ment specified therein relates to the reimbursement specified there- Sec. 705. Closing agreements. Sec. 705. Closing agreements. Any person who is liable for the Any person who is liable for the tax imposed by this subchapter tax imposed by this subchapter and who has filed any claim or and who has filed any claim or claims for refund of any amount claims for refund of any amount paid or collected as tax under the paid or collected as tax under the Agricultural Adjustment Act, 48 Agricultural Adjustment Act, 48 Stat. 31, as amended, may apply Stat. 31, as amended, may apply to the Commissioner for an adjust to the Commissioner for an adjustment of such liability for tax in ment of such liability for tax in conjunction with such claim or conjunction with such claim or claims for refund, and thereafter, claims for refund, and thereafter, the Commissioner, for such pur- the Commissioner, for such purposes, may, in his discretion, con- poses, may, in his discretion, consider such liability and such claim sider such liability and such claim or claims as one case and, in his or claims as one case and, in his discretion, may enter into a writ- discretion, may enter into a written agreement with such person ten agreement with such person for the settlement of such case by for the settlement of such case by such payment by, or refund to, such payment by, or refund to, such person as may be specified in such person as may be specified in such agreement. Such agreement such agreement. Such agreement shall be a final settlement of the shall be a final settlement of the liability for tax and the claim or liability for tax and the claim or claims for refund covered by such claims for refund covered by such agreement, except in case of fraud, agreement, except in case of fraud, malfeasance, or misrepresentation malfeasance, or misrepresentation of a material fact. In the absence of a material fact. In the absence of fraud or mistake in mathemat- of fraud or mistake in mathematical calculation, any action taken ical calculation, any action taken or any consideration given by the or any consideration given by the Commissioner pursuant to this sec- Commissioner pursuant to this section shall not be subject to review tion shall not be subject to review by any court, or any administra- by any court, or any administrative, or accounting officer, employee, tive, or accounting officer, emor agent of the United States. Sec. 706. Publicity of returns. For provisions with respect to publicity of returns under this subchapter, see subsection (a) (2) of section 55. ployee, or agent of the United Sec. 706. Publicity of returns. For provisions with respect to publicity of returns under this subchapter, see subsection (a) (2) of section 55. 1 Taxable Years Beginning before 1939 Sec. 710. Imposition of tax. Sec. 710. (a) (1) General rule.— There shall be levied, collected, and paid, for each taxable year, upon the adjusted excess-profits net income, as defined in subsection (b), of every corporation (except a corporation exempt under section 727) a tax equal to whichever of the following amounts is the lesser : (A) 90 per centum of the adjusted excess-profits net income, or (B) an amount which when added to the tax imposed for the taxable year under Chapter 1 (other than section 102) equals 80 per centum of the corporation surtax net income, computed under section 15 or Supplement G, as the case may be, but without regard to the credit provided in section 26 (e) (relating to income subject to the tax imposed by this subchapter). PART I Sec. 710. Imposition of tax. Sec. 710. (a) (1) General rule.There shall be levied, collected, and paid, for each taxable year, upon the adjusted excess-profits net income, as defined in subsection (b), of every corporation (except a corporation exempt under section 727) a tax equal to whichever of the following amounts is the lesser: PART I Sec. 710. Imposition of tax. Sec. 710. (a) (1) General rule.— There shall be levied, collected, and paid, for each taxable year, on the adjusted excess profits net income, as defined in subsection (b), of every corporation (except a corporation exempt under section 727) the tax shown in the following table: excess profits net income is: Not over $20, 000 ..... be: 35% of the ad justed excess profits income. net (A) 90 per centum of the adjusted excess-profits net income, or If the adjusted The tax shall (B) an amount which when added to the tax imposed for the taxable year under Chapter 1 (other than section 102) equals 80 per centum of the corporation surtax net income, computed under section 15 or Supplement G, as the case may be, but without regard to the credit provided in section 26 (e) (relating to income subject to the tax imposed by this subchapter). Over $20,000, but not over $50,000 ... Over $50,000, but not over $100,000 ... $7,000, plus 40% of ex cess over See. 710. (a) (2) Application of rates in case of certain exchanges. Sec. 710 (a) (1), I. R. C., supra, amended by Sec. 202, R. A. of 1942, to read as shown above. Sec. 101 of said Act makes amendment applicable to taxable years beginning after Dec. 31, 1941. Sec. 710 (a) (2), I. R. C., supra, repealed as of October 8, 1940, the date of enact Sec. 710. (a) (2) Application of See. 710. (a) (2) Application of rates in case of certain exchanges. rates in case of certain exchanges. -If the taxpayer's highest bracket-If the taxpayer's highest bracket amount for the taxable year com amount for the taxable year com puted under section 752 (relating puted under section 759 (relating to certain exchanges) is less than to certain exchanges) is less than $500,000, then in the application $500,000, then in the application of the table in paragraph (1) of this subsection to such taxpayer, in lieu of each amount, other than the of the table in paragraph (1) of this subsection to such taxpayer, in lion of each amount, other than the Taxable Years Beginning in 1940 SUBCHAPTER E-EXCESS PROFITS TAX PART I Sec. 710. Imposition of tax. Sec. 710. (a) Imposition.