262 SIXTY-SEVENTH CGNGRESS. ‘S1:ss. -I. ·‘ C11. 186. 192·1. In‘§§‘;f:,:;{· mb (5) _Investment expenses paid_ during the taxable year: Projvided, pepizsvim fl`hat 1f any general expenses are 1H part assigned to_or included in the ¤,,,m{;0,,_ mvestment expenses, the total deduction under this aravra h shall nplhexceed onei-fourth (lg fdper clqntpm of the boqk vsélhq ozliltllie m%n o emveste assets e att e egirmingan en 0 thetaxa e ear; , atgm °s°°t° m°s’ ;1(0) Taxes and othlqr expenses plpid dpring the taxplge tyipar exl1S1V6 y u on or wit res act to the rea estate owne e compan(§;\not including taxespassessed against local benefitsyof a kind ten _ g to increase the value of the ro erty assessed, and not including any amount paid out for new Euiliiings, or for permanent im- Tms Mmmm provements or betterments made to increase the value of any propgstg 0;Sh§°m,.,1de,, erty. The deduction allowed by this paragraph shall be allowed m the cagpsof taxes imposled upopda shareholdgr or mhelniper of a <p1l1)1pany upon interest as s are o er or mem er, w 'c are ai the company without reimbursement from the shareholder gr meriiber, but lil sqch phases no dedpctio}1; shall be allowed the shareholder or Eh mem er or eamounto suc taxespmp¤¤·=y.u°¤ uc" M (7) A reasonable allowance for the, exhaustion, wear and tear of property, including a reasonable allowance for obsolescence. In the case of property acquired before March 1, 1913, this deduction shall pp colinputed upon the basis of its fair market price or value as of Intumtondebts. arc ’ ]$913; · · · · . (8) All interest paid or accrued Wltlllll. the taxable ear on 1ts in- Ex°°°°°°' debtednessaexcept on indebtedness incurred or continubdd to purchase or carry obltpations or securities (other than obligatmns of the United itat? 1ssue aftqr gpptember 24, 1917, lalncll omgrqlallly subscribe? for y e taxpayer e mterest upon w 'c is w o y exempt rom _ _ taxation under this title;
- 2§£0°fiil.Y,w‘{1Z'l1{;,0§§ (9) In the case of a domestic life insurance com any, the net in-
°"“S·°°°- come of which (computed without the benefit of this paragraph) is $25,000 or less, the sum of $2,000; but if the net income is more than $25,000 the tax imposed by section 243 shall not exceed the tax which vgoulld be payable 1f the $2,020 credit were allowed, plus the amount o the net income in excess o $25,000. m_’{?§:,“u;'§cg;_ me NP dqdgctiou Shall befmade uiqder paragrapgis (3) and (73 of su vision a on account o any re estate owne an occu ie in whole or in part by a life insurance company unless there is inldluded gn tge retuiln 0:1 grosi giicgme thqrentzg value of theilspgce sodqpcupied. uc rent v ue s e not ess t an a sum w ic in a ition to anfy rents received from other tenants shall provide a net income (a ter deducting taxes, depreciation, and all other expenses) at the rate of 4 per centum per annum of the book value at the end of the hmm me mqub taxable year of the real estate so owned or occupied. ,,,0, companies. ‘ (c) In the case of a forei%i life insurance company the amount of U§,f;§"§‘,§§;;°§owc2,,f its net mcome for any taxa le year from so11rces within the United ¤ri¤<>¤¤¤·- States shall be the same proportion of its net income for the taxable year from sources within and without the United States, which the reserve funds required by law and held by it at the end of the taxable year upfon transaclted vgitlpinhthe United States is dpi the reserve un e y it at the en o the taxa e year upon business transacted. ,,,§g?‘{§_§‘§°,‘§,",§",,‘}‘{,},‘$ Sec. 246. (a) That, in lieu of the taxes imposed by sections 230 ¤¤g}éx,Bvm and 1000, there shall be levied, collected and paid for the calendar ' year 1922, and for each taxable iear thereafter, upon the net income of every insurance company (ot er than a life or mutual insurance _ _ com any) a tax as follows: D"m“"°°°‘“P““‘°*· (1)) In the case of such a domestic insurance company the same percen:age2<g0its net income as is imposed upon other corporations v sec ion . ;
