Page:United States Statutes at Large Volume 43 Part 1.djvu/299

 268 SIXTY—EIGHTH CONGRESS. Sess. I. C11. 234. 1924. M0 *¤· 2 Th nt received b the insured as a return of premium etiiftqliésiilrlieliilciieu tiiiiii or (pf·e1niuin;uji):gd by him under life insurance, endowment, or an- ""‘°“°· ~ nuity contracts, either during the term or at the maturity of the term mentioned in the contract or upon surrender of the contract; Gir¤s.b·><1¤¤¤¢·¤»¤t¢» (3) The value of property acquired by gift, bequest, devise, or descent (but the income from such property shall be included 111 oss come · InterestonSt8¥¤»etc-» gT(4)Hinte1'eg upon (A) the obligations of a State, Territory, or °b;;':;1m;;uboDds any political subdivision thereof, or the D1st1éicthofFC<élurrHbi%; or v 1. so, ms. I (B securities issued under the provisions o the e era arm ,,§°`,g‘}°‘“’·p°‘°‘· °bh““' Loiin Act, or under the provisions of such Act as amended; or (C) m§gg¤* *°¤“*'°d the obligations of the United States or its possessions. Every per- ` son owning any of the obligations or securities enumerated in clause (A), (B), or (C) shall, in the return required by this title, submit a statement showinlglthehnumbeg apld amount of suchdoblligations and securities owne y im an the income receive there- _ from, in such form and with such information as the Commissioner e,,I;,‘”,§*°°,{_g“,‘f“,,§f‘ L"" may require. In the case of obligations of the United States issued after September 1, 1917 (pther than postal savings certificates of deposit), the interest sha be exempt only if and to the extent provided in the respective Acts authorizing the issue thereof as amendecl an? sulppleniented, and  excluded from gross income on y. i an to the extent it is w 0 y exempt to the taxpayer from d Q_ from income taxes; _ _ _ ¤.}"°'§§'§§mtiee, °`Zie., (5) T}16 IHGOQHG of fo1‘Q1g11 governments received from investowned gv f<¤¤=¢¤ ¤¤"· ments in 211elUn1ted1S;ates m stocks, bonds, or other domestic secuéu- ' ties, own y suc oreign overnments or from interest on e- posits in banks in the Ulggeg StateE>f moneys belonging to suc}; oreign governments, or m any o er source within the Unite States· 1’“’¥"‘!}‘,,§°,,,‘,;’{,,"°" (6) ,.AII10\111tS received, through accident or health insurance or SOHBIXDJ v ’ ., under workmen s compensation acts, as compensation for personal injuries or sickness, plus the amount of any damages received whether by stut or_ agreement on account of such injuries or sickness; ,,,?‘,*f,*°“·,,‘,§§,‘§‘· ‘{,‘2,i,§}’.§ (7) Income derived from any public utility or the exercise of any utilities- essential governmental function and accruing to any State, Territory, or the District of _Columbia, or any political subdivision of a State or Territory, or income accruing to the Government of any t ts possession of the United States, or any political subdivision thereof. ,,,F,§‘,,’§,",§,§’,‘[,*Q’g'$,§,‘}‘f Wheneyer anlydState, Territory, or the District of Columbia, or any political su _ 1v1sion of a State or Territory, prior to September 8, 1916, entered in good_faith into a_contract with any person, the object ancilinurpope of which is to acquire, construct, operate, or maintain a pu ic uti ity- {,§,‘§;§;é§7’,t‘§?:,%E,;g _ (A) If by the terms of such contract the tax imposed by this title °' · · is to be paid out of the proceeds from the operation of such public utility, prior to any division of such proceeds between the person and the State, Territory, political subdivision, or the District of Columbia, angl if,}put for tlhefimpgsition of the tax imposed by this title, a part o suc procee s ort e taxable year would accr e di tl to or for the use of such State, Territory, political subdiiiisioxcorythe glistrggt gf£oi)1i1§};r:a,l::g1§1:yaggxlppiginfhe raet incomelfroia the gperad ion _ 1 i a . ev1e assesse co ecte an 0,%§§;g§t{g§g§*§éjf°·» paid in the manner and at the rates prescrilied in this title, but there · sLial§)betrei11ngeg go sich Stat? Ter1i1tory,dpol1t1cal subdivision, or te 1sr1c o oumia un erruesan re laf tohe rescribed by the_Commissidner with the approvgu of ltlild Secretfry) an amount which bears the same relation to the amount of the tax as_the amount which (but for the imposition of the tax imposed by this title) would have accrued directly to or for the use of such State,