Page:United States Statutes at Large Volume 53 Part 1.djvu/116

 TABLE OF CONTENTS CHAPTER 2-ADDITIONAL INCOME TAXES SUBCHAPTER A-PERSONAL HOLDING COMPANIES Sec. 500. Surtax on personal holding companies. Sec. 501. Definition of personal holding company. Sec. 502. Personal holding company income. Sec. 503. Stock ownership. Sec. 504. Undistributed subchapter A net income. Sec. 505. Subchapter A net income. Sec. 506. Deficiency dividends-credits and refunds. Sec. 507. Meaning of terms used. Sec. 508. Administrative provisions. Sec. 509. Improper accumulation of surplus. Sec. 510. Foreign personal holding companies. Sec. 511. Publicity of returns. SUBCHAPTER B-EXCESS-PROFITS TAX Sec. 600. Rate of tax. Sec. 601. Adjusted declared value. Sec. 602. Net income. Sec. 603. Other laws applicable. Sec. 604. Publicity of returns. SUBCHAPTER 0-EXCESS PROFITS ON NAVY CONTRACTS Sec. 650. Method of collection. Sec. 651. Laws applicable. SUBCHAPTER D-UNJUST ENRICHMENT Sec. 700. Tax on net income from certain sources. Sec. 701. Credit for other taxes on income. Sec. 702. Administrative provisions. Sec. 703. Taxable years to which subchapter is applicable. Sec. 704. Application of subchapter to possessions. Sec. 705. (losing agreements. Sec. 70(. Publicity of returns. CHAPTER 2-ADDITIONAL INCOME TAXES SUBCHAPTER A-PERSONAL HOLDING COMPANIES SEC. 500. SURTAX ON PERSONAL HOLDING COMPANIES. There shall be levied, collected, and paid, for each taxable year beginning after December 31, 1938, upon the undistributed subchapter A net income of every personal holding company (in addition to the taxes imposed by chapter 1) a surtax equal to the sum of the following: (1) 65 per centum of the amount thereof not in excess of $2,000; plus (2) 75 per centum of the amount thereof in excess of $2,000. SEC. 501. DEFINITION OF PERSONAL HOLDING COMPANY. (a) GENERAL RuLE.- For the purposes of this subchapter and chapter 1, the term "personal holding company" means any corpora- tion if- (1) GRoss INCOME REQUIREMENT. - At least 80 per centum of its gross income for the taxable year is personal holding company income as defined in section 502; but if the corporation is a per- 104

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