Page:United States Statutes at Large Volume 40 Part 1.djvu/351

 332 SIXTY-FIFTH oonennss. sm. 1. os. es. 1917. °'°°”‘M'g}_§,sf"E””‘ interest on the obligations of a State or any political or taxing sub- ` division thereof, an upon the obliiations of the United States (1f and to the extent that it is provided in theAct authorizing the issue of such obligations of the United States that they are exempt from taxation), a1$irig1¤i°is,i€)iPe.t°x`p°id and 1ts possessions, and that for the purpose of computing the normal '*'°‘·3°·P-7**- tax there shall be allowed a credit, as provided by section _’1ive, subuiml division (b), for their proportionate share of the profits derived from R°f"°"°° dividends. Such partnership when reauested by the Commissioner E u of Interypallltevenue or ang distréct co ect<;r, shall rendelri a correct ’*°° °*}- _ return 0 the earnings pro ts an income 0 the partners p except Xiiliiiigciig income exempt under,section,four of this Act, setting forth the item of the gross mcome and the deductions and credits allowed by this titleékatpd tht; names and addressgs of the individupsélshwhobworfgd li; Fiscal y¤¤rr•¢¤r¤s· enti to e net eamings pro ts an income `strr ute. partnerlship shall grave the sgsinelprivilege of iixingézenid making returns upon the basis 0 its own ca year as is accor to corporations '*`“ °*’“‘°‘°’Y°°'*¤ imder this title. If a Escal year ends d\1I'l.EI.g• nineteen hundred and which md sixteen or a subsequent calendar year for which there is a rate of tax diifertent frolrp the rate for phedprecedinghcalendap year, then (1) the; rate or suc preceding ca en ar year s a app y to an amount o esip1hlpatrftner’s shaire of plartnersghip profits lpiglual tpl thi prgportion w `c e part 0 suc year wrt suc ca en ar year bears to the full fiscal Sear, and (2) the rate for the calendar year mmm 0, tu b during which_such fisc {vear ends shall apply to the remainder. cvmtim, Epmd _ (2) Subdivision (d) o section eight o such Act of September Peng}, 3°· P- ·°2· *°· eighth, nineteen hundred and sixteen, rs hereb repealed. Assessment and ar- Sec. 1205. (1) That subdivisions (b), (c), Xi), and (g) of section "‘°‘*‘°’°““‘ nine of such Act of September eighth, nineteen hundred and srxteen, are hereby amended to read as follows: ,Jf,§,“’§,‘f',,f,*_§d‘Qn°§§"§ " (b) All persons, corporations, partnerships, associations, and ¤°Q,*$>°*3ig°°¤;°· ,63 insurance companies, 111 whatever capacity acting, including lessees ammata. ’ ’ or mortgagors of real or personal_ property, trustees acting in any trust capacity, executors, administrators, receivers, conservators, employers, and all officers and employees of the United States, having the control, receipt, custody, disposal, or payment of interest, rent, salaries, wages, premiums, annuities, compensation, remuneration, T d dividends emolumengs, or Ether fixei or determirga le annualdlordpgiodigal X _ gains pro ts an mcome o any nonresr ent ahen m V1 u, ot cr 8 mm than income derived from dividends on capital stock, or from the net earnmgs of a corporation, joint-stock company or association, or insurance company, which is taxable uipon its net income as provided m this title, are herelg authorized an required to deduct and withhold from wh aréru or periodiial gainsélprofits, and (gnplpme suleh sum as wi e su crent to pay the norm tax impose ereon y this title, and shall make return thereof on or before March first of each year and, on or before the time fixed by law for the payment of _ the tax, shall pay the amount withheld to the officer of the United ,,,‘$i,',}g,‘}’*Y'“P°>'*°€ States Government authorized to receive the same· and they are each hereby made personally liable for such tax, and they are each herebytrndemnified against every persorg corporation, partnership, assocra ron, or insurance comagany, or emand whatsoever for all payments which they shall m e in piusuance and by virtue of this trt e. .,}`,;§n{gm*;§0‘;*{,§*;§;f " (c) The amount of the normal tax hereinbefore imposed shall ar. also be deducted and withheld from fixed or determinable annual or perrodrcal gains, profits and income derived from interest upon onds and mortgages, or deeds of trust or other similar obligations __ of corporations, joint-stock compames, associations, and insurance C¤¤<im¤¤¤· companies, (rf such bonds, mortgages, or other obligations contain a contract or provision by which the obligor agrees to pay any portion