Page:United States Statutes at Large Volume 39 Part 1.djvu/789

 768 SIXTY·FOU'RTH CONGRESS. Sess. I. Ch. 463. 1916. · Se d. All loss actual} sustained and charged o{‘f_within the yswt  -°°mi°ra*:%}y.t:s;sc*s;;sn;a ;’%°§,‘i‘§i§i§t§ 0 ance or e e us ion. wma g°"°u°` hgighgaoul of ilrs use or employment in the business or tradcgj (a) in the casenof oil alndrgps vzells 2·1‘0bl;SOD8·l)1l1? ahoiwmpebfoplpptpmgefdpvptinin owan uciono asce anne no_ y _ » m°° d°°l°°°°' biit by the settledpproduetion or regular {low; (b) m the case of nunes a reasonable allowance for depletion thereof not to exceed the market value in_ the mine of thzvppoduct thereof which has been mined and sold during the year for ch the return and computation are made, such reasonable allowance to be made m_the case of both (a) and (b) _ under rules a.nd_r;gulations to be prescribed by thp Secrptary of the www- mama Trgastgjif; Pmmz, That when the allowance aut omze cfm (a)1;m pm] rlo Hatch 1, ms. (b) (ph equal gina cppgslgltomgintglly llivwtvd 01' gi  PKC fas; rior to are , mne een undred an hlrtooib 0 ` xgrlgei? value as of that date, no further allowance shall be made; rmummmsoms. and (c) in the case of insurance compames, the net addition, if any, required} by Law fp  méigle wéthirpfihletyear to reserwip fundg ppg sumsot ert an vien pai wi _ eyearonpo cyan Bmegrants. ctc-. contracts: Promkled, That no deduction shall be allowed for any °‘° ‘ amount paid out for new buildings, permanent improvements, or b°$°"’}i"Ii’Sa”E‘“d°hE.‘ii’»?°’°°?i° Pm "“1“° °f °1°’}*’§S§§E’I,f°ft§?.£&$.Z n no eu ions ema e oranyamoun o e _ groperty or making gooddthe exhaustion t;l’i(p're0T€1 for whiclglaprallowé u mi ¤ inmr- ance is or has been ma e: Provided urt, at mutu _ e an mutual empkgyersi liability and mutujworkmeds compensation and ¤*¤=· mutual cesu tyi msuranoe compamesl requmngl their memlppliis tp e premium eposits to row e or osses an expenses s no ret1u·n as income any portxm of the prenuum deposits retmjned to R'°“m"°'*°i'°°‘ their policyholders, ut shall return as taxable income a1l income received bv them from all other sources plus such_portions of the _ o er o _  reserves: Prqvidcdjurther, That mutual marine insurance companies shall include in their return of gross mcome gross premiums co ected  received by them less amounts paid for reinsurance, but shall be entitled to inc ude in deductions from gross mcome amounts repaid · to (policyholders on account of premiums previously paid by them mo m com pp irpteresttlpaid upont splch agnoupltpif between the &BC0l'l»@lD1I1l?;l1§ """°‘· ‘1"?.?a§é`., ..8 §.};’$1{2“?i§‘tny‘§»'§2.’S.‘2‘3h pe?-t£.Z‘?.“§E`f.‘f.° 2Z€$.’3?’{£f§tSium no received from any individual policyholder as shally have been paid back or credited to such individual policyholder, or treated as an abatement of premium of such indivi ual policyholder, within such year: m{¤;¢¤¤¤*¤¤ *¤d°*>*¤d· Third. The amount of interest paid within the year on its indebtediiiammm. ness to an amount of such indebtedness not in excess of the sum of (a) the entire amoimt of the paid-up capital stock outstanding at the close of the year, or, if no capital stoc, the entire amount o ca ital P _ employed in the_business at the close of the year, and (b) one-half of P;B"E;·',§;;, meh mt its interest-bearing indebtedness then outstanding: Promded, That i¤¤1¤d•=d. for the purpose of this title preferred capital stock shall not be considered interest-bearing inde tedness, and interest or dividends paid Sum _ I upon this stock shall not be deductible from gross incomez Prmnded im, m,,§Qf"“‘°°‘ “°“‘ further-, That in cases wherein shares of ca it al stock are issued without par or nommalvalue, the amount of paidiup capital stock,  the meaning of thes section, as ipepresentsd by such shares, will be the amount o cas, or its t, t f d t th · S°"“’°°”Y°°”¤°°’°*· tion as a considerationegiglduchnshgribz llgroigdsedgydnhg, Thaftuilrlodllé case of indebtedness wholly secured by property collateral, tangible or intangible, the subject of sale or hypot ecation in the ordinary
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