Page:United States Statutes at Large Volume 53 Part 1.djvu/48

 36 CODIFICATION OF INTERNAL REVENUE LAWS computation of such credit under section 27 (b) (1) shall be made without its reduction by the amount of the credit provided in section 26 (a), relating to interest on certain obligations of the United States and Government corporations. (e) TAX ON PERSONAL HOLDING COMPANIES. - For surtax on personal holding companies, see section 500. SEC. 103. RATES OF TAX ON CITIZENS AND CORPORATIONS OF CER- TAIN FOREIGN COUNTRIES. Whenever the President finds that, under the laws of any foreign country, citizens or corporations of the United States are being sub- jected to discriminatory or extraterritorial taxes, the President shall so proclaim and the rates of tax imposed by sections 11, 12, 13, 14, 201 (b), 204 (a), 207, 211 (a), 231 (a), and 362 shall, for the taxable year during which such proclamation is made and for each taxable year thereafter, be doubled in the case of each citizen and corporation of such foreign country; but the tax at such doubled rate shall be con- sidered as imposed by sections 11, 12, 13, 14, 201 (b), 204 (a), 207, 211 (a), 231 (a), or 362, as the case may be. In no case shall this section operate to increase the taxes imposed by such sections (com- puted without regard to this section) to an amount in excess of 80 per centum of the net income of the taxpayer. Whenever the Presi- dent finds that the laws of any foreign country with respect to which the President has made a proclamation under the preceding provisions of this section have been modified so that discriminatory and extra- territorial taxes applicable to citizens and corporations of the United States have been removed, he shall so proclaim, and the provisions of this section providing for doubled rates of tax shall not apply to any citizen or corporation of such foreign country with respect to any taxable year beginning after such proclamation is made. SEC. 104. BANKS AND TRUST COMPANIES. (a) DEFINITION. -As used in this section the term "bank" means a bank or trust company incorporated and doing business under the laws of the United States (including laws relating to the District of Columbia), of any State, or of any Territory, a substantial part of the business of which consists of receiving deposits and making loans and discounts, or of exercising fiduciary powers similar to those permitted to national banks under section 11 (k) of the Federal Reserve Act, 38 Stat. 262 (U. S . C., Title 12, § 248k), as amended, and which is subject by law to supervision and examination by State, Territorial or Federal authority having supervision over banking institutions. (b) RATE OF TAx.- Banks shall be taxable under section 14 (d). SEC. 105. SALE OF OIL OR GAS PROPERTIES. In the case of a bona fide sale of any oil or gas property, or any interest therein, where the principal value of the property has been demonstrated by prospecting or exploration or discovery work done by the taxpayer, the portion of the tax imposed by section 12 attrib- utable to such sale shall not exceed 30 per centum of the selling price of such property or interest. SEC. 106. CLAIMS AGAINST UNITED STATES INVOLVING ACQUISITION OF PROPERTY. In the case of amounts (other than interest) received by a taxpayer from the United States with respect to a claim against the United States involving the acquisition of property and remaining unpaid for more than fifteen years, the portion of the tax imposed by sec- tion 12 attributable to such receipt shall not exceed 30 per centum of the amount (other than interest) so received.

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