Taxable Years Beginning in 1943 than life or marine, if the gross amount received from interest, dividends, rents, and premiums (including deposits and assessments) is over $75,000 but less than $125,000, the tax imposed under this section shall be an amount which bears the same proportion to the amount as certained under this section, computed without reference to this paragraph, as the excess over $75,000 of such gross amount received bears to $50,000. Sec. 710 (a) (4), I. R. C., supra, added to I. R. C. by Sec. 205 (a), R. A. of 1942. Sec. 101 of said Act makes amendment applicable to taxable years beginning after Dec. 31, 1941. Sec. 710. (a) (5) Deferment of payment in case of abnormality.If the adjusted excess profits net income (computed without reference to section 722) for the taxable year of a taxpayer which claims on its return, in accordance with regulations prescribed by the Commissioner with the approval of the Secretary, the benefits of section 722, is in excess of 50 per centum of its normal tax net income for such year, computed without the credit provided in section 26 (e) (relating to adjusted excess profits net income), the amount of tax payable at the time prescribed for payment may be reduced by an amount equal to 33 per centum of the amount of the reduction in the tax so claimed. For the purposes of section 271, if the tax payable is the tax so reduced, the tax so reduced shall be considered the amount shown on the return. Sec. 710 (a) (5), I. R. C., supra, added to I. R. C. by Sec. 222 (b), R. A. of 1942. Sec. 101 of said Act makes amendment applicable to taxable years beginning after Dec. 31, 1941. Taxable Years Beginning in 1942 than life or marine, if the gross amount received from interest, dividends, rents, and premiums (including deposits and assessments) is over $75,000 but less than $125,000, the tax imposed under this section shall be an amount which bears the same proportion to the amount ascertained under this section, computed without reference to this paragraph, as the excess over $75,000 of such gross amount received bears to $50,000. Sec. 710 (a) (4), I. R. C., supra, added to I. R. C. by Sec. 205 (a), R. A. of 1942. Sec. 101 of said Act makes amendment applicable to taxable years beginning after Dec. 31, 1941. Sec. 710. (a) (5) Deferment of payment in case of abnormality.If the adjusted excess profits net income (computed without reference to section 722) for the taxable year of a taxpayer which claims on its return, in accordance with regulations prescribed by the Commissioner with the approval of the Secretary, the benefits of section 722, is in excess of 50 per centum of its normal tax net income for such year, computed without the credit provided in section 26 (e) (relating to adjusted excess profits net income), the amount of tax payable at the time prescribed for payment may be reduced by an amount equal to 33 per centum of the amount of the reduction in the tax so claimed. For the purposes of section 271, if the tax payable is the tax so reduced, the tax so reduced shall be considered the amount shown on the return. Sec. 710 (a) (5), I. R. C., supra, added to I. R. C. by Sec. 222 (b), R. A. of 1942. Sec. 101 of said Act makes amendment applicable to taxable years beginning after Dec. 31, 1941. Taxable Years Sec. 710. (b) Definition of ad- Sec. 710. (b) Definition of ad- Sec. 710. (b) Definition of adjusted excess profits net income.—justed excess profits net income.justed excess profits net income.As used in this section, the term As used in this section, the term As used in this section, the term "adjusted excess profits net income" "adjusted excess profits net income" "adjusted excess profits net income” in the case of any taxable year in the case of any taxable year in the case of any taxable year means the excess profits net income means the excess profits net income means the excess profits net income (as defined in section 711) minus (as defined in section 711) minus (as defined in section 711) minus the sum of: the sum of: the sum of: Sec. 710. (b) (1) Specific exemption.-A specific exemption of $5,000, and in the case of a mutual insurance company (other than life or marine) which is an interinsurer or marine) which is an interinsurer Sec. 710. (b) (1) Specific exemp- Sec. 710. (b) (1) Specific exemption. A specific exemption of tion.-A specific exemption of $5,000, and in the case of a mutual $5,000; insurance company (other than life Taxable Years Beginning in 1940 Taxable Years Beginning in 1939 Taxable Years Beginning before 1939 Sec. 710. (b) Definition of adjusted excess profits net income.As used in this section, the term "adjusted excess profits net income" in the case of any taxable year means the excess profits net income (as defined in section 711) minus the sum of: Sec. 710. (b) (1) Specific exemption.-A specific exemption of $5,000; or reciprocal underwriter a specific or reciprocal underwriter a specific exemption of $50,000; Sec. 710 (b) (1), I. R. C., supra, amended by Sec. 205 (g) (1), R. A. of 1942, to read as above. Sec. 101 of said Act makes amendment applicable to taxable years beginning after Dec. 31, 1941. For Sec. 710 (b) (1), before amendment, see 1942 column. Sec. 710. (b) (2) Excess profits credit. The amount of the excess profits credit allowed under section 712; and Sec. 710. (b) (3) Unused excess profits credit. The amount of the unused excess profits credit adjustment for the taxable year, computed in accordance with subsection (e). Sec. 710 (b) (3), I. R. C., Sec. supra, amended by 204 (a), R. A. of 1942, to read as above. Sec. 204 (c) of said Act makes amendment applicable to taxable years beginning after Dec. 31, 1940. For Sec. 710 (b), I. R. C., before amendment, see 1942 column. Sec. 710. (c) Unused excess profits credit adjustment.