Page:United States Statutes at Large Volume 44 Part 2.djvu/65

SIXTY-NINE CONGRESS. Sass. L CH. 27. 1926. 25 in'uries or sickness, plus the amount of any damages received ¤*>°¤ ***· wliether by suit or agreement on account of such in`uries orsickness; (7) Income derived from any public utility or the exercise of any Hwa ·=¤.,7l;»¤ dhs essential tgovemmental function and to anycState, Terri- l`Q£°’"°’”"° °° ' tory, or e District of Columbia, or any po itical subdivision of a State or Territo or income accruing to the Government of any possession of ther§nited‘States, or any subdivisioliintkereo . Whenever angd1State, Territory, or t e District of Col N Via, or m{;u¤¤·g; any political su `vision of a State or Territory, prior to September mm:. 8, 1916, entered in good faith into a contract with an person, the object and purpose of which is to acquire, construcg operate, or madguilfabpuihd utility-_f ch thi posed) b thi '*`“ *°"°° y terms 0 su ( contract e tax s `, °¤ W title”i)s to be paid out of the proceeds from the operationoii such $Y$iii¤ti°ti1i¤,Zi°i¢°s° public utility, prior to any division of such proceeds between the person and the State&»Territory, litical subdivision, or the Dis~ tnict of Columbia, an if, but for iii; imfosition of the tax imposed by this title, a part of such proceeds or the taxable year would accrue directly to or for the use of such State,,Territory, political subdivision, or the District of Columbia then a taxyulponlthe net income from the operation of such public utiliavi aha rbe levied, assessed, collected, and paid in the manner and at e rates yirescribed in this title, but there shall. be refunded to such State, erritory R°‘““‘"°S"‘°‘·°‘° political subdivision, or the District of Columbia (under rules and regulations to be prescribed by the Commissioner with the approval of the Secretary) an amount which bears the same relation to the amount of the tax as the amount which (but for theirnposition of the tax imposed by this title) would have accrued to, or for the use of such State, Territory, political subdivision, or e,D1strict of Columbia, bears to the amount of —the net income from theooporb- tion of such public utility tor such taxable year. (4 s is ( ( ‘ (B) If by the terms of such contract no part of the proceeds 8,{{,,“f"§,“,{,*_‘°‘€{,F‘,’°',,?,‘§ from the operation of the public utility for the taxable (would, fggm °' P•*'•°¤¤ *¤· irrespgctive of the tax imposed by this title, accruqdirectly (toior ' for t use of»`such~State, Territory, political subdivision, or, the District of Columbia, then the tax upon thejnet income of. such person the operation, of such public utilitytshall levied, assess, collectednand paid in the manner and at the rateeipre- seribedmthistitle; .· - , . (A `, (8)] The income of a nonrmident alien or foreign corporation .;3“‘§'§,‘{},{,‘,,{,”,,',},,,{2i whac consists exclusively of earnings derived from the operation **•¤*•“°¤·•°°· of a ship or ships documented underithe lawsof a for p' ( coungg which gmnts an equivalent exemption to citizens offiigir Uni °°"‘”°°“* States and to corporations(organized in the UnitedStates; _ _ - (9)· Amounts received as compensation, family _ otments and bul{2§,§*,t3‘2?,,§°,’L2j allowances under the. visions of .the(War Risk _ ance rand •°°’°'“‘°'“· the Vocational ¤BehabiYi!t•etion "Actsor the, World _ ar_,Vet4erans’ Act, 1924, or as pensions from the United States for service of the beneficiary or another in the military or naval forces of the United States in time of war, or as a State pgnsion for services rendered by the ibenedciary or another for w `ch, the State is paying a pension; A . , i . ( (10) The amount received by an individual as dividends or ,,,£§Y,"*°,}‘,,‘},‘,,,‘,§,‘,_g"‘,,,,'§§ interest from domestic building and loan associations, substantially ¤i¤¤¤¤¤· all the businx of which is confined to making loans to members, but the amount excluded from gross income under this paragraph I‘*’”“‘ in any taxable year shall not exceed"$300; V (11) The rental value of a dwelling house and appurtenances dv§_g,¤,;g °* ¤¤¤*¤°°*’¤ thereof furnished to s. minister of the gospel as part of his com- ` pensation; (