Page:United States Statutes at Large Volume 39 Part 1.djvu/787

 766 _ SIXTY·FOURTH CONGRESS. Sess. I. Ch. 463. 1916. ¤°°¤T¤· capital stock or from net earnings of resident corporations, jointstock companies or associations, or insurance complalpres whose net P’°°‘•** income is taxable under this title: Provided, at the term Dmdmdsdmmdi " dividends" as used in this title shall be held to mean any distribution made or ordered to be made by a corporapion, joint—stock com an association, or insurance company, out o its earnings or profile zidcrued since March first, nineteen hundred and thirteen, and payable to its shareholders, whether_rn_ cash or_m stock of the corporation, joint-stock company association, or insurance company, which stock dividend shall be considered mcome, to the amount of its cash value. _ _ Bvsed OD calendar The foregoin tax rate shall apply to the total net mcome received ’°"‘ by every taxable corporation joint·stock company or ¤SSoc1ation,_or insurance company in the calendar year nineteen hundred and SlX• fiscal year under the proyisions of existing law, the foregorzg rate ¤{,°g,g°*°· ¤* ‘°’”'°' shall apply to the proportron of the total net mcome_returned or the ' fiscal year ending prior to December thirty-first, nineteen hundred and sixteen, which the period between January first, nineteen hundred and sixteen, and the end of such fiscal year bears to the whole of W- °8·P· 17*- such iiscal year, and the rate 6xed in Section H of the Act approved October third, nineteen hundred and thirteen, entitled "An Act to reduce tariff duties and to provide revenue for the Government, and for other purposes," shall aplpl to the remaining portion of the total neprincphme returned for suc  ylear. d d I d Pro my ¤1r•<1 or e urpose 0 ascertamin the gain erive or oss sustains °°‘°'°g"““ Si"' from the ssc or other dispositior§ by a corporation, joint-stock company or association, or insurance company, of property, real, personal, or mixed, acquired before March first, nineteen hundred and thirteen, the fair market price or value of such property as of March first, nineteen hundred and thirteen, shall be the basis for determining the amount of such gain derived or loss sustained. Exemptions. connrrroxar. nm crrrma mxmn>rr0Ns. _3g§uS=¤*·¢l °’¤¤*· Sec. 11. (a) That there shall not be taxed under this title any in- ` come received by any- I-¤b<>¤•¢¢· First. Labor, §ricultural, or horticultural organiaation; b_r:p¢¤¤¤ ¤¤vi¤s= Second. Mutu savings bank not having a capital stock repre- " sented by shares; Fnpemsnteusscisry Third. Fraternal beneficiary society, order, or association, opera— °°°’°° °“’ "°‘ ing under the lodge system or or the exclusive benetit of the members of a fratemity itself lpfperating under the lodge system, and providing for the payment of e, sick, accident, or other benefits to the members of such society, order, or association or their dependents; of ‘°°° Fourth. Domestic building and loan association and cooperative ' banks without capital stock organized and operated for mutual pur- M _ poses and without profit; “‘“”' °"‘“°‘°"°" Fifth. Cemetery company owned and operated exclusively for the _ _ benefit of its members; ,,,§§§{°"‘· °‘°··“‘°‘ Sixth. Corporation or association o anized and operated exclusively for religious, charitable, scieuti1Ec, or educational purposes, no part of the net income of which inures to the benefit of any private stockholder or individual; Busimss ¤¤•s¤¤¤»·¤¢· Seventh. Business league, chamber of commerce, or board of trade, not organized for proHt  no part of the net income of which in- _ _ ures to the benefit of any private stockholder or individual; C*“°*°¤¢¤¤¤·¤*°· Eighth. Civic league or organization not or anized for profit but operated exclusively for the promotion of social welfare;
 * `*=¤* Y°*‘¤· teen and in each year thereafter, except that if it has lixed_its own