Page:United States Statutes at Large Volume 43 Part 1.djvu/295

 264 SIXTY-EIGHTH CONGRESS. Sess. I. Ch. 234. 1924. t ¤*°°¤ we dered by the taxpayer, not in excess ot 20 per centum of his share _ of the net profits of such trade or bus1ness, shall be considered as earned income. ··m¤-neg income ue (2) The term “ earned income deductions ” means such deduc- "“°“°“"‘ tions as are allowed by section 214 for the plurpose of computing net income, and are properly allocable to or c argeable against earned income. "E%E¤°d ¤°° *¤‘ (3) The term " earned net income ” means the excess of the °°m°' amount of the earned income over the sum of the earned income deductions. If the taigpayefs net income is not more than $5,000, his entire net income al be considered to be earned net income, M I mowed and if his net income is more than $5000, his earned net income ` shall (pot be considiréed to  tbsp $,00011 In$no case shall the earne net income consi e to more t an 10 000. ¤L=,*{*';§,“°,}0,,;f‘(,°",$_‘Q (b) In the case of an individual the tax shall, in siddition to the for wma imma credits provided in section 222, be credited with 25 per centum of the amount of tax which would be payable if his earned net income constituted his entire net income; but in no case shall the credit allgwed undeglghis subdivision exceed 25 per centum of his tax m§,*f°“°°"°“ ‘° "°'°' uu(3' In tiig case of the members of a partnership theirroper part of each share of the net income which consists of earned income shall be determined under rules and regulations to be prescribed by the COIID.`I11SSl0D6P·Wlth the approval of the Secretary and shall Pm,p_m_ pb;axge&p1a(rat?1y ihsgn; in the   of tthe pggnership and shall be e m as provi in sec 1on . i¤<¤*‘*·*¤¤‘S· Pam- H.—Ixn1vmUn.s. N¤¤¤¤¤¢¤· Nomnr. mx. }¤¤·=¤°“°*¤¤*¤*“¤· Sec. 210. (a) In lieu of the tax imposed b secti 210 f th v¤1.42.v- 2*3- Revenue Act of 1921, there shall be levied, coliectedfhlnd pggd fg; each taxable yearl;1(pon the net mcoxne of every individual (except as provided in su 1v1sion (bi of tlns section) a normal tax of 6 per eentum of the amount o the netincome in excess of the credits gépraofggérdmm gmvided in section 216, except that m the case of a citizen or resior residents. ent of the United States the rate upon the first $4,000 of such excess amount shalltbeil 211p:; fentum, End upon the next $4,000 of such excess amoun s a per cen umw;§§g0u;°g;@;{{,*&_*° (b) In lieu of the taxumposed by,subdivision (a), there shall be levied, collected, and paid or each taxable year upon the net in- €§.“1?.u‘§*.§.l§£Zy “§‘l?f£.§i§“€a§1é$,’t i“?"H?““1’ “ l°Std€l"‘u°* “ °°“` . :1 o e sum o t ; %?f,’$§,n°,§Qm°;;,‘Q,§‘;@;°g“’{’,{ · (1) 2 per ceritum of the amount_by which the sari;) otiwtllig net med S¤¤¢¤¤· mcome attributable to W&g€S,_Salar1es, professional fees, or other amountsreceived as compensation for personal services actually per- U tt H formed in the United States, exceeds the credits provided in subrm ¤ ¤¤- givisions (d) and (e) of section 216: but the amount taxable at such Addmnnamcxmd per centum rate shall not exceed $4,000; mg ,,m,,,, ,_.,,,d,,, 8,,,, (2) 4 per centum of the amount by which such part of the $-*,000- netuncome exceeds the sum of (A) the credits provided in subdivisions (d)· and (6) of Section 216, plus (B) $4,000; but the mdmcnal if M · gliitgiunt taxa le at such 4 per lcentum rate shall not exceed $4,000; ..;..h,,,· ‘ °‘ th u? §;r($£;>tg§¤ of thetaznougt otithe net income in excess of _ e amoun axe un er par hs 1 d 2 plus (B) the credits provided lll section 216. agmp an ’