73d C ONGRESS . SESS . II. CH. 277 . MAY 10, 1934 .
769 SEC. 613. TERMINATION OF TAX ON USE OF BOATS. Section 761 of the Revenue Act of 1932, as amended, shall not apply to the use of any boat after June 30, 1934 . SEC . 614. TE RMINA TION OF TAX ON CANDY. The tax imposed by section 613 of the Revenue Act of 1932 shall not apply to candy sold by the manufacturer, producer, or importer after t he date of the e nactment of this Act . TITLE V-CAPITAL STOCK AND EXCESS-PROFITS TAXES SEC. 701 . CAPITAL STOCK TAX. EXCISE TAXES . Foreign and domes- tic built boats. Tax on use of, to ter- min ate, J une 30, 1934 . Candy . Tax on repealed . Vol . 47, p. 264 , amended . CAPITAL STO CK AND FXCESS- PRO FITS TAXES . Capital stock. a For eac h yea r ending June 30, beginning wi th the yea r end - Excise tax imposed ()
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on domestic corpora- ing June 30, 1934, there is hereby imposed upon every domestic cor- tions . poration with respect to carrying on or doing business for any part of such year an excise tax of $1 for e ach $ 1,000 of th e adj usted declared value of its capital stock . (b) For each year ending June 30, beginning with the year ending doing business in June 30, 1934, there is hereby imposed upon every foreign corpora- United States . tion with respect to carrying on or doing business in the United States for any part of such year an excise tax equivalent of $1 for each $1,000 of t he ad justed decl ared v alue of ca pital emplo yed i n the transaction of its business in the United States . (c) The taxes imposed by this section shall not a pply-
Exemptions . (1) to any corporation enumerated in section 101 ;
Ante, p 700. (2) to any insurance company subject to the tax imposed by section 201, 204, or 207 ; ~'
Domestic corpora- (3) to any domestic corporation in respect of the year ending tions, for part of pe- June 30, 1934, if it did not carry on or do business during a part riod; to June 30, 1934 . of the period from the date of the enactment of this Act to June 30, 1934, both dates inclusive ; or (4) to any foreign corpo ration in respect of the year ending Foreign corporations. June 30, 1934, if it did not carry on or do business in the United States during a part of the period from the date of the enactment of thi s Act to June 30 , 1934, both dat es inclusive . (d) Every corporation liable for tax under this section shall make bemade .aaclaraticn to a return under oath within one month after the close of the year with respect to which such tax is imposed to the collector for the district in which is located its principal place of business or if it has no principal place of business in t he United States , then to the col lector at Baltimore, Maryland . Such return shall contain such informa- aIn efformation re- tio n and be m ade in su ch manner as the Commissioner wit h the approval of the Secretary may by regulations prescribe . The tax Payment of tax . shall, with out a ssessm ent b y the Commi ssion er or notic e fro m the collector, be due and payable to the collector before the expiration of the period for filing the return . If the tax is not paid when due, there shall be added as part of the tax interest at the rate of 1 per centum a month from the ti me wh en the tax became due unt il paid . All provisions of law (including penalties) applicable in respect of ofA ex ist in g e law~con- the taxes imposed by section 600 of the Revenue Act of 1926 shall, tin ned. insofar as not i nconsistent with this section, b e applicable in r espect Vol. 44, p.93. of the taxes imposed by this section . The Commissioner may extend terraa may be ex- the ti me for making the re tu rns and paying the taxes imp os ed by this section, under such rules and regulations as he may prescribe with the approval of the Secretary, but no such extension shall be for more than sixty days . 86637'-31 -49
