Page:United States Statutes at Large Volume 53 Part 2.djvu/623

 53 STAT.] 76TH CONG., 1ST SESS.-CH. 367-JULY 26, 1939 benefit of any nonresident of the District, shall not be taxable here- under if- (1) such beneficial owner or cestui que trust was at the time of the creation of the trust a nonresident of the District; and (2) the testator, settlor, or grantor was also at the time of the creation of the trust a nonresident of the District. PARTNERSHIPS SEC. 25. (a) PARTNERS ONLY TAXABLE. - Individuals carrying on abe.tne business in partnership shall be liable for income tax only in their individual capacity, and no income tax shall be assessable hereunder upon the net income of any partnership. All such income shall be assessable to the individual partners; it shall be reported by such partners as individuals upon their respective individual income returns; and it shall be taxed to them as individuals along with their other income at the rate and in the manner herein provided for the taxation of income received by individuals. There shall be included insteri in computing the net income of each partner his distributive share, come. whether distributed or not, of the net income of the partnership for the taxable year; or if his net income for such taxable year is corm- yeaDere puted upon the basis of a period different from that upon the basis of which the net income of the partnership is computed, then his dis- tributive share of the net income of the partnership for any account- ing period of the partnership ending within the taxable year upon the basis of which the partner's net income is computed. (b) PARTNERSHIP RETURN.-Every partnership shall make a return artne for each taxable year stating specifically the items of its gross income and the deductions allowed by this title, and shall include in the return the names and the addresses of the individuals who would be entitled to share in the net income if distributed, and the amount of the distributive share of each individual. The return shall be sworn sworn to by any one of the partnersrequired. to by any one of the partners. 1099 rs only tax- butive share in net in- nt taxable rship return. statement PAYMENT OF TAX SEC. 26. (a) TIME OF PAYMENT.- The total amount of tax imposed by this title shall be paid on the 15th day of March following the close of the calendar year, or if the return should be made on the basis of a fiscal year, then on the 15th day of the third month follow- ing the close of the fiscal year, except a fiscal year which expired in the calendar year 1939 prior to the approval of this Act, in which event the tax shall be paid on the 15th day of the third month follow- ing the approval of this Act. (b) EXTENSION OF TIME FOR PAYMENTs.- At the request of the tax- payer the assessor may extend the time for payment by the taxpayer of the amount determined as the tax, for a period not to exceed six months from the date prescribed for the payment of the tax or an installment thereof. In such case the amount in respect to which the extension is granted shall be paid on or before the date of the expiration of the period of the extension. (c) VOLrTNTARY ADVANCE PAYMENT.- A tax imposed by this title, or any installment thereof, may be paid, at the election of the taxpayer, prior to the date prescribed for its payment. (d) FRAcTIoNAL PART OF CENT.- In the payment of any tax under this title a fractional part of a cent shall be disregarded unless it amounts to one-half cent or more, in which case it shall be increased to 1 cent. Time of payment. Time extensions. Voluntary advance payment. Fractional part of cent. 98907--39--Pr 2---38

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