232 SIXTY-SEVENTH CONGRESS. Sess. I. Ch. 136. 1921. ”‘°°“ "*’· 1920 and ending in 1921 has sustained a net loss during such fiscal year, such taxpayer shall be entitled to the benefits of this section in resplect to the same proportion of such net loss which the portion of zlggalfiscal year falling within the calendar year 1921 is of the entire _ year. {mw FISCAL YEARS 1920-1921 AND 1921-1922. P’°*{°‘}~‘°° °’ ‘“ Sec. 205. (a) That if a tax ayer makes return for a fiscal ear griaéyiiijzlriirmulml ym beginning in 1920 and end` 1921, his tax under this title for? the taxable ear 1921 shall beutge sum of: (1) the same pro ortion of a tax for the entire period computed under Title II of the Igevenue Act of 1918 at the rates for the calendar (year 1920 which the portion of such (period falling within the calen ar year 1920 is of the entire perio , and (2) the same proportion of a tax for the entire period compluted under this title at the rates for the calendar year 1921, 4 whic the portion of such period falling within the calendar year 1921 ¤~·¤=¤~··¤¤~iSg.°h° °°fhL° Piiiiidi at 11 rar A t t amoun a1 eoreora rt e assa eo is c onaccoun géiila-zymmw ig of the tax for such fiscal eaii by Title II of the Revenue mg. ’ pp' Act of 1918 shall be credited towardythe payment of the tax im sed for such fiscal year by this Act, and if the amount so paid exceed;) the amount of suc tax imposed by this Act, the excess shall be credited F Bm, md or refimded in accordance wit the provisions of section 252.
- ,,g§im_ YW (b) If a taxpayer makes return for a fiscal year beginning in 1921
and ending in 1922, his tax under this title for the taxable year 1922 shall be the sum of: (1) the same proportion of a tax for the entire period computed under this title (as in force on December 31, 1921) at the rates for the calendar year 1921 which the portion of such eriod falling within the calendar year 1921 is of the entire period? and (2) the same proportion of a tax for the entire period computed under this title (as in force on January 1, 1922) at the rates for the calendar year 1922 which the portion of such period falling Persomilservice mr. within the calendar year 1922 is of the entire eriod: Provided, That P°’°“°‘“· in the case of a personal service corporation tihe amount to be paid shall be only that specified in clause (2). P¤r¤¤¤¤¤i1> HSM (c) If a fiscal year of a artnership begins in 1920 and ends in 1921, nhnéammaeu et or begins in 1921 and endg in 1922, then (1) the rates for the calendar P’°P°"“°“°’ "°‘“ ‘°’· year during which such fiscal year begins shall apply to an amount of each partner’s share of such partnership net income (determined under the law applicable to suc year) equal to the prcéportion which the Ipart of suc fiscal year falling within such calen ar year bears to the full Hscal Iyear, and (2) the rates for the calendar {year during which such fisca ear ends shall apply to an amount 0 each partner's share of such artnership net income (determined under the law applicable to suclli calendar year) equal to the pro ortion which the part of such fiscal year falling within such calendliir year bears to the full fiscal year. °¤v**¤'¤¤*¤· cnrrriu. earn. M°°°‘““"“°""" Sec. 206. (a) That for the purpose of this title: "C¤¤i¢¤is=¤i¤-" (1) The term "capital gain" means taxable lgain from the sale or exch of capital assets consummated after ecember 31, 1921; "C¤P*°¤“¤¤¤·" (2;uT:e term " capital loss" means deductible loss resulting from glie pale or exchange of capital assets consummated after December , 921; ¤··c3pi¤a1 dame- (3) The term "capital deductions" means such deductions as are °”° allowed under this title for the purpose of computing net income and are` properly allocable to or chargeable against items of capital gain as defined m this section;
