260 SIXTY-SEVENTH CONGRESS. Sess. I. Ch. 136. 1921. "°°¤ *¤· (c) There shall be included in the return or_appended thereto a ¤¤ms;°ri°•¢i:}¤?3l statement of such facts as will enable the Commissioner to determine the portion of the earnings or profits of the eogporation (including gains, prohts and income not taxed) accumulate durmjsthe taxable year for which the retum is made, which have been tributed or ordered to be distributed, respectively, to its stockholders or members during such year. m$:s¤=¤**¤•*•d ¤* cousonmarnn iurrnmrs or ooizroiwrioxs. MMM °°*v·¤¤· Sec. 240. (a) That co rations which are aiiiliated within the iii?¤ meaning of this section xiiisy, for any taxable year beginn` on or “‘”"‘ after January 1, 1922, make separate returns or, under relglillations prescribed by the Commissioner with the approval of the Seoretaay, make a consolidated retmn of net income for the ptgrdpose of this ti e, _ in which case the taxes thereunder shall be compu determmed ¤,g'§,§{§{’°" °°s” upon the basis of such return. If retmn is made on e1ther_ of such bases, all returns thereafter made shall be upon the same basis unless permission to change the basis is granted b the Commissioner., p,${.’{’;§’,'}§§*§"@ (b) In any case in which a tax is assessedy upon the basis of a con- ¤¤¤=¤- solidated return, the total tax shall be computed in the first mstance as a unit and shall then be assessed upon the respective affiliated corporations in such proportions. as may e agreed upon among them, or, in the absence of any such a.greement, then on the basis of the net ousspeustmae. income properly assignable to each. There shall be allowed in computing the income tax only one specific credit computed as provided ·*""·P·’°"· in gbcgpivisipln (b) of sec?oz1r;36. - d · gm si ¤¤n><>¤¤- c or the p ose 0 t section two or more omestic corpora- H d°smb°d' tions shall be dliilelined to be aiiiliated (1) if one corporation owns directly or controls through closely amliated interests or by a nominee or nominees substantially all the stock of the other or others, or (2) if substantially all the stock of two or more corporations is owned
nzrsira as in or p(%n§olled1by the same itntciicgsts. ucd th
Un, Sm ° or the p oses o t section a co ration enti to e argiaaigax benefits of sectibl-ii) 262 shall be treated asrpii foreign corporation:
tw frgvugcd, That in any cage of two or morelrelaged Itrahes or businegses
,,,,,,,,,,,,,b,,,,,,,§,,,,,. w et er unmco rate or incor rate an w et er organize in ged by am. mm- the United Statelspgr not) owned iii? controlled directly or indirectly ` by the same interests, the Commissioner may consolidate the accounts o such related trades and businesses, in any proper case, for the purpose of making an accurate distribution or apportionment of pro ts, income, deductions, or capital between or among such re ated trades or businesses. ”z*j¤‘¤¤ W 1>**°* (e) Corporations which are aiiiliated within the meaning of this section shall make consolidated returns for any taxable year beginning prior to January 1, 1922, in the same manner and subject to the same conditions as provided by the Revenue Act of 1918. mmm. mm Arm PLACE ron mms oo1u>0mvrn iwruims. }*gf;’f,g*}*¢~ Sec._ 241. (a) 'lhat returns of corporations shall be made at the same time as is provided in subdivision (a) of section 227, except that in the case of foreign corporations not having an office or place of business m the United States returns shall be maria at the same time To massa M db as govided m section 227 m the case of a nonresident alien individual. em, sw, _ ) Retmns shall be made to the collector of the district in which is located the principal place of business or princi al office or agency of the corporation, or, if_ it has no principal pllzice of business or
office or agency in the United States, then to the collector
at B timore, Maryland.
