Page:United States Statutes at Large Volume 40 Part 1.djvu/1106

 1088 sixTY-F1FTH ooNenEss. sms. III. ou. 18. 1919. ”'°°“ "·“- shall be taxed in Porto Rico or the Philippine Islands as a nonresident alien individual, and a corporation created or organized outside Porto Rico or the Phili pine Islands and d8I'1V]11i% income from sources therein shall be taxed) in Porto Rico or tgie Ph ppine Islainds .N° °'°d*,,Q*s¤°]',,"c°"¤,.I,“‘*¤ as a foreign co oration, For the urposes o section 216 an of $il¤¤i0{¤¤· paragra h (6) dl) subdivision (a) ofp section 234 a_tax imposed in orto Ilico or the Philippine Islands upon the not income of a cor- _ poration shall not be deemed to be a tax under this tltilé. 1eg*}S‘{§§’,‘},“,§’ °“""““ The Porto Rican or Philippine Legislature shall have power by due enactment to amend, ter, modgjvi, or repeal the income tax laws in force in Porto Rico or the P ppme slands, respectively. w"’"“,§§§f§?’”°" TITLE III.—WAR-PROFITS AND EXCESS-PROFITS TAX. G¤¤¤¤~¤ •1¤¤¤i¢i<¤¤¤- PART I.-—GnNnnAL Dmumrrons. m'{:#1‘¤¤¤ wed 1¤ this Sec. 300. That when used in this title the terms "taxable year," ' "iiscal year," "personal service corporation," "paid or accrued/’ and "dividends" shall have the same meaning as piipvided for the purposes of income tax in sections 200 and 201. e first taxable year or the purposes of this title shall be the same as the first taxable year for the purposes of the income tax under Title II. Tex- PAnT II.——·IMPOSITION or Tax. wA<r11%<;¤1 nz? 3; Sec. 301. (a) That in lieu of the tax imposed by Title II of the com!-pg? Revenue Act of 1917, but in addition to the other taxes imposed by 1918 upon the net income of every corporation a tax equal to the sum of the following: Fw 1918- rmsr nmcxm. pe§·;n 0g1é8¤¤g=uy1 20 30 per centum of the amount of the net income in excess of the P exc0ss—profits credit (determined under section 312) and not m excess of 20 per centum of the invested capital; sncorm nmoxnr. 1¤ exm thaw- 65 per centum of the amount of the net income in excess of 20 pe! centum of the invested capital; · THIRD Bmxoxnr. · FM 111zMr i¤¤<¤¤¤- _ The sum, if any, by which 80 ger centum of the amount of the pet income m excess of the war—pro ts credit (determined under section 311) plxlceedls the amount of the tax computed under the first and secon rac ‘ets. m*é§*1°1°· °¤*1111¤1¢· (b) For the taxable year 1919 and each taxable year thereafter ` there shall be levied, collected, and paid u on the net income of Exception. every corporation (except corporations taxablh under subdivision (0) of this section) a tax equal to the sum of the following: Fnzsr Bnaoxnr. p€fguig1U;’ga°I3¤§¤t8_,°1 20 20 per centum of the amount of the net income in excess of tha ' excess-profits credit (determined under section 312) and not in excess of 20 per centum of the invested capital; snooma amour. names umm:. 40 per centum of the amount of the net income in excess of 20 per centum of the mvested capital.
 * “"¤ P· 3°“· this Act, there shall be levied, collected, and paid for the taxable year