44, S!XT!`Y—?~TIN'l‘H ·CONGRFZS¤¤. mcse. 1. 27. 1é7z6. ‘“"*"' end 110% hevine any {piling or lace nf business therein, there ehalliibe deducted and withheld at Sie source in aihe same xmxnnew ·“"‘··*·”· ami upon the same items ofeincomvs aw is ;>roevéd•;=2w} in seizizion 221 nl
eax equal to 1%% per cunimm mhereef of of
income made} before the enactment of ahie Act V and eq1ml·t{J 131/2 ,pl>1i céhtqin %lge1*e0f'ih respect of all paymmmef income made After
§!ii1<‘:·Bmemt"=6f *tl1is Aét, emd·‘such tux shall be vvéiiurheci *and“p¤id ,, Q ,iH"thof¤um¤ H1a.n11e1—>¤1id* subject to the same lconéiticns am§ir0’vi<le<§
£’;’°""?;,,m iumm i11‘tl1Ut éecitiozrr Pr01>i¢kzZ,¥That inthe cme *0f intierestn escmbed mnwdfm <>f¤··¤· in ’subdiviei<·é1> (b) %»th§1t section the deduction audvvithholding shall be $15 it e 1‘;we‘~e ·_2 per { ‘ "
‘§f°· j . b¤‘mm·?·rQn TAXES IN msn or {?<)RI’OR1§.'!"IONS
,_,,»f{§,’_"’°"’° °°"°"‘e —S¤0.·23& (ze) In the caselof a domestic: c01*p0mti0neti1e·§ax im~ MEM W ¤¤¤**#¢¤ <¤¤¤¤· poised bythie title shall be credited with the amount ef any incomes, w1,:r~pr0&I=s, and excess·pro§ts< mixes paid nor accrued during the W _ sametaxuble year to any foreign·V=c<»un@1·y§ oz: to any posseasioni 0*5
the United States: P¢~0·e,~idvd, Thai: the amount of such credit shall
in no case exgreed the same p1·0p0rt.i0n_ of the mx ’c0mputed on the lbssie·0f‘t#l1e=‘taxé>ayer’s net income without the deduction cf engr income, war-pro ts, or excees-Igofits trexesimposed by any f01'BlgIl country lor possession of the nited States), a ainst which such credit is/ihlxen, which the taxpn.yer’s net income gcomputed without; the ‘de<}uc1:i<m of anj such income war- tits, cr excess#pz*oii41s tux) from sources without the United étatesgblgzr to its entire net income mjgfc f;s°g{;;cg? (computed withonxtrsuch deduction) for the same taxable year. In fmuim. the case ofdomestic insurance companies subject to the tax imposed "°"·#‘l’· *~‘8· by section 243 or 246, the term "net income " as used in this sub— dnvisxioxz grfzeam net income as defined in sections 245 and *246, ctive . l > ~
E:) If sicrued taxes when paid differ from the ammmte claimed
mw ¤1¤i¤¤·>¤· esvcredite by the·0orp01·¤ti0ax,_0r if any tax paid is refunded in whole orgin gut, the corporation shed} at once neotify the Commissioner, wl10's all redeim·u1ine`the»ainpuut 0f"t¤he¤·tm:es for the year or years affected, and the amount, bf ltnxesa dueinpmu such redcbermimm- tim1,if auy,shalI be paid by the corporation upon notice and demzmd by the collector, or the amount of taxes overpaid, if any, shall be credited, O1' refunded to the coiporatimx in suzcordance with the pg‘<;¤¤¤<**$=¤d‘3·~*¤<>* provisions ofsectierx In the cgage of sueh a tux accrued but nottyéeid; the ’C01'D.II1lBSlOI1BI‘ was a ccmdition precedent to the allowance rama walled be- of is credit: ·m£•,y rcquixe the c01·§>oraLx0n‘t0 give a. bond with ’°‘° °‘"°°'““°°‘ sureties satisfactory to and to be a proved by him in such sum us he may require, conditioned ufon Siem payment the taxpayer uf
any simmmt of taxes found ue upon any such redetermination;
` and thelbondihereixi prescribed shall contain such further conditions 4 as the Couunissiouer 1;:3* regnimie A ` ‘ came for mu we ‘/(b) The pm " led, 01* in subdivision (a,) of this section i§,,'§§{ m °°° YW °°" may; at the opiidxi 0fthelMxp'¤ye1·and irres;l>;ct»ive of the method of accounting employed in keeping its books, tqken in the year in .vrl1ic’fiithb~"Eé;xcs of`t;hq‘ fmjeign icountty 0: the jpossestiou of the United 'BCC1'U,6d: suolgeclqy however, ‘t0` the qonditiibns pm-
- ""’°*°*¤ °°”°- ·s<:r*ibek{ `“ Wisicn this section. If the iaztpayer elects to
takeiuchi é1‘&1it8;" in` t é yes? in which the mates bf the foreign country or the pbesession of~thb*'Uni+ed States accrued; the credits for all subsequent years shall be taken ulpcn the same basis. l ¤*¤•¤¤¤ I¤*1¢<·¤¤*¤¤ (d) These bfedibs shall be allowed on y if the ‘taxpayer hiwiislws ' evidence satisfactory in the Commissioner showing the amount of income idetivedj fr0m,s0urces without the United Stzztee, and all
