Imágenes de páginas
PDF
EPUB

value of its capital stock, an amount equal to the proportion of such adjusted declared value which the par value of the shares of stock of the corporation, owned on the last day of the taxable year by (1) persons resident in China, the United States, or possessions of the United States, and (2) individual citizens of the United States or China wherever resident, bears to the par value of the whole number of shares of stock of the corporation outstanding on such date. For the purposes of this subsection shares of stock of a corporation shall be considered to be owned by the person in whom the equitable right to the income from such shares is in good faith vested; and as used in this subsection the term "China" shall have the same meaning as when used in the China Trade Act, 1922.

SEC. 1203. RETURNS.

(a) REQUIREMENT.-Every corporation liable for tax under section 1200 shall make a return under oath. Such return shall contain such information and be made in such manner as the Commissioner with the approval of the Secretary may by regulations prescribe. (b) TIME FOR FILING.

(1) GENERAL RULE.-Such return shall be made within one month after the close of the year with respect to which such tax is imposed.

(2) EXTENSION OF TIME.-The Commissioner may extend the time for making the returns, under such rules and regulations as he may prescribe with the approval of the Secretary, but no such extension shall be for more than sixty days.

(c) PLACE FOR FILING.-The return shall be made to the collector for the district in which is located the principal place of business of the corporation, or, if it has no principal place of business in the United States, then to the collector at Baltimore, Maryland.

SEC. 1204. PUBLICITY OF RETURNS.

Returns required to be filed for the purpose of the tax imposed by section 1200 shall be open to inspection in the same manner, to the same extent, and subject to the same provisions of law, including penalties, as returns made under chapter 1, except that paragraph (2) of subsections (b) and (f) of section 55 shall not apply.

SEC. 1205. PAYMENT OF TAX.

(a) TIME OF PAYMENT.-The tax shall, without assessment by the Commissioner or notice from the collector, be due and payable to the collector before the expiration of the period for filing the return. (b) EXTENSION OF TIME.-The Commissioner may extend the time for paying the taxes imposed by section 1200, under such rules and regulations as he may prescribe with the approval of the Secretary, but no such extension shall be for more than sixty days.

SEC. 1206. ADDITION TO THE TAX IN CASE OF DELINQUENCY.

If the tax is not paid when due, there shall be added as part of the tax interest at the rate of 6 per centum per annum from the time when the tax became due until paid.

SEC. 1207. OTHER LAWS APPLICABLE.

All provisions of law (including penalties) applicable in respect of the taxes imposed by section 2700 shall, insofar as not inconsistent with this chapter, be applicable in respect of the taxes imposed by section 1200.

TABLE OF CONTENTS

CHAPTER 7-TAX ON TRANSFERS TO AVOID INCOME TAX

Sec. 1250. Imposition of tax.

Sec. 1251. Nontaxable transfers.

Sec. 1252. Definition of "foreign trust."

Sec. 1253. Payment and collection.

Sec. 1254. Publicity of returns.

CHAPTER 7-TAX ON TRANSFERS TO AVOID INCOME TAX

SEC. 1250. IMPOSITION OF TAX.

There shall be imposed upon the transfer of stock or securities by a citizen or resident of the United States, or by a domestic corporation or partnership, or by a trust which is not a foreign trust, to a foreign corporation as paid-in surplus or as a contribution to capital, or to a foreign trust, or to a foreign partnership, an excise tax equal to 25 per centum of the excess of (1) the value of the stock or securities so transferred over (2) its adjusted basis in the hands of the transferor as determined under section 113 of the Revenue Act of 1932, 47 Stat. 198.

SEC. 1251. NONTAXABLE TRANSFERS.

The tax imposed by section 1250 shall not apply

(a) if the transferee is an organization exempt from income tax under section 103 of the Revenue Act of 1932; or

(b) if prior to the transfer it has been established to the satisfaction of the Commissioner that such transfer is not in pursuance of a plan having as one of its principal purposes the avoidance of Federal income taxes.

SEC. 1252. DEFINITION OF "FOREIGN TRUST."

A trust shall be considered a foreign trust within the meaning of this chapter if, assuming a subsequent sale by the trustee, outside the United States and for cash, of the property so transferred, the profit, if any, from such sale would not be included in the gross income of the trust under Title I of the Revenue Act of 1932.

SEC. 1253. PAYMENT AND COLLECTION.

(a) The tax imposed by section 1250 shall, without assessment or notice and demand, be due and payable by the transferor at the time of the transfer, and shall be assessed, collected, and paid under regulations prescribed by the Commissioner with the approval of the Secretary.

(b) Under regulations prescribed by the Commissioner with the approval of the Secretary the tax may be abated, remitted, or refunded if after the transfer it has been established to the satisfaction of the Commissioner that such transfer was not in pursuance of a plan having as one of its principal purposes the avoidance of Federal income taxes.

