Sec. 507. (b) Insurance com- Sec. 507. (b) Insurance companies other than life or mutual. panies other than life or mutual. -Notwithstanding subsection (a),—Notwithstanding subsection (a), the term "gross income", as used in the term "gross income”, as used in this subchapter, means, in the case this subchapter, means, in the case of an insurance company other than of an insurance company other than life or mutual, the gross income, as defined in section 204 (b) (1), increased by the amount of losses incurred, as defined in section 204 life or mutual, the gross income, as Sec. 408. Meaning of terms used. See p. 444, Eighth Edition. Taxable Years (b) (6), and the amount of expenses incurred, as defined in section 204 (b) (7), and decreased by the amount deductible under section 204 (c) (7) (relating to tax-free interest). Sec. 507, I. R. C., supra, amended by Sec. 227 (a), R. A. of 1939, to read as above. Sec. 227 (b) of said Act makes amendment applicable to taxable years beginning after Dec. 31, 1938. For Sec. 507, I. R. C., supra, before amendment, see explanation under Sec. 507, I. R. C., in 1939 column. Sec. 508. Administrative provisions. (b) (6), and the amount of ex- (b) (6), and the amount of ex- Sec. 508. Administrative provisions. All provisions of law (including All provisions of law (including All provisions of law (including penalties) applicable in respect of penalties) applicable in respect of penalties) applicable in respect of the taxes imposed by chapter 1, the taxes imposed by chapter 1, the taxes imposed by chapter 1, shall insofar as not inconsistent shall insofar as not inconsistent shall insofar as not inconsistent with this subchapter, be applicable with this subchapter, be applicable with this subchapter, be applicable in respect of the tax imposed by in respect of the tax imposed by in respect of the tax imposed by this subchapter, except that the this subchapter, except that the this subchapter, except that the provisions of section 131 shall not provisions of section 131 shall not provisions of section 131 shall not be applicable. be applicable. be applicable. Sec. 509. Improper accumulation of surplus. For surtax on corporations which accumulate surplus to avoid surtax on shareholders, see section 102. Sec. 510. Foreign personal holding companies. For provisions relating to foreign personal holding companies and their shareholders, see Supplement P of chapter 1. Sec. 511. Publicity of returns. For provisions with respect to publicity of returns under this subchapter, see subsecr tion (a) (2) of section 55. SUBCHAPTER B-DECLARED VALUE EXCESS-PROFITS TAX Sec. 600. Rate of tax. If any corporation is taxable under section 1200 with respect to any If any corporation is taxable Sec. 600. (a) General rule. under section 1200 with respect to If any corporation is taxable year ending June 30, any year ending June 30, there under section 1200 with respect to there shall be imposed upon its net shall be imposed upon its net in- any year ending June 30, there income for the income-tax taxable come for the income-tax taxable shall be imposed upon its net inyear ending after the close of such year ending after the close of such come for the income-tax taxable year, an declared value excess- year, an declared value excess- year ending after the close of such profits tax equal to the sum of the profits tax equal to the sum of the year, an declared value excessfollowing: following: profits tax equal to the sum of the following: 60 per centum of such portion 610 per centum of such portion of its net income for such income- of its net income for such incometax taxable year as is in excess of tax taxable year as is in excess of 10 per centum and not in excess 10 per centum and not in excess 60 per centum of such portion of its net income for such incometax taxable year as is in excess of (b) (6), and the amount of ex- (b) (6), and the amount of ex- Sec. 507, I. R. C., supra, amended by Sec. 227 (a), R. A. of 1939, to read as above. Sec. 227 (b) of said Act makes amendment applicable to taxable years beginning after Dec. 31, 1938. For Sec. 507, I. R. C., supra, before amendment, see explanation under Sec. 507, I. R. C., in 1939 column. Sec. 508. Administrative provisions. Sec. 507, I. R. C., supra, amended by Sec. 227 (a), R. A. of 1939, by adding "(a) General rule. - in first paragraph and adding all of paragraph (b). Sec. 227 (b) of said Act makes amendment applicable to taxable years beginning after Dec. 31, 1938. Sec. 508. Administrative provisions. All provisions of law (including All provisions of law (including penalties) applicable in respect of penalties) applicable in respect of the taxes imposed by chapter 1, the taxes imposed by chapter 1, shall insofar as not inconsistent shall insofar as not inconsistent with this subchapter, be applicable with this subchapter, be applicable in respect of the tax imposed by in respect of the tax imposed by this subchapter, except that the this subchapter, except that the provisions of section 131 shall not provisions of section 131 shall not be applicable. be applicable. Sec. 600. (a) General rule.