Sec. 15. Surtax on corporations.

Sec. 15. (a) Corporation surtax

Same as 1946 and 1947.

Sec. 15. (a) Corporation surtax net income. For the purposes of net income. this chapter, the term "corporation surtax net income" means the net income minus the credit for dividends received provided in section 26 (b) 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).

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 fes income subject to the tax imposed by Subchapter E of Chapter 2 provided in section 26 (e) and minus the credit for dividends received provided in section 26 (b) (computed by limiting such credit to 85 per centum of the net income reduced by the credit for income subject to the tax imposed by Subchapter E of Chapter 2 in lieu of 85 per centum of the adjusted not income se 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).

Sec. 15 (a), I. R. C., supra, amended by Sec. 122 (g) (3), 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. 15. (a) Corporation surtax net income.

Same as 1944.

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 income subject to the tax imposed by Subchapter E of Chapter 2 provided in section 26 (e) and minus the credit for dividends received provided in section 26 (b) (computed by limiting such credit to 85 per centum of the net income reduced by the credit for income subject to the tax imposed by Subchapter 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).

Sec. 15. Surtax on corporations.

Sec. 15. (a) Corporation surtax net income.

Section originated 1941 as
Sec. 15 (a), I. R. C.

For any amendments prior to
1944. see-

Ninth Edition, p. 24.

Sec. 15. (b) (3) Surtax net incomes over $50,000. — Upon corporation surtax net incomes over $50,000, 14 16 per centum of the corporation surtax net income.

Sec. 15 (b), I. R. C., supra, amended by Sec. 121 (a), R. A. of 1945, by omitting language in stricken-through type and adding language in italics. Sec. 121 (d) of said Act makes amendment applicable to taxable years beginning after Dec. 31, 1945.

Sec. 22. (a) General definition. -"Gross income" includes gains, profits, and income derived from salaries, wages, or compensation for personal service (including personal service as an officer or employee of a State, or any political subdivision thereof, or any agency or instrumentality of any one or more of the foregoing), of whatever kind and in whatever form paid, or from professions, vocations, trades, businesses, commerce, or sales, or dealings in property, whether real or personal, growing out of the ownership or use of or interest in such property; also from interest,