Page:United States Statutes at Large Volume 47 Part 1.djvu/201

 72d CONGRESS. SESS. I. CH. 209 . JUNE 6, 1932 . 177 $20,600 upon net incomes of $96,000 ; and upon net incomes in Suraz° an Tflivta. excess of $96,000 and not in exce ss of $98,000, 46 per ce ntum uala. in addition of such excess. RATE S-C ontd. $21,520 upon net incomes of $98,000 ; and upon net incomes in excess of $98,000 and not in excess of $100,000, 47 per centum in addition of such excess. $22 ,460 upon net in comes of $100,000 ; and upon net incomes in excess of $100,000 and not in excess of $150,000, 48 per cen tum in additio n of suc h excess. $46,460 upon net incomes of $150,000 ; and upon net incomes in ex cess of $1 50,00 0 and not in excess of $200,000, 49 per centum in additio n of suc h excess. $70,960 upon net incomes of $200,000 ; and upon net incomes in excess of $200,000 and not in excess of $300,000, 50 per centum in additio n of suc h excess. $120,960 upon net incomes of $300,000 ; and upon net incomes in excess of $300,000 and not in excess of $400,000, 51 per cen tum in addition of such excess. $171,960 upon net incomes of $400,000 ; and upon net incomes in excess of $400,000 and-not in excess of $500,000, 52 per centum in additio n of suc h excess. $223,960 upon net incomes of $500,000 ; and upon net incomes in excess of $500,000 and not in excess of $750,000, 53 per centum in addition of such excess. $356,460 upon net incomes of $750,00 0 ; and upon net in comes i n excess of $750,000 and not in excess of $1,000,000, 54 per centum in additio n of suc h excess. $491,460 upon net incomes of $1,000,000 ; and upon net incomes in excess of $1,000,000, 55 per centum in addition Much excess. (b) SALE OF MINES AND OIL OR GAS ELLS:For limitation of sur- Sale of m ines, etc. tax attributable to sale of mines and oil or gas wells, see section 102 . Post, p. 19 2- (C) CAPITAL NET GAINS AND LOSSES .-For rate and computation of 10 Capital net gains and tax in lieu of normal and surtax in case of net incomes of not less than $16,000, approximately, or in case of net incomes, excluding Post, p .191, items of capital gain, capital loss, and capital deductions, of not less than $16,000, approximately, see section 101. Evasion by incorpoo- (d) EVASION OF SURTAXES BY INCORPORATION .-For tax on corpo- ration. rations which accumulate surplus to evade surtax on stockholders, Post, p. 195. see section 104. SEC. 13. TAX ON CORPORATIONS. Tax on corporations. (a) RATE OF TAx .-There shall be levied, collec ted, and paid for Rate. each taxable year upon the net income of every corporation, a tax of 133/ 4 per cen tum of the amount of the net income in excess of the credit against net income provided in section 26. Exempt corpora- (b) EXEMPT CORPO RATIONs .-For corporat ions exempt from tax, Lions. see sec tion 103. Post, p. 193. Accumulating sur- (c) IMPROPER ACcUMuLATION OF SuRPLIIS .FOr tax on corpora- plus to avoid surtax. tions which accumulate surplus to evade surtax on stockholders, see Poat p. 195. section 104. Period embracing SEC. 14. TAX AB LE PERIOD EMBRACING YE ARS WIT H DIFFERENT wears with different LAWS. aw s. If a taxable period embraces port ions of two cale ndar years for Post, computing rp .t 195. t= which the laws are different, the tax shall be computed as provided in section 105. 3051'- 33-12