Page:United States Statutes at Large Volume 55 Part 1.djvu/724

 55 ST-AT .] 77Ti CONG. , IST SESS.-CH. 412-SEPT. 20, 1941 79k (b)), or (2) issued by the Commission subsequent to December 31, 1942. in which it is expressly stated that an order of the character specified in clause (1) is amended or supplemented, and (3) which has become final in accordance with law." (b) EFFECTIVE DATE OF AMENDMENT.-The amendment made by this section shall be applicable only with respect to taxable years beginning after December 31, 1939. SEC. 118. TAXABLE YEARS TO WHICH AMENDMENTS APPLICABLE. The amendments made by this title (except sections 107, 115, 116, and 117) shall be applicable only with respect to taxable years begin- ning after December 31, 1940. TITLE II-EXCESS PROFITS TAX SEC. 201. EXCESS PROFITS TAX RATES AND CREDITS. (a) RATES.-Section 710 (a) of the Internal Revenue Code is amended to read as follows: "(a) IMPOSITION.- "(1) GENERAL RULE. -T here shall be levied, collected, and paid, for each taxable year, on the adjusted excess profits net income, as defined in subsection (b), of every corporation (except a cor- poration exempt under section 727) the tax shown in the following table: "If the adjusted excess profits net income is: Not over $20,000- Over $20,000, but not over $50,000 Over $50,000, but not over $100,000--- Over $100,000, but not over $250,000-- Over $250,000, but not over $500,000-- Over $500,000-- 699 16U.S .C . 79k (b). 54 Stat. 975. 26U. S. C. §710(a). Ante, p. 17. 54 Stat. 988. 26U. .C.§727. The tax shall be: 35% of the adjusted excess profits net income. $7,000, plus 40% of excess over $20,000. $19,000, plus 45% of excess over $50,000. $41,500, plus 50% of excess over $100,000. $116,500, plus 55% of excess over $250,000. $254,000, plus 60% of excess over $500,000. " (2) APPLICATION OF RATES IN CASE OF CERTAIN EXCHANGES.- If the taxpayer's highest bracket aniount for the taxable year computed under section 752 (relating to certain exchanges) is less than $500,000, then in the application of the table in paragraph (1) of this subsection to such taxpayer, in lieu of each amount, other than the percentages, specified in such table, there shall be substituted an amount which bears the same ratio to the amount so specified as the highest bracket amount so computed bears to $500,000." (b) EXCESS PROFITS CREDIT--BASED ON INESTED CPITAL.-- Section 714 of the Internal Revenue Code, as amended, is amended to read as follows: "SEC. 714. EXCESS PROFITS CREDIT-BASED ON INVESTED CAPITAL. "The excess profits credit, for any taxable year, computed under this section, shall be the amount shown in the following table: "If the invested capital for the taxable The credit shall be: year, determined under section 715, is: Not over $5,000,000 ... --- - --- 8% of the invested capital. Over $5,000,000- $400,000, plus 7% of the excess over $5,000,000." 54 Stat. 995. 26 U. . ('.. 752. 54 Stat. 9S1. 26 U.S.C. 714.

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