Page:United States Statutes at Large Volume 40 Part 1.djvu/357

 338 SIXTY-FIFTH CONGRESS. Sess. I. Ch. 63. 1917. "‘°°“‘,,§,‘§T,{""N°‘ hundred and thirteen, and payable to its shareholders, whether in cash or in stock of the corporation, joint—stock company, association, or insurance company, which stock dividend shall e cons1dered Dimmu mm income, to the amount of the earnings or profits so distributed. sumroryxamm, "(b) Any distribution made to the shareholders or members of a °‘°- corporation, joint-stock company, or association, or insurance company, in the ear nineteen hundred and seventeen, or subsequent tax years, shall lie deemed to have been made from the most recently accumulated undivided profits or surplus, and shall constitute a part of the annual income of the distributee for the year in which received, and shall be taxed to the distributes at the rates prescribed by law for the years in which such profits or surplus were accumulated by the co oration, joint-stock com any, association, or insurance com- ME¥Z”§°g{ {Ji? ,.22 pany, lliht nothing herein shall lib construed as taxing any earnings ¤¤°°- or profits accrued prior to March first nineteen hundred and thirteen, but such earnings or profits may be distributed in stock dividends or otherwise, exempt from the tax, after the distribution of earnings L,m,m,m_ and lprofits accrued since March Erst, nineteen hundred and thirteen, has een made. This subdivision shall not ap ly to any distribution made prior to August sixth, nineteen hundredp and seventeen, out of parnings or profits accrued prior to March first, nineteen hundred and lnrteen. mi’,i!£¤¤il`•rS.$$., bd "Sec. 32. That premiums paid on life insurance policies covering _ trade or business con ucted by anindividual, partnership, corporation, joint-stock company or association, or insurance company, shall not be deducted m computing the net income of such individual, · corporation, joint—stock companfy or association, or insurance company, or in computin the pro ts of such partnership for the pur- Tu 0, mms with poses of subdivision (5 of section nine.", held atswmeicr 1917, Slgc. 1212. That any amount heretofore withheld by any with- ”i?i»ii°aib,p. mz. holding ent as required b Title I of such Act of Se tember hth, . ag , Y P _ mg nineteen imdred and sixteen, on account of the tax 1mposed upon the income of any individual, a citizen or resident of the United Am p_332_ States, for the calendar year nineteen hundred and seventeen, except ’ in the cases covered by subdivision` (c) of section nine of such Act, as Conmm from md, amended by this Act, shall be released and paid over to such indivmuais. vidual, and the entire tax upon the income of such individual for such year shall be assessed and collected in the manner proscribed by such Act as amended by this Act. G ”°m°Ns' Trruz XIII.——GrzNnaA1. Paovrsrons. invalidity of an. ams, em., not to ali Sec. 1·300. That 1f an clause, sentence, a ra h or art of ’°°"°'”“°‘”°°‘ °{A"°‘  Act shall for any reagon be ad `udged b aliiyiihihurit of coriipetent Jurisdiction to be invalid, such judgment sliall not affect, im air, or invalidate the remainder of said ct, but shall be confined) in its operation to the clause, sentence, paragraph, or part thereof directly mvolved in the controversy in which such judgment shall have been Spam, rendered. uma regains. _ Sec. 1301. That Title I of the Act entitled "An Act to provide ,,QQ‘Ql;_ 9* *" l°°°· '°’ mgreased revenue to defray the exppnses of the increased appropriations for the Army and Navy and the extension of fortifications, and for other purposes/’ approved March third nineteen hundred and ,1, mw, day mr seventeen, be, and the same is hereby, repealed. www- Sec. 1302. That unless otherwise herem specially provided, this Act shall take effect on the day following its passage. Approved, October 3. 1917.
 * ’,'fj,§’}?u{,g_,°°$;,‘,;°‘*°‘““‘°° the lives of officers, emiployees, or those financially interested in any