Page:United States Statutes at Large Volume 48 Part 1.djvu/234

 208 '7 3d CONGRESS. SESS. I. CH. 90. JUNE 16, 1933 . Limit. imposed by this section, under such rules and regulations as he may prescribe with the approval of the Secretary, but no such extension shall be for more than sixty days. Inspection of returns. (e) Returns required to be filed for the purpose of the tax imposed by this section shall be open to inspection in the same manner, to Vol.44,p.10. the same extent, and subject to the same provisions of law, including penalties, as returns made under title II of the Revenue Act of 1926. Adjusted declared (f) For the first year ending June 30 in respect of which a tax value . Computation of, first is imposed by this section upon any corporation, the adjusted declared year. value shall be the value, as declared by the corporation in its first return under this section (which declaration of value cannot be amended), as of the close of its last income-tax taxable year ending at or prior to the close of the year for which the tax is imposed by this section (or as of the date of organization in the case of a corpo- ration having no income-tax taxable year ending at or prior to the close of the year for which the tax is imposed by this section). For Dom se eque e nt corpo ra any subsequent year ending June 30, the adjusted declared value in tion. the case of a domestic corporation shall be the original declared value plus (1) the cash and fair market value of property paid in for stock or shares, (2) paid-in surplus and contributions to capital, and (3) earnings and profits, and minus (A) the value of property distributed in liquidation to shareholders, (B) distributions of earn- ings and profits, and (C) deficits, whether operating or nonoperat- ing ; each adjustment being made for the period from the date as of which the original declared value was declared to the close of its last income-tax taxable year ending at or prior to the close of the year for which the tax is imposed by this section. For any subse- Adjusted de cla red uent year ending June 30, the adjusted declared value in the case value, for eign corp ora- tions. of Y g tions. of a f oreign corpor ation s hall be the o riginal declar ed val ue adju sted, in accordance with regulations prescribed by the Commissioner with the approval of the Secretary, to reflect increases or decreases (for the period specified in the preceding sentence) in the capital employed in the transaction of its business in the United States. Meaning of terms. (g) The terms used in this section shall have the same meaning as when used in the Revenue Act of 1932. Tax on net income SEC. 216 . (a) There is hereby imposed upon the net income of of corporations. computation of. every corporation, for each income-tax taxable year ending after Post, p 771 the close of the first year in respect of which it is taxable under section 215, an excess-profits tax equivalent to 5 per centum of such portion of its net income for such income-tax taxable year as is in excess of 121/2 per centum of the adjusted declared value of its capital stock (or in the case of a foreign corporation the adjusted declared value of capital employed in the transaction of its business in the United States) as of the close of the preceding income-tax Ante, p .207. taxable year (or as of the date of organization if it had no preceding Meaning of terms . income-tax taxable year) determined as provided in section 215. The terms used in this section shall have the same meaning as when used in the Revenue Act of 1932. Assessment and col- (b) The tax imposed by this section shall be assessed, collected, lection of taxes, Vol. 47, p. 173. and paid in the same manner, and shall be subject to the same provi- sions of law (including penalties), as the taxes imposed by title I of the Revenue Act of 1932. Proclamations. SEC. 217 . (a) The President shall proclaim the date of- Revenues of United states exceed expendi- tures. (1) the close of the first fiscal year ending June 30 of any Posr, p 1720. Year after the year 1933, during which the total receipts of the United States (excluding public-debt receipts) exceed its total expenditures (excluding public-debt expenditures other than those chargeable against such receipts), or