Page:United States Statutes at Large Volume 42 Part 1.djvu/436

 408 SIXTY-SEVENTH CONGRESS. Sess. II. C1193. 1922. within the District dining the calendar year bear to the total net M**“m¤¤*°¤· marine premiums of the company. Averaagp earnings on reserves for unpaid osses and imexpired premiums sh be deemed, for the purpose of tpxgtion under this section, to mean not more than 2 per centum 0 these reserves. ,,,QQ{,§€ °{‘mif,"°§§,‘{,‘§‘g§ Sec. 11. That, in addition to the taxes, as prescribed under sections stock wd surplus. 8 to 10, inclusive, of this Act, every company organized under the laws of the District and transacting marine insurance therein shall, with respect to marine insurance written in the District, pay a tax of 2 centdim 051 its pnvestnipnt iiigcomlp from funds repr§enting _ capit stoc an ·su us as s own the com an s annu statei,,§°"“°' °' °°*°"°"* ment. Such investmrgnt income shall§or purposlles df taxation under this Act, be arrived at as follows: Add the gross assets at the beginningkand end of the calendar year and strike an average. Add capital stoc and surplus at the beginning and end of the year and strike an average. Ascertain the proportion which the average capital stock and surplus bears to average gross assets. Credit to investment income on capital stock and surplus such proportion of all income, except glncoimedtaxed undeié sectgon 10 oil t is Acg, derived fgom interest, 1VI en s, rents, an ro tson s es orre em tion o assets. Charge against investment inlizome on capital stock ari)d surplus such Pr im if my proportion of all losses 0n_sa1es or redemption of assets. mg §¥€,‘I§°c,,,gs,.. of m- S ould a company suiblject to this tax be writing other classes of to all the classes of insurance written without being specifically allocated to_ the several classes of insurance written, then such pro ortion of dthe idvestment ingome fréom fund; reprtelsentiug capital) stotplk an surp us, compute accor ing to the me od rescribed in e preceding iparagraph of ftlpis section, cphallhjlge applicabldh to marine msurance or p oses 0 axation un er t section as e net remipms from ma1ll;_·1;[intjd;li11si1rance duiring tgild calendar yearfbear tollhe . • ne_ premiums 0 e company rom the c asses 0 insurance , written. ¤¤l¤i$'£;i§Z.°¤`}Z·l$l m D_SEo. 12. That every company writing marine insurance in the ` V istrict shall set forth in its annual statement to the superintendent, pépolgipndtimu or mx. and in the form prescribed by lnm,  the items necessary to com- · * ‘ pute the taxes as prescribed under sections 10 and 11. If the supermtendent hnds the re ort of such company correct he shall compute the taxes as prescrigled and charge the same to such company. Notification to companies by the superintendent of the amount of tax charged to them and the time and place of payment b the Ama, i·. ~¤<><=. companies shall be the same as is required under section 9 rehting Lmmme to taxation of underwriting protit. _ Sec. 13. ’l`hat_ in lieu of all other l1cense fees every company writing marine insurance in the District shall pay a single annual fee equal to $100 if the assets of the company aggregate $1,000,000 hmm or under, to $150 if the assets aiggregate over $1,000,000 and do not ‘ exceed $5,000,000, and to $200 the assets exceed $5,000,000. The manner and time of 8-payinv this single fee and its remittance to the pldllector of taxfes sh 1 be EL; same as pre?ribed under section 9 for 8 e payment o taxes on un erwritin ro t. qeiiiingrib all  Sec. 14. That if a comapanv ceasegtlci do a marine insurance busi- ‘“`“"“‘°° "‘”‘“°*“· ness in the District, it sh l thereupon make report to the superintendent of the items pertaining to its marine insurance business, as enumerated and described by sections 8 to 13, inclusive, to the date ofgls ceasipg gpl do business and no; theretoforedrepo1*t¢:1dl,1»:nd forthwi pay 0 e superinten ent the taxes an annu 'cense fee Pemm for www thereon, corirputed according to this Act. ampm;pag— m,`ea~i _ Sec. 15. at if a company refuses to make any report for taxation or license fee urposes, or to a taxes or license fees imposed upon it as requiredlby this Act, it shall be liable to the United élates
 * °’°"°°· insurance, and the capit stock and surplus referred to herein relate