Page:United States Statutes at Large Volume 40 Part 1.djvu/322

 SIXTY—FIFTH CONGRESS. Sess. I. C11. 63. 1917. 303 hundr·ed and sixteen, the tax for such taxable year shall be that pro- Wn ug *‘¤°m‘¤ ortion of the tax computed upon the net income during such full ` Idscal year which the time from January Erst, nineteen hundred and sevlenteen, to the end of such fiscal year bears to the full Hscal year; an The term "prewar period" means the calendar years nineteen “P’°"'“ P°"°‘*·" hundred and eleven, nineteen hundred and twelve, and nineteen hundred and thirteen, or, if a corporation or partnership was not in existence or an individual was not engaged m a trade or business durini the whole of such period, then as many of such years during _` the w ole of which the corporation or partnership was in existence or the individual was engaged in the trade or business. The terms "trade" and "busi.ness" include professions and occu— ,,°;S'$€°d°" ml “b“$" ations. H ,, P The term "net income" means in the case of a foreign corporation e1g¤NJ$·i§1e°¤giri$¤s?£i2l` or partnership or a nonresident alien individual, the net income received from sources within the United States. Mmm ml Sec. 201. That in addition to the taxes under existing law and percentages or ile? {Ll under this act there shall be levied, assessed, collected, and paid for °°}!’_$ P lm each taxable year upon the income of every corporation, partnership, ° or ipldividilralé iv.] tax (hereinafter in  title referred to as the tax) u to the o owmg` percentages o the net income: _ 6qTwenty per centum of the amount of the net income in excess of the ugistglcl °° mv°St°d deduction (determined as hereinafter provided) and not in excess of fifteen per centum of the invested capital for the taxable year; Twenty-five per centum of the amount of the net income in excess of fifteen per centum and not in excess of twenty per centum of such ca ital; ll'hirty-five per centum of the amount of the net income in excess of twenty per centum and not in excess of twenty-five per centum of such capital; Forty-five per centum of the amount of the net income in excess of twenty-five per centum and not in excess of thirty-three per centum of such capital• and Sixty per centum of, the amount of the net income in excess of th1Ir`·ty-tplree per centpmhlcgf srzlch capital. hl N or the ose o t ti e every co oration or artners not M ¤¤° exempt unldleiiipthe provisions of this seiilion shall bepdeemed lic be Manwulziettieguéi engaged in business, and all the trades and businesses in which it is en- °°°' gage shall be treated as a sys trade or business, and all its income rom whatever source deriv shall be deemed to be received from such trade or business. This title shall apply to all trades or businesses of whatever de- c,,;§;df”"°’· °*°·» *¤ scription, whether continuously carried on or not, except—— gsgpum. (a) In the case of officers and employees rmder the lllnited States, sem, e°tZ.,°iim}es$`i§°l°l’ or any State, Territory, or the District of Columbia, or any local subdivision thereof, the compensation or fees received by them as such officers or employees; (b) Cor orations exem t from tax under the rovisions of section ¤.,}é§°§'§§l°d °°'p°'“' eleven of llitle I of such get of September eighth, nineteen hundred "°l-39- PP- 7°°» *°°*· and sixteen, as amended by this Act, and partnerships and individuals carrying on or doing the same business, or coming within the same description; and _ _ (c) ncomes derived from the business of life, health, and accident ,,K§°c§lY p°”‘°“° “" msiriéanlcpm combined in one policy issued on the weekly premium pay- umn P . . . Sec. 202. That the tax shall not be imposed in the case of the trade eeL’e°lT 01j business of a foreign-corporation or partnership or a nonresident ’°‘*°"‘·°“’· alien individual, the net income of which trade or business during the taxable year is less than $3,000.