Page:United States Statutes at Large Volume 43 Part 1.djvu/293

 262 SIXTY-EIGHTH CONGRESS. sms. 1. GH. 234. 1924. ¤'°°“¤ *¤ and the law applicable to the second calendar year is diiferent from the law aplplicable to the first calendar year, then his tax under this _ title for the period ending during the second calendar year shall be m§;gp,;{“°“’°’ "“°" the sum of : (1) the same proportion of a tax for the entire period, determined under the law applicable to the lirst calendar year and at the rates for such year, which the portion of such period falling within the first calendar {year is of the entire dperiod; and (2) the same pro ortion of a tax or the entire period, etermined under the law appgcable to the second calendar year and at the rates for such year, which the portion of such period falling within the second calendar year is of the entire period. m;'§’j’;°°“°“ ‘° W"' sb) I1; a fiscal {ear o§ a partnership (pe%ns1in one calendar year an en in anot er ca endar year an the aw ap licable to the second calendar year is different frdm the law applicalile to the first calendar year, then (1) the rates for the calendar year during which such iiscal year begins  apply to an amount of each partner’s share of such partnership net income (determined under the law applicable to such calendar year) equal to the proportion which the part of such fiscal year falling within such calendar year bears_ to thiai flpll  r, and (12) ghelrates for the calendar year liluring w c suc a ear en s s a app y to an amount o eac part- _ pIer’s shaiire gif igcli plartxfelrilhip net )inc01ppt(d§:er1nined underhthle w app ca e suc ca e ar ear equ 0 e pro ortio w ' Adm to mm m_ the {art of such iiscal {ear fallgig within such calendiar yealr beiiis come omxpeyes. in phe full fiscal  1% such cases the pinrtdof such income subject 0 eratesine ec ort emostrecentcaen aryear shall be added to the other income of the taxpayer sub`ect to such rate d th resulting amount shall be placed in the lower brackets 0; tllile rat: schedule applicable to such year, and the part of such income subigct fo gre ragles 1I\X?t6l$pg1EOI' tthe lpext  callendar year shall pac m ene ierracetsotertscedul lib] to such year. a 8 B app ca G ,af';}_§ g{,d'gr‘“§,§m@ (o) Any amount paid before or after the enactment of this Act on I"- account of the tax imposed for a fiscal year beginning in 1923 and gngiipgain 192211 tliy Title II of the Revenue Act of 1921 shall be . cr 'te towar e payment of the tax imposed f h lis l by this Act, and if the amount so paid exceeds th? sdlibunt (ill giildll Pm'p_m tax imposed by this Act, the excess shall be credited or refunded 111 accordance with the provisions of section 281. °¤P**=* 8****** md cxrrrsr. cams Arm Lossns losses. • ?:1¤=¤¤i¤¤ M wipe- Src. 208. (a) Igor the purposes of this title- G¤vi¤¤z=¤¤. (1) The term capita ga1n” means taxable ain from the sale “ H or exchange of capnal assets cpnsummated after I)ecember 31, 1921; €¤x>i¤¤1¥¤¤¤· th (2) 1The terrln capipxl lostsl meaps deductible loss resulting from U e sa e or exc ange o capi a asse s· ,mQt%P'”°‘ ·’°"°°· (3) The term " capital deductions ’l means such deductions as are allowed by section 214 for the purpose of computing net income and arehpropegrlzyif allocablle to orbchargeable against capital assets sold or __ _ exc an uring the taxa Ie ye · ,,mQ¥!"”°'¥ "°““° (4) glelhe term " ordinary dezdliictions " means the deductions allowed by section 214 other than capital losses and capital ··capm·.1 net  d°dP°*£f.§Si “ ·. ,, (o) e term capital net gain means the excess of the total amount of capital gam over the sum of (A) the capital deductions and capital lowes, plus (B) the amount, if any, by which the ordinary deductions exceed the gross income computed without including capital gain;