Page:United States Statutes at Large Volume 49 Part 1.djvu/1062

 74TH CONGRESS. SESS. I. CH. 829. AUGUST 30, 1935 . of the amount of the payment : Pr ovi ded fur the r, That the Com- missioner, under rules and regulations prescribed by him with the approval of the Secretary, may authorize withholding under this section and section 143(a) (1) (B), in cases where t he taxpa yer has a taxable year ending on any other date than December 31, at the rate of 133/4 per centum (and, in the case of payments of dividends with respect to which withholding is required, may authorize such payments to be made without withholding) until the beginning of the taxpayer's first taxable year which begins after December 31, 1935 ." SEC . 103. INCOME TAX ON LIFE INSURANCE COMPANIES Sections 201(b) (1) and (2) of the Revenue Act of 193 4 are amended by striking out " 133/ 4 per centum of" and in serting in lieu thereof " a tax at the rates specified in section 13 upon ". SEC. 104. INCOME TAX ON INSURANCE COMPANIES OTHER THAN LIFE OR MUTUAL Sections 204(a) (1) and (2) of the Revenue Act of 193 4 are amended by striking out " 13'3/4 per centum of " and inserting in lieu thereof " a tax at the rates specified in section 13 upon ". SEC. 105. CAPITAL STOCK TAX (a) For each year ending June 30, beginning with the year ending June 30, 1936, there is hereby imposed upon every domestic corpo- ration with respect to carrying on or doing business for any part of su ch year an excise tax of $1 .40 for each $1,000 of the adjusted declared value of its capit al stock . (b) For each year ending June 30, beginning with the year ending June 30, 1936, there is hereby imposed upon every foreign corpo- ration wi th respe ct to ca rrying o n or doi ng busin ess in the Unit ed States for any part of such year an excise tax equivalent to $1.40 for each $1,000 of the adjusted declared value of capital employed in the transaction of its business in the United States. (c) The taxes imposed by this section shall not apply- (1) to any corporation enumerated in section 101 of the Revenue Act of 1934, as amended ; (2) to any insurance company subject to the tax imposed by section 201, 204, or 207 of such Act, as amended. (d) Every corporation liable for tax under this section shall make a return under oath within one month after the close of the year with resp ect to w hich suc h tax is imposed to the collect or for t he district in which is located its principal place of business or, if it has no principal place of business in the United States, then to the collector at Balt imore, M aryland. Such return shall contain such information and be made in such manner as the Commissioner with the approval of the Secretary may by regulations prescribe. The tax shall, without assessment by the Commissioner or notice from the collector, be due and payable to the collector before the expiration of the period for filing the return. If the tax is not paid when due, there shall be added as part of the tax interest at the rate of 6 per centum per annum from the time when the tax became due until paid. All provisions of law (including penalties) applicable in respect of the taxes imposed by sect ion 600 of the R evenue A ct of 1 926 shal l, insofar as not inconsistent with this se ction, be appl icable in res pect of the taxes imposed by this section. The Com mis sio ner may ext end the time for making the returns and paying the taxes imposed by this sect ion, und er such rules an d regula tions as he may prescri be Vol. 48, p. 723. 1 017 Income tax on life in- surance companies. Vol. 48, p. 731. Rates of tax. Income tax on insur- an ce companies oth er than life or mutual. Vol. 48, p . 733 . Imposition of tax; domestic companies. Capital stock tax. Imposition of excise tax ; domestic corpora- tions. Vol. 48, p. 769. Post, p . 1733 . Forei gn c orpo rati ons . Exemptions. Vol. 48, p . 700. Vol. 48, p. 731. Returns. Contents. Payment of tax. Tax interest. Pro vis io ns of law applicable. Vol. 44, p . 93; U. S. C.,pp.1133,1134. Extension of time fo r making return.