-There shall be levied, collected, and paid, for each taxable year beginning after December 31, 1939, on the adjusted excess profits net income, as defined in subsection (b), of every corporation (except a corporation exempt under section 727) a tax as follows: Sec. 710. (a) (1) Upon adjusted ercess profits net incomes of less than $20,000, 25 per centum of the adjusted excess profits net income. $5,000 upon adjusted excess profits net incomes of $20,000; and upon adjusted excess profits net incomes in excess of $20,000, and not in excess of $50,000, 30 per centum in addition of such excess. $14,000 upon adjusted excess profits net incomes of $50,000; and upon adjusted excess profits net incomes in excess of $50,000, and not in excess of $100,000, 35 per centum in addition of such excess. $31,500 upon adjusted profits net incomes of $100,000; and upon adjusted excess profits net incomes in excess of $100,000, and not in excess of $250,000, 40 per centum in addition of such excess. excess $91,500 upon adjusted excess profits net incomes of $250,000; and upon adjusted excess profits net incomes in excess of $250,000, and not in excess of $500,000, 45 per centum in addition of such ex cess. $204,000 upon adjusted excess profits net incomes of $500,000; and upon adjusted excess profits net incomes in excess of $500,000, 50 per centum in addition of such excess. Bee. 710. (a) (2) Application of rates in case of certain exchanges. If the taxpayer's highest bracket amount for the taxable year com puted under section 752 (relating to certain exchanges) is less than $500,000, then in the application of paragraph (1) of this subsection to such taxpayer, in lieu of each amount, other than the percentages, Taxable Years ment of Excess Profits Tax Act of 1940, by Sec. 229 (a) (2), R. A. of 1942. For Sec. 710 (a) (1) and (2), I. R. C., before amendments, see 1941 column. Taxable Years percentages, specified in such table, Sec. 710 (a) (1), I. R. C., Sec. 710 (a) (2), I. R. C., supra, repealed as of October 8, 1940, the date of enactment of Excess Profits Tax Act of 1940, by Sec. 229 (a) (2), R. A. of 1942. For Sec. 710 (a) (1) and (2), I. R. C., before amendments, see 1941 column. Taxable Years percentages, specified in such table, there shall be substituted an amount which bears the same ratio to the amount so specified as the highest bracket amount so computed bears to $500,000. Sec. 710 (a) (1) and (2), I. R. C., supra, amended by Sec. 201 (a), R. A. of 1941, to read as shown above before subsection (a) (2) was repealed. Sec. 205 of said Act makes amendment applicable to taxable years beginning after Dec. 31, 1940. Sec. 710 (a) (2), I. R. C., supra, repealed as of October 8, 1940, the date of enactment of Excess Profits Tax Act of 1940, by Sec. 229 (a) (2), R. A. of 1942. For Sec. 710 (a) (1) and (2), I. R. C. before amendments, see 1940 column. (A) that portion of a tentative tax under this subchapter, computed without regard to section 203 of the Revenue Act of 1942, which the number of days in such taxable year before July 1, 1942, bears to the total number of days in such taxable year, plus (B) that portion of a tentative tax under this subchapter, computed as if the amendments made by sections 105 (c), 105 (d), 202, and 206 of the Revenue Act of 1942 Sec. 710. (a) (3) Taxable years beginning in 1941 and ending after June 30, 1942.-In the case of a taxable year beginning in 1941 and ending after June 30, 1942, the tax shall be an amount equal to the sum of (A) that portion of a tentative tax under this subchapter, computed without regard to section 203 of the Revenue Act of 1942, which the number of days in such taxable year before July 1, 1942, bears to the total number of days in such taxable year, plus Sec. 710. (a) (3) Taxable years beginning in 1941 and ending after June 30, 1942.-In the case of a taxable year beginning in 1941 and ending after June 30, 1942, the tar shall be an amount equal to the sum of (A) that portion of a tentative tar under this subchapter, computed without regard to section 203 of the Revenue Act of 1942, which the number of days in such taxable year before July 1, 1942, bears to the total number of days in such taxable year, plus (B) that portion of a tentative (B) that portion of a tentative tax under this subchapter, computed tax under this subchapter, computed as if the amendments made by secas if the amendments made by sections 105 (c), 105 (d), 202, and tions 105 (c), 105 (d), 202, and 206 of the Revenue Act of 1942 206 of the Revenue Act of 1912 were applicable to such taxable were applicable to such taxable were applicable to such taxable year, which the number of days in such taxable year after June 30, 1942, bears to the total number of days in such taxable year. Sec. 710 (a) (3), I. R. C., supra, added to I. R. C. by Sec. 203 (a), R. A. of 1942. Sec. 203 (b) of said Act makes amendment applicable to taxable years beginning in 1941 and ending after June 30, 1942. Sec. 710. (a) (4) Mutual insurance companies. In the case of a mutual insurance company other year, which the number of days in Sec. 710 (a) (3), I. R. C., 1942. Sec. 710. (a) (4) Mutual insurance companies.—In the case of a mutual insurance company other year, which the number of days in such taxable year after June 30, 1942, bears to the total number of days in such taxable year. Sec. 710 (a) (3), I. R. C., supra, added to I. R. C. by Sec. 203 (a), R. A. of 1942. Sec. 203 (b) of said Act makes amendment applicable to taxable years beginning in 1941 and ending after June 30, 1942. |