Page:United States Statutes at Large Volume 56 Part 1.djvu/72

 [56 STAT. Fiduciary returns (h) Section 23 (a) of title II of said Act is amended by striking D. C. Code i 47- out paragraphs "(4)" and "(5)" thereof and inserting in lieu thereof 123(a). the following: "(4) Every estate the net income of which for the taxable year is $1,000 or over; "(5) Every trust the net income of which for the taxable year is $100 or over; "(6) Every estate or trust the gross income of which for the taxable year is $5,000 or over, regardless of the amount of the net income." Estates and trusts. (i) Section 24 of title II of said Act is amended by adding after D.C. codeI 47- subsection (h) thereof the following new subsection: 16 24. "(i) CBEDrrs AGAINST NET INCOME.- T here shall be allowed to an estate the same personal exemption as is allowed to a single person 3Sta t.. 4- under section 9 (a), and a trust shall be allowed a credit of $100 i59 (a). against net income." 3SCatCode 47- (j) Section 26 (b) of title II of said Act is amended to read as 1526(b). follows: "(b) EXTENSION OF TIME FOR PAYMENTS. - At the request of the taxpayer the assessor may extend the time for payment by the tax- payer 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 prwlo. an installment thereof: Provided, howeer, That where the time for filing a return is extended for a period exceeding six months under St"coe 6 47- the provisions of section 19, the assessor may extend the time for D.C.Codet47- 1e19. payment of the tax, or the first installment thereof, to the same date to which he has extended the time for filing the return. 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." Iterest ond ef - (k) Section 38 of title II of said Act is amended by adding thereto ciencies. 53Btat. 1104 . the following new subsection: DC.Code§47- 13. ode (b) IF EXTENSION GRANTED FOR PATMENT OF DEFICIENCY.- If the time for payment of any part of a deficiency is extended, there shall be collected, as a part of the tax, interest on the part of the deficiency the time for payment of which is so extended at the rate of 1 per centum per month for the period of the extension. If a part of the deficiency the time for payment of which is so extended is not paid in full, together with all penalties and interest due thereon, prior to the expiration of the period of the extension, then interest at the rate of 1 per centum per month shall be added and collected on such unpaid amount from the date of the expiration of the period of the extension until it is paid." D3 8 ode1 47- (1) Section 41 of title II of said Act is amended by striking out 161. "section 26 (c)" in line 3 thereof and inserting in lieu thereof "section 26 (b)". 53 .Coe 47- (m) Section 42 (a) of title II of said Act is amended to read as 1642 (a). follows: Penalties "Si.nc 42. (a) NiOGLuENC.- - Any person required under this title to pay any tax, or required by law or regulations made under authority thereof to make a return, keep any records, or supply information, who fails to pay such tax, to make such return, to keep such records, or supply such information, at the time or times required by law or regulations, or who makes a false or fraudulent return, shall, upon conviction thereof (in addition to other penalties provided by law), be fined not more than $300 for each and every such failure or viola- tion, and each and every day that such failure continues shall con- stitute a separate and distinct offense. All prosecutions under this PUBLIC LAWS--CH. 33- -FEB. 2, 1942 44

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