Page:United States Statutes at Large Volume 43 Part 1.djvu/306

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SIXTY·EIGHTH CONGRESS. Sess. I. Ch. 234. 1924. 275 " created,” " fabricated," " manufactured,” " extracted," " processed,” TN°0¥¤ nx- " cured," or “ aged." (g) (1) Except as provided in paragraph (2) a nonresident 0,%§%§,'g§’§,0‘},‘,°§,$ alien individual or a citizen entitled to the benefits of section 262 Umttd States sorfrcesi shall receive the benefit of the deductions and credits allowed in this title only by Bling or causing to be filed with the collector a true and accurate return of his total income received from all sources in the United States, in the manner prescribed in this title; Othtt i¤f<>¤¤¤ti<>¤- including therein all the information which the Commissioner may deem necessary for the calculation of such deductions and credits, hmm, t, (2) The benefit of the credits allowed in subdivisions (d) and ¤re<1its.e;¤..·i11T<ii!vri)qii$ (eg of section 216, and of the reduced rate of tax provided for in Hi,‘f‘d‘§,,,,°]’},‘,§',Q,,‘{{‘*" “"“" su division (b) of section 210, may, in the discretion of the Commissioner and under regulations prescribed by him with the a proval of the Secretary, be received by a nonresident alien individlinal entitled thereto, by filing a. claim therefor with the withholding agent. tmmems. P“'°”°“‘*“p“· Sno, 218. (a) Individuals carrying on business in partnership 1¤.ii’E$‘l$§i’g_ t“‘°d “ shall be liab e for income tax only in their individual capacity. , _ There shall be included in computing the net income of each partner w$,2i“"‘"“"°“ °' m` his distributive share, whether distributed or not, of the net income of the partnership for the taxable year, or, if his net income for such taxable year is computed upon the basis of a period different from that upon the basis of which the net income of the partnership is computed, then his distributive share of the net income of the . partnership for any accounting period of the partnership ending within the taxable year upon the·basis of which the partner’s net i°°(i,m°·ri. °°mPum it ll r at r ui 1 Mt »1 ¤¤· e artner s a , or e purpose o e norma tax be °° ¤r¤ { engaged as cgedits, in addition to me credits allowed`to him urider £i?$¤»%2T‘“°””‘° °‘ section 216, his pro ortionate share of such amounts specified in subdivisions (a) andp (b) of section 216 as are received by the partnership. (c·) The net income of the partnership shall be computed in the i,,.$,‘},'}},{’“°°"°° °' °°‘ same manner and on the same asis as provided in section 212 except that the deduction provided in paragraph (10) of subdivision (a) of section 214 shall not be allowed. nsryms Arm rnusrs. E"°‘°“ °“‘“"""· 1 src. 219. (a) The tax imposed by rms 1 and II or this une stan ‘“°%‘“°°‘· ‘°‘°**· apply to the income of estates or of any kind of property held in trust, including- Tm um (1) Income accumulated in trust for the benefit of unborn or un- mum °°S` ascertained persons or persons with contingent interests, and income accumulated or held for future distribution under the terms of the

 or trust ; _ Periodically d_is¤.ib_

(2) Income which is to be distributed currently by the fiduciary “’°°· to the beneficiaries, and income collected by a guardian of an infant which is to be held or distributed as the court may direct; Received during ad_ (3) Income received by estates of deceased persons during the mnnsmuen. period of administration or settlement of the estate; and Dismmum. ,,,5,,, _ (4) Income which, in the discretion of the fiduciary, may be either beam, distributed to the beneficiaries or accumulated. hmm by ,,,,,,_ (b) Except as otherwise provided in subdivisions (g) and (h), dvrthe tax shall be computed upon the net income of the estate or trust, C km { t and shall be paid by the fiduciary. The net income of the estate i¤e.,3iiJ°°°°° ° °°