Page:United States Statutes at Large Volume 42 Part 1.djvu/348

 320 SIXTY-SEVENTH CONGRESS. Sess. I. Ch. 136. 1921. ""““ *"' °’ ml- and 1921 in the manner rescribed by the Revenue Act of 1918 (or in the manner prescribed by this Act, in the case of income ,,3,”m"g_€_}§°‘fa‘;Q’P“* received during the calendar year 1921). Such return shall be made and the net income shall be computed on the basis of the tax}payer’s annual accounting period (Bscaldyear or calendar year, as the case may be) in the manner provide for other corporations under the Aunwmm (Mmm Revenue Act of 1918 and this Act. _ tm c»•uma· mums. (c) If either subdivision (e) of section 218 of the Revenue Act_of 1918 or subdivision (d) of section 218 of this Act IS so declared mvahd, claims for credit or refund of taxes paid under both such sections slgalllibe allowed, if made within the time provided in subdivision (f) Tax reduced if 0 t S Section' . . . . . emma 1 S (d) In case the claims for credit or refund Bled within six months $_“°%: :§“°l" from such date of entry of decree, represent less than 30 per centum of the outstanding stock or shares in the corporation, the amount of taxes imposed by this section u on such corporation shall be reduced tha p po th f hi E h b f k h ed to t ro rtion ereo w c thenum ero stoc ors aresown by the shareholders or members making such claims bears to the t am as total number of stock or shares outstanding. mrmpmuoimednt, (e) The tax imposed by this section shall be assessed, collected, V¤1·40.1>1>-1<¤5»¤¤¤8- the same provisions of law, including penalties, as the taxes imposed Am pp m 272 by sectéons 23111 g in of th; Revenup Act of 1918 (03137 sectipilis ’ `_ ’ 230 an 301 o ct in the case o income receive uring e I“*°’°““‘m“· calendar {ear 1921), biit no_ interest or penalties shall be due or payable p) Gfgggl for any periog prior tgd the gag? iéppn whgplhuthz _ ret1u·n is y t section require to e m e an the tinst en h.,'§§§.P§§yb{,“2?§,I paid. The amount of tax paid by any shareholder or membercf a gg. ¤> ¤¤g££; d¤° ersonal service corporation pursuant to the provisions of subdivision wm lJe) of section 218 of the Revenue Act of 1918 or subdivision (d) of _ _ section 218 of this Act shall be credited against the tax due from such °°“°“‘°“‘ corporation imder this section upon the joint written application of suc corporation and such share older or member or his representatives, hexrtlsiuor iffrsuch aplpllictactiop is tl-Byleri svith the Commis- . . sionerwi sixmon om suc a o en 0 ecree. r¤ir?3iggu$?°l°m° (f) Notwithstanding any other provision of law, no claim for a credit or refund of taxes paid under subdivision (e) of section 218 of Xie RevenlpeHAc3 pif 19118 or subdivisiop (d) of splction 218 of _ ct may e e ter the ex iration o six mont s rom suc ate ·i·?¤mi$¢ imposed u of entry of decree: Prom}1ed,I;¢owe·ver, That a personal service cor- ¤°°*¤*m *****1- poration of which no shareholder or member as Bled such claim within such ppriod of six months shall not be subject to the tax imposed by t `s section. “°“°"" "'°'“‘°°" TITLE xxv.-GENERAL PROVISIONS. Repeal:. nnrnars. Saciihigisiiiiiiizciiii Sec. 1400. (a) That the following parts of the Revenue Act of 1918 °°" are repealed, to take effect (except asotherwise provided in this Act) on Janu 1, 1922, subject to the hmitations rovided in subdivi- = 0 Z _ I i n (b) my P \%>¤.w,§iiib5s—1¤ss. Title H (called “Income Tax") as of January 1, 1921 · nsgxlm "°°”l"°f Title IH (called "War-Profits and Excess-Profits Tax") as of ‘{,g{,&1ggif°88·1°°°· January 1, 1921; ¥¤_;:s•>,pp.nq¤¤—¤nc¤» Title IV (called "Estate Tax") on the passage of this Act; ,,c_ "°'°°"““ “‘* Title V (called "Tax on Transportation and Other Facilities, and Vol.40,pp.110r1105. on InSm.,mcB~);
 * ';§,,,,,“,,§,§{‘ °‘°°“ and paid upon the same asis, in_ the same_manner, and subject to