Page:United States Statutes at Large Volume 40 Part 1.djvu/1082

 1064 SIXTY-FIFTH consumes. sees. 111. oe. 18. 1919. INCOME '”?‘· 32 per centum of the amount by which the net income exceeds S`“““‘"°°’”""“°°` $66,000 and deee not exceed $68,000; _ _ 33 per centum of the amount by which the net income exceeds $68,000 and does not exceed $70,000; _ _ 34 per centum of the amount by which the net income exceeds 1 $70,000 and does not exceed $72,000; _ _ 35 per centum of the amount by which the net income exceeds $72,000 and does not exceed $74,000; _ _ 36 per centum of the amount by wh1ch the net income exceeds $74,000 and does not exceed $76,000; _ 37 per centum of the amount by which the net income exceeds $76,000 and does not exceed $78,000; 38 per centum of the amount by which the net income exceeds $78,000 and does not exceed $80,000; 39 per centum of the amount by which the net income exceeds $80,000 and does not exceed $82,000; 40 per centum of the amount by which the net income exceeds $82,000 and does not exceed $84,000; 41 per centum of the amount by which the net income exceeds $84,000 and does not exceed $86,000; 42 per centum of the amount by which the net income exceeds $86,000 and does not exceed $88,000; 43 per centum of the amount by which the net income exceeds $88,000 and does not exceed $90,000; _ 44 per centum of the amount by which the net income exceeds $90,000 and does not exceed $92,000; 45 per centum of the amount by which the net income exceeds $92,000 and does not exceed $94,000; 46 per centum of the amount by which the net income exceeds $94,000 and does not exceed $96,000; 47 per centum of the amount by which the net income exceeds $96,000 and does not exceed $98,000; 48 per centum of the amount by which the net income exceeds $98,000 and does not exceed $100,000; 52 per centum of the amount by which the net income exceeds $100,000 and does not exceed $150,000; 56 per centum of the amount by which the net income exceeds $150,000 and does not exceed $200,000; 60 per centum of the amount by which the net income exceeds $200,000 and does not exceed $300,000; 63 per centum of the amount by which the net income exceeds $300,000 and does not exceed $500,000; 64 per centum of the amount by which the net income exceeds $500,000 and does not exceed $1,000,000: $1650 per centum of the amount by which the net income exceeds , 0,000. wgigfwy °” °* gas _ (b) In the case of a bona fide sale of mines, oil or gas wells, or any S g%¤mde;§,p€ei¤ interest therein, where the principal value of the property has b6€H e§‘c_by,;,p,,,_,,,,_ · demonstrated by prospecting or exploration an 1SCOV8I'y work done by the taxpayer, the portion of the tax imposed by this section attributable to suc sale shall not exceed 20 per centum of the selling price of such property or interest. N<*“¤°°m°· NET rxcoim nnrrxnn. g,Z£§,‘;§,§,;°,’3,§.S§§éi1‘;i _ Sec. ,212. (9) That in the eeee of an individual the tem "net ¤¤§;m'p_ m66_ income ’ means the gross Income as defined in section 213, less U16 V deducmons allowed by section 214. B8-*5 °* °°mP'~"m€· (b) The net income shall be computed upon the basis of the twipayer`s annual accounting period (fiscal year or calendar year, as the case may be) m accordance with the method of accounting regularly