— exemption of $50,000; Sec. 710 (b) (1), I. R. C., supra, amended by Sec. 205 (g) (1), R. A. of 1942, by adding language in italics. Sec. 101 of said Act makes amendment applicable to taxable years beginning after Dec. 31, 1941. Taxable Years Sec. 710. (b) (2) Excess profits Sec. 710. (b) (2) Excess profits credit. The amount of the excess credit.-The amount of the excess profits credit allowed under section profits credit allowed under section 712; and 712; and Sec. 710. (b) (3) Unused excess Sec. 710 (b) (3), I. R. C., See Sec. 710 (b), I. R. C., in Sec. 710. (c) Unused excess profits credit adjustment. Sec. 710. (b) (3) Unused excess profits credit. In the ease of a taxpayer the normal tax net in come of which for the taxable year is not more than $25,000, the amount by which the excess profits eredit for the preceding taxable year (if beginning after December 31, 1939) exceeds the excess-profits net income for such preceding taxable year. The amount of the unused excess profits credit adjustment carry over for the taxable year, computed in accordance with subsection (c). Sec. 710 (b) (3), I. R. C., supra, amended by Sec. 2 (a), Excess Profits Tax Amendments of 1941, by omitting language shown in stricken through ordinary type and adding last sentence shown in italics before omission of stricken through italics and addition of underlined italics. Sec.. 17 of said Act makes amendment effective as of Oct. 8, 1940, the date of enactment of Excess Profits Tax Act of 1940. Sec. 710 (b) (3), I. R. C., supra, amended by Sec. 204 (a), R. A. of 1942, by omission of language in stricken through italics and addition of language in underlined italics. Sec. 204 (c) of said Act makes amendment applicable to taxable years beginning after Dec. 31, 1940. For Sec. 710 (b), I. R. C., supra, before amendment, see 1940 column. Sec. 710. (c) Unused excess profits credit adjustment. Sec. 710. (c) (1) Computation of Sec. 710. (c) (1) Computation of Sec. 710. (c) (1) Computation of unused excess profits credit ad- unused excess profits credit ad- unused excess profits credit adjustment.—The unused excess prof-justment. The unused excess prof-justment. The unused excess profits credit adjustment for any tax- its credit adjustment for any tax- its credit adjustment for any taxable year shall be the aggregate of able year shall be the aggregate of able year shall be the aggregate of the unused excess profits credit the unused excess profits credit the unused excess profits credit carry-overs and unused excess carry-overs and unused excess carry-overs and unused excess profits credit carry-backs to such profits credit carry-backs to such profits credit carry-backs to such taxable year. taxable year. taxable year. Taxable Years Beginning in 1940 Taxable Years Beginning in 1939 Taxable Years Beginning before 1939 Sec. 710. (b) (2) Excess profits credit. The amount of the excess profits credit allowed under section 712; and Sec. 710. (b) (3) Unused excess profits credit. In the case of a taxpayer the normal tax net income of which for the taxable year not more than $25,000, the amount by which the excess profite credit for the preceding taxable year (if beginning after December 31, 1939) exceeds the excess profite net income for such preceding tax able year. The amount of the excess profits credit carry-over for the taxable year, computed in accordance with subsection (c). Sec. 710 (b), I. R. C., supra, except last sentence, added to I. R. C. by Sec. 201, Excess Profits Tax Act of 1940. Sec. 710 (a), I. R. C., makes amendment applicable to taxable years beginning after Dec. 31, 1939. Sec. 710 (b), I. R. C., supra, amended by Sec. 2 (a), Excess Profits Tax Amendments of 1941, by omitting language shown in stricken through italics and adding last sentence shown in underlined italics. Sec. 17 of said Act makes amendment effective as of Oct 8, 1940, the date of enactment of Excess Profits Tax Act of 1940. Sec. 710. (c) Excess profits credit carry-over.— Taxable Years Taxable Years Taxable Years Sec. 710. (c) (2) Definition of Sec. 710. (c) (2) Definition of Sec. 710. (c) (2) Definition of unused excess profits credit.-The unused excess profits credit.-The unused excess profits credit.