Page:United States Statutes at Large Volume 44 Part 2.djvu/73

 SIXTY-NINTH CONGRESS. Sass. I. Cs. 27. 1926. 33 and shall be paid by the fiduciary. The netinccme of the estate or (,O;$:*u;;¤_;, M trust shall be computed in thsrsame manner andou the same basis i¤·><>m¤. as rovidedin section¤212, except. that-Q-I    ~ - » ~ 5) There shall be allowed asia deduction (in lieu of the deduc— ,,§°L*fr°$u,°L$ tion authorized by paragraph (10) of subdivision (a) of section 214) viriwciimimcms. any part of thetE>m—mcome, without limitation,·which pursuant to the terms of will ordeed  the truds, is during the taxable yearpaid or permanently set asi e for the purposes and in themanner speciiiedrin paragrap (10) of subdivisim t(a).of.section Aw 27 214, or IS to be used exclusivelywfor religious, charitable, scientific, ’°' ' literary, or educational purposm, or for the prevention of, cruelty to children oranimals, or for the establishment, acquisition, mainte» nance or operation ofla public cemetery  for profit; (2) There shall be allowedas anadditi `deduction in comput- ,,§§d}§}°§,§},,§€°§,§§ ing the net income of thedstate·»=en=tri1st the amount of the inwme *¤¤¤¤¤¤¤¤v¤¢¤¤l¤=v· of the estatcor trust for its taxable year which is to be distributed currently by the fiduciary 'to the beneficiaries, and the amount`) of themoome collected by wguardian of an infant whichis to be held or distributed as the courtmay direct, butlthe amountrao allowed as a deduction shall be included in computing the net income of the beneficiaries whether distributed to them or not. Any amount L*¤*“-***<¤· allowed as a deductiomunder this paragraph shall not be allowed as a dedluctiou. under, paragraph (3) in the same or any succeeding taxab e ear- . J i. s (3) Ig thai case of income received by estates of deceased persons ¤$`,§1di$i°”§E.d%`;Y$X?§ during the period ofradministration orsettlement of the estate,  '·°° *° and in the case of income which, in the discretion of the fiduciary, ` may be either distributed to the beneficiary or accumulated, there shall be allowed as an additional deduction in computing the not income 0;, the estatzbpj trust tl}: amount of {he iugome ¢$.l;¢;dea$:ate or  or itsta year w 'c is roper y pai or c i ur- inig such year to any leéatee iheir, or beneiiciaryybut the amount so  °"°°“°° al owed as adeduction s all be included in computing the net income of the legatee, heir, or beneficiary. » Nm _1 m mm (c) For the purpose of the normal tax the estate or trum shall be exemptions Jiitwed, allowed·the·same°c1·e<lit as is allowed to,·e·singlee§»rson under sub· *’°“"·°°°· division (c) of section 216, aud, if nopart of t e incomeoi the estate or trust is includedin computirtigy the net income of any 1 tee- heir, or beneficiary, then in addi on the same credits as are silldwed by subdivisions (a) and (bz of section 216, _ Cm umm be ` (d) H any part of the income o an est.ate_or_‘trust is included in ,,m,,,,,§’,,‘§ 0,,,,,,,;*; computing t e not income of plllfl lefetec, he1r,=or beneficiary, such *¤"¤¤°· legatee, heir,‘or beneliclaz sh, or the purpose of the normal tax be allowed as credits, addition to the credits allowed to _h1m under section 216, his ‘ pcrtlonate share of such amounts specified in subdiv·isions.*(a:) angfzb) of section 216 as are, under this section, required to be in uded in computing his net  Any remem- ing portion of such amounts specified in subdivisions (a) and (b) of section   shaliléjior thi; purpose of the normal taxgbe allowed as , (!!'Bd1·t8l20-iBSl'.d} `rt   ( . , A (e) ` If the taxable your fof a beneticlary is   from that of ,b§Z°‘§‘,’§*§{$,{i §Z,’$i the estatdfor trust,   amount, which he is required, under para- ¤•¤¤¤¤i¤v <¤¤¤‘· e sph (2), ofsubilirisions`,(b)‘eof   mcludein mmpix gis net income, shallbe  the income of the estate or` fd taxable  `»   `   taxable·year*.. ` * lf)  trust   by an emtployer as a ugart ’cf_ a stock bonus, _,§j°,§§  pension, or profit-sharing   or the excl ve beneht of some or cmu. all of   employees, to w `ch contmbutions are madeQb‘y,isuch‘em~ 43%°····27——-·—8 ` i