73d C ONGRESS . SESS . II. CH. 277 . MAY 10, 1934.
735 TAX Act of Congress which is allowed to an individual as a credit for INC s•URANCE purposes of normal tax by section 25 (a) (2) or (3) .
COMPANIES- Contd . SEC. 205. TA XES OF FO REIGN COU NTRI ES AND PO SSESS IONS OF Foreign, etc., taxes. UNITED STATES. The amount of income war-profits, and excess-profits taxes Credit for, allowed impose d by forei gn cou ntrie s or p osses sions of the United
domestic insurance States companies shall be allowed as a credit against the tax of a domestic insurance compan y sub ject to the tax impose d by section 201 or 204, to the extent provided in the case of a domestic corporation in section 131, and in such cases " net income " as used in that section means the net income as defined in this Supplement . SEC. 206. COMPUTATION OF GROSS INCOME . The gross income of insurance companies subject to the tax imposed by section 201 or 204 shall not be determined in the manner provided in section 119 . Supplement H-Nonresident Alien Individuals SEC. 211 . G ROSS I NCOME . (a) GENERAL RULE .-In the case of a nonresident alien individual gross income includes only the gross income from sources within the Unit ed St ates . Ante, p. 731. Ante, p . 718. Gross income. Computation . Ante, p. 731 . Ante, p . 716. SEC. 207. MUTUAL INSURANCE COMPANIES OTHER THAN LIFE. (a) APPLICATION OF TITLE .-Mutual insurance companies, other than life insurance companies, shall be taxable in the same manner as other corporations, except as hereinafter provided in this section . (b) GR OSS IN COME .-Mu tual mar ine- insu ranc e co mpan ies shal l include in gross income the gross premiums collected and received by them less amounts paid for reinsurance . (c) DEDU CTIO NS .-In addit ion to the deduc tions allow ed to cor- porations by section 23 the following deductions to insurance com- panies shall al so be al lowed, u nless ot herwise allowed- (1) MUTUAL INSURANCE COMPANIES OTHER THAN LIFE INSUR- Mutual insura nce ANCE .-In the case of mutual insurance companies other than life companies . i nsur ance com pani es- (A) the net addition required by law to be made within the Addition to reserve taxa ble year to rese rve fund s (inclu ding in t he case of asses s- funds . ment insurance companies the actual deposit of sums with State or Territorial officers pursuant to law as additions to guarantee or reserve funds)
and (B) the s ums other tha n dividends pai d within the ta xa ble Policy and annuity year on poli cy and a nnuity c ontracts .
•ontracts . (2) MUTU AL MAR INE IN SURANC E COMP ANIES .-In the case of Mutual marine in- suran ce com panies . mutual marine insurance companies, in addition to the deductions Repayments m pol- allowed in paragraph (1) of th is subsection, unless otherwise icy holders . allowed, amounts repaid to policyholders on account of premiums previously paid by them, and interest paid upon such amounts between the ascertainment and the payment thereof ; (3) MUTUAL INS URAN CE CO MPAN IES O THER THA N LIF E AND MARINE .-In the case of mutual insurance companies (including interinsurers and reciprocal underwriters, but not including mutual life or mutual marine insurance companies) requiring their menl- bers to make pr emium de posits t o provid e for lo sses and expense s, the am ount of pr emium depos its r eturne d to their polic yhold ers and the amount of premium deposits retained for the pa yment of losses, expenses, and reinsurance reserves . Mutual insurance compani es othe r than life . Taxable as other cor- porations. Gross income; pre- miums less reinsurance . Additiona l deduc- tions . Ante, p 688 Companies other than life and marine . Premium deposits re- turne d . NONRESIDENT ALIEN INDIVID- UALS . Gross income . Includes United State s so urces only .
