Page:United States Statutes at Large Volume 40 Part 1.djvu/356

 SIXTY-FIFTH conerznss. sm. 1. ou. ea. 1917. 337 tomers, as will enable the Commissioner of Internal Revenue to deter- ¤‘°°” “;;§s_*”E“°‘ mine whether all income tax due on profits or gains of such customers hai been P8’1d'. . . · Persons paying fixed Sec. 28. That 8.11 PBTSODS, c0I`£OI°8t»IOIlS, partnerships, 8SSOC1B.li1OI'1S, incomes to others of and insurance companies, in w atever capacity acting, including '{h‘;•$f,,f° °“k° lessees or mortgagors of real or personal property, trustees acting in any trust capacity, executors, a trators, receivers, conservators, and em loyers, making payment to another person, corporation, partnership, association, or insurance company, of interest, rent, salaries, wages, premiums, annuities, compensation, remuneration, emoluments, or other fixed or determinable gains, profits, and E income (other than payments described in sections twenty-six and Rx°°"u°£':' U { twenty-seven), of $800 or more in any taxable year, or, in the case s¤§§°§'§,’cm§l‘ "‘°°° of sugi payments made by the United States, the officers or emplo ees of the United States having information as to such payments and re uired to make returns in regard thereto by the regulations hereinaiter provided for, are hereby authorized and reqiilired to render a true and accurate return to the Commissioner of ternal Revenue, under such rules and regulations and in such form and manner as may be prescribed by him, with the aipproval of the Secretary of Dom the Treasmy, setting forth the amount o such gains, pronts, an in- ` come, and the name and address of the recipient of such payment: Promo Provided, That such returns shall be required, re ardless of amounts, an payments of anin the case of payments of interest upon bondg and mortgages or  "°“"’· °"°·· deeds of trust or other similar obligations of corporations joint- ceracam cr amiga stock com anies, associations, and insurance companies, and in the °°“°“·°i‘“°“°"·°‘°‘ case of colliections of items (not payable in the United States) of interest upon the bonds of foreign countries and interest from the bonds and dividends from the stock of foreign corporations by persons, coréporatrons, partnerships, or associations, undertaking as a matter 0 business or for profit the collection of foreign payments of suchl interest or dividends by means of coupons, checks, or bills of exc ange. " When necessary to make effective the provisions of this section N°m°°°d°dd'°SS` the name and address of the recipient of income shall be furnished upon demand of the person, Eorporation, partnership, association, or msurance com any paying the income. "The revisions of this section shall appl to the calendar ear Appu°°b`°mhym` nineteenlhundred and seventeen and each calendar year thereahzer, Empum ‘ pjut sléag not apply to the payment of interest on obligations of the ` mte tates. "Sec. 29. That in assessing income tax the net income embraced ¤.Ee·x°$i:$°i°ii¤”1i¤°¤°$¤iZ in the return shall also be credited with the amount of an excess '°'“"“‘ pronts tax imposed by Act of Congress and assemed for the same calendar or fiscal year upon the taxpayer, and, in the case of a memberaof a partnersléip, witl;1 his propogltionate share of such excess pro ts taxim se u nt epartners. "Sec. 30. 'liiiizt nothing in section II of the Act approved October gciiivrsii-S¤i§trgfi:°Zr°i¢€'& third, nineteen hundred and thirteen, entitled ‘An Act to reduce °{‘,*,*§‘g§’8‘f‘,§f‘§‘g°§· tariff duties and to provide revenue for the Government, and for 4··¢¢»P·¤¤°· other puripesesf or in this ‘title, shall be construed as taxing the mcome o foreign governments received from investments in the United States in stocks, bonds, or other domestic securities, owned by such fore` governments, or from interest on deposits in banks m the Unitedggtates of moneys belonging to foreign governments. An dividends mm "Sr·:c. 31. (a) That the term ‘dividen s' as used in this title shall mgs¤¤¤rnm¤1,1arz, be held to mean any distribution made or ordered to be made by a *"°’“°"°‘““‘°°“°‘ corporation, _]omt-stock company, association, or insurance com- · pany, out of its earnings or profits accrued since March first, nineteen 112460°-vor. 40—r··r 1——22