Page:United States Statutes at Large Volume 44 Part 1.djvu/837

   TITLE $6.-—-I§T§ tml the Sd Qmlng of are devoted exgcioslrdy to chan mole, edwtloml, or rowtloool  ~ for  po;rp .·—··—»(9} Clubs organized ond ‘@§;»ot·otod ozcoluwvoly for   roooootloia, and other ooo; to the oo¤e§t of any private sharewloerg "” ‘ ` . Baovalwt me ¤mra¤o¢   name! hail, cyckae,  oo. f¤‘il`    tim·-··~(19),Boixgvolwt lite in-  nosoclgtloos of n purely local ohnmctor, f§l';`m&1'I° or otlwr `motéal hall, cyclone, ossoalty, or are msumaco companios, mmm! ditch or irrigation compnmw, mutml or cooperative `zolopgawo ommiu, or like orgnnintlom; wt only it 85 per tomtom or MGI? of tho tacoma consists of amounts collectoqm twat momlms for the solo   of meeting losses and ox·  : _ ` Et, . , x    for nsrkctisg p¤%e ,of·¤enbeg¤.=-(11) o I·"ama¤ors’, fruit grower?. or ·lil:e_ ‘n@iatlo¤s, oréauized and oporotcd as mlm   for tm purpose oi marketlag thoprodmrs ot   mraiog out to thou tho propeoddtot sales, loss the mama   emenws, on the bas; ottilo qoaotityl ot   mrutsw by   ; orlorganked nod operated as pot. agmu for the mam of supplies and ol;;:l t im? tho use of @bers and turning over  sop pogo; ané  to muh  loers ¢fnct¤a1»cost, plug mcos·~ ‘ " for bHing. title t• propérty; au go/forth.- H2)       » ,for_the excfmvo~pur@_ot hold-` `iog title to,   tincom therefrom, nm! turning {Stor the entire iw expenses, to an o@nizotion to fwollaicli,   lm moupt tmm   oythis title .; and ` Feedmml   hah;   form Loon assodatioso, and so forth.--(13)   land banks, ootiougl fnrm·lmo assoéln¢·¢ tions, and Federal 1ata·&i•te credit Bank; as'-provided lo  {June 2, 1924,.4.01 p. m.,’_c. @4, tf H1, 43. Stat. @2;) au  933. Exenption of farmrsf or   gona!   éycknc,  md so forth,     m   Adoud 1916,, 1918, sud l¤1   at %Iy   ox- 1 téotosoq www la pu·¤;¤·¤po’ (10; -ot,mbo~1vmoo_·(§) or sec-Y tioo 11 of mo Roveéuo Act of 1916, md in sg1bd11tsi®·(10)· ot  motion @1 ox the Bowoouo Act of;.191S, and to oowivisloo `(IO) t ot mctiou wl of mt Qovoooo Act ot   ghall be granted to 2 formoro or other mutml lull., cyclone, orfsro iooumnto oomo_;·on&s·(1t omersriu exmptander •u& paragraphs), whothmi or out mh  was of a purely lml Aoytoxeo    ma @¤lutiom shall, mbyt to the ststiitog  ot llmlmtlom properly applmblo thanto, be gum,     or   _ (Jim! 2.. 19271*. 431 D- won ci. H4, { 1m{‘b),,43 Stat: 843.) ‘ ·’ ., -`   _ 1984.   the one ot; corporation sobjwt totho tgz 1m% by   981 ot this title tl! term “mt lo  o"   tho pm income gs doomdfin soction   lem tm   by    god wl  the mt   §ta1ibc   oo the asm bam on is_pro·, .. videgl¤  (bl o£&tm%3or1nsectio¤8@. _In.the ymsoyot n ioroig  tio¤ wl of 1 corporatim wtltlw to the   of nootion ww ILM ¢°¤1P¤tatlo¤_ahall also be mode io the   provided in motto}; 958. _ ;(Jum 2, 1924, 4.01 p. m.,oc,l.%4, l   43 Staptrxll _ , ·~ · l ’ ~ 2 $85. G1’oa•,h%,-··(a) Io Gm cnxiot a corporatlm`smb}oct _to the tax   by section @1 of this tltlotho term firons luoozm’*   the m·o&   as do¤@ lnloctloos 954 and  cxoopt that mutual merino insurance   iq., ` 'clmlo io»gm@ ioéomo me mom premiums colioctod   roceltod by them lm amounts paid for reinsurance. y l ~ ` lb) In tho case M a !oroig.c·orpor¤tion, tron income mmm only gross income from somws within the Uxglted Statu, deter- ‘mi¤od_ (exempt in tho cam of l¤¤mmoe‘·oo§m.moo subject to
 * tmotsl=»lo pmépom so port of the pet oamlogs ot wbioh lxmrw
 * 1:ap·1omt7{ood 8 ot"1‘lt1e 12_(tlw  Loon Act)."

