Page:United States Statutes at Large Volume 40 Part 1.djvu/1079

 SIXTY—FIFTH CONGRESS. Ssss. III. Ch. 18. 1919. 106]. to the rosecution of the present war; and when so resultin means ”‘°°“ of · I the excgss of the deductions allowed by law (excluding in the case of iniimwd mh corporations amounts allowed as a deduction imder paragraph (6) of subdivision (a) of section 234) over the s11m of the oss income plus any interest received free from taxation both under this title and un er Title III. An if (b) If for any taxable year beginning after October 31, 1918, eia¤¤3w°fi»°&¤cn°Si>°; and ending prior to January 1, 1920, it appears upon the production ,‘ff.;‘f"*;,}Q;’(,1f’·°‘“" J°“' of evidence satisfactoigr to the Commissioner that an taxpayer has ' sustained a net loss, the amount of such net loss shall under regulations prescribed by the Commissioner with the approval of the Secretary be deducted from the net income of the taxpayer for the preceding taxable year; and the taxes imposed bly this title and by t&§¤d¤t»=mi¤¤¤¤¤ <>f itle II for such preceding taxable (year sha be redetermined ' accordingly. Any amount found to be ue to the taxpayer upon the °'°‘“°“ wd ’°’““"‘· basis of such redetermination shall be credited or refunded to the taxpayer in accordance with the provisions of section 252. If such net loss is in excess of the net income for such receding taxable year, the amount of such excess shall under rgélations prescribed by the Commissioner with the approval of the retary be allowed as a deduction in computing the net income for the succeeding taxable Yeah . . rummmps mam, (c) The benefit of this section shall be allowed to the members mauusameiima. of a partnershi and the beneficiaries of an estate or trust under regugietions prescribed by the Commissioner with the approval of the cret . my FISCAL YEAR WITH DHVFEBENT RATES. rem? www Sec. 205. (a) That if a taxpayer makes return for a fiscal year ioii£m°8'u°°di°gi° beginning in 1917 and ending in 1918 his tax under this title for the I, mmouomu first taxable year shall be the sum of: (1) the same pro ortion of a ¤mmw,¢¤. ’ tax for the entire period compluted under Title I of the Revenue Act of 1916 as amended by the Revenue Act of 1917 and under Title I of the Revenue Act of 1917, which the portion of such period falling within the calendar year 1917 is of the entire period, and (2) the same pro ortion of a tax for the entire period computed imder this title at tlie rates for the calendar year 1918 which the portion of such eriod falling within the calendar year 1918 is of the entire P , period: grovided, That in the case of a personal service corporation remain www M- the amount to be paid shall be only that specified in clause (1). *"“`°"°"’· Any amount heretofore or hereafter paid on account of the tax t,$'§2{${Z,'u'§$[§Zd "' imposed for such iiscal year by Title I of the Revenue Act of 1916 as amended b the Revenue Act of 1917, and by Title I of the Revenue Act of 1917, shall be credited towards the payment of the tax imlposed for such fiscal ear by this act, and if the amount so paid excec s the amount of such tax imposed by this act, or, in the case of a personal service corporation, the amount specined in clause (1), the excess shall be credited or refunded in accordance with the provisions of section 252. (b) If a taxpayer makes a return for a fiscal year beginning in ”°¤*“¤8*°‘°*°- 1918 and ending in 1919, the tax under this title for such fiscal year shall be the sum of: (1) the same proportion of a tax for the entire ml;{L*?,§’_f’<§°”°'*“d* period computed under this title at the rates ipgcified for the calendar ' year 1918 which the portion of such period f g within the calendar year 1918 is of the entire period, and (2) the same proportion of a tax for the entire period computed under this tit e at the rates specified for the calendar year 1919 which the portion of such period falling within the calendar year 1919 is of the entire (period._ (0) If a fiscal year of a partnership begins in 1917 an ends in 1918 y§,,”§“},?Q’°{{§fg‘j‘l or begins in 1918 and ends in 1919, then notwithstanding the pro-