Page:United States Statutes at Large Volume 61 Part 1.djvu/355

 61 STAT.] 80TH CONG. , 1ST SESS.-CH. 258-JULY 16, 1947 ARTICLE II-INCREASE IN RATE OF TAXATION OF REAL AND TAN- GIBLE PERSONAL PROPERTY ARTICLE III-AMENDMENT TO MOTOR FUEL TAX ACT ARTICLE IV-AMENDMENT TO MOTOR VEHICLE INSPECTION ACT ARTICLE V-INCREASE IN WATER RENTS AND ASSESSMENTS FOR WATER MAINS ARTICLE VI-FEDERAL PAYMENT ARTICLE VII-SEPARABILITY CLAUSE ARTICLE I-INCOME AND FRANCHISE TAX ACT TITLE I-REPEAL OF PRIOR INCOME TAX ACT AND APPLICABILITY OF THIS ARTICLE; GENERAL DEFINITIONS Sc. 1. REPEAL OF PRIOR INcoME TAX ACT.-T he District of Colum- bia Income Tax Act as approved and enacted July 26, 1939, and as amended, is hereby repealed with respect to taxable years or portions thereof beginning on and after the 1st day of January 1947 for all pur- poses, except the following purposes in connection with taxes due or accrued under said District of Columbia Income Tax Act: (a) For the imposition of assessments and penalties, civil and crim- inal, for the violation of or failure to comply with any provisions of such Act and the regulations prescribed thereunder; (b) For requiring the making, filing, and submission of returns and reports required by such Act; (c) For the examination of all books, records, and other documents, and witnesses; (d) For the assessment and collection of the taxes imposed by such Act, and the filing of liens therefor; and (e) For the allowance of refunds of overpayments of any taxes assessed under the provisions of such Act. SEC. 2. APPLICABILITY OF ARTICLE. -The provisions of this Article shall apply to the taxable year or part thereof beginning on the 1st day of January 1947 and to succeeding taxable years. SEC. 3. RETURNS UNDER PRIOR INCOME TAX ACT AND R'rTURNS FOR FIRST TAXABLE YEAR TO WHICH THIsI ARTICLE Is APPLICABLE.-I f the taxable year of any person ends on the last day of any month other than December prior to the 1st day of January 1947, such person shall file his return for such taxable year under the provisions of the District of Columbia Income Tax Act as approved and enacted July 26, 1939, and as amended, and pay the taxes imposed by said Act on his income for such taxable year at the times specified therefor in said Act. Such taxpayer shall also file his return of income, received or accrued, according to his method of accounting, during the period between the last day of such taxable year and the 1st day of January 1947 under the provisions of the District of Columbia Income Tax Act as approved July 26, 1939, and as amended, and pay the taxes imposed by said Act on his income for such period at the times specified therefor in said Act. Such portion of such person's income as is received or accrued, according to his method of accounting, during taxable years or parts thereof to which this article is applicable shall be reported and taxed under the provisions of this article: Provided, however, That any person whose taxable year ends sub- sequent to the 1st day of January 1947 may irrevocably elect to file his return of his income for such entire taxable year and pay the taxes imposed thereon under the provisions of this article. 331 Post, p. 359. Post, p. 359. Post, p. 360. Post, p. 360. Post, p. 361. Post,p. 361. District of Colum- bia Income and Fran- chise Tax Act of 1947. 53 Stat. 1085 . D.. Code i§47- 1501 to 47-1543. 53 Stat. 1085. D.C. Code I§ 47- 1501 to 47-1543.

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