Page:United States Statutes at Large Volume 43 Part 1.djvu/320

SIXTY-EIGHTH CONGRESS. Sess. I. Ch. 234. 1924. 289 Sec. 243. In lieu of the taxes imposed b sections 230 and 700, INCWE CML there shall be levied, collected, and paid foryeach taxable year upon Tax onumuwmi the net income of every life insurance company a tax as follows: _ _ (1) In the case of a domestic life insurance company, the same D°m°s"°m“‘ percentage of its net income as is imposed upon other corporations by Section Forei life from (2) In the case of a foreign life insurance company, the same Umttdgslmtts teams. percentage of its net income from sources within the United States V as is imposed upon the net income of other corporations by section 230. _ Sec. 244. (a) In the case of a life insurance company the term c.,§,§’§'°°S °f mss m' “ gross income " means the gross amount of income received during the taxable year from interest, dividends, and rents. Application 0, ,.m_ (b) The term " reserve funds required by law " includes, in the wqgrimdsreqmmdbv case of assessment insurance, sums actually deposited by any com- mmwt pany or association with State or Territorial officers pursuant to law as guaranty or reserve funds, and any funds maintained under the charter or articles of incorporation of the company or association exclusively for the payment of claims arising under certificates of membership or policies issued upon the assessment plan and not subject to any other use. _ Sec. 245. (a) In the case of a life insurance company the term II`;‘f,°d‘,'}‘§‘{'£f’;,S from “ net income " means the gross income less- €f°SSi¤°°¤%°- (1) The amount of interest received durin the taxable year E‘°mp°mm°Sf which under paragraph (4) of subdivision (b§ of section 213 is exempt from taxation imder this title; R mms for (2) An amount equal to the excess, if any, over the deduction weiigrlliymtutussse specified in paragraph (1) of this subdivision, of 4 er centum of the m°°'·"· mean of the reserve funds required by law and held) at the beginning and end of the taxable year, {plus (in case of life insurance companies issuing policies covering li e, health, and accident insurance combined in one policy issued on the weekly premium payment plan, continuing for life and not subject to cancellation? 4 per centum of the mean of such reserve funds (not required by aw) held at the beginning and end of the taxable year, as the Commissioner finds tonlbe necessary for the protection of the holders of such policies ° Y? (3) The amount received as dividends (A) from a domestic cor- m£{§,"Z,$,§,,'{§{,‘},‘,_“°` poration other than a corporation entitled to the benefits of section 262, and other than a corporation organized under the China Trade Act, 1922, or (B) from any foreign corporation when it is shown U,'§§‘;§8{§{§*,‘,‘};u,'§,§’,‘}‘ to the satisfaction of the Commissioner that more than 50 per centum of the gross income of such foreign corporation for the three-year period ending with the close of its taxab e year preceding the declaration of such dividends (or for such art of such period as the foreign corporation has been in existenceg was derived from sources within the United States as determined under section 217; ""“· p· 27* (4) An amount equal to 2 per centum of ani; sums held at the s,,,1:$;°§*.{‘,‘§‘?,‘f°r,§,{djY,‘§Z end of the taxable year as a reserve for dividen (other than divi- <1¤¤¤¤- dends payable during the year following the taxable year) the pay— ‘ ment of which is deferred for a perio of not less than five years from the date of the policy contract; (5) Investment expenses paid during the taxable year: Provided, I“'°$*'”°“""°“°" That if any general expenses are in part assigned to or included in ,’jTu';u”?g’;,m the investment expenses, the total deduction under this paragra h shall not exceed one-fourth of 1 per centum of the book value of &e mean of the invested assets held at the beginning and end of the taxable ear; (6) 'Iiixes and other expenses paid during the taxable year ex· R°‘!°'°'°°°'“°` clusively upon or with respect to the real estate owned by the com- h°°°“°°‘ •