Page:United States Statutes at Large Volume 39 Part 1.djvu/781

 760 SIXTY-FOURTH CONGRESS. Sess. I. C11. 463. 1916. °‘°°"‘ ’“· joint·stock company or association, trustee, or insurance company, Tu .d In mm which is taxable upon its net income as hereinafter provided; pm (c) A likecredit shall be allowed as to the amount of income, the normal tax upon which has been paid or withheld for payment at the source of the income under the provisions of this title. . N“”“°"““"’* - NONBESIDENT anmus. D°““""‘°“’ ’“°"°‘L HS1w; 6. That in computing net incemein the caseof a nonresident a en- , §,Q*§€,§*;,’*{?°,,p‘2,‘l,;S in (a) For the purpose of the tax thereshall beallowed as deductions- -U¤i*¤i sms First. The necessary expenses actuall paid in c g on any or tradt;1 epinducted fby    the Uniilreiflgtates, not me uding person, vmg, or ami yexpenses;. - . d,%”,_§_'° °‘ “‘“'°“ °'·‘ Secon. ggie plroportion of lalllintgrest paid within the yen by such personon inetednessw` tegressamo t flns"comef the year derived from sources within theUnite<lf]Sti)tes bellirs»t0`tl(i§ gross amount of his income for the year derived,frem all sources within and without the United States, but this deduction shall ~be allowed only if such person includes in the return required by section -  the information necessary for its calculation; B“’”:L¤¤•*¤¤¤U¤**¤¤ _ . Taxes     the year imposed by the authority of the United States, or its Territories, or possessions, or under the authority . _ of any_State, eountg, school district, or mumggahty, or other taxing Ewvision of     the Uni States, not including » en ; B'¤‘¤¤ '<>=¤·= *¤ Fourth. Losses actually sustained dur1.ng` the ear urred in Umm Sm' business ortmde conducted by him   the     and losses of lpropertiy within the United States arising from tires, storms, shipwrec, or other casualty, and from theft, when such losses are not élzoggoéemwqmm eompensaéed fer by_insut1l;ance or othairwisei  That for the b¢¤¤. u!`P°s9 Nmng B 8·!Z¤0\111i3 0 Bu tain d Mmm lm iii  or speculative transactions not   tr?a?l·e,0fmme?‘iaSame hr any km oflpxkoperty   beforenhlarch iirscgz mneteen huniuiil and tlnrtee. n,· eairmar meeorv neosu rt h first, nineteen hundred anil thirteen, shall be theEi>?sIi:fe)i·’ the amount of such loss or losses sustained; my °¤¤¤·¤*·<! Wh _Fi£th. In transactions entered into for profit but not connected with his busmess or trade, the losses actually sustained therein during tg; {;zl$&> éipuaéiount not exceeding the profits arising therefrom in W¤r¤¤1¤¤¤ dow- Sixth. Debts arising in the course of business or trade conducted b him within the United St tes d to th t 5; DQ _ tained to be worthless and hhargetiia off withmaaizlgihrftually asm]. . my @’[,*’,§’g‘g{,*’,j;{’· Seventh. A_ reasonable allowance for the exhaustion, wear and tear of propertly within the United States arising out of its use or employ- Oil audgaswolls. ment m the business or trade; (a) in the case of oil and gas wells 8 reasonable allowance for actual reduction in How and production to mm be ascertaiged negnby tl? flush fliow, but by the settled production or regular ow; lll t ' d.pr.s.I. a.mi at a .§ci°§i’ t‘i.Ji¥.2$i.£ $iti%“t”;b¥i§1£E;'§Z“§?€§§ prbcfggcgbtherteof whigh has been mined and sold during the year for w e re urn an computation ar ad, h - _ ance to be made in the case of botlig ll;.) ;ndu$b)r$1;5S(?;1ab1i allow P,0,,,,,_ I t b . r ru es and »...g,... was rggu ¤ ¤<>¤¤ t<> G pr¤s<>¤b¤<1 by we Secretary or the rms ; pm. M°’° "°°’*‘°’°‘ - L ‘°d¤ what wil'? dm ?H°W*m°6 8·u$h0¤Z<‘>d U1 (3) and (b) shim equal the capital originally mvested, or in case of urchase made prior to March first, nineteen hundred and thirteen the fa°r k t al B°ttGl"EQllt8, stew of  date H0   u V 7 1 mar B   UB SS iqdyt, er a owance shall be made. No deduction shall be allowed for any amount paid out for new buildings, permanent