- If any corporation is taxable If any corporation is taxable under section 1200 with respect to under section 1200 with respect to any year ending June 30, there any year ending June 30, there shall be imposed upon its net inshall be imposed upon its net income for the income-tax taxable come for the income-tax taxable year ending after the close of such year ending after the close of such year, an declared value excessyear, an declared value excess-profits tax equal to the sum of the profits tax equal to the sum of the following: following: 6 per centum of such portion of its net income for such income-tax taxable year as is in excess of 10 6 per centum of such portion of its net income for such income-tax taxable year as is in excess of 10 per centum and not in excess of Taxable Years Sec. 409. Administrative provisions. See p. 444, Eighth Edition. Sec. 410. Improper accumulation of surplus. See p. 446, Eighth Edition. Sec. 411. Foreign personal holding companies. See p. 446, Eighth Edition. Taxable Years Beginning in 1943 of 15 per centum of the declared value; 130 per centum of such portion of its net income for such income-tax taxable year as is in excess of 15 per centum of the declared value. Sec. 600. (b) Defense tax for five years. Sec. 600, I. R. C., supra, amended by Sec. 302 (a), R. A. of 1941, and by Sec. 302 (a) (1), R. A. of 1942, to read as above. For Sec. 600, I. R. C., before amendment and taxable years in respect of which amendments are applicable, see 1942 column. of 15 per centum of the adjusted 10 per centum and not in excess of declared value; 15 per centum of the adjusted de1310 per centum of such por-clared value; tion of its net income for such in- 12 130 per centum of such porcome-tax taxable year as is in excess tion of its net income for such inof 15 per centum of the adjusted come-tax taxable year as is in excess declared value. of 15 per centum of the adjusted declared value. Sec. 600. (b) Defense tax for five years. Sec. 600, I. R. C., supra, amended by Sec. 302 (a), R. A. of 1941, to read as above before word "adjusted" stricken out. Sec. 302 (b) of said Act makes amendment applicable to taxable years ending after June 30, 1941. Sec. 600, I. R. C., again amended by Sec. 302 (a) (1), R. A. of 1942, by striking out word "adjusted" wherever appearing therein. Sec. 302 (b) of said Act makes amendment effective only with respect to income-tax taxable years ending after June 30, 1942, and succeeding years. For prior amendments of Sec. 600, I. R. C., see 1941 column. See. 600. (b) Defense tax for five years. In the case of any taxpayer, the amount of tax pay able under this section for any in come tax taxable year ending after June 30, 1940, and before July 1, 1945, shall be 10 per centum greater than the amount of tax which would be payable if computed with out regard to this subsection. Sec. 600, I. R. C., supra, amended by Sec. 302 (a), R. A. of 1941, by omitting language in stricken through type and adding language in italics. Sec. 302 (b) of said Act makes amendment effective only with respect to income taxable years ending after June 30, 1941. For Sec. 600, I. R. C., supra, before amendment, see 1941 column. Also see amendment of Sec. 600, I. R. C., in 1942 column. Sec. 601. Declared value. The declared value shall be determined as provided in section 1202 as of the close of the preceding income-tax taxable year (or as of the date of organization if it had no .preceding income-tax taxable year). Sec. 601, I. R. C., supra, amended by Sec. 303 (a), R. A. of 1942, to read as above. Sec. 302 (b) of said Act makes amendment effective only with respect to income-tax taxable years ending after June 30, 1942, and succeeding years. For Sec. 601, I. R. C., before amendment, see 1942 column. Sec. value. 