SIXTY—FIFTH GONGRESS. Sess. 111. on. 18. 1919. 1091 10 per centum shall be used in lieu thereof; but such average per- "*'*’$¤¤,nj°°"°’· centage when determined shall be used for the purposes of section ` 250 in determining the correct amount of the tax. (d) The war-profits credit shall be determined in the manner ;,,9.‘{,‘Z,°§?,°,',§,, ,§§';,"g} provided in subdivision (b) instead of in the manner provided in °‘*’°°“°° subdivision (c), in the case of any corporation which was not in existence dining the whole of at least one calendar year during the prewar period, if (1) a majority of its stock at an time during the taxable year is owned or controlled, directt%or iI1£1'00· tly, by a corporation which was in existence whole of at least one calendar year during the ewar>peri , orifp (2) 50 per centum or ¢»i1is°°i°.i'i¤°°ii°¤°ii¤iE`. more of its gross income & computed under section 233 for income "'°¤* *'“*°¤·*¤°¤- tax purposes) consists of gains, profits, commissions, orother income, derived from a plovernment contract or contracts made] between April 6, 1917, an November 11, 1918, beth dates inclusive. mm _! (e) A foreign corporation shall not be entitled to a specific exemp- foreign wiitmuixid ti0!1 of $3,000. ‘ *·.¤·~~·§¢< r= := x' · A E . audi Sec. 312. -That the excess¢proHts credit shah iccusist of a specific "°°“’“"'°° " exemption of $3,000tlplus an amount equal to 8 per centum of the invested capital for e taxable year._ { p · - F A foreign corporation shall not be entitled to the speomc sxemp- tion of $3,000. _ ‘ ’ · * N mmm Pam IV .-Nm Iuconm. ‘ - V · ° _ I Sec. 320. (a) That for the purpose of this title the net incomcvof a ‘”°'“""'”"" co eration shall be ascertained and returned- .· Bus M ml md ll) For the calendar years 1911 and 1912 upon the same buis ma. a1gininAthe same manner as provided in 38 oil the Act entitlpld ""* °“·P~ “’· " ct to rovide revenue, · u ties, an encourage the . industries of United States,°2nd¤£or other purposes/’ approved D°°°°“°"° '""°°‘ August 5; 1909, except that taxes imposed by such section and paid by the corporation within the yearrshall be included; ,,0, mm (2) For the calendar gu 1913 r;pon the same basis and in the same vu. as, p. m. manner as provided in tion II o the Act entitled “An Act to reduw tariif duties and to provide revenue for the Government, and for other purposes," approved October 3, 1913, except that taxes imposed by section 38 of such Act of August 5, 1909, and paid by the corporation within the year shall be in uded, and except that the amounts re- D°°°°°°°‘ ceived by it as dividends upon the stock or rom the net earnings of other corporations subject to the tax by Section II of such Act of October 3, 1913, shall be deduc ;and (3) For the taxable year upon the ame basis and in the same “""°’°"" manner as provided for income tax purposes in Title II of this Act. hm'. M mm (b) The average not income for the prewartperiod shall be deter- perm. mined biy dividin the number of years within at period durinp the whole o which the corporation was in existence mto the sum o the net income for such years even though there may have been no net income for one or more of, such years. Paar V.-Invnsrmi Carrran. I°v°°°°d °°°t°°L zum included. Sec. 325. (a) That as used in this title- _, I The term "intan¥ib1e`l-Iprope:·)t;y"_ means patents, coppgrights, ,,,,{%"°"° ° P"' secret processes and crm m, go will, trademarks, trade- rands, franchises, and other like property; _, bk ,, The term "tanigib1e pro rty’ means stocks, bonds, notes and hw WW"` pltheg evidlentcgs o mdebwdiieplss, bills and accppnts receivable, lease- 0 ,an 0 erpropertyot erthanintangi epro rty; _, ,, The term "borrowed capital" means money orpgther property B°"°°°°°°°‘°L btolprowed, whether represented by bonds, notes, open accounts, or o erwise;
