Page:United States Statutes at Large Volume 45 Part 1.djvu/884

 SEVENTIETH CONGRESS. SEss. I. Cii. 852 . 1928. 833 (g) Allocation of income and deductions. -F or a l lo ca ti o n of INC OME TAX Allocatio n of income income and deductions of related trades or businesses, see section 45. and deductions. Ante, p.806. SEC. 143. FIDUCIARY RETURNS. Fiduciary returns. (a) Requirement of return .-Every fiduciary (except a receiver com en sc ., of ben of income, wor n of by authority of law in possession of part only of the prop- manes. erty of an individual) shall make under oath a return for any of the f ollowing individua ls, estat es, or t rusts for which he acts, st ating specifically the items of gross income thereof and the deductions and credits allowed under this title- wi th net income of (1) Every individual having a net income for the taxable $1,500 or over, and sin- year of $1,500 or over, if single, or if married and not living gle, etc• with husband or wife ; Married, etc ., with (2) Every individual having a net income for the taxable $3,500 or over. year of $3,500 or over, if married and living with husband or wife ; Gr oss income of (3) Every individual having a gross income for the taxable $5,000 or over. year of $5,000 or over, regardless of the amount of his net income ; Estates o r trusts of (4) Every estate or trust the net income of which for the tax- $1 .50 0 net inc ome or able year is $1,500 or over ; over. (5) Every estate or trust the gross income of which for the $50ro s Ooncome of taxable year is $5,000 or over, regardless of the amount of the net income ; and 6 Ever estate or tru st of which any be nefici ary is a non- Nonresident alien resident alien. y y beneficiaries. . (b) Joint fiduciaries .-Under such regulations as the Commis- By joint fiduciaries. sioner with the approval of the Secretary may prescribe a return made by one of two or more joint fiduciaries and filed in the office of the collector of the district where such fiduciary resides shall be sufficient compliance with the above requirement. Such fiduciary oath requ ired. shall make oath (1) that he has sufficient knowledge of the affairs of the individual, estate or trust for which the return is made, to enable him to make the return, and (2) that the return is, to the best of his knowledge and belief, true and correct. (c) haw applicable to fiduciaries .-Any fiduciary required to app li cabl e to provisions make a return under this title shall be subject to all the provisions pals. of law which apply to individuals. SEC. 144 . WITHHOLDING OF TAX AT SOURCE. Wit hhold ing tax at sou rce. Tax-free covenant (a) Tax-free covenant bonds .- bonds . (1) REQU IREME NT OF WITHHOLDING.-In any case where bonds By corp orations y agreeing to pay interest mortgages, or deeds of trust, or other similar obligations of a free from tax, etc. corporation contain a contract or provision by which the obligor agrees to pay any portion of the tax imposed by this title upon the obligee, or to reimburse the obligee for any portion of the tax, or to , pay the inte rest wit hou t de duct ion for any tax which the obligor may be required or permitted to pay thereon, or to retain therefrom under any law of the United States, the obligor shall deduct and withhold a tax equal to 2 per centum Tax to be w ithheld. of the interest upon such bonds, mortgages, deeds of trust, or other obligations, whether such interest is payable annually or at shorter or longer periods, if payable to an individual, a partnership, or a foreign corporation not engaged in trade or business within the United States and not having any office or Provisos. place of business therein : Provided, That if the liability assumed Rates to be withheld. b y the obligor does not exceed 2 per centum of the interest, then the deduction and withholding shall, after the date of the enactment of this Act, be at the following rates : (A) 5 per Fro m non re sid ent alien individuals, etc. centum in the case of a nonresident alien individual, or of

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