M §‘]_O0]_ ~ THE! 38.--INT} make an accurate éiimibutiom or gpéoctionment of nlm, prmts, deductions; or mmm! bctwou or smog mh related tndu m· bud¤ consolidate the accounts of sock related tradoo or“ busi¤ .k · A . ~» ‘ 0 ” (E) For we .p f ct this ¤¤¤t1e<1_ to tho become of séct1o¤;1w0 shall be tod is': foreign oorporodou. (Jimo'2 4.01 p. m., c. $-4, O 240, 43 Stat; 2%, ) _ _ _ ’ "¤~\\ INSURANCE COHPANIM _ 1691. Same-; taxes i¤@d in liw ofother taxes.-·I¤ lieu of the taxes imposed by séctqions E¢11d @1 of this title, there shall be levied, collected, and phidtogkoach taxable yur upon the not income of every life insurance coxppany a tg: soloilows: (1} In the case`ofardo@tio_l1fe insurance company, the "snmo peroeétogo or ::8 not imme as is mmm vim other corporations by sootion @1 of this title; 4 , (2) In the case of a foreign life insorsmoe company, the same percentage of its nat. income froxg sources within the Unitod States as is upon ther not income of other Ecorporations bi pection 981 of this title. (_Ju11o{ 2, 1924, 4.01 _p.m,,c.234,§24~3,43StoL$0,)-_ .- it I
- 1092. companies; dehition of.-—-When hood
in this chapter the term " life company " means on ‘ insoraoco company in the of lite ing suronce and ammity contracts (including goptracts of combined _lifo, hoqtla; and accident. insurance,) ,_ tho`. reserve funds of whiol; held; for tho fu1§ilmont of such comprise more than 50 per éentumjoofoitoototal reserve funds. (June 2, .1924, §.01p.m.,tc._234]§‘242, 43"St¤t..288.). ‘ · » I o l` IMS. Same; gross} inoomc; reserve fmgdo required- by law.+ A (u) Io thoimse of {life insurance compaxgy the term "grosa income f' mans the grow amount of income roceivefduriug the tarablo . year from interest, dividends; and rents. . _ (b)__ The term “ reserve funds required by·__`law " includes, in tm case of ass ont insurance, sums Bactually deposited by any company or association with State `or 1‘erritoria1 omcors pursuant to law as guaranty or `reserve nod any funds ` maintniw under the charter or artiélm of moorporgtion of the company or association cxclusiyely for tho, pnymodt of cmims arising node: certiHonties of momberihip or pollcica imxed upon the asmmont and notsubjoct to any other
(juno 2, 1924,}.01 p. m., ct 234, { 244, 43?·S§:at.· 289.) — .
1$0~4. Same; not inbomo; oomp¤t•tio¤;‘ deductwss-¢—(a)¤In the daze of p Htoiiusoranco company tho term "¤ét‘iooomo" means the moss iocome loss--, · (1) Tho amount of interest received during the taxnbb year which wider pnrqgrgph (4) of subdivision (b) of section; 954 of this title b éxoropt from C8’XHti0I1_\i11d81' this chapter; {2) An amount wool to the orooss; if any, over the dodoc·` tion spocmed in mrayoph. (1 ) of this subdivisioxyof 4 per oontum of the moaxalof the resorvofunds required by lowand . `-Mid at the bégiimlnz and end of the taxable year, plug (ip caseot lito Uinooraoco oompagxim ironing. policim covering; life, health, ud accident insurance combined i¤_ one policy issued on tho weekly premium- payment plan, cootimiingf for lifo and not subjoot to cancellation) 4 por contum of the moan fof rock roservofuzads (not-roquirodby law) held at the bezfxming ood ond of the taxable your, on the Commissioner of Internhl Bevoxmo dads to be necessary for the protection of- tho holders of such policies only; · · , _ (8) The mxgouot received s,s¤d1vide¤ds•(A) a domestic corporation other . than u corporutioué entitled to the‘· honoms of soctioxi 1030 of·this title, nd other than on corporation organ- - ized `undor sections 141 to 162'of Title 15 (the Qian T1’8d€.A¢£; 1022) or (B) from ami foreign corporation when it is shown. to the satisfaction of the commissioner that ¤oi·o than- 50 per ,ooht;1m.’of tho gross `mcomo of such foreim co1jporat.ton_ for.
