Page:United States Statutes at Large Volume 50 Part 1.djvu/715

 690 Examination of books, etc. Summons ; power to compel obedience. Extens ion of time for filing return. Tax rate . Precise. Broker or agent. Comput ation for fraction of year. Consolidation of business . National banks, public utilities, etc ., ex empt. o Tax on tangible personal property ; credit tberefor. 75TH CONGRESS, 1sT SESSION-CH. 690-AUGUST 17, 1937 mation as the Commissioners may deem necessary for the proper administration of this title. The Commissioner s, for the pu rpose of ascer taining the c orrect- ness of any return filed hereunder, or for the purpose of making a return where none has been made, are authorized to examine any books, papers, records, or memoranda bearing upon the matters required to be included in the return and may summon any person to appear and produce books, records, papers, or memoranda bearing upon the matters required to be included in the return, and to give testimony or answer interrogatories under oath respecting the same, and the Commissioners shall have power to administer oaths to such person or persons. Such summons may be served by any member of the Metropolitan Police Department. If any person having been personally summoned shall neglect or refuse to obey the summons issued as herein provided, then 2 and in that event, the Commissioners may report that fact to the District Court of the United States for the District of Columbia, or one of the justices thereof, and said cour t or any jus tice the reof her eby is e mpow ered to comp el o bedi ence to such summons to the same extent as witnesses may be compelled to obey the subpenas of that court. T he Com missio ners a re au thoriz ed and empo wered to ext end fo r cause shown the time for filing a return for a period not exceeding thirty days. SE C. 5. For the privilege of engaging in business in the District of Columbia, each person so engaged sh all pay to the collector of taxes of the District of Columbia for the fiscal year 1937-1938 a tax equal to two-fifths of 1 per centum of the gross receipts in excess of $2,000 derived from such business for the calendar year 1936 : Provided, however, That the tax imposed by this section shall be payable only upon the gross commissions of any person engaged in the business o f a broker or agent, and s liall not be p ayable upon the funds of his principal, of which he is a mere conduit. If a taxpayer was not engaged in business during the whole of the calendar year 1936 he shall pay the tax imposed by this title meas- ured by his gr oss receipts during the pe riod of one ye ar from the date when he became so engaged ; and if such taxpayer shall not have been so engaged for an entire year prior to the approval of this Act, then the tax imposed shall be measured by his gross receipts for the period during which he was so engaged, multiplied by a fraction, the numerator of which shall be 365 and the denominator of which shall be the number of days during which he was so engaged. . If a person liable for the tax during any year or portion of a year for which the tax is computed acquires the assets or franchises of or merges or consolidates his business with the business of any other person or persons, such person liable for the tax shall report, as his gross receipts by which the tax is to be measured, the gross receipts for such year of such other person or persons together with his own gross receipts during such year. SEC. 6 . National banks and all other incorporated banks and trust companies, street railroad, gas, electric lighting and telephone com- panies, companies incorporated or otherwise, who guarantee the fidelity of any individual or'individuals, such as bonding companies, companies who furnish abstracts of titles, savings banks, and build- ing and loan associations which pay taxes under existing laws of the District of Columbia upon gross receipts or gross earnings, and insurance comp anies which p ay a tax upon premiums shal l be exempt from the provisions of this title. Any tax levied by the District of Col umbia upon t angib le per sonal proper ty (o ther t han mo tor vehicles) for the fiscal ye ar 1937-1938 and paid by su ch taxpayer shall be credited upon the tax due under this title.