276 SIXTY—SEVENTH CONGRESS. Sess. I. Ch. 136. 1921. 'AB ’·”° “°E” (c) The Commissioner shall kee a record of all cases in which the PROFITS TAX. . . . P . . . . . Record of deg; tax is determined rn the mannpr pripscribed rn slpbrgrvrsron (a), piping mined cases to ° ' ' _ tarmng the name and address o eac tax ayer the_ usrness in w c km en ed, the amount of invested caprtalp and inet income shown by gag . . the return, and the amount of mvested capital as determined under ¤¤f¤¤¤¤¤¤¤ ¢¤ <>¤¤- such subdivision. The Commissioner sh furnish a copy of such mm record and oshgr detaifed infogmaiiion gith reppect to such cilases when require y reso ution o eit er ouse o Congress wit out Ame r>·270 regard to the restrictions contained in section 257. , aexgmimaons. Paar VI.-—REORGANIZATIONS. Valuation or assets Sec. 331. That in the case of the reorganization, consolidation, or §fY§’{'-}?`§$,‘l"“‘“°"°‘ change of ownership of a trade or business, or change of ownership of propertyhafter arch 3, 1917, if an interest or control in such tra e or business or property of 50 per centum or more remains in the same persons, or any of them then no asset transferred or received from the previous owner shall, for the prupose of determining invested capital, be allowed a greater value than would have been allowed un er this title in computing the invested capital of such _ pgevious owner if such asset had not been so transferre or received: §'",§{L'},;,,,,,,, ,,.,,.,,0, rmrided, That if such previous owner was not a corporation, then
the value of any asset so transferred or received shall e taken at its
' cost rpf acqluisrtion E3; the dape rghen acquired by such pripvious owner wrt roper owance or epreciatron im airment ettermerét pr development, but no giidition to the hrigiiral cost ishall be ma e or an c arge or expen `ture deducted as expense or otherwise on or agar March 1, 1913, in computing the net income of such previous owner for purposes of taxation. rrrmuarmus. Paar VII.—LlISCELLANEOUS. angles?-lgwr yes: Sec. 335.) (a)&i{l`hat if a cqrporaigppafother {Shan a personal service ‘ cor or·atron m as return or a year eginnin in 1920 and ending in 1921, the war·proEts and excess·proiits tax Ear the taxable p¤P,;gP¤¤¤¤ ·=¤¤=· year 1921 shall be the sum of: (1) the same proportion of a tax for ` the entire period computed under the Revenue Act of 1918, which the portion of such period falling within the calendar year 1920 is of the_entire period, and (2) the same pro ortion of a tax for the entire cmu M mmm period computed under this title, whidli the portion of such period new prior- ria. allrn withm the calendar ear 1921 is of the entire er·iod. An 8 {Y . P Y amormt heretofore or herea ter pard on accormt of the tax imposed for such taxable year by the Revenue Act of 1918 shall be credited 8,,,.,,,d ,,t,,m,,_ towargs the pgsyrplpnt of the ta}: as appqve coprputed, anlpi ghe amount so par excee e amount o suc ax, the excess s e cred`ted or refunded to the corporation in accordance with the provisions ·""‘· P· *8- of section 252 of this Act. mfg §'g,{*’°°' *****1* (b) If a corporation (other than a personal service corporation) makes a return for a fiscal year beginning in 1921 and ending in 1922, the_ war-profits and excess-profits tax or the portion of the year falling within the calendar year 1921 shall be an amount equivalent to_the same proportion of a tax for the entire period computed under this title, which the portion of such period falling within the calendar Rmmu mm year 1921 is of the entire period. P_ymm‘;‘;m ‘ Sec. 336. That every corporation, not exempt under section 304, ‘ shall make a return for the puréposes of this title. Such returns shall he made, and the taxes impose by this title shall be paid, at the same
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