Page:United States Statutes at Large Volume 42 Part 1.djvu/286

 258 SIXTY-SEVENTH CONGRESS. Sess. I. Ch. 136. 1921. “'°°“ ’¤· tax as provided in subdivision (b) of section 205, the war-profits ` and excess—profits tax computed under subdivision (b) of section 335 shall be credited against the net income computed for the entire period as provided in c ause (1) of subdivision (b) of section 205. P°ym°°t °°s°"°°` ramnm or CORPORATION moons ·rAx AT sormon. Ot foreign corpora, , , , {ggmggg égatzswmm _ Sec. 237. That in the case of foreign co1éporations_sub]ect_ to taxa- ' tion under this title not engaged in tra e or busmess within the United States and not having any office or place of business therein, there shall be deducted and withheld at the source in the same manner A¤¢¢,1>-248· and upon the same items of income as is provided in section 221 a tax equal to 12} per centum thereof (but during the calendar year 1921 only 10 per centum), and such tax shall be returned and paid in the same manner and sulriilelct to the same conditions as (provided {faux me mm in that section: Provided, at in the case of interest ascribed au. in subdivision (b) of that section the deduction and withholding shall be at the rate of 2 per centum. cmaiuonuapud. cmzmrr Fon raxns m casa or COBPORATIONS. ti?;¤¤¤¤¢i¤ ¤¤n¤¤¤¤· Sec. 238. (a) That in the case of a domestic corporation the tax ruhwmagamm- imposed by this title, lus the war-profits and excess-profits taxes, “$;,{f§°,,;,,_,m,,,,,,,,,,,,_,_ if any, shall be creditedp with the amount of any income, war·proiits, pmqm. foreign country, or to an possession of the United States: Promkledj m"“°“°°"‘ That the amount of credit taken under this subdivision shall in no case exceed the same roportion of the taxes, ainst which such ° credit is taken, which the taxpayer’s net income Eomputed without deduction for any income, war-profits, and excess-profits taxes impgsed by any foreign coimtry or possession of the United States) V t _ { 1 ( m sopcrslzes washout thin; grgtectl_St;itps baars to itstentiilgai net mcorp; S°i>?•i°:°;iYif&i’fu`°s` therliipase of domestic insurance companies subject to the tax imposed by section 243 or 246, the term "net income", as used in this subdivision means net income as defined in sections 245 and 246, r ectively. mR°‘ esdb) If accrued taxes when paid differ from the amounts claimed ¢r¤df?•i1¤i¤¤d.¤¢¤· as credits by the corporation, or if any tax paid is refunded in whole or in part, the corporation shall at once notify the Commissioner, who s all redetermine the amount of the income, wanplrofits and excess-profits taxes for the ear or years affected, and the amount of taxes due upon such red;-ztermination, if an, shall be paid by the corporation upon notice and demand by the collector, or the amount of taxes overpaid, if any, shall be credited or refunded to T b the corporation in accordance with the provisions of section 252. W3? °°°"'°° “t°°t In the case of such a tax accrued but not paid, the Commissioner as _ a condition precedent to the allowance of this credit may require ,,,*§‘{;‘,{‘,,'_,‘f,‘}“"°""°'°'° the corporation to give a bond with snueties satisfactory to and to be approved by him in such penal sum as he may re uire, conditioned for the payment by the taxpayer of any amount of taxes foimd due upon any such redetermination; and the bond herein prescribed shall _ contain such further conditions as the Commissioner may require. ,,,§§,"Q§‘°,,,{’Q,,f°""¢” (c) These credits shall be allowed only if the taxpayer furnishes evidence satisfactory to the Commissioner showing the amount of income derived from sources without the United States, and all other information necessary for the verification and computation of On eturn otdomes- Su‘€g)cIf;d1t'd k f as 81 acm', I,. mma, _ a_ omestic corporation ma es a return or a. c ear ywendinzmmn.  in 1920 and ending in 1921, the credit for the entire écal year sh, notwithstanding any provision of this Act, be determined
 * 1- and excess·profits taxes paid during the same taxable year to an
 * ° “*°°’°° .° ¤· co u wit out suc e uc 1on or e same axa e year.