214 IN COME TAX Applicable onl y for domestic corporat ions . Insurance comp anies not included. Post, pp . 223, 225. Ante, p . 177. China Trade Act corp orat ions dee med not a2lieted. Corporations in Uni- ted States possessions treate d as f oreign . Subsidiary of do. mestie corporation formed to comp ly with fore ign law, dee med domestic . Suspension of run- ning of statute of limita- tions . Post, p . 233. Post, p . 238. Allocation of income and deductions . Ante, p . 186. Fiduci ary retur ns . Sworn statements of income, etc., of benefi- ciaries . With net inc ome of $1,000 or over, and single, etc. Married, et c ., wit h $2,500 or over. Gross income of $5,000 or over . Estates or trusts of $1 .000 net Income or over. Gross income of $5,000 or over. Nonresident alien beneficiaries . By Joint fiduciaries . 72d CONGRESS . SESS . I. CH. 209 . JUNE 6,1932. (e) A consolidated return shall be made only for the domestic corporations within the affiliated group . An ins urance compa ny subject to the tax imposed by section 201 or 204 shall not be included in the same consolidated return with a corporation subject to the tax imposed by section 13 and an insurance company subject to the tax imposed by section 261 shall not be included in the same con- solidated return with an insurance company subject to the tax im- posed by section 204 . (f) CHINA TRADE ACT CORPORATIONS :A corpor ation orga nized under the China Trade Act, 1922, shall po t be deemed to be af filiated wi th an ,~ other corporation within the meaning of this section . (g) CORPORATIONS DERIVING INCOME FROM POSSESSIONS OF UNITED STATES.-For the purposes of this section a corporation entitled to the benefits of section 251, by reason of receiving a large percentage of its income from po ssessions of the Uni ted States, shall be treated as a foreign corporation . (h) SUBSIDIARY FORMED TO CO MPLY wITH FOREIGN LAw.--In the case of a domestic corporation owning or controlling, directly or indirectly, 100 per centum of the capital stock exclusive of directors' qualifying shares) of a corporation organize under the laws of a contiguous foreign country and maintained solely for the purpose of complying with the laws of such country as to title and operation of property, such foreign corporation may, at the option of the domestic corporation, be treated for the purpose of this title as a domestic corporation . ( i) SUS PENSI ON OF RUNNING OF S TAT UTE OF LIMITATIONS .-If a notice under section 272 (a) in respect of a deficiency for any taxable year is mailed to a c orporation, the susp ension of the runnin g of the statute of limitations, provided in section 277, ,shall apply in the case of corporations with which such corporation made a consolidated return for such taxable year . (j) AL LOCAT ION OF INCOME AND DEDUCTIONS .-For allocation of income and deductions of related trades o r businesses, see se ction 45 . SEC. 142 . FIDUCIARY RETURNS. (a) REQUIREMENT OF RETURN .-Every fiduciary (except a receiver appointed by authorit y of law in possessi on of part only of t he prop- erty of an individual)shall make under oath a return for any of the following individuals, estates, or trusts for which he acts, stating specifically the items of gross income thereof and the deductions and credits allowed under this title- (1) Every individual having a net income for the taxable year of $1,000 or over, if single, or if married and not living with husband or wife ; (2) Every individual having a net income for the taxable year of $2,5 00 or over, if marri ed and living with h usband or wife ; (3) Every individual having a gross income for the taxable year of $5,000 or over, regardless of the amount of his net income
(4) Every estate or trust the net income of which for the tax- able year is $1,000 or over ; (5) Every estate or trust the gross income of which for the taxable year is $5,000 or o ver, regardless of t he amount of the net income ; and (6) Every estate or trust of which any beneficiary is a non- resident alien . (b) JoiriT FIDUCIARIEs .-Under such r egula tions as the Commis- sioner with the approval of the Secretary may prescribe a return made by one of two or more joint fiduciaries and filed in the office of the collector of the district where such fiduciary resides shall be
