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74TH CONGRESS . SESS . II. CII . 690 . JUNE 22, 1936 . as othe r corpor ations, except as her einafte r provided in this section, and except that they sha ll not be subject to the surtax imp os ed by section 14, and except that the normal tax imp ose d by se cti on 13 shall be at the rate of 15 per centum instead of at the rates provid ed in such section, and su ch normal tax shall be applicable to foreign corp ora tion s as we ll as d ome stic co rpor ati ons
but f oreign insuranc e companies not carrying on an insurance business w ithin the Un ited States shall be taxable as other foreign corporations . (b) GRoss INCOME. -Mutu al marine-insurance companies sh all incl ude in gr oss inc ome the gr oss pr emi ums collected and received by them less amounts paid for reinsurance . (c) D EDUCTIONS .-I n a ddi tion to the deductions allowed to cor- porations by section 23 the following deductions to insurance com- pan ies sha ll also be all owe d, unless otherwise allo wed- insurance
(1) MUTUAL INSURANCE COMPANIES OTHER TH AN LI FE INSUR- ANCE .--In the case of mutual insurance companies other than li fe insurance compa nies- (A) the net a dditio n requ ired by law to be m ade within the taxable year to reserve funds (i nclu din g in the ca se of a sse ss- ment insurance companies the actual deposit of sums wit h State or Territorial officers pursuant to law as additions to guarantee or res erv e funds)
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(B) the su ms othe r t han di vide nds pa id with in the ta xabl e ye ar on policy and annuity contracts . (2) MUTUAL MARINE INSURANCE COMPANIES .-In the case of mutual marine insurance companies, in addition to the de duct ion s allowed in para graph (1) of this subsection, unless otherwise allowed, amounts repaid to policyholders on account of premiums prev iously paid by them , and intere st p aid up on suc h a mou nts between the ascert ainment and the payment thereof
(3) MUTUAL INSURANCE COM PAN IES OTHER THAN LIFE AND MARINE.-In the case of mutual insurance companies (including in ter insu rer s and r ecip roc al u nde rwri ter s, but not inc ludi ng mutu al life or mutual mar ine insurance companies) requiring their mem- bers to make premium deposits to provide for losses and expe nses, the amount of premium deposits returned to their policyholders and the amount of premium deposit s retained for the payment of losses, expenses, and reinsurance reserves . Ante, p. 1655. Foreign co mpan ies not carrying on busi- ness within United States . Gross income; mu- tu al marine-insurance com pani es . Deductions . Ante, p . 1658. Mutual co mpan ies . Addition to reserve funds . Policy and an nuit y contracts . Mutual marine in- surance companies. Repayment to policy. holders. Companies other than life and marine . Premium deposits re- turned, etc . Nonresident alien in-
Supplement H-Nonresident Alien Individuals div iduals . Tax on.
SEC. 211 . TAX ON NONRESIDENT ALIEN INDIVIDUALS . No Un ited States (a) No UNITED STATES BUSINESS OR Or F IC E .-There sh all be levied, collected, and paid for each taxable year, in lieu of the tax imposed by sections 11 and 12, upon the amount received, by every nonresident alien individual not engaged in trade or business within the United States and not having an office or place of business therein, from sources within the United States as interest (except interest on deposits wi th persons carrying on the ba nki ng business), dividends, rents, salari es, wag es, p remium s, ann uities , c ompens ations , remu neratio ns, em olumen ts, or oth er fixed or de ter- m inable annual or perio dical g ains, p rofits, and income, a tax of 10 per cen tum of such amount, excep t that such ra te shall be re duce d, in the ca se of a re side nt of a co ntig uou s country, to such rate (no t les s than 5 per centu m) as may be provided by treaty with such country. (b) UNI TED STATES BUSINE,ss OR OFFICE .-A nonresident alien i ndi vid ual eng age d in t rade or busi nes s in the United Sta tes or having an office or place of business therein sh all be tax able wi thou t business or office. Ante, p. 1653. Residents of contigu- ous countries . Having business or office in United States .
