PUBLIC LAWS-CH. 619-OCT. 21 , 1942 53 Stat. 77. 26 U. S. C., Supp. I, § 214. Ante, p. 827. 63 Stat. 18. 26 U. .C. §25 (b); Supp. I, §25 (b). Ante, pp. 818, 827; Itfra. Infra. 53 Stat. 80. 26 U. S. C., Supp. I, 251 (f). 55 Stat. 697. 26U. S. C., Supp. I, 25 (b) (2) (A). Ante, p. 818 . 53 Stat. 27. 26 U. S, C., Supp.I, 51 (a). Post, p. 836 . 53 Stat. 60 . 26 U. . C., Supp. I, 142 (a). 53 Stat. 64. 26U.S. C., Supp.I, 147 (a). 53 Stat. 19. 26U. .C.128(c) (). exemption of $500; or in the case of the head of a family or a married person living with husband or wife, a personal exemp- tion of $1,200. A husband and wife living together shall receive but one personal exemption. The amount of such personal exemption shall be $1,200. If such husband and wife make sep- arate returns, the personal exemption may be taken by either or divided between them." (2) NONRESIDENT ALIENS. - Section 214 (relating to personal exemption of nonresident alien individuals) is amended to read as follows: "SEC. 214. CREDITS AGAINST NET INCOME. "In the case of a nonresident alien individual the personal exemption allowed by section 25 (b) (1) of this chapter shall, except as hereinafter provided in the case of a resident of a con- tiguous country, be only $500. In the case of a nonresident alien individual residing in a contiguous country who is married and living with husband or wife or who is the head of a family, the personal exemption shall be that specified in section 25 (b) if such contiguous country allows to citizens of the United States not residing in such country who are married and living with husband or wife and to citizens of the United States not residing in such country who are heads of families the sante personal exemption as that allowed citizens of such country who are married and living with husband or wife or who are heads of families, as the case may be. The credit for dependents allowed by section 25 (b) (2) shall not be allowed in the case of a nonresident alien individual unless he is a resident of a contiguous country." (3) CrrIZENS OF POSSESSIONS, Erc.- Section 251 (f) (relating to personal exemption of citizens entitled to benefits of section 251) is amended by striking out "$750" and inserting in lieu thereof "$500". (b) CREDIT FOR DEPENDENTS. -Section 25 (b) (2) (A) (relating to credit for dependents) is amended by striking out "$400" and inserting in lieu thereof "$350". (c) RETURN REQUIREMENT.- (1) GENERAL RULE. -Section 51 (a) (relating to general require- ment of return) is amended by striking out "$1,500" wherever occurring therein and inserting in lieu thereof "$1,200" and by striking out "$750" and inserting in lieu thereof "$500". (2) FIDUCIARY RETURNS.- Section 142 (a) (requiring returns of fiduciaries) is amended by striking out "$1,500" wherever occurring therein and inserting in lieu thereof "$1,200", and by striking out "$750" wherever occurring therein and inserting in lieu thereof "$500". (3) INFORMATION RETURNs. -Section 147 (a) (relating to infor- mation at the source) is amended by striking out "$750' wherever occurring therein and inserting in lieu thereof "$500". SEC. 132. COMPUTATION OF NET OPERATING LOSS CREDIT AND DIVIDENDS PAID CREDIT. (a) NEr OPERATING Loss CREDIT.- (1) LmTATIONS. -Section 26 (c) (1) (relating to amount of net operating loss credit) is amended to read as follows: "(1) AMONTr or cMEDrr. -The amount of net operating loss (as defined in paragraph (2)) of the corporation for the preceding 828 [56 STAT.
�
