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et under which a British manufacturer f dollars in royalties to an American he British manufacturer was required o deduct the British income tax before wner had regularly paid the full U. S. es on the net amounts received by him, cial provision in the Income Tax law in this country for the taxes paid in this error brought about a saving of ally to the patent owner and a refund d into the United States Treasury.

ntended to touch upon the development ion to patents, trade-marks, copyrights, the way for a more thorough examinalesires to further investigate.

3 only incidentally affect patents, copyxes on the estate value of such assets, es of certain patented or trade-marked mp Tax type, as, for example, the law enue stamps of specified denominations and upon articles such as "patent

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of the law on patents, trade-marks and copy thereof or those who derive any income there while the entire text of the Revenue Acts refer in the Appendix.

The excerpted portions are divided for co into two parts :

A. Individuals and partnerships, and
Corporations.

B.

A. INDIVIDUALS AND PART

TITLE I.-GENERAL DEFIN

SECTION 1. That when used in this ActThe term "person" includes partnerships ar as individuals;

The term "corporation" includes associat panies, and insurance companies;

The term "domestic" when applied to a cor means created or organized in the United Stat The term 'foreign" when applied to a corp means created or organized outside the United

The term "United States” when used in a cludes only the States, the Territories of Alash District of Columbia;

The term "Secretary" means the Secretary The term “Commissioner" means the Cor Revenue;

The term “collector” means collector of int -INCOME ΤΑΧ.

NERAL ProvisioNS.

FINITIONS.

in this title

neans the calendar year, or the fiscal
dar year upon the basis of which the
section 212 or section 232. The term
nting period of twelve months ending
ther than December. The first taxable
year 1918, shall be the calendar year
during the calendar year 1918;
s a guardian, trustee, executor, admin-
or any person acting in any fiduciary
or estate;

nt" means any person required to de-
nder the provisions of section 221 or

-e corporation" means a corporation ed primarily to the activities of the ers who are themselves regularly en

the affairs of the corporation and in ed or borrowed) is not a material inoes not include any foreign corporaper centum or more of whose gross ingains, profits or income derived from of gains, profits, commissions, or other

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SEC. section Act of

year u followin

(a)] the net vided, the rate

centum;

(1) In case of property acquired before M market price or value of such property as of tl (2) In the case of property acquired on or a thereof; or the inventory value, if the inventc ance with section 203.

(b) When property is exchanged for other ] received in exchange shall for the purpose of loss be treated as the equivalent of cash to t market value, if any; but when in connectior tion, merger, or consolidation of a corporatior place of stock or securities owned by him new no greater aggregate par or face value, no deemed to occur from the exchange, and the r received shall be treated as taking the place o or property exchanged.

PART II. INDIVIDUALS

NORMAL TAX.

SEC. 210. That, in lieu of the taxes imposed section 1 of the Revenue Act of 1916 and by se Act of 1917, there shall be levied, collected, and year upon the net income of every individual following rates:

(a) For the calendar year 1918, 12 per cen the net income in excess of the credits provide vided, That in the case of a citizen or residen the rate upon the first $4,000 of such excess a centum;

by which the net income exceeds $6,000

by which the net income exceeds $8,000

ant by which the net income exceeds 12,000;

ant by which the net income exceeds 4,000;

ant by which the net income exceeds 16,000;

ant by which the net income exceeds 8,000;

ant by which the net income exceeds 20,000;

ant by which the net income exceeds 2,000;

unt by which the net income exceeds 24,000;

unt by which the net income exceeds $26,000;

unt by which the net income exceeds 28,000;

unt by which the net income exceeds 30,000;

unt by which the net income exceeds 32,000;

unt by which the net income exceeds 34,000;

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