1076 sixrvrrrrrr ooNeREss. Sess. 111. cH. 18. 1919.
- '°°“ "“*· collected, and paid for each taxable year upon the net income of
eve corporation a tax at the following rates: F°' *9*8- (lll For the calendar year 1918, 12 per centum of the amount of the net income in excess of the credits provided in section 236; and Th°’°°“°”` (2) For each calendar year thereafter, 10 per centum of such excess amount. sy§{’,m**°“*P°'°““°“ (b) For the puiiposes of the Act approved March 21, 1918, entitled am, p. 4.51. "An Act to provide for the operation of transportatwn systems while under Federal control, for the just compensation of their owners and for other purposes/’ five-sixths of the tax imposed by paragraph (1) of subdivision (a) and four-Efths of the tax imposed y paragraph (2) of subdivision (a) shall be treated as levied by an Act m amendment of Title I of the Revenue Act of 1917. nxempam. CONDITIONAL AND ornnn nxnmirrrous. tkggsigmtw organiza- Sec. 231.dTh%1i the tfollowing organizations shall be exempt from ‘ taxation un er s t1 ew Isbonecc. (1) Labor, agricultural, or horticultural organizations; Mngsmai savings b (2]) Mutual savings banks not having a capital stock represented ‘ y s ares; wggygmxcgmsnmw (3) Fraternal beneficiary societies, orders, or associations, (a) oper- ' ating under the lodge system or for the exclusive benefit of the members of a fraternity itself operating under the lodge system, and (b) providing for the palyment of life, sick, accident, or other benefits to ti e members of suc society, order, or association or their depen ents; wga**g@$°**°°¤”· (4) Domestic building and loan associations and cooperative banks ’ without capital stock organized and operated for mutual pnuposes _ and without profit; _ _
- ‘“*“‘**°°***°*°*’*°* b (5%iCe;n¢i1tery companies owned and operated exclusively for the
ene to theirmem ers; R¤*i¤*°**$1 SP*¤****‘*°» (6) Corporations organized and operated exclusively for religious, °t°"°rgmm°m` charitable, scientiuc, or educational purposes, or for the prevention of cruelty to children or animals, no part of the net earnindgs of which inures to the benefit of any private stockholder or indivi ual; B**‘·*¤°°S*°°~¤¤°S»¤*°· (7) Business leagues, chambers of commerce, or boards of trado, not organized for Gprofit and no part of the net earnin of which mures to the bene t of any private stockholder or indivigilal; °"i°‘°°¤“°“»°*°- (8) Civic leagues or organizations not organized for profit but operated exclusively for the promotion of social welfare; "l°°”***°·°*°·»°*“*’°· _ (9) Clubs organized and operated exclusively for pleasure, recreation, and other nonprofltable purposes, no part of the not earnings of which inures to the benefit of any private stockholder or member; ,,,§{‘$,$;,’,,§;°,§ ***'*‘ (10) lfarmers’ or other mutual hail, cyclone, or fire insuranoo companies, mutual ditch or irrigggion companies, mutual or cooperative telephone companies, or e organizations of a purely coal character, the income of which consists solely of assessments, dues, and fees collected from members for the sole purpose of meeting expenses u,,*,§*;*{gf*§,;}s*§m¤,g(g)*g>s§· (11) lilarmers’, fruit growers’, or like associations, orglanized and operated as sales agents for the pnn·pose of marketing t 0 products o members and turning back to them the proceeds o sales, less the pecosslarty expenses, on the basis of the quantity of produce urms e y them; €,Q`p{g‘d’cf,g,f,§iz,§§§O,§_§‘ _ (12) Corporations organized for the exclusive purpose of holding title to property, collecting mcome therefrom, and turmnv over the entire amount thereof, less expenses, to an organization which itself is exempt from the tax imposed by this title; m§",°;;*;*;{,_;‘$,*,;d3s*j§_‘;){,*,*;{ (18) Federal land banks and national farm-loan associations 85 aging, 39 P Sw provided in section 26 of the Act aplproved July 17, 1916, entitled ‘ ‘ ‘ ‘ "An Act to provide capital for agric tural development, to cmsw
