PUBLIC LAWS-CH. 289-MAY 28, 1938 added as part of the tax interest at the rate of 6 per centum per rSovisions of law annum from the time when the tax became due until paid. All pro- 44 tat. 3. visions of law (including penalties) applicable in respect of the taxes 112. . C . n20 imposed by section 600 of the Revenue Act of 1926 shall, insofar as not inconsistent with this section, be applicable in respect of the Tmae ension for taxes imposed by this section. The Commissioner may extend the time for making the returns and paying the taxes imposed 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. Publicity of returns. (e) Returns required to be filed for the purpose of the tax imposed by this section shall be open to inspection in the same manner, to the same extent, and subject to the same provisions of law, including 44 Stat. 51. penalties, as returns made under Title II of the Revenue Act of 1926. Determination of (f) (1) The adjusted declared value shall be determined with adjusted declared value. respect to three-year periods beginning with the year ending June 30, 1938, and each third year thereafter. The first year of each such three-year period, or, in case of a corporation not subject for such "Declaration ear" year to the tax imposed by this section, the first year of such three- year period for which the corporation is subject to the tax, shall Adjted deed constitute a "declaration year". value declaed. (2) For each declaration year the adjusted declared value shall be the value, as declared by the corporation in its return for such declara- tion year (which declaration of value cannot be amended), as of the close of its last income-tax taxable year ending with or prior to the close of such declaration year (or as of the date of organization in the case of a corporation having no income-tax taxable year ending withoror to the close of such declaration year). dSubseesticrpraio (3) or each year of any three-year period subsequent to the deo- compntation. laration year, the adjusted declared value in the case of a domestic corporation shall be the value declared in the return for the declara- tion year plus- (A) the cash, and the fair market value of property, paid in for stock or shares, (B) paid-in surplus and contributions to capital, (C) its net income, D) its income wholly exempt from Federal income tax, and (E) the amount, if any, by which the deduction for depletion exceeds the amount which would be allowable if computed with- Ane p 496. out regard to discovery value or to percentage depletion, under section 114 (b) (2), (3), or (4) of this Act or a corresponding section of a later Revenue Act; and minus- (i) the cash, and the fair market value of property, distrib- uted to shareholders, (ii) the amount disallowed as a deduction by section 24 Ane, p. 464. a) (5) of this Act or a corresponding provision of a later Revenue Act, and (iii) the excess of the deductions allowable for income tax purposes over its gross income. putadt"; o - (4) The adjustments provided in paragraph (3) shall be made for each income-tax taxable year included in the three-year period from the date as of which the value was declared in the return for the declaration year to the close of the last income-tax taxable year ending with or prior to the close of the year for which the tax is imposed by this section. The amount of such adjustment for each such year shall be computed (on the basis of a separate return) according to the income tax law applicable to such year. 566 [52 STAT.
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