-The term "unused excess profits credit" term "unused excess profits credit" term "unused excess profits credit" means the excess, if any, of the ex- means the excess, if any, of the ex-means the excess, if any, of the excess profits credit for any taxable cess profits credit for any taxable cess profits credit for any taxable year beginning after December 31, year beginning after December 31, year beginning after December 31, 1939, over the excess profits net in- 1939, over the excess profits net in- 1939, over the excess profits net income for such taxable year, com- come for such taxable year, com- come for such taxable year, computed on the basis of the excess puted on the basis of the excess puted on the basis of the excess profits credit applicable to such tax-profits credit applicable to such tax-profits credit applicable to such taxable year. For such purpose the able year. For such purpose the able year. For such purpose the excess profits credit and the excess excess profits credit and the excess excess profits credit and the excess profits net income for any taxable profits net income for any taxable profits net income for any taxable year beginning in 1940 shall be year beginning in 1940 shall be year beginning in 1940 shall be computed under the law applicable computed under the law applicable computed under the law applicable to taxable years beginning in 1941. to taxable years beginning in 1941. to taxable years beginning in 1941. The unused excess profits credit for The unused excess profits credit for The unused excess profits credit for a taxable year of less than twelve a taxable year of less than twelve a taxable year of less than twelve months shall be an amount which months shall be an amount which months shall be an amount which is such part of the unused excess is such part of the unused excess is such part of the unused excess profits credit determined under the profits credit determined under the profits credit determined under the first sentence of this paragraph as first sentence of this paragraph as first sentence of this paragraph as the number of days in the taxable the number of days in the taxable the number of days in the taxable year is of the number of days in the year is of the number of days in the year is of the number of days in the twelve months ending with the close twelve months ending with the close twelve months ending with the close of the taxable year. of the taxable year. of the taxable year. Sec. 710. (c) (3) Amount of unused excess profits credit carryback and carry-over. Sec. 710. (c) (3) Amount of unused excess profits credit carryback and carry-over. Sec. 710. (c) (3) Amount of unused excess profits credit carryback and carry-over.— Sec. 710. (c) (3) (A) Unused Sec. 710. (c) (3) (A) Unused Sec. 710. (c) (3) (A) Unused excess profits credit carry-back.- excess profits credit carry-back.- excess profits credit carry-back.— If for any taxable year beginning If for any taxable year beginning If for any taxable year beginning after December 31, 1941, the tax- after December 31, 1941, the tax- after December 31, 1941, the taxpayer has an unused excess profits payer has an unused excess profits payer has an unused excess profits credit, such unused excess profits credit, such unused excess profits credit, such unused excess profits credit shall be an unused excess credit shall be an unused excess credit shall be an unused excess profits credit carry-back for each of profits credit carry-back for each of profits credit carry-back for each of the two preceding taxable years, ex- the two preceding taxable years, ex- the two preceding taxable years, except that the carry-back in the case cept that the carry-back in the case cept that the carry-back in the case of the first preceding taxable year of the first preceding taxable year of the first preceding taxable year shall be the excess, if any, of the shall be the excess, if any, of the shall be the excess, if any, of the amount of such unused excess prof-amount of such unused excess prof- amount of such unused excess profits credit over the adjusted excess its credit over the adjusted excess its credit over the adjusted excess profits net income for the second profits net income for the second profits net income for the second preceding taxable year computed preceding taxable year computed for preceding taxable year computed for for such taxable year (i) by deter- such taxable year (i) by determin- such taxable year (i) by determinmining the unused excess profits ing the unused excess profits credit ing the unused excess profits credit credit adjustment without regard to adjustment without regard to such adjustment without regard to such such unused excess profits credit, unused excess profits credit, and unused excess profits credit, and and (ii) without the deduction of (ii) without the deduction of the (ii) without the deduction of the the specific exemption provided in specific exemption provided in sub-specific exemption provided in subsubsection (b) (1). section (b) (1). section (b) (1). Sec. 710. (c) (3) (B) Unused excess profits credit carry-over.— If for any taxable year beginning after December 31, 1939, the taxpayer has an unused excess profits credit, such unused excess profits credit shall be an unused excess profits credit carry-over for each of the two succeeding taxable years, except that the carry-over in the Sec. 710. (c) (3) (B) Unused Sec. 710. (c) (3) (B) Unused excess profits credit carry-over.- excess profits credit carry-over.— If for any taxable year beginning If for any taxable year beginning after December 31, 1939, the tax-after December 31, 1939, the tarpayer has an unused excess profits payer has an unused excess profits credit, such unused excess profits credit, such unused excess profits credit shall be an unused excess credit shall be an unused excess profits credit carry-over for each of profits credit carry-over for each of the two succeeding taxable years, the two succeeding taxable years, except that the carry-over in the| except that the carry-over in the |