§ 987 rg 2·Le_zs.~·»11v¤ in gpo dlmretloe of tm (`ommlwlooer of Iotemal Reveoaef §·reowhle—ad<lltlo;l to a reserve for had demo); and »wl1< entlmed that a debt is recoverable. only lo pe.rt,·E$§;he said coz ,missloeor may allele oooh deht to he charged od ln mrtg [ _ i·eoe§ved.—-··-—(6) The exmxmft received =a$_dlvidena {A) from a elowtic eorporatioe other than a corporatli entitled `to the hmdts of seetlori 10:%) of this title. and oth? thee o. C0}`§Gl‘&{@H organized lllltléfa séotloos 141 to 1@ of Tit 15 {the Chinn Trade Act, L9"...2) or (Bl from axxyforeigxt ee poaetlw when it is showin to the Asetisfacition of- the commi sioeer that mote `tl1en·’50 r centom o,t the gross income such foreign corporation r the- threeyear period, endlm wl the elm of its taxable _ Q r preceding‘the declaration ot sul dividends {or for such t ot ouch peilod esthe foreign co poration has oceu in {existence) was derived lfrom somje within the United States as determined under' section %$· this title: _ , _ l ‘ _ ; A . _ Ex ; wesrémd ten: osewop¤¢y;'°»uol .——<1 A reaeoeahle allowance for the exhaustion, wm: and teair · ` pmperty deed trade or bmw lanelhdlm w reeocmah allowance toxnohooleseeheeg .. ‘ · ) - _ , e oMi¤¤» w zu swells; and `depreciation.-¢—(t Ie the cose ot mloee; oil and `gas wells, other xihtural deposla and tlmher, a reaeomble gllofficee for depletion E for d K’£8{I§¤ of improvements, according to the pecalior eonditim ln each ww; ouch allowahee in all uses to he mae
mlm had zegulationé to be pnwcribed by the Comnil
sloeer ol Interim:.} Reveuise with the approval oi the Secretm of the Trmsury. Ie the of lwm the deductiohs allowa thy this wameph shall be eqixltably apportioned hetweeia tl
ooinpaaiu_(other than life al In thelcaoe of ineutkeee eompama
(wher then lite iosuranee`eompauies), ill addition to the. abol (enleg otherwlm allowed) : (A) The net addition required I lew’ito he made within thetaxshle ymr: to xjemxivetnmds `(l; _ cladihg in the asc ot asses t lneugence eommnleé- tl ` "acmel deposit ot mama with State or Territorial 6m¢Q1'8·- pu
to law as additions to.g1mra11tee or reserve funds) ; at
(B) the ¤omea··othe1·_tha¤ dlvldeinds mid within the taxnb yen: on policy and annuity eootracts. This pnragraoh sha apply only to mhmgl insuianee companlm other thaolife ‘£ mraoeeoompaeleo; , - Y ‘. . ° "
marine
tions.-——(10) Ie the me ot motual marloehxouziaeeo eompenla mere ehhll he allowed, in addition to the allowa to pufapaphs (1),fw ’ (9) ldcluslve, mlm othecwlm dlilowe amoeuts @1d to policyholders oo weomnt ot. premium pz {lowly mid by tom, and létérest mid moon amlr amoma betwow the leeertahxmeet and the payment thereof ; , _ l Mdtuhl kserw deposita- (119 In the ease ot mutual mmpgxdg limzludla
rwlprogzal uhderwrlterof out · not locludlgu
nmmnl lite or mutual melee lwmtaeea companies) requlrlx
members to make premium d&te to oroylde for lem
and expeoees, there shall he allowed, lr addition to the dede doozallowm ln D¤1‘¤8¤'¤pM .(1) to (9), mclxmve. unless
allowed. aummlt ot pwemlum deposits rammed to the
policyholders and the amend: of premium deposits retaiee tor ttm poymeet ot l , expevseiraocl reinsurance o Uliid States.-—-=ih* cow of a foreign eormratlma 4 ot a cozrporotioh entitled to the beoedto of section 103-0 · this title the dwucboha allowed do Sl1bdlViS10£ (n)! shell I allowed only it and to the extent that tlw? tm connected wlw income from soairew within, the United States; nad the prop npportioumentand allocation of the deductions with sources within ahd’withot1t'tho·Ijhlt5d Stntw phat; be
