Page:United States Statutes at Large Volume 48 Part 1.djvu/761

 73d C ONGRESS. SESS. II. CH. 277 . MAY 10, 1934. 735 TAX Act of Congress which is allowed to an individual as a credit for INC s•URANCE purposes of normal tax by section 25 (a) (2) or (3). COMPANIES- Contd. SEC. 205. TA XES OF FO REIGN COU NTRI ES AND PO SSESS IONS OF Foreign, etc., taxes. UNITED STATES. The amount of income war-profits, and excess-profits taxes Credit for, allowed impose d by forei gn cou ntrie s or p osses sions of the United domestic insurance States companies shall be allowed as a credit against the tax of a domestic insurance compan y sub ject to the tax impose d by section 201 or 204, to the extent provided in the case of a domestic corporation in section 131, and in such cases " net income " as used in that section means the net income as defined in this Supplement. SEC. 206. COMPUTATION OF GROSS INCOME. The gross income of insurance companies subject to the tax imposed by section 201 or 204 shall not be determined in the manner provided in section 119. Supplement H-Nonresident Alien Individuals SEC. 211. G ROSS I NCOME. (a) GENERAL RULE .-In the case of a nonresident alien individual gross income includes only the gross income from sources within the Unit ed St ates. Ante, p. 731. Ante, p. 718. Gross income. Computation . Ante, p. 731. Ante, p. 716. SEC. 207. MUTUAL INSURANCE COMPANIES OTHER THAN LIFE. (a) APPLICATION OF TITLE .-Mutual insurance companies, other than life insurance companies, shall be taxable in the same manner as other corporations, except as hereinafter provided in this section. (b) GR OSS IN COME .-Mu tual mar ine- insu ranc e co mpan ies shal l include in gross income the gross premiums collected and received by them less amounts paid for reinsurance. (c) DEDU CTIO NS .-In addit ion to the deduc tions allow ed to cor- porations by section 23 the following deductions to insurance com- panies shall al so be al lowed, u nless ot herwise allowed- (1) MUTUAL INSURANCE COMPANIES OTHER THAN LIFE INSUR- Mutual insura nce ANCE .-In the case of mutual insurance companies other than life companies. i nsur ance com pani es- (A) the net addition required by law to be made within the Addition to reserve taxa ble year to rese rve fund s (inclu ding in t he case of asses s- funds . ment insurance companies the actual deposit of sums with State or Territorial officers pursuant to law as additions to guarantee or reserve funds) and (B) the s ums other tha n dividends pai d within the ta xa ble Policy and annuity year on poli cy and a nnuity c ontracts. •ontracts. (2) MUTU AL MAR INE IN SURANC E COMP ANIES .-In the case of Mutual marine in- suran ce com panies. mutual marine insurance companies, in addition to the deductions Repayments m pol- allowed in paragraph (1) of th is subsection, unless otherwise icy holders. allowed, amounts repaid to policyholders on account of premiums previously paid by them, and interest paid upon such amounts between the ascertainment and the payment thereof ; (3) MUTUAL INS URAN CE CO MPAN IES O THER THA N LIF E AND MARINE .-In the case of mutual insurance companies (including interinsurers and reciprocal underwriters, but not including mutual life or mutual marine insurance companies) requiring their menl- bers to make pr emium de posits t o provid e for lo sses and expense s, the am ount of pr emium depos its r eturne d to their polic yhold ers and the amount of premium deposits retained for the pa yment of losses, expenses, and reinsurance reserves. Mutual insurance compani es othe r than life. Taxable as other cor- porations. Gross income; pre- miums less reinsurance. Additiona l deduc- tions. Ante, p 688 Companies other than life and marine. Premium deposits re- turne d. NONRESIDENT ALIEN INDIVID- UALS. Gross income. Includes United State s so urces only.