Page:United States Statutes at Large Volume 40 Part 1.djvu/1093

 SIXTY—FIF TH CONGRESS. Sess. III. Ch. 18. 1919. 1075 · mrmmxs WHEN Acc0UNr1NG Pmuon cmnenn. m·¤*°<>¤_;¤¤· mg Sec. 226. That if a tax ayer, with the approval of the Commis- gm °"°”“"" ‘°'· sioner changes the basis opcomputin net income from fiscal year to calendar year a separate retum shall ge made for the period between the close of the last fiscal year for which return was made and the following December thirty-first. If the change is from calendar ygar to fiscal cyear, a separate return shall be made for the period tween the ose of the last calendar year for which return was made and the date designated as the close of the fiscal year. If the change is from one fisc year to another fiscal year a separate return shall be made for the period between the close of the former fiscal ear and the date des1%;ted as the close of the new Hscal year. lf a taxpayer making first return for income tax keeps his -*¤>°¤¤¤¤¢· accounts on the basis of a fiscal year he shall make a separate return for the period between the beginning of the calendar year in which such Hscal year ends and the end 0 such fiscal year. In all of the above cases the net income shall be computed on the  °* 1** basis of such period for which separate retiun is made, and the tax shall be paid thereon at the rate for the calendar year in which such period is included; and the credits provided in subdivisions (c) and (d) of section 216 shall be reduced respectively to amonmts which bear the same ratio to the full credits provided in such subdivisions as the number of months in such period bears to twelve months. rum mn PLACE Fon FILING RETURNS. B°""”- Sec. 227. (a) That returns shall be made on or before the T””°"°“"° fifteenth day of the third month following the close of the fiscal year, or, if the retum is made on the basis of the calendar {year, then the return shall be made on or before the fifteenth day o March. The E‘“'“'°"· Commissioner may grant a reasonable extension of time for filing returns whenever in his judgment good cause exists and shall keep a record of every such extension and the reason therefor. Excepg umin the case of taxpayers who are abroad, no such extension shall for more than six months. (b) Returns shall be made to the collector for the district in which td': .f¤¤•*¤‘ ¤* <*¤· is located the legal residence or principal place of business of the ' person making the return, or, if he has no legal residence or uprincipal lace of business in the United States, then to the co ector at Ealtimore, Maryland. mrnnrzsrarnmnnr nv nmmms. ,,,P‘,,,§"‘°*°'°“°' °‘ Sec. 228. That if the collector or deputy collector has reason to mfg? "’°°“°°°°' believe that the amount of any income returned is understated, he shall give due notice to the taxpayer making the return to show cause why the amoimt of the return should not be increased, and upon roof of the amount understated, may increase the same accordmgly. Such taxpayer may furnish sworn testimony to prove any relevant ¤,$§,¥’°§*w_*° C°¤“**"‘ facts and if dissatisfied with the decision of the collector may aplpeal ' to the Commissioner for his decision, pnder such rules of proce ure as; may be prescribed by the Commissioner with the approval of the reta. ry Pam III.—CORPORATIONB. °°'P°’°“°“· Tax ON conronxrrons. T“· SEO. 230. (a) That, in lieu of the taxes imposed by section 10 of ,,¥;,°§°° "' "°° "" the Revenue Act of 1916, as amended by the Revenue Act of 1017, if-“”· 130}*- and by section 4 of the Revenue Act of 1917, there shall be levied, ’°' `