230
72d CONGRESS . SESS. I. CH. 209 . JUN E 6, 1932. INCOME TAX
(b) Snips UNDER FOREIGN FLA(;.--The income of a foreign cor- uux p e (otion of sl lps poration, which consists exclusively of earnings derived from the Cond ition s . operation of a ship or ships documented under the laws of a foreign countr whic h gra nts an equi valen t exem ption to citizens of the United States and to corporations organized in the United States, shall not be included in gross, income and shall be exempt from taxation under this title. Deductions .
SEC. 232 . DEDUCTIONS. Allowed only on in- In the case of a foreign corporation the deductions shall be allowed co me 3 frms, United on ly if an d to the extent that the y are co nnected with inc ome from Apportionmen t .
sources within the United States ; and the proper apportionment and allocation of the deductions with respect to sources within and without the United States shall be determined as provided in section Ante, p. 208 .
119, under rules and regulations prescribed by the Commissioner with the approval of the Secretary. Allowance of deduc. SEC. 233. ALLOWANCE OF DEDUCTIONS AND CREDITS . tions and credits . Benefit of, o nly by A foreign corporation shall receive the benefit of the deductions filing return of all in- co me from United and credits allowed to it in this title only by filing or causing to be statessources . filed with the collector a true and accurate return of its total income rec eived fr om all s ources i n the Un ited Sta tes, in the mann er pre- scribed in this title ; including therein all the information which the Commissioner may deem necessary for the calculation of such deductions and credits . Credits against tax . SEC . 234. CREDITS AGAINST TAX . No allowanco for, of Foreign corporations shall not be allowed the credits against the foreign governments . Ante, p. 211 .
tax for taxes of foreign countries and possessions of the United States allowed by sect ion 131 . Returns.
SEC. 235 . RE TURNS . In the case of a foreign corpo ration not havin g any office or place of business in the United States the return, in lieu of the time prescribed in section 53(a) (1) shall be made on or before the fif- teenth day of the sixth mont hollowing the close of the fiscal year, or, if the return is made on the basis of the calendar year then on or' before the fifteenth day of June .If any foreign corporation has no office or place of business in the United States but has an agent in the United States, the return shall be made by the agent . Payme nt of tax .
SEC. 236 . PA YMENT OF TAX . (a) TIME of PAYMEWP .-In the case of a foreign corporation not having any office or place of business in the United States the total amount of tax imposed by this title shall be paid, in lieu of the time prescribed in section 56(a), on the fifteenth day of June following the close of the calendar year, or, if the return should be made on the basis of a fiscal year, then on the fifteenth day of the sixth month following the close of the fiscal year . (b) WITHHOLDING AT SouacE .-For withholding at source of tax on income of foreign corporations, see section 143 . SEC. 237 . FOR EIGN I NSURAN CE COM PANIES . For special provisions relating to foreign insurance companies, see Supplement G. Afflictio n.
SEC. 235 . AFFILIATION . Foreign P r`3 orat1ons, A f oreign corporati on shall not be deemed to be aff iliated with any Other corporation within the meaning of section 141 . Time for filing. Ante, p . 188. Return by agent. Timespe cifled . An te, p. 189. Witbbolding tax at source. Ante, p. 215 . Foreign insurance companies . Spectal provisions. Ante, p . 223.
