272 SIXTY-SEVENTH CONGRESS. Sess. I. Ch. 136. 1921. ";‘wg*;{‘;f°° Pur II.-Imrosrrron or Tax. T ! r¤¤¤¢ . . . . gi? {gg gl} Sec. 301. (a) That m hen of the tax imposed by Title III of the wg'? 40 ms Revenue Act of 1918, but m addition to the other taxes imposed by ,..,.,.;;.,4,* °' this Act, there shall be levied, collected and paid for the calendar year 1921 upon the net income of evem corporation (except corporations taxglble iflnder subdivision (b) of 's section) a tax equal to the sum o e 0 owing: Fmsr muloxmr. pelfoduiil °$i°°xi.°v$i:gi 20 per centum of the amount of the net income in excess of the °°P*‘°L excess-profits credit (determined under section 312) and not in excess of 20 per centum of the invested capital; sncoim nnacxnr. I" ”°°“ °°°'°°L 4:;) per gzetxitum of gg amoizrit of the net income in excess of 20 per _ cen um 0 e mves capit . g£·“.,,,,§$,'°.{;,,,t,*2",‘I,'}f, For ttllie calendar year} 1921 there shall be l<;;i¢§lhcolleoted, ang
- 8 °"¤*’· pai upon e net mcome 0 every corporation w `c erives in suc
year a net income of more than $10,000 from any Government contlgacg gr tcilongacts niade between Apglil 6, $1917, and Nlpvenhber 11, _ , o tesincusiveataxequ to esumoftefoowi : (§‘3',§"{',‘§,*Z1‘§'§‘Act of _ (1) Such a Iportion of a tax con1?uted at the rates specified in slig-
- 9***- division (a) 0 section 301 of the evenue Act of 1918, as the part of
the net mcome attributable to such Government contract or con- Appuuum ,,,c,,,d, tracts bears to the entire net income. In com uting such tax the its excess-profits credit and the war—proiits credit which would be appligable to such §ale1}dar yeglngllairgder tig: Revenue Act of 1918 if it had _ een continue in orce, e use ; g,£,}t?Z§`v§P§§,‘2§{c§§i dj Sup}; a fpcgigion of a tax Icompute? tit the rates specified in sub- · v1sion a 0 t section as the part 0 e net income not attributable to such Government contract or contracts bears to the entire net . n mcome. ¤i¤);xigii1i$°iig°ii¤¤ iii For the purgoose of determining the part of the net income attribut- °°°“"°"- able to such vernment contract or contracts, the proper apportionment and allocation of the deductions with respect to gross mcome derived from such Government contract or contracts and from other sources, respectively, shall be determined under rules and regugntxons prescribe by the Commissioner with the approval of the . ecretary. p¢ii¤°g°§°t3?z¤?{°xm _ (c) In any case where the full amount of the excess·proEts credit ishnot szlltogved unliler this first bracket of subdivision (a), biy reason of e_ ac at suc cre tis in excess 0 20 er centum oft e inv t d capital, the (part riot so allowed shall be d)educted from the anildulit 1n e secon rac et. u"°°'°""‘ Sec. 302. That the tax imposed by subdivision (a) of section 301 shall in no case be more than 20 per centum of the amount of the net U,,d,,,,,,.m,, _,c,_ income m excess of $3,000 and not in excess of $20,000, plus 40 per V¤*- •<>» 1>· *¤¤°- centum of the amount of the net mcome m excess of $20,000; and the limitations imposed by section 302 of the Revenue Act of 1918 (upon taxes computed under subdivision (c) of section 301 of that Act) are hereby made agglicable to taxes computed under subdivision (b) of section 301 of t Act. Nothing in this section shall be construed in such manner as to increase the tax imposed by section 301 of this Separate compute- Ach . . . . gay: pm cr Eagan; Sec. 303. That if part of the net income of a corporation is derived ¤,p.,,’¤°i¤,_°°°' (1)_from a trade or usiness (or a branch of a trade or business) in which the emlployment of capital is necessary, and (2) a part (constituting not ess than 30 per centum of its total net income) is de·
