2128 INDEX. Income Tax, Title I I , Revenue Act of 1924- P¤¢¤· Income Taz, Title I I , Revenue Act of1924-— Piv- Contmued. _ _ Continued. life insurance companies; net income income of citizens, etc., from sources of foreign companies, from busi- within possessions of the United ness within the United States- - 290 States ______________,________ 294 insurance companies, other than life or gross income construed as from mutual; tax on net income, do- United States sou;-ces, if 80 pegmestic ... 290 cent derived therefrom in prefdreign, from United, States 50urces__ vious years __,__,_______ , _,,__ 294 gross income de6nod ...· - ·...---... 290 if 50 per cent of corporation innet income defined ·... 291 come derived from active busisources of investment income . _- - 291 ness in the possessions . 294 underwriting income defined 291 if 50 per cent of individual income computation of premiums earned on derived from active business in insurance contracts--- T ..._ 291 the possessions _.. 294 deductions aLIowed· losses incurred-- 291 amounts received within and without expenses incurred ... 291 the United States to be included ordinary expenses ... 291 in gross income ... 294 interest on debts 291 provisions not applicable to Virgin taxes .. 291 Islands ., 295 losses .,...» 291 China Trade Act corporations proviworthless debts . 291 sions 295 tax paid dividends .. 291 credit allowed for proportion of divi- x exempt interest . 291 dends from, toresidents of China- 295 allowance for exhaustion-- ,. .. 291 certificate of Commissioner ... 295 specific allowance of $2,000; ex- additional to all other payments-- 295 ception --...---.- 292 in proportion to shares owned .--- 295 forei n corporations, from United ownership of stock --.---.-.----- 295 States sources ----.--..---.-.- 292 meaning of "China" .----------- 295 duplication forbidden -.---.--.--... 292 payment of tax by taxpayer, other than administrative provisions -.-. - ..-..-.- 292 nonresident alien, etc., on desigsworn returns required by corporations nated date -..-..-...- - ------- 295 of dividends, names of stock- by nonresident alien, etc- -.--.-...- 296 holders, etc ..-- - -.------.- 292 in installments allowed -.--.------. 296 by brokers, of busineseatransacted; whole amount on failure to pay--- 296 details .--.--.--.-. *2,. --..- 292 extension of time on request ----.-.- 296 returns to be made by all persongoyaay- payment on expiration ------ - .-.- 296 ing annually to others $1, or interest to be collected ------.---. 296 more -------.--.-.---...--... 292 not applicable to payment at by United States officials .--- -- - -.-- 292 source ----------------...-.-- 296 details required ...-.---.-----..--- 292 returns to be examined and deterof interest on corporation bonds re- mined as soon as practicable--- 296 gardless of amounts -...-...--- 292 overpayments on installments to be collection of foreign dividends -..--- 292 credited or refunded .-.-.------ 296 names and addresses of recipients on deficiency determined as amount imdemand- .------.--.-.---..--- 293 posed exceeds returns of taxobligations of United States ex- payer ---.--------.--.-.-- 296 cepted .-.----.-.--...-.----. - 293 if no amount returned, etc., on pretax returns to be public records --.---. 293 vious assessment---- ..----.-.. 296 inspection of, restricted ---.-------- 293 notice to taxpayer of, by Commisdata from, to be furnished Congres- sioner ...-.--.---...--..--... 297 sional committees, etc -.---..-. 293 appeal to Board allowed -..-.---- 297 access to officers of States, etc -..-.- 293 assessment, etc., if determined by stockholders of corporations ---.-- 293 Board --.-.-.-.-... - - 297 punishment for divulging informa- suit in court for amount of --..--.-- 297 tion --------- - z- ---.--.----.- 293 time limit for --...---..------.-- 297 list of income tax lpayers to be kept in payment on demand, if no appeal offices of co ectors ----------.- 293 filed -----.---.-----...-.-.--. 297 statistics of income, etc., taxes to be immediate assessment of, if collecpublished annually ------------ 293 tion jeopardized by delay -.---- 297 licenses required for collecting foreign manner of making --.-...-.- 297 coupons, dividends, etc ----.-.- 293 immediate assessment of; payment regulations to obtain information on notice if no claim in abateof ..--.------------------.-.- 294 ment Bled ----.-----.-.-.-...- 297 punishment for collecting without-- - 294 prorating of installments ---.-.- 297 citizens of possessions, but not residents interest authorized upon, or part ---- 297 or citizens of the United States, . extension of payment for, to pretaxed only on income from vent undue hardship ---------- 298 United States sources --.-- - ---. 294 bond required; interest to be dpaid- 298 computation and ayment of tax---- 294 additional interest if not pai ----- 298 not applicable to girgin Islands ----- 294 additional tax for, due to negligence- 298 collections in Porto Rico and the Phil- for fraudulent evasion ..- 298 ippines as by prior law ---- - ---- 294 interest to be collected for nonpay- authority of insular legislatures to ment of tax ...-.. 298 amend, etc-- .--..--..-.------ 294 where extension granted .------.--. 298
