Page:United States Statutes at Large Volume 56 Part 1.djvu/71

 77TH CONG., 2D SESS.-CH. 33 -FEB. 2, 1942 the fidelity of any individual or individuals, such as bonding companies, which pay taxes on their gross earnings, premiums, or gross receipts under existing laws of the District of Columbia; "(10) Corporations organized for the exclusive purpose of holding title to property, collecting income therefrom, and turn- ing over the entire amount thereof, less expenses, to an organiza- tion which itself is exempt from the tax imposed by this title; "(11) Corporations organized under Act of Congress, if such corporations are instrumentalities of the United States and if, under such Act, as amended and supplemented, such corporations are exempt from Federal income taxes; "(12) Voluntary employees' beneficiary associations providing for the payment of life, sick, accident, or other benefits to the members of such association or their dependents, if (A) no part of their net earnings inures (other than through such payments) to the benefit of any private shareholder or individual, and (B) 85 per centum or more of the income consists of amounts col- lected from members for the sole purpose of making such pay- ments and meeting expenses; "(13) Voluntary employees' beneficiary associations providing for the payment of life, sick, accident, or other benefits to the members of such association or their dependents or their desig- nated beneficiaries, if (A) admission to membership in such asso- ciation is limited to individuals who are officers or employees of the United States Government, and (B) no part of the net earn- ings of such association inures (other than through such pay- ments) to the benefit of any private shareholder or individual." (b) Section 4 (a) of title II of said Act is amended by striking out the words "OF INDIVIDUALS" appearing in line 1 and inserting in lieu thereof the word "DEFINIION". (c) Paragraph 5 of section 5 (a) of title II of said Act is amended to read as follows: "(5) LossES IN TRANSACTIONS FOR PROFIr. -Losses sustained during the taxable year and not compensated for by insurance or otherwise, if incurred in any transaction entered into for profit, which profit would be subject to taxation under this title, though not connected with the trade or business." (d) Section 15 (a) of title II of said Act is amended by striking out the words "under oath" in line 2 thereof. Me) Section 16 of title II of said Act is amended to read as follows: "SEC. 16. Every corporation not expressly exempt from the tax imposed by this title shall make a return which shall state specifically the items of its gross income and the deductions and credits allowed by this title, and such other information for the purpose of carrying out the provisions of this title as the Commissioners may by regula- tions prescribe. The return shall be sworn to by the president, vice president, or other principal officer, and by the treasurer, assistant treasurer, or chief accounting officer. In cases where receivers, trustees in bankruptcy, or assignees are operating the property or business of corporations, such receivers, trustees, or assignees shall make returns for such corporations in the same manner and form as corporations are required to make returns. Any tax due on the basis of such returns made by receivers, trustees, or assignees shall be collected in the same manner as if collected from the corporation of whose business or property they have custody and control." (g) Section 19 of title II of said Act is amended by striking out the last sentence thereof. 53 Stat. 1088 . D.C.Codei47- 1504 (a). 53 Stat. 1090. D.O.CodeI47- 1505 (a) (5). 53 Stat. 1094. D.O.CodeI47- 115 (a). Corporation re- turns. 53 Stat. 1095. D.C.Code§47- 1516. 53 Stat. 1095. D.C.Codei47- 1519. 43 56 STAT.]

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