601. Adjusted declared value Sec. 601. Adjusted declared value. declared The adjusted The adjusted declared value shall be determined as provided shall be determined as provided in section 1202 as of the close of in section 1202 as of the close of the preceding income-tax taxable the preceding income-tax taxable year (or as of the date of organi- year (or as of the date of organization if it had no preceding zation if it had no preceding income-tax taxable year). H the income tax taxable year in respect of which the tax under section 600 is imposed is a period of less than 12 months, such adjusted deelared value shall be reduced to an amount which bears the same ratio thereto as the number of months in the period bears to 12 months. Sec. 601, I. R. C., supra, amended by Sec. 303 (a), R. A. of 1942, by striking out last sentence. Sec. 303 (c) of said Act makes amendment applicable to taxable years beginning after Dec. 31, 1939. Sec. 601, I. R. C., also amended by Sec. 302 (a) (2), R. A. of 1942, by striking out word "adjusted." Sec. 302 (b) of said Act makes amendment effective only with respect to income-tax taxable years ending after June 30, 1942, and succeeding years. income-tax taxable year). If the income-tax taxable year in respect of which the tax under section 600 is imposed is a period of less than 12 months, such adjusted de elared value shall be reduced to an amount which bears the same ratio thereto as the number of months in the period bears to 12 months Sec. 601, I. R. C., supra, amended by Sec. 303 (a), R. A. of 1942, by striking out last sentence. Sec. 303 (c) of said Act makes amendment applicable to taxable years beginning after Dec. 31, 1939. See amendment of Sec. 601, I. R. C., in 1942 column striking out word "adjusted." which is applicable to taxable years ending after June 30, 1942, and succeeding years. Taxable Years per centum and not in excess of 15 per centum of the adjusted declared value; Taxable Years 15 per centum of the adjusted de- 12 per centum of such portion of 12 per centum of such portion of its net income for such income-tax its net income for such income-tax taxable year as is in excess of 15 taxable year as is in excess of 15 per centum of the adjusted deper centum of the adjusted de-clared value. clared value. Sec. 600. (b) Defense tax for five years. In the case of any taxpayer, the amount of tax payable under this section for any income-tax taxable year ending after June 30, 1940, and before July 1, 1945, shall be 10 per centum greater than the amount of tax which would be payable if computed without regard to this subsection. Sec. 600, I. R. C. supra, amended by Sec. 204, R. A. of 1940, approved June 25, 1940, by inserting words "(a) General rule.- before the first paragraph and adding subsection (b). Subchapter heading and Sec. 600 (a), I. R. C., supra, again amended by Sec. 506 (a), Second R. A. of 1940, effective Feb. 10, 1939, by adding words "declared value " See amendment of Sec. 600, I. R. C., in 1941 column, made by Sec. 302, R. A. of 1941. Subchapter heading and Sec. 600, I. R. C., supra, amended by Sec. 506 (a), Second R. A. of 1940, effective Feb. 10, 1939, by adding words "declared value" in heading and in first paragraph of Sec. 600. Taxable Years Beginning before 1939 Sec. value. Adjusted declared 601. Adjusted declared Sec. 601. Adjusted If the The adjusted declared value The adjusted declared value shall be determined as provided shall be determined as provided in section 1202 as of the close of in section 1202 as of the close of the preceding income-tax taxable the preceding income-tax taxable year (or as of the date of organi-year (or as of the date of organization if it had no preceding zation if it had no preceding income-tax taxable year). If the income-tax taxable year). income tax taxable year in respect income-tax taxable year in respect of which the tax under section of which the tax under section 600 is imposed is a period of less 600 is imposed is a period of less than 12 months, such adjusted de- than 12 months, such adjusted deelared value shall be reduced to anclared value shall be reduced to an amount which bears the same ratio amount which bears the same ratio thereto as the number of months in the period bears to 12 months. Sec. 601, I. R. C., supra, amended by Sec. 303 (a), R. A. of 1942, by striking out last sentence. Sec. 303 (c) of said Act makes amendment applicable to taxable years beginning after Dec. 31, 1939. thereto as the number of months |