Taxable Years Beginning in 1945 Taxable Years Beginning in 1944 Taxable Years Beginning before 1944 Sec. 12. (g) Limitation on tax. Same as 1944. Sec. 12. (g) Limitation on tax. -The tax imposed by this section and section 11, computed without regard to the credits provided in sections 31, 32, and 35, shall in no event exceed in the aggregate 90 per centum of the net income of the taxpayer for the taxable year. Sec. 12. (h) Alternative tax. Same as 1944. Sec. 12. (h) Alternative tax.— For alternative tax which may be elected if adjusted gross income is less than $5,000, see Supplement T. Sec. 12 (g), I. R. C., struck out and Sec. 12 (g) and Sec. 12 (h), supra, inserted in lieu thereof by Sec. 4 (b), I. I. T. A. For Sec. 12 (g) before amend- Sec. 12. (g). See Ninth Edition, p. 12. Same as 1944. Sec. 13. (a) (1) Adjusted net Sec. 13. (a) (1) Adjusted net income.-The term "adjusted net income. income" means the net income minus the credit provided in section 26 (a), relating to interest on certain obligations of the United States and Government corporations. Sec. 13. (a) (2) Normal-tax net income.-The term "normal-tax net income" means the adjusted net income minus the credit for dividends received provided in section 26 (b). Sec. 13. (b) Imposition of tax.There shall be levied, collected, and paid for each taxable year upon the Sec. 13. (a) (2) Normal-tax net income. Same as 1946 and 1947. Sec. 13. (b) Imposition of tax. Same as 1944. Taxable Years Beginning in 1946 and 1947 Sec. 12. (c) Tax in case of capital gains or losses. Same as 1944. Sec. 12. (e) Tax on personal holding companies. Same as 1944. Sec. 12. (f) Avoidance of surtaxes by incorporation. Same as 1944. Sec. 12. (d) Sale of oil or gas properties. Same as 1944. Sec. 13. Tax on corporations in general. Sec. 13. (a) Definitions. Sec. 13. (a) (1) Adjusted net income. Same as 1944. Sec. 13. (a) (2) Normal-tax net income. The term "normal-tax net income" means the adjusted net income minue the credit for income subject to the tax imposed by Subchapter E of Chapter 2 pro wided in section 26 (e) and minus the credit for dividends received provided in section 26 (b). Sec. 13 (a) (2), I. R. C., supra, amended by Sec. 122 (g) (2), R. A. of 1945, by omitting language in stricken-through type. Sec. 122 (g) of said Act makes amendment applicable to taxable years beginning after Dec. 31, 1945. Sec. 13. (b) Imposition of tax. Same as 1944. Sec. 13. (b) (2) Alternative tax Sec. 13. (b) (2) Alternative tax (corporations with normal-tax (corporations with normal-tax net income over $25,000, but net income over $25,000, but not not over $50,000).-A tax of $4,- over $50,000). 250 plus 31 per centum of the amount of the normal-tax net income in excess of $25,000. Same as 1944. Sec. 13. (b) (2) Alternative tax (corporations with normal-tax net income over $25,000, but not over $50,000). Same as 1944. Taxable Years Sec. 13. (b) (1) General rule. Sec. 13. (b) (2) Alternative tax (corporations with normal-tax net income over $25,000, but not over $50,000). Same as 1944. Sec. 13. (c) Exempt corporations. Same as 1944. . Sec. 13. (b) (2) Alternative tax Sec. 13. (b) (2) Alternative (corporations with normal-tax tax (corporations with normalnet income over $25,000, but tax net income over $25,000, not over $50,000).-A tax of $4,- but not over $50,000). 250 plus 31 per centum of the amount of the normal-tax net income in excess of $25,000. Sec. 13. (c) Exempt corporations. For corporations exempt from taxation under this chapter, see section 101. Section originated 1938 as Eighth Edition, p. 14, Sec. 13. (c) Exempt corporations. See Eighth Edition, p. 14, |