864 PUBLIC LAWS-CH. 247-JUNE 29, 1939 [53 STAT. Ante, pp. 78, 71-75, (except a corporation subject to the tax imposed by section 14, see- 98 i.R .c . i 231(a), tion 231 (a), Supplement G, or Supplement Q) whichever of the upp. G, Supp. Q. following taxes is the lesser: General le. "(1) GENERAL RULE. -A tax of 18 per centum of the normal- tax net income; or Alternative tax;nor- "(2) ALTERNATIVE TAX (CORPORATIONS WITr NORMAL-TAX NET excessof$251000. INCOME SLIGHTLY MORE THAN $25,000).-A tax of $3,525 , plus 32 per centum of the amount of the normal-tax net income in excess of $25,000. Exempt corpora- X (c) EXEMPT CRPORATION-- tions. Ante, . 33. "For corporations exempt from taxation under this chapter, see sec - I.R.C.i101. tion 101. Personal holding "(d) TAX ON PERSONAL HOLDING COMPANIES.- companies. "For on Holding Aeop. i 104. "For surtax on personal holding companies, see section 500. I.R. C.p 500anm "(e) IMPROPER ACCUULATION OF SURPLUS.- lationofsurplus. "For surtax on corporations which accumulate surplus to avoid surtax Ante, p. 35. on shareholders, see section 102. I.R.C. § 102. "SEC. 14. TAX ON SPECIAL CLASSES OF CORPORATIONS. Imposition of tax. "(a) IlPOSmIO N OF TAx. - There shall be levied, collected, and paid for each taxable year upon the normal-tax net income of the following Ante, p. 863. corporations (in lieu of the tax imposed by section 13) the tax here- inafter in this section specified. Normal-tax net in- (b) CORPORATIONS WrTH NORMAL-TAX NLr INCOMES OF NOT MORE cs.o 0 0. THAN $25,000. -If the normal-tax net income of the corporation is not more than $25,0002 and if the corporation does not come within one of the classes specified in subsection (c), (d), or (e) of this sec- tion, the tax shall be as follows: "Upon normal-tax net incomes not in excess of $5,000, 121 per centum. "$625 upon normal-tax net incomes of $5,000, and upon normal- tax net incomes in excess of $5,000 and not in excess of $20,000, 14 per centum in addition of such excess. "$2,725 upon normal-tax net incomes of $20,000, and upon nor- mal-tax net incomes in excess of $20,000, 16 per centum in addi- tion of such excess. Foreign corpora "(c) FOREIGN CORPORATIONS.- tions "1) In the case of a foreign corporation engaged in trade or business within the United States or having an office or place of business therein, the tax shall be an amount equal to 18 per centum of the normal-tax net income, regardless of the amount thereof. "(2) In the case of a foreign corporation not engaged in trade or business within the United States and not having an office or RAnte., (a)p. . place of business therein, the tax shall be as provided in section I. R. C.1231 231 (a) . Insurance com- "(d) INSURANCE COMPANIEs.-In the case of insurance companies, pAnies. t, pp. 71-75. the tax shall be as provided in Supplement G. Mutu invetment "(e) MTAL INVESTMENT COMPANIES. -In the case of mutual companies. investment companies, as defined in Supplement Q, the tax shall be Ante,P . . ,98, 99. I. R C., Supp. Q. as provided in such Supplement. Exempt corpora- F(f) EXEMPT CORPORATIONS.- Antep. "For corporations exempt from taxation under this chapter, see see- I. R. C. i101. tion 101. companl holding "(g) TAX ON PERSONAL HOLDING COMPANIES.- Ante, p. 104. "For surtax on personal holding companies, see section 500. Im rop. C. §umn- (h) IMPROPER ACCUMULATION OF SURPLUS.- lationof surplus. "For surtax on corporations which accumulate surplus to avoid surtax A.t. 'e . § on shareholders, see section 102."
�
