Page:United States Statutes at Large Volume 44 Part 2.djvu/51

 SIXTY;NIN'l‘H CONGRESS.,;@Snes.e‘I. ;¥G1z;;`227.‘ 11926. 11 distributed; l>ut·ou1y· such  texrireev distribution shall » be lpplied ”’°°***»’¤· against and reduce—the—h¤.eie oftbedoele pmvtdedin  » °°°°M”°' gg}  distribgtgkd éimoomgnete iliquidntiog. o££:io¢pomt;i;3  *¤·“*¤{" - · ill IH   sl]! — OI; »-      so  be_tmwed1eimpsit eh! _ £p•y¤;¤tiilembA¤ge·1em~ oteokmflfhe guar logsitoethe   usultig iremmichg exohengmshell ,,f,°§:{;‘,{“"‘°° °' »;the» '$!‘ii~9fé8|l¢·h distzibutiou which ;is,`%mperl{ elmrgeebleyto?   aeeountx-shsl1·;n0t _b• considered, distri utxon of eermngs or rofits within themeemng of   tb); otethis eect5on¤»fol· tdiesipuxpoeercaiidetefmining 1 p  tunbility oimubeeqnnentvdistqaihutions by the ee¤·pontionl.- {  ·i v (d) If any emaxmmnt (not ¤.me£m·ti•l·,o¤~pomp1¤te liiwidstioxxl ¢¤?§'§£$$°&'»33§ made by n. eorpomtion·to—it¤»shue elders-is not out of increase in *;g*;>i:u}g¢¤¤ {6 we vglue of  =M1;tehvf1q 1§1l3§»end>i:1not,;,onnt win. is °* e· eor·q»ro§td,v "en· amd cmu   " `¤`0¤·, be appli:5 against and reduce the basis of the Si’»0Ck·,]71'0¥ié0d in K swoon 204, and it ei¤·ueess¤¤ti·¤¤o1t·¤b¤sis, suchzexeese ¤h¤11=be·, taxeble~in~the same ·ID1!1DGI’·`BS e gninsfroniithe i••le»or; emhmge ofptoperty; {The vprovisionsozfzlthm  slsoébpply to D°"‘°°°°"""'°°" distributions from depletion reserves, ‘ ,·01}~th0odlBQOY¢f§-»N&lH€ _ 0 11111108. ;~    W *s`:*—•m· 4,.; (e) Any distribution made by s corporation, which was clesdiied E”°¤*;°¤ °‘ <**¤· as e personal service corp0mtion·under¤tl1ef•mvieion¤of·=the Revenue Acthof églghor the titevgigie Act of 192, outthoéuits earnings 0;  mt ix ppc ts} ' were xs »in~eoeo ·¤rwi _ .,· rovisionson·ce¤celso1<   (swkethen-pr not mPg¤¤·¤¤t¢l :¢••¤•¤ sue   wss= Buell msi e.»stoeltsdividend)¤ etosuch. ·timeglmcl·»>in emasm. such !!11lXl1GP—`0B’¢¢Q’*mIk8*th6 distribution; and eeueellstien or 1 ‘ 1 redeigption in whole or in partessentislly iequivuleaiwto thedistribuy tions Jie taxable dividend, 1&1e._iuimuht;so¤d11¤¤ributed»= in Z redemption or ceneellstionyofgthe stoek,·—to· the extent that tit~  se distribution of  orvprofiteésceumuletediefter {F     i 1913, shell¥¥be·;treeted as s taxable :livideml»lZIn»i:l1esc•ae»~o the eancelldtiou  ofistdok notimued asia stoektelividend this subdivision shall apply only if the cancellation or redemption ism•devefter‘*Jenuaryx. ,1920;      » N ·  1 · — <;»~   iv; ‘ ,tt, (11)*  in·tl1is··seeti0n thevtemn *‘emomite distxibuted in ...M,°"¤§_¤¤ *I¤,,g ,°*’, partie!) liquidation? means e»     an corporation) in ¤¤p¤uuu¤¤s¤•e¤¤.·· complete c•Jncel1e.tiontou·‘1·eilemption of s part of its stock,sor one 0; auseries of distriéautions in complete cancellation or redemption 0 1 oreportionvo   e it s _ s   e ~ `nnrmmxxrrox 0r·4u0U1•u· or mm on was A °"’“°"°'°‘ Sno. 202. e) Except as‘he1·einefter provided in this section, the ,,,’§*,¥"°"’§,°°'“"“‘”"j gain from tim sale or otheriditsgisition of proyiartg shell be (the pw www excess of the amount   · refrom overt ` Jnlrovided in subdivision.»(e) or (b) of section 204, and the loss sh be the excess of suchtbesis/over the amount realized. s » si   t ( gb) In computing the `emount of gain or less under subdivision °°”*P°*°**°'*