S13 nerr.: ze.-zxvm wcr, whi& tk pcrticn of mw mioé tamu witch the Brat cctcudcr yeh! ig of mtirc d1 cad E12) Qmc p»rc5 persian of n tax for the entire period, under the me ; b1c to the uludar yur and at the-rates my such RM'. ‘¤¥i¤i& the pcrmu at muh pcricé railing within gzmsccuad mlédtr yar is ct tm mum _ ' ih) If a @14usr at 9.. t ...* ,. beting gn gm qgmqu yégif and cms is awdar yur, and the hwy sppticgbicv ut the seccnd cahudar year ia.d1£u·wt mm th; law npwxcabka rc 1& amt www scar. mp (1)- mcmtcs hr yt=·arduri¤Iwh@®E¤Iyair gmcunt ci ack partncfs sharcci such cet mccmd {detcrmimd andcr me law ap§imble tc mh mlcnttar yar) equal tc the which the part of mc]: &m1 yur méiing within such mlcndar year the f¤11`§3c¤l yea, and (2) the rites tar. the calendar. yar dming which meh asm! _ ands apply tc) an gmctmt ct pi.rt¤.er’s , mach partnership net (dhlcnaincd under the law applicable tc~iu& year) equal tab the proporticn-_ wiiicii the put ci such ycar talltug withinfuzch cxl·endqr~ year bears t0,tM full Ecu! ycarf In such cases the part of stsch imrcmc zuhjcct tc the rang in ctcct {cr the most rment - calendar yur @11 bchddcd to the other income of the. taxpcycr sgxbjcct tc smh rim and the resuiting amcrmt shall be placed in icwcr brcckctti of the rate _¤chcdulcY`· apgiicable tc Supt; mr, and t§e parts! such iuccmé subject tc the rates ” in gmcct fcc the next icnlcpdar yur small be placed in me ncrt hi@ brackets ct the rate Schedule hpplicablc tot scchYycnr.‘ c { _ · ~ . W . _' (c) Any nmcuut paidbcfcrc or "aftcr June 2,,19291, crt ac—— count ot the tax im@d {cr a dscaf year bcginixing in-[1923 mc ming i1;·1924 tyffitlc II of the·Rcvc¤ua Act of ..1921 shall be the -p¤1ment’o! the tax mposcd for __ such Qscnl year by this chapter; and)! the nmcput so puiit cxccc& the ct mch tix ‘!m by chapter, the acm Qc}! he or écccrdancc with The prcvmcm ci section or this title. c (Juke 2,- 1921. 4.01 ¤·¤¤·.c·¤4§i$¤7·4¤tS¢•*~2¤1t)" c` ‘ . $9- ESG: ctiihd ordinnry
apitd at grin; capital act hes; act 5-jj
mpc; h~Bc¤ of titer inpqcé by ·% 951, $$2; - .y. t•¢- §p.··—-(a)·For-the cH .m1¤c1¤m-- 1/~ ’ ·¥ ‘ .§ (1) t¤¤"‘c1pitn1 nin? mum mgabic grain from the? sale Q cxénunc ct capital smh - mmatcd after Dcccm- t 42; The mm ccgpsm means M tim lqmresultiing
»· . -it ~ ·- ‘ · 1
(3) term ‘*_@_pita1_‘§cductio¤c " mam such dcducticnc rs are w necdwtgjtcr 4 :: crccmpnting cd m cud irc to cr chnrmblc against · wvitni mm mtg Q cx&awed during tm mime year; _ ` (0 é" crdimry ” mans deductions allowed, by other than capital iis and capital (5} The tcrm"‘caplta1 nat gain" mecca the cxcm. or the total t M capital gis cvcr the mm ct (A) the capital-‘ dcducdcus and] capital cla; (B)“ the amount, ~if any. bi which the exceed the gross income ccmwtcdwttacutwnémcimtaigniuza » · “ *· (6} Tm tcm ·"&pltg_1 net lc¤c"* &e¤m enum ct the Bum ct the capital hues pim the uciul kductimns over the t¤ta1- t‘ctmit•lsnl¤: Y · I * 1 · _ y (7} The “crdi¤ary_¤ct_i¤ccmc” mms nctincomc, computed ¤_•cc¤r~d@ pwvmms of ttm chapter, cttw cxmzdiug cit cr. ccpltat iam, camtal loss, ‘ capital dedmztiom; und; °` ‘ .
