518 26U. S.C Spp. V, §§ 14, 231 a), 201. 361. General rule. Alternative tax. 53 Stat. 864 . 26 U. S. C., Supp. V, 14 (note). Corporations with normal-tax net in- comes of not more than $25,000 . Foreign corpora- tions. Pot,p. 974 . Nonresident foreign corporations. 63 Stat. 78. 26 U. S. C., Supp V, § 231 (a). Mutual investment companies. 53 Stat. 99. 26 U. 8. C., Supp V 362 (b). imposition of tax. Post, p. 974 . Tax in general. 63 Btat. 75. 26U.S. ., upp. V, I 211 (a) (I) (A). Aggregate receipts more than $24,000 . 63 Stat. 75. 26 U. S. C., Supp. V, 211 (a) (2). Gross income of more than $24,000. 63 Stat. 76. 26 U. S. C., Supp. V, 1§2 (c). PUBLIC LAWS-CH. 419-JUNE 25, 1940 [54 STAT. (except a corporation subject to the tax imposed by section 14, section 231 (a), Supplement G, or Supplement Q) whichever of the following taxes is the lesser: "(1) GENERAL RULE. - A tax of 19 per centum of the normal-tax net income; or "(2) ALTERNATIVE TAX (CORPORATIONS WITH NORMAL-TAX NET INCOME SLIGHTLY MORE THAN $25,000).- A tax of $3,775, plus 33 per centum of the amount of the normal-tax net income in excess of $25,000." (b) TAX ON SPECIAL CLAssES OF CORPORATIONS.-Sections 14 (b) and (c) (1) of the Internal Revenue Code are amended to read as follows: "(b) CORPORATIONS WITH NORMAL-TAx NET INCOMES OF NOT MORE THAN $25,000. -If the normal-tax net income of the corporation is not more than $25,000, and if the corporation does not come within one of the classes specified in subsection (c), (d), or (e) of this section, the tax shall be as follows: "Upon normal-tax net incomes not in excess of $5,000, 131/2 per centumn. "$675 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, 15 per centum in addition of such excess. "$2,925 upon normal-tax net incomes of $20,000, and upon normal- tax net incomes in excess of $20,000, 17 per centum in addition of such excess. "(c) FOREIGN CORPORATIONs.- "(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 19 per centum of the normal-tax net income, regardless of the amount thereof." (c) TAX ON NONRESIDENT FOREIGN COPORATIONs.- - Section 231 (a) (1) of the Internal Revenue Code is amended by striking out "except that in the case of dividends the rate shall be 10 per centum, and" and by striking out "of 10 per centum". t (d) TAX ON MUTUAL INVESTMENT COMPANIES. -Section 362 (b) of the Internal Revenue Code is amended to read as follows: "(b) IMPOsrIION OF TAX.- There shall be levied, collected, and paid for each taxable year upon the Supplement Q net income of every mutual investment company a tax equal to 19 per centum of the amount thereof." SEC. 4 . TAX ON NONRESIDENT ALIEN INDIVIDUALS. (a) TAx nr GiENERa-Section 211 (a) (1) (A) of the Internal Revenue Code (relating to tax on nonresident alien individuals not engaged in trade or business within the United States and not having an office or place of business therein) is amended by striking out "10 per centum' and inserting in lieu thereof "15 per centum". (b) AGGEGATE RECEIPTS MoRE THAN $24,000. - Section 211 (a) (2) of the Internal Revenue Code is amended to read as follows: "(2) AGGREGATE MORE THAN $24,000.-T he tax imposed by para- graph (1) shall not apply to any individual if the aggregate amount received during the taxable year from the sources therein specified is more than $24,000." (c) TAX WHERE GROS INCOME OF MORE THAN $24,000. -Section 211 (c) of the Internal Revenue Code (relating to tax on certain nonresident alien individuals) is amended by striking out "$21,600" wherever occurring therein and inserting in lieu thereof "$24,000"; and by striking out "10 per centum" and inserting in lieu thereof "15 per centum .
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