Subtitle B-Miscellaneous Taxes TABLE OF CONTENTS CHAPTER 6.-CAPITAL STOCK Sec. 1200. Tax. Sec. 1201. Exemptions. Sec. 1202 . Adjusted Declared value. Sec. 1203. Returns. Sec. 1204 . Publicity of returns. Sec. 1205. Payment of tax. Sec. 1206 . Addition to the tax in case of delinquency. Sec. 1207. Other laws applicable. CHAPTER 6. -CAPITAL STOCK SEC. 1200. TAX. (a) DOMESTIC CORPORATIONs. - For each year ending June 30, be- ginning with the year ending June 30, 1939, there shall be imposed upon every domestic corporation 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) FOREIGN CORPORATIONS.- For each year ending June 30, begin- ning with the year ending June 30, 1939, there shall be 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 transaction of its business in the United States. SEC. 1201. EXEMPTIONS. (a) The taxes imposed by section 1200 shall not apply- (1) CORPORATIONS EXEMPT FROM INCOME TAX. - -T any corpora- tion enumerated in section 101; (2) INSURANCE COMPANIES.- To any insurance company subject to the tax imposed by section 201, 204, or 207. (b) COMMON TRUST FUNDS.- For exemption of common trust funds from the capital stock tax, see section 169 (b) of chapter 1. SEC. 1202. ADJUSTED DECLARED VALUE. (a) DECLARATION YEAR.- (1) The adjusted declared value shall be determined with 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 to the tax imposed for such year, the first year of such three-year period for which the corporation is subject to such tax, shall constitute a "declaration year." (2) For the declaration year of the first three-year period the adjusted declared value shall be the value as declared by the cor- poration in its return under section 601 of the Revenue Act of 1938, 52 Stat. 565, for the year ended June 30, 1938, or in the case of a corporation not subject to the tax imposed for such year, the value as declared in its return filed under this chapter for the 98907° WE--PT. 1-12 6 98907°--39--PT. I - - -12 169
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