Page:United States Statutes at Large Volume 40 Part 1.djvu/1080

 1062 SIXTY-FIFTH CONGRESS. Sess. III. Ch. 18. 1919. R_‘§L’°“ "`·*§,, to visions of subdivision (b) of section 218, (1) the rates for the calendar p¤c¤¤¤·s°$3.¤°i»° ot in- year during which such fiscal year begins shall apply to an amount °°m°` of each partner’s share of such partnership net income (determined under the law a plic able to such year) equal to the lproiportion which the part of such fiscal year falling within such ca en ar year bears to the full fiscal year, and (2) the rates for the calendar year during which such fiscal year ends shall apply to an amount of each partner’s share of such partnership net income (determined under the law applicable to such calendar year) equal to the proportion which the _ part of such iiscal year fallinglwithin such calendar year bears to the f§°,S'§,§’,;,,,,,,w, ,0,. ull fiscal year: Provided, That in the case of a personal service P°g;gg¤§{0nm 19,, corporation with respect to a iiscal year beginninaglin 1917 and ending P in 1918, the amount specified m clause (1) sh not be subject to ` normal tax. Parts of income at ¤*¤°¤=¤*¤**°S· Pears OF mconm sUB.mo•r T0 mms FOR DIFFERENT mans. apiiucagbneint t° ym Sec. 206. That whenever parts of a taxpayer’s income are subject po rites for diiferenjislcallendar yegrsli lthe lparti subjxecjs to tlhe rites ort emostrecentc en ar ears a e ace int e ower rac ets of the rate schedule providgd in this title, the art subject to the rates for the next preceding calendar year shaH be placed in the A ,.,,,0,, of 6,,. next higher brackets of the rate schedule applicable to that year, d°°¤°¤¤·°*°· and so on until the entire net mcome has been accounted for. In determining the income, any deductions, exemptions or credits of a kind not plainly and proper y chamable against the income taxable at rates for a preceding year shall t be applied against the income subject to rates for the most recent calendar year; but any balance thereof shall be applied against the income subject to the rates of the next preceding year or years until fully allowed. 1“‘“"‘d“°“· Paar II.-—INDIVIDUALS. N°m°"°" Norma:. mx. New tesiugvosed. X<;b£%0g5 · Sim. 210. That, in lieu of the taxes imposed by subdivision (a) of °’ p` section 1 of the Revenue Act of 1916 and y section 1 of the Revenue Act of 1917, there shall be levied, collected, and paid for each taxable yelair upon the net income of every individual a normal tax at the o owing rates:
 * 8` (a) For the calendar year 1918, 12 per centum of the amount of

rim simon, or ae. the net income in excess of the credits provided in section 216: Pro· “"“·°‘°· veiled, That in the case of a citizen or resident of the United States the rate upon the first $4,000 of such excess amount shall be 6 per Thereafter. centum ; • (b) For each calendar year thereafter, 8 per centum of the amount I, . of the net income in excess of the credits rovided in section 216: rii°§`i'i,ooo. Provided, That in the case of a citizen or residhnt of the United States the rate upon the first $4,000 of such excess amount shall be 4 per Sum:. centum. sunrxx. Sec. _211. (a) That, in lieu of the taxes imposed by subdivision (bl V¤1.39.¤·756~ 'of section 1 of the Revenue Act oi 1916 and by section 2 of the A""’ "‘ 3°" Revenue Act of 1917, but in addition to the normal tax imposed by section 210 of this Act, there shall be levied, collected, and paid for eachltaxagle year qpqln iihpl net income of every individual, a surtax sms. eua tot esumoteoowing: ql per centum of the amoimt by which the net income exceeds $5,000 and does not exceed $6,000;