FRNAL RIVEHUI _ 8*26 the three-!¢¤1',pcriod endhx with the close of its taxable you precedlg the declaration d such dlvldmda (or for meh pap; ,of ouch as the toreimx corporation me been in existence) was wlved from aonrcefwltlmin the United States as dow:. m1ned¤nd¤·¤ection%8;’t '· (4) An amoant qual to 2 per centm of any wma held at the of the year as a reaerre for évldenda (other than dividends payable during me rm » e the taxable year) thepaynent ot which ia deterred for a of not l:;sg than-Eve yarn tromtha date of the contract; — ' (5) ‘ Iavmtment `cxkaaeapaid during theataxable year: Pm. cédedg That H any_ l ex are in part mwncd to or included in the lnvestment expenam, the total deduction lander thla paragraph shall not exceed one-·£o¤rth" of 1 per ccntnm or the book valnezod the mean ot the invested umm hadnt the bemnnlng and em of the taxable yur; -_ v . __ (6) true ex paid durma the taxable yea; exclusively upon or with respect to the real estate owned bg the eonxmny, not including taxea &¤aed anlnat lou!-benc- Hta ot a tadtx to the value of the moperty i8 d,‘ and not lncludtagany amount paid om for new wildlnzs, or for permanent or neae¤@ iade to increase the"’value otany property; The deduction allowed by th.la_paragraphahallheallov@int11e¤¤of¤x¤wnosed upon a shareholderoot a upon lla lnterwaashare holder, which are paldby the pany rdmbmiexncnt ` from t® shareholder, but ** =·- · ·· @81 be allowed the shareholdernor the @¤nt»of nchwxuz (7) A neasonable_allowanca,tor and U tear ot property, including a. for ®eol&- cence; ‘ .» (8) All interest paid or accrnedwtthm taxable yearon _ its except on `imenrrwer connnmed topurchaae orcarry obli or eecurik (other thnobli- ..gationa ot the United $tatea issued September SA, 1917; and origlnally mbscribed for by· taxpayu) the interest ' _ upon whlch is wnouytemmpt from taxation oder this chapter; (9)InthecaaaotadmeatlclltalnanrancecommlI.the” net lneomeot which (computed vitthout the henedttc! thin paragraph) ls".%Q000 or less, the nm ofQ,i0w;_ but it the net ln@lsmoretha.n%,000thetaxlm byaec~¤on·1001 of this title shall not exceed the tax which would bepayahlc if the$2.009credlt weaeeuowdtplmtaeemmtumewm `comalnexcem`ot¤6,000._ f l ( _ (lz) No deduction shall bdmada paragraphs (6).and Q (7) of `anbdlvlaion (a) _»cn_ account oi any ml utate owned gandoccopled inwholaor lnpart by a llte com@ lunleastherelalncl¤dedlnther®¤.rnortg·oc•incometherental e value of themace so occupied. Such rental valne shall be not less than a » sam which in addition to any rents received Erm other tenants shall provide a net inc@e· (after deducting taxes. depreciation, and other expenm) at the rata ot 4 per centdh per annumof the book value at the end ot the taxable nyear of the real estate ooowncd or occupied. (Jana 1924. 4.01¤·m·.c.‘%4.§245.‘4·B8t¤$·289.) . Y N05. Sane; foreign cdrpnratkna; net income.-—In the case ot a torelgnllte insurance company th-amount ot- its net lnconm for any taxable year from sources within the United Statm ahalllbo the same proportloh ot its not income for the taxable year from puter within and without the United States which the rmarvo funds required by lavy and held by it at the and ot the taxable ymr upon bueineea transacted within. the United Statestla of the reserve funk held by lt at the and of the taxable year upon all buaineae transacted. .(.Tunc 2, 1924. 4.01 D· we c. @4. { 245, $3 Stat. Zw.) 1006. Other insurance conpaaiea; taxea inpaaed; gras in- . coma; net income; lavaatneat lacoste; uderwriting- incase; *