(c) All administrative, special, or stamp provisions of law, including penalties and including the law relating to the assessment of taxes, so far as applicable, shall be extended to and made a part of this chapter.

SEC. 1254. PUBLICITY OF RETURNS.

For provisions with respect to publicity of returns under this chapter, see subsection (a) (2) of section 55.

TABLE OF CONTENTS

CHAPTER 8-ALASKAN RAILROADS TAX

Sec. 1300. Rate of tax.

Sec. 1301. Assessment and collection of tax.

CHAPTER 8-ALASKAN RAILROADS TAX

SEC. 1300. RATE OF TAX.

There shall be levied and collected, for each taxable year beginning after December 31, 1938, a tax of one per centum on the gross annual income of all railroad corporations doing business in Alaska, on business done in Alaska.

SEC. 1301. ASSESSMENT AND COLLECTION OF TAX.

The tax imposed by section 1300 shall be computed and collected in the manner provided in section II of the act of October 3, 1913, c. 16, 38 Stat. 114, 174. The proceeds of such tax when collected shall be deposited into the Treasury as miscellaneous receipts, and amounts equal thereto are (1) authorized to be appropriated annually from the general fund of the Treasury, (2) paid to the treasurer of Alaska, and (3) made applicable to general Territorial purposes. If the total of receipts for any fiscal year is greater than the amount appropriated for the payment of such receipts to the Alaskan government, such excess is authorized to be appropriated for the following fiscal year.

173

[blocks in formation]

Sec. 1420. Collection and payment of taxes.

Sec. 1421. Overpayments and underpayments.

Sec. 1422. Erroneous payments.

Sec. 1423. Sale of stamps by postmasters.

Sec. 1424. Expenditures incurred by Post Office Department.
Sec. 1425. Penalties relating to stamps and other collection devices.
Sec. 1426. Definitions.

Sec. 1427. Deductions as constructive payments.

Sec. 1428. Estimate of revenue reduction.

Sec. 1429. Rules and regulations.

Sec. 1430. Other laws applicable.

Sec. 1431. Effective date of subchapter.

[blocks in formation]

SUBCHAPTER C-TAX ON EMPLOYERS OF EIGHT OR MORE

Sec. 1600. Rate of tax.

Sec. 1601. Credits against tax.

Sec. 1602. Conditions of additional credit allowance.

See. 1603. Approval of state laws.

Sec. 1604. Returns.

Sec. 1605. Payment of taxes.

Sec. 1606. Interstate commerce.

Sec. 1607. Definitions.

Sec. 1608. Deductions as constructive payments.

Sec. 1609. Rules and regulations.

Sec. 1610. Other laws applicable.

CHAPTER 9-EMPLOYMENT TAXES

SUBCHAPTER A-EMPLOYMENT BY OTHERS THAN CARRIERS

Part I-Tax on Employees

SEC. 1400. RATE OF TAX.

In addition to other taxes, there shall be levied, collected, and paid upon the income of every individual a tax equal to the following percentages of the wages (as defined in section 1426 (a)) received by him after December 31, 1936, with respect to employment (as defined in section 1426 (b)) after such date:

(1) With respect to employment during the calendar year 1939, the rate shall be 1 per centum.

(2) With respect to employment during the calendar years 1940, 1941, and 1942, the rate shall be 12 per centum.

(3) With respect to employment during the calendar years 1943, 1944, and 1945, the rate shall be 2 per centum.

(4) With respect to employment during the calendar years 1946, 1947, and 1948, the rate shall be 22 per centum.

(5) With respect to employment after December 31, 1948, the rate shall be 3 per centum.

SEC. 1401. DEDUCTION OF TAX FROM WAGES.

(a) REQUIREMENT.-The tax imposed by section 1400 shall be collected by the employer of the taxpayer, by deducting the amount of the tax from the wages as and when paid.

(b) INDEMNIFICATION OF EMPLOYER.-Every employer required so to deduct the tax shall be liable for the payment of such tax, and shall be indemnified against the claims and demands of any person for the amount of any such payment made by such employer.

(c) ADJUSTMENTS.-If more or less than the correct amount of tax imposed by section 1400 is paid with respect to any wage payment, then, under regulations made under this subchapter, proper adjustments, with respect both to the tax and the amount to be deducted, shall be made, without interest, in connection with subsequent wage payments to the same individual by the same employer.

SEC. 1402. NON-DEDUCTIBILITY OF TAX FROM NET INCOME.

For the purposes of the income tax imposed by chapter 1 or by any act of Congress in substitution therefor, the tax imposed by section 1400 shall not be allowed as a deduction to the taxpayer in computing his net income for the year in which such tax is deducted from his wages.

Part II-Tax on Employers

SEC. 1410. RATE OF TAX.

In addition to other taxes, every employer shall pay an excise tax, with respect to having individuals in his employ, equal to the following percentages of the wages (as defined in section 1426 (a)) paid

« AnteriorContinuar »