856 six·rY-SEVENTH ooivonnss. sm. II. os. 346. 1922. .C*°4*!¤*¤bi¤¤* *°¤P€j " (b) Such credit shall not be allowed unless the Secretary of Comiile°¤izih1ii1`di'i$.t° rw merce has certified to the Commissioner (1) the amount wh1ch,·dur1ng the year ending on the date of filing the return, the corporation has distributed as a sjiecial dividend to or for the benefit of such individuals as on the ast day of the taxable year were citizens of the United States or Chma, resident m China, and owned shares of stock 0t·£;1rdl§;i;=.gi¥¤,sw eu of the corporation, (2) that such special d1v1dend was in addition to ` all other amounts, payable or to _ e_ payable to such individuals or mm for their benefit, reason of the1r interest m the corporation, and um “,“‘§§,§‘ j (3) that such distri ution has been made to or for the benefit of such vw- individuals in proportion to the par value of the shares of stock of the corporation owne by each; exclgpt that if the corporation has more than one class of stock, the cerf cate shall contain a statement that the articles of incoxéporation provide a method for the apportionment of such special divi end amogg such individuals, and that the amount
has been distribu m accordance with the method so
rovi . Ownaship mma. P " (c) For the purposes of this section shares of stock of a corporation shall be considered to be owned by the person in whom the equitable M . damn, right to the income from such shares is in ood faith vested. mms " (d) As used in this section the term ‘ (§nna’ shall have the same meaning as when used in the China Trade Act, 1922." m<i¤v¤=¤¤¤ i¤¤¤¤¤ Sec. 22. Subdivision (b) of section 230 of the Revenue Act of 1921 Am, p. zsa, amend- is amended to read as follows: °"~Rm " (b) For each calendar year thereafter, 12} per centum of the ' amoung of the net income in excess of the credits provided in sections 236 an 264.’ jgtmzg mmm Sec. 23. Subdivision (f) of section 238 of the Revenue Act of 1921 ea. 'p' ’ is amended by adding after the figures “262" the word and figures " or 264". ,,{§{’,{,';,"¤§,§“§§em°°,,§°,§’g Sec. 24. Subdivision (c) of section 240 of the Revenue Act of 1921 is ¤¤§,¤;?=¤- 260 8mmd_ amended by adding at the end thereof a new sentence to read as eu. ’P` follows: “A corporation 0 anized imder the China Trade Act, 1922, shall not be deemed to be si%liated with any other corporation within the meanin of this section."
- ii$.Y,P§TE?£*$;e..i. Sec. 25. That section 2 of the Revenue Act of 1921 is amended by
¤¤· _ adding at the end thereof a new aragraph to read as follows: °“{§,§,T§§§§,;,‘§,§j§’§ " (12) A corporation 0 anizedlun er the China Trade Act, 1922, g£¤¤¤¤ ¤¤¤· ihallhfor the purposes of rgiis Act, be considered a. domestic corporaion. f$,}j}’§f§§f’§§;,,,d, Sec. 26. Subdivision (b) of section 213 of the Revenue Act of 1921 Mitems me wd Mm is amended by striking out the period at the end of paragraph (12) gms income? thereof and inserting in lieu thereof a semicolon, and y a ding after S _ _ paragraph (12) a new paragraph to read as follows; Cm,Q§°*§§S‘}‘d‘;§,;“‘§fo§,$ " (13) In the case of an individual, amounts distributed as dividends %¤g;s’Fr¤d¤A·=r¤¤rr><> to or for his benefit by a corporation organized under the China Trade ' Act, 1922 if, at the time of such distri ution, he is a citizen of China resident therein and the equitable right to the income of the shares of _ _ stock of the coixoration is in good faith vested in him." ,,,$,Y,,‘f,"§,,§§,‘,§'{’},§g‘§°,,‘§j _ Sec. 27. Sub `vision (a) of section 216, fpar aph (6) of subdiviwizrivngp 242 255, sion (a) of section 234, and paragraph (3) 0 suliigilvision (a) of section nm. ’ ' 245, of the Revenue Act 0 1921, are amended by insertin in each after the word and figures " section 262" a comma and the words
- ’other than a corporation organized imder the China Trade Act,
nnsrmvxrrox or mom ro Aunzvn. ·*“""'°*¤'· Sec. 28. The Congress of the United States reserves the right to alter, amend, or repeal any provision of this Act. Approved, September 19, 1922.