VRNAL REVENUE § 986 the_~tax imposed by sgctions 1061 ar 10%) in the manner pmjvideil in lctixm 955. [Umm 2, IW4, 4.6} p. m., cz 234, l 2%, 43 Stgt, 283.) ·. il- » _ l %& DQ¤¢ti¤ms dllowsble in wngmting net i¤me..—-——= (la) In computing the net income of a dnrmatiou smbjevt to the tax im· %d by section 981 of this title there shall be ·aHowe1i ns. dcductiongz · ~ l Ofdmsry  ¤ ry expenditure imurreé d¤ri¤g tambk year, nlarlu; rests}!.-—·(1} All, me ordinary and nmcmry {expenses paid or incurred daring, nw taxéblc ywi in cérryQ an any lttsde or business, includim a  nilovbnée to: salarlu or ether? ccmpmsgtivn tc: pemmsl sévicw actually _rem!e;·e<l, and including  payment; pequi   ta m ,made ss a éopditicn to the costinned use or ; ·»¤<   t n aunt wvperty to which·.thal_corpqratlw has not taken or is not taking  title, or in which it has xw equity; ll Interest nid cr   within tax;& year.-(2) All »i¤t.erpst paid or sccmgq within the mxablg year an its imlebtcmm except on iudebtednm mcufred 6: cmtinuw to   or `cnrry obllgnticm ow aecuritici (cthertban   M tm _ United Stafw. imucd after Semember 24} 1917, and arlglnally submribed ltd: by the t¤;p¤!¢l*) the i¤t%¢ upon whiz; is wbblly excdpt from taiatipn under, this _¢aptei; » Taxes paid _¤a· acciuied qithin taxable yur.-=-(3) Taxes paid w accrued within lthe taxable sm: except (A) iuwme. warpro§tx§, a¤d 'exmwprwm taxa immgé by the Al authority c! .tbe,United States, (B) so much oy i¤p&, v¤j§;‘·pr€>§ts*s¤el excws-ptchta taxes imposed J by t  authority ct my {amiga cpnmtry or ·»·— ;·».; ozrct the United Swim as isgllcww as ¢_ credit under section 990 0( this title, md (C} mxm»    v against lqcal benefits of a lkincf tending ltd inérusé the vxlm ctthem·0pgrtlyaés—essed._I¤th¢¤.se¤f¤bl Specl@i¤ sébdhisiou-· (b) of section w no deduction far the mymut ot fthe tax imposéd by this chapter, ér any other * tax paid jiursuaut fo the tam-ima igcvenant clause, shall he allbweil, npr slgdu such tax bé included in the   mccmhf thé olgollgec. The deductioi =¤ll0wgdQ byé thia   shall he allowed in the case at taxa imposed upm a shnrwclda at a`¢01fpox‘ati0u upon his iatercqp is ‘shareh01de=r, which are paid by` mq corpoxétiou wsmme »e1mb e¤e_ mm uw gm-E. holder, but in such cases ; no ckductimj shall be tllowcd the slgarcliolder for · the amgunt of  taxm.; For the pnrpm of this ·p~ni·a·gr;ph, estate; éinlpgritnnce, lmacy, and *succés¤ia¤_ 'kaxes ac<:me_dq the due; date thérwt exmt is  pmvldml bylaw qt the jurisdiction imposing such taxes;   ` duh; tsxihly  Jrilhom camp&· tics.-—-(4) L0sm·mtalued during. me taxable yum and nat. compxted Vicar by imrance or  R¤ m ¤ shall be gllmrcdl xmdé this paragraph for gn: Mw claimed tc) l have béw  in my ale ar 0—thsr'éis@tio¤ of shares at stmt or   when it appear; mnt within thirty days ` before or   tm date nf meh &¤l¢“‘¢r other dispokition the tatxpayer has ncquires (  than by bcqmst or ‘ inheritf ance) ,6: has entered intio. acoatmct or option to acquire sub- Tstantially idwtml D!‘9D¤*t1'»`8¤d ihe_D§<>¤¢1‘¢¥ N €¢Q¤i¤‘€d is  held by. tha` tniapnyer tai any pepibd   such sale or other l d ltio¤, mlm meh éiaim is made by a dealer in stoék or @ritim And virith   to a` transaction made in lthe endil nary cauru ct lu b¤u$i¤em It such acquisition otj the- contract l or eption to aqqulre is to thdexhent of mn my. ot lsubstammuy ldentiwl property, théu amy a prqpcrtiohajse part of the low shall be disallowed. The mais mr determining the amcmnz of the cleglmrticm for Imam sustaiubd shall be the same as is provided in section %5 pt this Eitlc for determining the gaixi or wu from the sale cr` when- eilsposition of property; Wcrthlcu  chargvd ¢§`witlain taxable year; fescrvé fop Md kbilydcks recoverable in par:t.—-—(5> Debts ns c·er·mined tb be worthim and cbsrged··oi'£ wit11i¤—‘the_ mxakxle yqar (or