790 SIXTY-FOURTH CONGRESS. Sess. I. C11. 463. 1916. ¤¤¢¤¤·¤¤¤· tax with respect to the carrying on or doing business by such corporation, joint-stock company or association or msurance company, ' equivalent to 50 cents for each $1 000 of the fa1r value of its capital stock and in estimating the value oi capital stock the surplus and undi- I,,P""‘°",,,,,,,,,,,,,,,,,l,,,,;.,,_ vided profits shall be included: Provided, That in the case of msurance companies such deposits and reserve funds as they are required by law or contract to maintain or hold for the protection of or payment to or apportionment among pohcaholders shall not be mc uded. B•¤¤· The amonilntfof such ht; in all ligafcoinputed on the b ft v eo ecapi s or epreceding ¤=¤¤1>¤¤¤ °* y:Sa1z?:(Prov$Zde?Z1}.'I‘lr1‘;lt8-§<(?•r the purpose of this tax an exemdption o nm $99,000 shall be allowed from the capital stock as deiine_ in this paragraph of each coxiworation, joint-stock company or association, or ¤¤•¤¤= ¥<>¤ ¤¤¤¤***°¤ msurance company: romdedfurther, That a corporation, ]011Il»-Sl»0Ck t°.i'•u,a van. company or association, or insurance company, actuallyl paying the tax unposed by section three hundred and one of Title I of Act shallhbe entiitleehgp a credit as ailgainst the this paraé . u to amountoteaxsoacu ypa.1: provide h°°°°°°°' git-riitgcertailflliat this tax shall not be imposed upon any corporation, ` t-st ck com an or association, or insurance company not en- 4m,p.vaa giggled iii busineiiss the preceding taxable year, or which is exempt under the provisions of section eleven, Title I, of tlns Act. Fg °"P°"*·"'“ Ev co ration, joint-stock compan or association or insur- Snam. in Umm ance gloiripalnlyt now or hegeafter <;k·ani}z;ed, for proii; uplderctéhg laws of an foreign country an engag in usiness in the nit tates shall {pay annually a special excise tax with respect to the carrying on or doing business in the United States by such corporation, yomtstock company or association, or insurance company, eguivalent to 50 cents for each $1,000 of the capital actually mvested in the trans- I"°"’°*· mpgs action of its business in the United States: Provided, That in the case of insurance companies such deposits or reserve fnmds as they gi; reqiuiredl by law or coititract to maintain or hold in the United tes or the protection o or a ent to or apportionment amon B*"’· poli holders, shall not be incliuddd. The amount of such annual tax ghall in all cases be computed on the basis of the average amount B¤¤¤=v¢i¤¤ M of capital so invested during the preced' year: Provide , That for N . . mg . ’ the purpose of this tax an exemption from the amount of capital so investe shall be téaélized equsil to suizh proportion of 399,020 as the amount so inves ars to the tota amount investe in the trans- Rouzmnquimi- action of business in the United States or elsewhere: Promkied, further, That this exemption shall be allowed only if such corporation, joint-stock company or association, or insurance company makes retumézgdtge gpmmissglongr of Inte;1nalfR§v<=g191;e, underfregulations prescri y m, wit thea prov o the reta o theT - _ l _ ury,_of the amount of capital ifivested in the transacltion of busgggs ··¥‘°"“ “"“““““ §’.§‘§;Ll‘Z0'Z? .EI,‘%.:.“,$.;*.?.°ZZ°".;.‘.?.ZE‘.i£.'£“§$“‘.{.;f.i’.”;€2.Z“;3.2.;‘.:;"*°§;§“"ii" - ua ‘"°"°‘ m' paying the tax imposed by section three hundred and one ol Title III oliighis act, shall be erftitledhto a credit as aglainst the tax irggosed ly t paraa euatoteamountoftet t `: nmmpuam. And fyrtther, That this tax shall not bsexiriipozzdlupbnphhy corporation, jomt-stock company or association, or insurance company not engaged in business during the precedin taxable ear, or 4**4 P·’“~ exempt under the provisions of section 5even, Title I, of c . gxggs cmmd_ Second._ Brokers shall pay_$30. Every person, iirm, or eompang, whose busmess_ it is to negotiate purchases or sales of stocks, bon , exchange, bulhon, comed money, bank notes, promissory notes, or other securities, for others, shall be regarded as a broker. `§:gg;>¥d:?·§°¢ Third. P8W'I1l?l'0kB1'S Shall pay $50,. Ever; person, firm, or company whose business or occupation it is to ta e or receive, by way of