vnnmu; saves Us 824 `n mined as broyided in section 9585 unontquxng and r@_1.ti,~,,., rn ,prescrihed-by the commtssionerwitb the épgroval of the 5; n· rotary of the Treeonry. (June 2, 4.91 nh., c. 234, { :3;:1 , 43 Stat. wi.) · . M in 987. Same; items a»lIoired.·-din enmépntms net, income xg, sn deduction shall in any casebe allowed in rwpect of any or lit. er itemnspecided in section 956 vofthic title. (Jam 2, 1924. 4.o
- 1e yp. m.,°c. @4, { 235, 43 Stat. W.} , ‘ ~ '
n··· 988. Crdits allowed.---For the pnrpm only ot the tax int In- posed by. motion 981··of this title there shall be allowed tl;. of following credits; . - _ ._ f. _ . S th_ {n) The" sunmmt received no interest npon obligations; t. ch the United States which le tnelndw in grm lneomel undo tg- mtion of this title; land i . _ ° · _ _ ” m tb) In the c·aee_of n .dotneetic eorwr&lon the net inecmtl or of whichlle $25,000 or Xa- wide credit of &,@; but s ·‘ the net income is more than @5,690 the. tax by`E¥tt··;t 7) {981 of this title shall not exceed the tax yrlnicn www be paynltl. or 'ifthe @,000 credit were tbeaaxmnt od the me le tn. excm ot_ jinne/{_ 2; IQ4, 4.d1 p. tn., cl. 234 y { 236, $3 Stat.\`285.)' · . _ * [ . » `Q '$· ** *°¤¤?¤¢····‘·¥¤ - ®¢=.@g,¤¤“¤¢ www ll enum; to nm {G- titm under thlfch — ¤ct‘ E er! s within: m the United 0t having any o&ce~ or pme ot dc c fheiém, e shall be deducted ¢¤,e·wt&m if the ¤¤% is is- themmemannersndnvm theaanki@col!i asispro ry ‘ vtdeclin section 982_o£·this title': tax equal to 12% por centnn Bd thereof, andasuch tax Shall be ’mld {htm he same manner andenbject to the as _ in tmtisection: _Prwtded, '@t M eaxnf );.` described in subdivision (b) ot tut e t and es withholdiug shall he atthé ra¤¤`M_2 hu (Jae 2 ve 1924, 4.QI p. m., é. E4, { $7, 4% SML ~ " { cyl · 996. Cr¢it for ethutaxu Md.·7—(a)_in the use ata n- nmeme mmomntm nymn M1 nt me? credited anonnt-ot any ‘i .y:ar·;a·n!ta,'a.¤c1 er- .e;eo».pront¤‘l:ax@ or acc-rmd dark; sam taunts id. yea1·*to.any·fm·eign country, or to of le Qtntu: Thavthe amcxk anell in all no mm exceed mma oi"the tax on tl-. the hda of the taxpayefs net. the ni ~ 'any incom wanprodts, or exe&n·;n·oma taxei t ny c- — any country or ® the ._United Staten), ss, ggainnt 1•ilti&; such credit E takm. wh&& the taxiaayuw net led income (computed without we at any amen in- 6. zome, wai-prodts, or "excmnrodm tax) frm wth ·e· out the United States beers to M entire not (enm- ¤t:s~ pnted without such deduction) for the sam taxable In · tmmmnnommmsmmqrmmm nhjwtmtnamx —- lmpoaed by mation 1691 or M s qt t:ltl>e,_me tu·m_“net mg income" an nm in net mow aa donned mg in sections 1696 and 1698. d€ely. _‘ . · ' ng (b)¢ Ituaccrned taxes when paid dime frm the wr aa credits by the mjttany tax paid ¤ lc- refunded m www or in wrt, th sllall at once lr- notify the to :».1. Internalkevmne, who shall lin termiée the amonntot tm tapeefor the yar or ymra ad and the amount of term dné upon mn YE€I9j{§l"m!¤$€i0B, if - any, shell be patd by the éorporatton upon notice and demnd h- . by the colhictor; or the amount of taxes. orerpatd, it `any, shall' or be ez·eMtm, or refunded to the corporation in accordance with of the provisions ct secnion 1965 ot thtc title. In the case ot meh be n tn: accrued be not bald, the mltfcommlwlowrfns n condith tion precedent to the nllowance of this creditj may reqnlre the er corporation to give n mnt! with enreties mtintactory to and to V to he approved by him in meh sum as he may requlre. comlidoned er- upon payment by the taxpayw of ‘ any amount ot taxa