rmuz. monroe § 940 o (8) Thewem "mplta l mean property held by the taxpayer for more than two years (whethr or. nu eonnectw with his trade or·mx¤¢%) . wt doesonot mlnde eto& in trade at the taxpayer or otherfproperoty or a which would properly h lncladeddn the inventory ot the ta@er it on hand at the close ot the taxable year, or property hw by the taxpeyos l primarily for sale in tm eomeeor his traoe or ` (b) In the case ot any tarpayer (other than a· c@ration) Jvho for any taxable year derlvw a upital net gain, there N ehall (at the election ot the taxp•yer)·be levied, collected, am paid, in Iwo oithe taxes by •ectlm'951’•nd 962, aj tax determined aa follows: ‘ * . l 1
4. partial": tax shall Brat be apos the basis rot ordinary net income at the rates k the manner previded lnasectione wl 952, and the tml tax shall bethk
noone: pun 12% pe: centmn or the not pm " (c)o1n me eax ot any t@yer_(other‘ man a corporetmn) who ftor any taxable year a@l¤a • ca$tal aq lose, there ahallbelevled, ·by section; @1 andwzg a tax @@:4 as follows: A partial tax shall nretbe competed upon the beets oi the ordinary net ·lncome· at,tl1e and in the mnner provided in sections %1'and-%£,end mamma; smll be thm a t nnlnus”12% per cenmm of the capital net hmla no ease
the m;A.nn®1·‘thla be lx tlun the/taxa
lmpoeed by 961 am computed without r@rd— to
proyialone of this wma. _ . V · —
(d)_;The totaltax determined—n¤<ler—1nb¤&vidon· (b) m (e) ehqll be collected and mid in the some at the um time, and subject to tlresame of law, peaalties, another taxes this chawéz _‘a_ ‘ (e)—In,”the case oi the member; `ot e 'pa Bg_oI an estate or trnet, or ot="the M or mm, the proper pm or each mm or-tn•.¤ee-x °waee respectively; of ordinary net lncome, mptnl net anla, at capital M net lou ahallbe determined;-¤‘n;ler roles an to he “‘ prescribed by the Commlseibner of internal yvtth the approval or the Seaetary of the 'lfrasnry, ana shall be eeparntely ello _ return of the eaute or trust, shall x taxed to the mmbg or a or to thekeetate or trnet e provided in mtlom and MQ, mt atihe rates and in IRQ-'§Il!1€f provldedln enbdlvleton (h) or (c) otthla `seetion. (Jnne_2, 1S%,_4.01_p; m., c. @4, { $08, _43`Stat. 262.)`- _. ° _ F ` _ 949. income, •n—deso_forth, credit onamwatof uraeé lneeie: members of erehips.+——(a) Fortlle of thla_a¢tion—-= · ‘ , " » _ , (1) The term *‘earned lncome" www, profusional and other amonnta received as eompmmtion for personal services actually but does not lndngie that part of the tlerived bl? the taxpayer for personal eeemeee rendered by him to a corporaqon . which repmmts a distribution of earnings or prodts rather than a reasonable allowance as compmmtion for the perwnal mrrices actnallyl QrenderedQ In the case of a taxpayer in a traoe or boslnem in whi&_ both-personal servieea and capital are mate- t rial lncome producing (factors, an r able allowance as compenaatien for the personal seryicw actually rendered by the Tnicpayer, not in erceen jot centom ot his share of the net? Monte of auch traile or bnslnem, shall he conmderecl as earned income. _ ‘ _ __ ` (2) The term “earned income dedn¢etion.e" means snob deductions as are alloajed by section of this title for the _ purpose of (:0f.l’1§llURg,`l1€'C `lncome, xand are properly allocable to , or chargeable mgalnet earned, income. a . ( . — (8) The term “ earned net fneon1e" means the excess of the amount of the earned; Tncome orer the slum of the earned ln-
