Page:United States Statutes at Large Volume 43 Part 1.djvu/318

 SIXTY-EIGHTH CONGRESS. Suss. I. Ch. 234. 1924. 287 any taxable year shall be deemed to have paid the same proportion Pooiijgfogofo ggoooigo of any income, war-profits, or excess—profits taxes paid by such for- taxes on dividends iS- eign corporation to any foreign country or to any possession of the %°§;§`;;B?§°€§?d°° hm United States, upon or with respect to the accumulated profits of such foreign corporation from which such dividends were paid, which the amount of such dividends bears to the amount of such _ accumulated profits: Pro/vided, That the credit allowed to any do- fiiiiiiiiiioa on man mestic corporation under this subdivision shall in no case exceed ““°"°°· the same proportion of the taxes against which it is credited, which the amount of such dividends bears to the amount of the entire net income of the domestic corporation in which such dividends are in- Mmm o ,, eluded. The term " accumulated profits " when used in this sub- mu1atedpI·oti)ts."accudivision in reference to a foreign corporation, means the amount of its gains, profits, or income in excess of the income, war-profits, and excess—profits taxes imposed upon or with respect to such profits Dotomooooioob or income; and the Commissioner with the alpproval of the Secre- commimouer. Y tary shall have full power to determine from the accumulated profits of what ear or years such dividends were paid; treating dividends paid in tliie first sixty days of an year as having been paid from the accumulated profits of the receding year or years (unless to his sat- _ isfaction shown otherwiseg, and in other respects treating dividends as having been paid from the most recently accumulated Aooooooioo ooooo o, gains, profits, or earnings. In the case of a. foreign corporation, the tueiguwmmuum. income, war-profits, and excess-profits taxes of which are determined on the basis of an accounting period of less than one year, the word " year " as used ilu this subdivision shall be construed to mean such accountin rio. (f) Fong fiize purposes of this section a corporation entitled to the Ugiiieilptgltgtidsolisw benefits of section 262 or 263 shall be treated as a foreign corporation. mm d°°m°d f°'°`“°' CORPORATION NS. Corporation returns. Sec. 239. (a) Every corporation subject to taxation under this r¤i§$`°¤ii1iiiiiqmr°m°°tS title shall make a return, stating specifically the items of its gross income and the deductions and credits allowed by this title. The return shall be sworn to by the president, vice president, or other ,,ooo,oo wnooo, principal officer and by the treasurer or assistant treasurer. If any Ama·sm’¤m<». oreign corporation has no office or place of business in the United States but has an agent in the United States, the return shall be made Rooohm Homo, by the agent. In cases where receivers, trustees in bankruptcy, or ac. ' assignees are operating the property or business of corporations, such recewers, trustees, or assignees sha 1 make returns for such corporations in the same manner and form as corporations are required to Co,,oot,ooo_ make returns. Any tax due on the basis of such returns made by receivers, trustees, or assignees shall be collected in the same manner as if collected from the corporations of whose business or property they have custody and control. . Aw,,,m,,,,g_ (b) Returns made under this section shall be subject to the provi— Rooooooo ,oo ooo, o, sions of section 226. In the case of a return made for a fractional nw. part of a year, except a return made under subdivision (a) of section 226, the credit provided in subdivision (b) of section 236 shall be reduced to an amount which bears the same ratio to the full credit therein provided as the number of months in the period for which the return is made bears to twelve months. Dooom omomooo - (c) There shall be included in the return or appended thereto a wmomvnnr mums. statement of such facts as will enable the Commissioner to determine the portion of the earnings or profits of the ctgporation tgneluding gains, profits and income not taxed) accpmulat during e taxable year for which the return is made, which have been distributed or 45822°-251*--21