52 STAT.] 75TH CONG. , 3 0 SESS.-CH. 289-MAY 28, 1938 may, if he deems it necessary, require the executor to furnish security for the payment of the amount in respect of which the extension is granted in accordance with the terms of the extension." 565 Security. SEC. 504 . RATE OF INTEREST ON EXTENSIONS OF TIME FOR PAYMENT Rate of interest on OFETATTA extensions of time for OF ESTATE TAX. payment. Section 305 (c) of the Revenue Act of 1926, as amended, is amended by inserting at the end thereof the following new sentence: "In the case of any such extension granted after March 31, 1938, the rate of interest shall be 4 per centum per annum." SEC. 505. COMPUTATION OF NET GIFTS. 44 Stat. 74. 26U. S.C. §490; Supp. III, § 490. Computation of net gifts. (a) Section 504 (b) of the Revenue Act of 1932, relating to the 47Stat. 247. computation of net gifts, is amended to read as follows: "(b) GIFTS LESS THAN $4,000.-In the case of gifts (other than $4ts less than gifts in trust or of future interests in property) made to any person by the donor during the calendar year, the first $4,000 of such gifts to such person shall not, for the purposes of subsection (a), be included in the total amount of gifts made during such year." (b) The amendment made by subsection (a) of this section shall Application of sub- section in computing be applied in computing the tax for the calendar year 1939 and each tax for 1939 and there- calendar year thereafter (but not the tax for the calendar year 1938 after; exception. or a previous calendar year), but such amendment shall not be applied in any computations in respect of the calendar year 1938 and previous calendar years for the purpose of computing the tax for the calendar year 1939 or any calendar year thereafter. TITLE III-CAPITAL STOCK AND EXCESS-PROFITS TAXES SEC. 601. CAPITAL STOCK TAX. (a) For each year ending June 30, beginning with the year ending June 30, 1938, there is hereby imposed upon every domestic corpora- tion with respect to carrying on or doing business for any part of such year an excise tax of $1 for each $1,000 of the adjusted declared value of its capital stock. (b) For each year ending June 30, beginning with the year ending June 30, 1938, there is hereby imposed upon every foreign corporation with respect to carrying on or doing business in the United States for any part of such year an excise tax equivalent to $1 for each $1,000 of the adjusted declared value of capital employed in the trans- action of its business in the United States. (c) The taxes imposed by this section shall not apply- (1) to any corporation enumerated in section 101 of this Act; (2) to any insurance company subject to the tax imposed by section 201, 204, or 207 of this Act. (d) Every corporation liable for tax under this section shall make 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 dis- trict in which is located its principal place of business or, if it has no principal place of business in the United States, then to the collector at Baltimore, Maryland. Such return shall contain such information and be made in such manner as the Commissioner with the approval of the Secretary may by regulations prescribe. The tax shall, with- out assessment by the Commissioner or notice from 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 Title III-Capital Stock and Excess- Profits Taxes. Capital stock tax. Domestic corpora- tions. Foreign corpora- tions. Exemptions. Ante, p. 480. Designated insur- ance companies. Ante, pp. 522, 524, 526. Returns. Contents. Payment of tax. Interest.
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