Page:United States Statutes at Large Volume 65.djvu/500

 466

PUBLIC LAW 183—OCT. 20, 1951

[65 STAT.

" (C) I n the case of a western hemisphere trade corpora^ion (as defined in section 109), the credit provided in section

^^6 Stat. 838; 64 Stat. 26 U.S.C. §§ 109,

26 (i). IMPOSITION OF TAX.—There

^ ^'^'

"(b) shall be levied, collected, and paid for each taxable year upon the normal-tax net income of every corporation (except a corporation subject to a tax imposed by section i u**sV^'sfisi 2^^ ( ^) ' Supplement G, or Supplement Q) — (a), 201 eiseg'., 361 et " (1) CAIENDAR YEAR 1951.—In the case of a taxable year begin**'• ning on January 1, 1951, and ending on December 31, 1951, a tax of 28% per centum of the normal-tax net income. "(2)

T A X A B L E YEARS B E G I N N I N G AFTER M A R C H 3 1,

1951, A N D

BEFORE APRIL 1, 1954.—In the case of taxable years beginning after March 31, 1951, and before April 1, 1954, a tax of 30 per centum of the normal-tax income. "(3)

TAXABLE YEARS BEGINNING AFTER MARCH 31,

1954.—In

the case of taxable years beginning after March 31, 1954, a tax of 25 per centum of the normal-tax net income." 26u?s. c^^§43o(a) (b) MAXIMUM TAX.—Section 430(a)(2) (relating to the limita(2). tion on the rate of the excess profits tax) is hereby amended as follows: (1) By inserting after " (2) " the following: " (A) in the case of taxable years ending before April 1, 1951,. (2) By striking out the period at the end of paragraph (2) and inserting ", or" and by adding after paragraph (2) the following: " (B) in the case of taxable years beginning on January 1, 1951, and ending on December 31, 1951, an amount equal to 17^4 P®r centum of the excess profits net income for the taxable year, except that in the case of an affiliated group of includible corporations making or required to make a consolidated return for the taxable 26 u^s ^' § 141 y^^^ under section 141, such amount shall be reduced by an amount which bears the same ratio (but not in excess of 100 per centum) to the increase of 2 per centum in the surtax imposed by reason of section 141(c) as the amount of the consolidated excess profits net income bears to the amount of the consolidated corporation surtax net income, or " (C) in the case of taxable years beginning after March 31, 1951, an amount equal to 18 per centum of the excess profits net income for the taxable year, except that in the case of an affiliated group of includible corporations making or required to make a consolidated return for the taxable year under section 141, such amount shall be reduced by an amount which bears the same ratio (but not in excess of 100 per centum) to the increase of 2 per centum in the surtax imposed by reason of section 141(c) as the amount of the consolidated excess profits net income bears to the amount of the consolidated corporation surtax net income, or", (c)

26uf8.c!|207(a) (1).

MUTUAL INSURANCE COMPANIES OTHER T H A N L I F E OR MARINE.—

(1) Section 207(a)(1) (relating to normal tax and surtax on mutual insurance companies, other than life or marine) is hereby amended by striking out subparagraphs (A) and (B) and inserting in lieu thereof the following: " (A) Taxable Years Beginning After December 31, 1960, and Before April 1, 1951.—In the case of taxable years beginning after December 31, 1950, and before April 1, 1951, and ending after March 31, 1951— " (i) Normal tax.—^A normal tax of 28% per centum of the normal-tax net income, or 57^^ per centum of the

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