Sec. 251. (f) Credits against net income. A citizen of the United States entitled to the benefits of this section shall be allowed only one exemption under section 25 (b). Sec. 251. (f) Credits against net income. Same as 1946 and 1947. Sec. 251. (f) Credits against net income. A citizen of the United States entitled to the benefits of this section shall be allowed a normal tax exemption of only $500 and shall not be allowed the surtax exemptions allowed by see tion 25 (b)(1) (B) and (0) only one exemption under section 25 (b). Sec. 251 (f), I. R. C., amended by Sec. 102 (b) (9), R. A. of 1945. Sec. 102 (c) of said Act makes amendment applicable to taxable years beginning after Dec. 31, 1945. Sec. 251. (g) Allowance of de Same as 1944. Sec. 251. (g) Allowance of deductions and credits.-Citizens of ductions and credits. the United States and domestic corporations entitled to the benefits of this section shall receive the benefit of the deductions and credits allowed to them in this chapter only by filing or causing to be filed with the collector a true and accu Sec. 251. (g) Allowance of deductions and credits. Same as 1944. Sec. 251. (f) Credits against net income. Same as 1944. Sec. 251. (g) Allowance of deductions and credits. Same as 1944. Sec. 251. (e) (1) Citizens of the United States entitled to the benefits of this section shall have the same deductions as are allowed by Supplement H in the case of a nonresident alien individual engaged in trade or business within the United States. Sec. 251. (e) (2) Domestic corporations entitled to the benefits of this section shall have the same deductions as are allowed by Supplement I in the case of a foreign corporation engaged in trade or business within the United States. Sec. 251. (f) Credits against net income. - A citizen of the United States entitled to the benefits of this section shall be allowed a personal normal tax exemption of only $500 and shall not be allowed the eredit for dependente provided in section 25 (b) (2) surtax exemptions allowed by section 25 (b) (1) (B) and (C). Sec. 251 (f), I. R. C., supra, amended by Sec. 10 (h), I. I. T. A. of 1944, by omitting language in stricken-through type and adding language in italics. Sec. 2 of said Act makes amendment applicable to taxable years beginning after Dec. 31, 1943. Sec. 251. (g) Allowance of deductions and credits.-Citizens of the United States and domestic corporations entitled to the benefits of this section shall receive the benefit of the deductions and credits allowed to them in this chapter only by filing or causing to be filed with the collector a true and accu Taxable Years Beginning before 1944 Sec. 251. (c) (2) Cross refer ence. See Ninth Edition, p. 520. Sec. 251. (d) Definition. Section originated 1921 as Second Edition, p. 270, Sec. 251. (e) Deductions. Second Edition, p. 108, Sec. 251. (f) Credits against net income. Section originated 1928 as Eighth Edition, p. 340, Sec. 251. (g) Allowance of deductions and credits. Section originated 1928 as Eighth Edition, p. 342, Sec. 251. (i) Prisoners of war and internees.-In the case of a citizen of the United States taken as a prisoner of war while serving within a possession of the United States as a member of the military or naval forces of the United States, and in the case of a citizen interned by the enemy while serving as an employee within a possession of the United States (1) if such citizen was confined in any place not within a possession of the United States, such place of confinement shall, for the purposes of this section, be considered as within a possession of the United States; and (2) any compensation received within the United States by such citizen attributable to the period of time during which such citizen was a prisoner of war or interned by the enemy shall, for the purposes of subsection (b), be considered as compensation received outside the United States. Sec. 252. Citizens of possessions of United States. Sec. 251 (i) Prisoners of war and internees. Same as 1946 and 1947. Sec. 252. Citizens of possessions of United States. Same as 1944. Taxable Years Beginning in 1946 and 1947 Sec. 251. (h) Credits against tax. Same as 1944. Sec. 251. (i) Prisoners of war and internees.-In the case of a citizen of the United States taken as a prisoner of war while serving within a possession of the United States as a member of the military or naval forces of the United States, and in the case of a citizen interned by the enemy while serving as an employee within a possession of the United States— (1) if such citizen was confined in any place not within a possession of the United States, such place of confinement shall, for the purposes of this section, be considered as within a possession of the United States; and (2) any compensation received within the United States by such citizen attributable to the period of time during which such citizen was a prisoner of war or interned by the enemy shall, for the purposes of subsection (b), be considered as compensation received outside the United States. Sec. 251, I. R. C., amended by Sec. 252. (a) Any individual who is a citizen of any possession of the United States (but not otherwise a citizen of the United States) Taxable Years and who is not a resident of the United States, shall be subject to taxation under this chapter only as to income derived from sources within the United States, and in such case the tax shall be computed and paid in the same manner and subject to the same conditions as in the case of other persons who are taxable only as to income derived from such sources. Sec. 252. (b) Nothing in this section shall be construed to alter or amend the provisions of the Act entitled "An Act making appropriations for the naval service for the fiscal year ending June 30, 1922, and for other purposes", approved July 12, 1921, c. 44, 42 Stat. 123 (U. S. C., Title 48, § 1397), relating to the imposition of income taxes in the Virgin Islands of the United States. Taxable Years Taxable Years Beginning in 1946 and 1947 Supplement K-China Trade Act Supplement K-China Trade Act Supplement K-China Trade Act Corporations Sec. 261. Taxation in general. Sec. 261. (a) Corporation tax.— A corporation organized under the China Trade Act, 1922, 42 Stat. 849 (U. S. C., 1934 ed., title 15, chap. 4) shall be subject to tax under section 13 or section 14 (b), and under section 15. Sec. 261. (b) Cross reference. For inclusion in computation of tax of amount specified in shareholder's consent, see section 28. Corporations Sec. 261. Taxation in general. Sec. 261. (a) Corporation tax. Sec. 261. (b) Cross references. Same as 1944. Corporations Sec. 261. Taxation in general. Sec. 261. (a) Corporation tax. Sec. 261. (b) Cross references. Sec. 262. Credit against net income. Sec. 262. Credit against net income. Sec. 262. (a) Allowance of Sec. 262. (a) Allowance credit. For the purpose only of credit. the taxes imposed by sections 13, 14, 15, and 600 of this title and section 106 of the Revenue Act of 1935 there shall be allowed, in the case of a corporation organized under the China Trade Act, 1922, in addition to the credits against net income otherwise allowed such corporation, a credit against the net income of an amount equal to the proportion of the net income derived from sources within China (determined in a similar manner Same as 1944. Sec. 262. Credit against net income. |