Taxable Years Taxable Years Taxable Years Sec. 14. (c) Foreign corporations. Sec. 14. (c) Foreign corporations. Sec. 14. (c) Foreign corporations. Sec. 14. (c) (1) In the case of Sec. 14. (c) (1) In the case of a foreign corporation engaged in a foreign corporation engaged in trade or business within the United trade or business within the United States or having an office or place States or having an office or place of business therein, the tax shall of business therein, the tax shall be an amount equal to 24 per be an amount equal to 994 24 per centum of the normal-tax net in- centum of the normal-tax net income, regardless of the amount come, regardless of the amount thereof. thereof. Sec. 14. (c) (2) In the case of a foreign corporation not engaged in trade or business within the United States and not having an office or place of business therein, the tax shall be as provided in section 231 (a). Sec. 14. (d) Insurance companies.-In the case of insurance companies, the tax shall be as provided in Supplement G. Sec. 14. (c) (2) In the case of a foreign corporation not engaged in trade or business within the United States and not having an office or place of business therein, the tax shall be as provided in section 231 (a). Sec. 14. (d) Insurance companies. In the case of insurance companies, the tax shall be as provided in Supplement G. Sec. 14. (e) Regulated invest- Sec. 14. (e) Mutual investment ment companies.-In the case of a companies.-In the case of mutual corporation subject to the tax im- investment companies, as defined posed by Supplement Q (relating in Supplement Q, the tax shall be to regulated investment companies), as provided in such Supplement. the tax shall be as provided in such supplement. Sec. 14. (f) Exempt corporations. For corporations exempt from taxation under this chapter, see section 101. Sec. 14. (g) Tax on personal holding companies.— For surtax on personal holding companies, see section 500. Sec. 14. (h) Improper accumulation of surplus.— For surtax on corporations which accumulate surplus to Sec. 14. (f) Exempt corporations. For corporations exempt from taxation under this chapter, see section 101. Sec. 14. (g) Tax on personal holding companies.— For surtax on personal holding companies, see section 500. Sec. 14. (h) Improper accumulation of surplus. For surtax on corporations which accumulate surplus to 1 Taxable Years Sec. 14. (c) Foreign corporations. Taxable Years be an amount equal to 161⁄2 per (1) Banks, as defined in section (2) Corporations organized under the China Trade Act, 1922, (42 Stat. 849 (U. S. C., Title 15, c. 4).) (3) Corporations which, by reason of deriving a large portion of their gross income from sources within a possession of the United States are entitled to the benefits of section 251. Sec. 14. (e) Foreign corporations. Sec. 14. (c) (1) In the case of Sec. 14. (e) (1) In the case of a a foreign corporation engaged in foreign corporation engaged in trade or business within the United trade or business within the United States or having an office or place States or having an office or place of business therein, the tax shall of business therein, the tax shall be be an amount equal to 18-19 an amount equal to 19 per centum 22 1/10 per centum of the normal- of the special class net income, retax net income, regardless of the gardless of the amount thereof. amount thereof. Sec. 14. (c) (2) In the case of a foreign corporation not engaged in trade or business within the United States and not having an office or place of business therein, the tax shall be as provided in section 231 (a). Sec. 14. (e) (2) In the case of a foreign corporation not engaged in trade or business within the United States and not having an office or place of business therein, the tax shall be as provided in section 231 (a). Taxable Years Beginning before 1939 Sec. 14. (e) Foreign corporations. See p. 20, Eighth Edition. Sec. 14. (f) Insurance compa Sec. 14. (d) Insurance com- Sec. 14. (f) Insurance compapanies. In the case of insurance nies.-In the case of insurance com-nies. companies, the tax shall be as pro-panies, the tax shall be as provided in Supplement G. vided in Supplement G. Sec. 14. (e) Mutual investment Sec. 14. (g) Mutual investment companies. In the case of mutual companies.-In the case of mutual investment companies, as defined investment companies, as defined in Supplement Q, the tax shall be in Supplement Q, the tax shall be as provided in such Supplement. as provided in such Supplement. See p. 20, Eighth Edition. Taxable Years avoid surtax on sharehold- Sec. 14 (c), I. R. C., supra, amended by Sec. 160 (b), R. A. of 1942, by omitting language in stricken through type. Sec. 101 of said Act makes amendment applicable to taxable years beginning after Dec. 31, 1941. For prior amendments of Sec. 14 (c), I. R. C., see 1941 column. Sec. 14 (e), I. R. C., supra, amended to read as above by Sec. 170 (b) (2), R. A. of 1942. Sec. 101 of said Act makes amendment applicable to taxable years beginning after Dec. 31, 1941. For Sec. 14 (e), I. R. C., prior to amendment, see 1941 column. Taxable Years avoid surtax on shareholders, see section 102. Sec. 14 (b) and (c), I. R. C., supra, amended by Sec. 103 (b) and (c), R. A. of 1941. by omitting language in stricken through type and adding language in italics. Sec. 118 of said Act makes amendment applicable to taxable years beginning after Dec. 31, 1940. Sec. 15. (a) Corporation surtax Sec. 15. (a) Corporation surtax net income. For the purposes of net income. For the purposes of this chapter, the term "corporation this chapter, the term "corporation surtax net income" means the net surtax net income" means the net inincome minus the credit for come minus the credit for income income subject to the tax imposed subject to the tax imposed by Subby Subchapter E of Chapter 2 pro- chapter E of Chapter 2 provided in