Page:United States Statutes at Large Volume 43 Part 1.djvu/313

 282 SIXTY·EIGHTH CONGRESS. Sess. I. Ch. 234. 1924. ¤*°°*¤ ni- of every such extension and the reason therefor._ Except in the Limit case of taxpayers who are abroad, no such extension shall be for _ more than six months. mrgf °°u°°t°' °f dw (b) Returns shall be made to the collector for the district in which is located the legal residence or principal place of business of the person making the return, or, if he has no legal residence or principal M “°“““°’°·Md· place of business in the United States, then to the collector at Baltimore, Maryland. C°’P°¤*”°¤’· PART III.—CORPORATIONS. '1`“*¤*P°°°d- TAX ON oonronA*r1oNs. $§{°,§“p“§§§“"°m°‘ Sec. 230. In lieu of the tax imposed by section 230 of the I i i D Revenue Act of 1921 there shall be levied, collected, and paid for each taxable year upon the net income of every corporation a tax of 121} per centum of the amount of the net income in excess of the credits provided in sections 236 and 263. Exemptions- coNnrr1oNAL AND orrmn EXEMPHONS or CORPORATIONS. ,,£S°fi¤°°‘°d °’g““‘“‘ Sno, 231. The following organizations shall be exempt from taxa- _ tion under this title- _ _ °tgj“*’°'· °g“°“““‘“'· 1) Labor, agricultural, or horticultural organizations; mlégwual savings (2) Mutual savings banks not having a capital stock represented ' by shares; s°mms'l°dges' em opgrgting under the lodgelslystem or for the exclusive benefit df ih; members of a fraternity itself operating under the lodge system; and (b) providing for the payment of hfe, sick, accident, or other benefits to the members of such society, order, or association or their _ _ dependents; _ _ _ ` B,,§°§§g‘j," §,‘,{‘g§ (4) Domestic building and loan associations substantially all the ¤¢¤· business of which is confined to making loans to members; and eooperative banks without capital stock organized and operated for mutual urposes and without profit; m§p‘;f,};g"l€,g°m°“” (5) Cemetery companies owned and operated exclusively for the benefit of their members or which are not operated for profit; and any corporation chartered solely for burial purposes as a cemetery corporation and not permitted by its charter to engage in any business not necessarily incident to that purpose, no part of the net earnings of which inures to the benefit of any private shareholder or (`or tins com- in ivlduali · · mqq1¤¥i:°;ii¤tiis,%¤c.._ror (6) Corporations, and any community chest, fund, or foundation, " literary, or educational purposes, or for the prevention of cruelty to children or animals, no part of the net earnings of which inures to the benefit of any private shareholder or individual; B¤Si¤¤ss¤s¤¤¤ss·¤*¢· (7) Business leagues, chambers of commerce, or boards of trade, not organized for profit and no part of the net earnings of which _ inures to the benefit of any private shareholder or individual; p,,‘;;;;§. *°§}§;,,j$; ( 8) Civic leagues or organizations not organized for profit but opetc- erated exclusivelly for the promotion of social welfare, or local associations of employees, the membership of which is limited to the employees of a designated person or persons in a particular municipality, and the net earnings of which are devoted exclusively to charitable, educational, or recreational purposes; Plmm ¤l¤b=· _( 9) Clubs organized and operated exclusively for pleasure, recreation,_and other nonproiitable purposes, no part of the net earnings of which inures to the benefit of any private shareholder;
 * Y"°F°'¤°‘”°“°“°‘“” 3 Fraternal beneficia societies, orders, or associations a
 * 2s·gg;bwm§¤*€¤°*¤°· organized and operated exclusively for religious, charitable, scientific,