Page:United States Statutes at Large Volume 65.djvu/501

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65 STAT.]

PUBLIC LAW 183—OCT. 20, 1951

467

amount by which the normal-tax net income exceeds $3,000, whichever is the lesser; plus "(ii) Surtax.—A surtax of 22 per centum of the corporation surtax net income in excess of $25,000. " (B) Taxable Years Beginning After March 31, 1951, and Before April 1, 1954.—In the case of taxable years beginning after March 31, 1951, and before April 1, 1954— " (i) Normal tax.—A normal tax of 30 per centum of the normal-tax net income, or 60 per centum of the amount by which the normal-tax net income exceeds $3,000, whichever is the lesser; plus "(ii) Surtax.—A surtax of 22 per centum of the corporation surtax net income in excess of $25,000. " (C) Taxable Years Beginning After March 31, 1954.— I n the case of a taxable year beginning after March 31, 1954— " (i) Normal tax.—A normal tax of 25 per centum of the normal-tax net income, or 50 per centum of the amount by which the normal-tax net income exceeds $3,000, whichever is the lesser; plus "(ii) Surtax.—A surtax of 22 per centum of the corporation surtax net income in excess of $25,000." (2) Section 207(a)(3) (relating to a normal tax and surtax on se U.S.C. § 207 (a) Stat. 872, 26 interinsurers and reciprocal underwriters) is hereby amended by (3). striking out subparagraphs (A) and (B) and inserting in lieu thereof the following: " (A) Taxable Years Beginning After December 31, 1950, and before April 1, 1951.—In the case of taxable years beginning after December 31, 1950, and before April 1, 1951, and ending after March 31, 1951— " (i) Normal tax.—A normal tax of 28% per centum of the normal-tax net income, or 571^ per centum of the amount by which the normal-tax net income exceeds $50,000, whichever is the lesser; plus " (ii) Surtax.—A surtax of 22 per centum of the corporation surtax net income in excess of $25,000, or 33 per centum of the amount by which the corporation surtax net income exceeds $50,000, whichever is the lesser. " (B) Taxable Years Beginning After March 31, 1951, and Before April 1, 1954.—In the case of taxable years beginning after March 31, 1951, and before April 1, 1954— "(i) Normal tax.—A normal tax of 30 per centum of the normal-tax net income, or 60 per centum of the amount by which the normal-tax net income exceeds $50,000, whichever is the lesser; plus " (ii) Surtax.—A surtax of 22 per centum of the corporation surtax net income in excess of $25,000, or 33 per centum of the amount by which the corporation surtax net income exceeds $50,000, whichever is the lesser. " (C) Taxable Years Beginning After March 31, 1954.—In the case of a taxable year beginning after March 31, 1954— " (i) Normal tax.—A normal tax of 25 per centum of the normal-tax net income, or 50 per centum of the amount by which the normal-tax net income exceeds $50,000, whichever is the lesser; plus "(ii) Surtax.—A surtax of 22 per centum of the corporation surtax iiet income in excess of $25,000, or 33 per centum of the amount by which the corporation surtax net income exceeds $50,000, whichever is the lesser."