vided in section 26 (e) and minus section 26 (e) and minus the credit the credit for dividends received for dividends received provided in provided in section 26 (b) (com-section 26 (b) (computed by limitputed by limiting such credit to 85 ing such credit to 85 per centum of per centum of the net income re- the net income reduced by the credit duced by the credit for income sub-for income subject to the tax imject to the tax imposed by Subchap- posed by Subchapter E of Chapter Sec. 15. Surtax on corporations. Sec. 15. (a) Corporation surtax net income. For the purposes of this chapter the term "corporation surtax net income" means the net income minus the credit for dividends received provided in section 26 (b), computed by limiting such credit to 85 per centum of the net income in lieu of 85 per centum of the adjusted net income. Taxable Years avoid surtax on shareholders, see section 102. Sec. 14, I. R. C., supra, was amended by Sec. 201 R. A. of 1939, to read as shown in ordinary type above before being stricken through and before addition of figures in italics and figures in underlined italics. Sec. 229 of said Act makes amendment applicable to taxable years beginning after Dec. 31, 1939. See Sec. 14, I. R. C., prior to amendment, in 1939 col umn. Sec. 14(b), I. R. C., supra, again amended by Sec. 3(b), R. A. of 1940, by omitting figures in stricken through type and adding figures in italics. Sec. 9 of said Act makes amendment applicable to taxable years beginning after Dec. 31, 1939. Sec. 14(c) (1), I. R. C., supra, again amended by Sec. 3(b), R. A. of 1940, by omitting ordinary type figures "18" and adding italicized figures 19." Sec. 9 of said Act makes amendment applicable to taxable years beginning after Dec. 31, 1939. Sec. 14(c) (1), I. R. C., supra, again amended by Sec. 101(b), Second R. A. of 1940, by omitting italicized figures "19" and adding underlined italicized figures "22 1/10." Sec. 101 (e) of said Act makes amendment applicable to taxable years beginning after Dec. 31 1939. See. 15. Corporate taxes effec tive for two taxable years. Taxable Years avoid surtax on stockholders, Sec. 15. Corporate taxes effective for two taxable years. The taxes imposed by section 13, The taxes imposed by section section 14 (except subsection (e) 13, section 14 (except subsection (2)), Supplement G, or Supple (e) (2)), Supplement G, or Supment Q, of this chapter, or by see-plement Q, of this chapter, or by tion 13, section 14, or Supplement section 13, section 14, or SuppleG of the Revenue Act of 1936, ment G of the Revenue Act of shall not apply to any taxable 1936, shall not apply to any taxyear beginning after December 31 able year beginning after Decem1939. ber 31, 1939. Sec. 15, I. R. C., supra, was impliedly repealed by Sec. 201, R. A. of 1939. Sec. 229 of said Act made repeal effective as to taxable years beginning after Dec. 31, 1939. Sec. 15. Defense tax for five years. In the case of any taxpayer, the amount of tax under this chapter for any taxable year beginning after December 31, 1939, and before January 1, 1945, shall be the tax 10 per centum greater than the amount of tax computed without regard to this section, increased by 10 per centum; except that in the case of a corporation the increase shall be limited to 10 per centum of the tax computed without re Taxable Years Beginning before 1939 Sec. 15. Corporate taxes effective for two taxable years. See p. 20, Eighth Edition. Taxable Years ter E of Chapter 2 in lieu of 85 per centum of the adjusted net income so reduced), and minus, in the case of a public utility, the credit for dividends paid on its preferred stock provided in section 26 (h). For the purposes of this subsection dividends received on the preferred stock of a public utility shall be disregarded in computing the credit for dividends received provided in section 26 (b). Taxable Years 2 in lieu of 85 per centum of the Taxable Years a Sec. 15. (b) Imposition of tax.- Sec. 15. (b) Imposition of tax.— Sec. 15. (b) Imposition of tax.There shall be levied, collected, and There shall be levied, collected, and There shall be levied, collected, and paid for each taxable year upon the paid for each taxable year upon the paid for each taxable year upon corporation surtax net income of corporation surtax net income of the corporation surtax net income every corporation (except a West- every corporation (except a West- of every corporation (except ern Hemisphere Trade Corporation ern Hemisphere Trade Corporation corporation subject to the tax imas defined in section 109, and except as defined in section 109, and except posed by section 231 (a) or Supa corporation subject to the tax im- a corporation subject to the tax im- plement Q) a surtax as follows: posed by section 231 (a), Supple- posed by section 231 (a), Supplement G, or Supplement Q), a sur-ment G, or Supplement Q), a surtax as follows: tax as follows: Sec. 15. (b) (1) Surtax net incomes not over $25,000.-Upon corporation surtax net incomes not over $25,000, 10 per centum of the amount thereof. Sec. 15. (b) (1) Surtax net incomes not over $25,000.-Upon corporation surtax net incomes not over $25,000, 10 per centum of the amount thereof. Upon corporation surtax net incomes not in excess of $25,000, 6 per centum of the amount thereof; Sec. 15. (b) (2) Surtax net in- Sec. 15. (b) (2) Surtax net incomes over $25,000 but not over comes over $25,000 but not over $50,000.-Upon corporation surtax $50,000.-Upon corporation surtax Upon corporation surtax net innet incomes over $25,000, but not net incomes over $25,000, but not comes in excess of $25,000, $1,500, over $50,000, $2,500, plus 22 per over $50,000, $2,500, plus 22 per plus 7 per centum of the excess centum of the amount of the cor- centum of the amount of the cor- over $25,000. poration surtax net income over poration surtax net income over $25,000. $25,000. |