Page:United States Statutes at Large Volume 53 Part 2.djvu/390

 PUBLIC LAWS-CH. 247-JUNE 29, 1939 Ante, pp. 863, 864. I. R. C. §§13,14(b). Foreign corpora- tions. Resident foreign cor- porations. Ante, p. 78. I. R. C. 231(b). Ante, p. 864. I. R. C.§ 14(c) (1). Income from sources within a United States possession. Ante, p. 80. I.R. C. §251(c)(1). Corporation tax. Ante, pp. 863, 864. I.R. C.§13,14(b). China Trade Act corporations. Ante, p. 81. .R. C. 261(a). Corporation tax. 42 Stat. 849. 15U.S.C. ch.4. Ante, pp. 863, 864. I.R. C. §13,14(b). Mutual investment companies. Ante, P. 99. I. R. C. 362 (b). Imposition of tax. Technical amend- ments. Ante p. 9. I. R.C. 21(b). Cross references. Ante, p. 863. I.R.C. 13. Bankruptcy or re- ceivership. Ante, p. 59. I.R.C. 141. China Trade Act corporations, a d d i- tional credits. Ante, p. 81. I. R. C. 262. Ante, pp. 863, 864, ll. I. R.C.§ 13,14,600. mutual insurance company (other than a life insurance company) a tax at the rates provided in section 13 or section 14 (b). "(2) FOREIGN CORPORATIONS.-The tax imposed by paragraph (1) shall apply to foreign corporations as well as domestic corporations; but foreign insurance companies not carrying on an insurance business within the United States shall be taxable as other foreign corporations." SEC. 206. TAX ON RESIDENT FOREIGN CORPORATIONS. Section 231 (b) of the Internal Revenue Code (relating to the tax on resident foreign corporations) is amended to read as follows: "(b) RESIDENT CoRPoRATIoNs.- A foreign corporation engaged in trade or business within the United States or having an office or place of business therein shall be taxable as provided in section 14 (c) (1)." SEC. 207. TAX ON CORPORATIONS ENTITLED TO THE BENEFITS OF SECTION 251. Section 251 (c) (1) of the Internal Revenue Code (relating to tax on corporations deriving a large part of their income from sources within a possession) is amended to read as follows: "(1) CORPORATION TAx.- A domestic corporation entitled to the benefits of this section shall be subject to tax under section 13 or section 14 (b)." SEC. 208. TAX ON CHINA TRADE ACT CORPORATIONS. Section 261 (a) of the Internal Revenue Code (relating to the tax on China Trade Act corporations) is amended to read as follows: "(a) CORPORATION TAX. -A corporation organized under the China Trade Act, 1922, 42 Stat. 849 (U. S . C ., 1934 ed., title 15, chap. 4), shall be subject to tax under section 13 or section 14 (b)." SEC. 209. TAX ON MUTUAL INVESTMENT COMPANIES. Section 362 (b) of the Internal Revenue Code (relating to the tax on mutual investment companies) is amended to read as follows: "(b) IMPIosmN OF TAx. - There shall be levied, collected, and paid for each taxable year upon the Supplement Q net income of every mutual investment company a tax equal to 18 per centum of the amount thereof." SEC. 210. TECHNICAL AMENDMENTS MADE NECESSARY BY CHANGE IN CORPORATION TAX. (a) Section 21 (b) of the Internal Revenue Code is amended to read as follows: "(b) CROss REFERENCEs.- For definition of 'adjusted net income' and 'normal-tax net income', see section 13." (b) Section 141 (j) of the Internal Revenue Code (relating to affiliated corporations in bankruptcy or receivership) shall not apply with respect to a taxable year beginning after December 31, 1939. (c) Section 262 of the Internal Revenue Code (relating to addi- tional credits of China Trade Act corporations) is amended by strik- ing out "sections 14 and 600" and inserting in lieu thereof "sections 13, 14, and 600"; and by striking out "section 14" wherever it appears and inserting in lieu thereof "section 13 or 14". 866 [53 STAT.

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