SEVENTIETH CONGRESS . SESS . I . CH. 852. 1928 .
849 Supplement I-Foreign Corporations
INC OME ax Forei gn corporations . SEC. 231. GR OSS IN COME .
Gross income . Onl y from Unite d (a) General rule .-In the case of a foreign corporation gr o s s States sources . incom e in clud es o nly the gros s in come fro m so urc es within the United Stat es . b Ships und er foreign Ra g .-The i ncome of a f oreign cor- Exemption of ships ()
b
under foreign flag . poration, which consists exclusively of earnings derived from the operation of a ship or ships documented under the laws of a foreign Condit ions . country which grants an equivalent exemption to citizens of the United States and to corporations organized in the United States, shall not be included in gross income and shall be exempt from taxation under t his titl e . SEC. 232. DE DUCTIO NS .
De duction s .
Allowed only on in-
In
the
ca se
of
a
foreign
corporation
the
deductions
shall
be come from United
allowed
only
if
and
to
the
extent
that
they
are
connected
with
States
port
sources .
.
income
fr om
sources
within
the
United
States ;
and
the
proper
apportionment
and
allocation
of
the
deductions
with
respect
to
source s wit hin a nd wit hout
the Un ited
State s sha ll be
deter mined
as provided in section 119, under rules
and regulations prescribed
Ante, p . 826.
by
the
Commissioner
with
the
approval
of
the
Secretary .
SEC. 233.
ALLOW ANCE
OF
DEDUC TIONS
AND
CRED ITS .
tionsandredits deduo A foreign corporation shall receive the benefit of the deductions filing return Ben ef it
only by all in- and credits allowed to it in this title only by filing or causing to be come from United b
States sources . filed with the collector a true and accurate return of its total income received from all sources in the United States, in the manner pre- scribed in this title ; including therein all the information which the Commissioner may deem necessary for the calculation of such deduc- tions and credits . SEC. 234. CREDITS AGAINST TAX.
Credits against tax . No allowance for, of Foreign corporations shall not be allowed the credits against the foreign governments . tax for taxes of forei gn co untrie s and poss essio ns of the U nited States allowed by section 131 .
Ante, p. 829. SEC . 235. RETURNS.
Re turns . In the case of a foreign corporation not having any office or place Tie f rao $mg. of business in the United States the return, in lieu of the time pre- scribed in section 53(a) (1), shall be made on or before the fifteenth day of the sixth month following the close of the fiscal year, or, if the return is made on the basis of the calendar year then on or before the fifteenth day of June . If any foreign corporation has no office or place of business in the United States but has an agent in the United States, the return shall be made by the agent . SEC. 236. PAYM ENT OF TAX .
Payment of tax . (a) Time of payment.-In the ca se of a fo rei gn corporation the Time designated. total amount of tax imposed by this title shall be paid, in lieu of Ante, p . 809. the time prescribed in section 56(a), on the fifteenth day of June following the close of the calendar year, or, if the return should be made on the basis of a fiscal year, then on the fifteenth day of the sixth month following the close of the fiscal year . (b) Withholding at source .-For withholding at source of tax sou,cehholding tax at on income of foreign corporations, see section 144 .
fnte, p . 833. SEC. 237 . FOREIGN INSURANCE COMPANIES .
companies insurance For special provisions relating to foreign insurance companies , A Spe n Special provis ions. te, p. s42. see Supplement G.
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