Page:United States Statutes at Large Volume 40 Part 1.djvu/1100

 1082 S1xTY-F1FT1—1 CONGRESS. Sess. III. Ch. 18. 1919. °’°°“ ’“*· oss income consists of gains, profits, commissions, or other income,. dlerived from a Government contract or contracts made between April 6, 1917, and November 11, 1918, both dates mclusive. In such case the corporation so taken out shall be separately assessed on the basis of its own invested capital and net income and the remainder of such affiliated group shall be assessed on the basis of the remaining consolidated invested capital and net income. p§§,m,,,§,“,'§d,s,,,§,m§,',§j In any case in which a tax is assessed upon the basis of a consolidated return, the total tax shall be computed in the first instance as a unit and shall then be assessed upon the respective affiliated corporations in such proportions as may be agreed upon among them, or, in the absence of any such agreement, then on the basis of the net EX£»${,°°,{S°'°*““ md income proplerly assignable to each. There shall be allowed in ` computing the income tax only one specific credit of $2,000 (as provided in section 236); in computing the war-profits credit (as provided in section 311) only one S ecific exemgtion of $3,000; an in computing the excess-pronts credit (as provided in section 312) only one spec` c exemption of $3,000. u,,§§%‘§¤'f,‘§d_ °°“’°"" (b) For the purpose of this section two or more domestic corporations shall be deemed to be aililiated (1) if one corporation owns · directly or controls through closely affiliated interests or by a nominee or nominees substantially all the stock of the other or others, or (2) if substantially all the stock of two or more corporations is owned Ommomm mm or controlled by the same interests. _ _ _ ,,,0,,,,;,, ,,,,,g,,;‘§m,,,,, (c) For the purposes of section 238 a domestic corporation which g¤;¤¤<1»¢¤¢·· ¥¤¤¤¤¤‘¤· owns a mallprity o the voting stock of a foreign corporation shall be ' deemed to ave paid the same roportion of any mcome, war-profits and excess-pronts taxes paid dint not including taxes accrued) by such foreign corporation during the taxable year to any foreign countrg or to any possession of the United States upon income derive from sources without the United States, which the amount of any dividends (not deductible under section 234) received by such domestic corporation from such foreign corporation during the tax- Pmm able year bears to the total taxable income of such foreign corporar uma. tion upon or with respect to which such taxes were paid: Prmrided, That m no such case shall the amount of the credit for such taxes exceed the amount of such dividends (not deductible under section 234) received by such domestic corporation during the taxable year. ` TIME AND PLACE Fox Fmmc RETURNS. I-i1v'•?:.iiiii&€` SEc._241. (a) That returns of corporations shall be made at the To mw 0, db same time as is provided in subdivision (a) of section 227. _ ¢¤¤*»<>¤=· _ (b) Returns s all be made to the collector of the district in which is located the principal I-place of business or principal office or agency of tlie corporation, or, it has no principal place of business or principal office or agency in the United States, then to the collector at Baltimore, Maryland. Aauuasusuw . r¤f¤¤¤- in- PART IV.—AnMn~:1sTnAT1vE Paovisrorzs. Pa mt 01 taxm. I im mm PAYMENT or TAXES. ri eurnist mts, °°“"'p‘*“S°"‘°°· Sec. 250. (a) That exceplt as otherwise provided in this $606011 pe.-mi, and sections 221 and 237 the tax shall be paid in four installmciliéh each_cons1sting of one—fourth of the total amount of the tax. The first installment shall be paid at the time fixed by law for iiliug the return, and the second installment shall be paid on the fifteenth day of the thu·d month, the third installment on the fifteenth day of the sixth month, and the fourth installment on the Efteenth day of the