such extension. ,,,E _°“‘· (b) As soon as practicable after the return is filed, the Commissioner shall examine it. If it then a pears that the correct amount of the tax is greater or less than that shown in the ret1u·n, the installc»eaxz,m.,¤r¤¤es. ments shall be recomputed. If the amount already paid exceeds that which should have been paid on the basis of the installments as recomputed, the excess so paid shall be credited against the subsequent installments and if the amount already paid exceeds the correct amount of the tax, the excess shall be credited or refunded to the taxpayer in accordance with the provisions of section 252.
