Page:United States Statutes at Large Volume 43 Part 1.djvu/312

 SIXTY-EIGHTH ooucnnss. sESS.1. OH. 234. 1924. 281 or trust for which the return is made, to enable him to make the INCOME M1 return, and (2) that the return is, to the best of his knowledge and belief, true and correct. Any fiduciary required to make a return under this Act shall be subject to all the provisions of this Act which apply to individuals. mrmzns ron A rnmon or miss THAN rwm.vn uonms. ,;{,§§?'"“°'1°“th““ Sec. 226. (a) If a taxpayer, with the approval of the Commis- i,,£“$$€,,{§"a§1§§§§,’{§§§‘é sioner, changes the basis of computing net income from fiscal year P°”°d °’¤¤¤g°d· to calendar year a separate return shall be made for the period between the close of the last fiscal year for which return was made and the following December 31. If the change is from calendar year to fiscal year, a separate return shall be made for the period between the close of the last calendar year for which return was made and the date designated as the close of the fiscal year. If the change is from one fiscal year to another fiscal year a separate return shall be made for the period between the close of the former fiscal year and the date designated as the close of the new fiscal year. (b) \Vhere a separate return is so made, and in all other cases p§?.§°3'.'§}’,,,,*{,“§’,‘Td °" where a separate return is required or permitted, by regulations pre- . scribed by the Commissioner with the approval of the Secreta, to be made for a fractional part of a ear, then the income sh2iH be computed on the basis of the  for which separate return is made. . (c) If a separate return is made under subdivision (a) the net abii»°1ii¢i’•i1¤ii;il°¤ Mm` paqome, coikpopupecgaiin accordance  th§ prospsiops of skibdivision , shall p a on an annua asis m tip ing the amount thereof by twelve and dividing by the mivmber of iynonths included in the period for which the separate return is made. The tax shall be such part of the tax computed on such annual basis as the number of mont s in such period is of twelve months. Appucmou to my (d) The Commissioner with the approval of the Secretary shall an gm, ms, and by regulations prescribe the method of alpplying the provisions of °'“`“°‘""°°“‘°‘ subdivisions (b) and (c) to cases where the taxpa er makes a separate return under subdivision (a) and it appears that for the period for which the return is so made he has derived a capital net gain, or sustained a capital net loss, or received earned income. Reduction of pm (e) In the case of a return made for a fractional part of a year, mu exemption m¤· except a return made under subdivision (a), the credits provided in I"' subdivisions (c), (d), and (e) of section 216 shall be reduced re- · spectiveilly to amounts which bear the same ratio to the full credits provide in such subdivisions as the number of months in the period for which return is made bears to twelve months. mum AND rmon ron manu INDIVIDUAL, ranrmmsmr, Aim Fmucnuzv Fm! '°°“'“S‘ RETURNS. Sec. 227. (a) Returns (except in the case of nonresident aliens) cn’fzg'¤i§.d°sig°at°d M shall be made on or before the fifteenth day of the third month following the close of the Escal year, or, if the return is made on the basis of the calendar ear, then the return shall be made on or before Nummdmaum the 15th day of March. In the case of a nonresident alien individual ` returns shall be made on or before the fifteenth day of the sixth month following the close of the fiscal year, or, if the return is made on the basis of the calendar year, then the return shall be made p _ on or before the 15th day of June. The Commissioner may grant m,1?§f§i'}s..§'},,'f?”’°’tt°° a reasonable extension of time for filin returns, if a plication therefor is made before the date prescribegby law for filing the return, whenever in his judgment good cause exists, and shall keep a record