1995 TITLE`·26.—-INS (4) The term “ underwriting lncope " pawns the prernium earned on ln@nee contracts during the taxable year les
incurred_andexpe@lncurred:· ‘ ·- -
- (5) The- term ‘Fpremiums earned on insurance contract during the t•¤o1e·y¤¤·¥ mans an amount computed as··toT lows: ‘ ‘ . _ . · M ( _ _ From the azwunt or grow premiums wrlttenon insuranc ` contracts durlnd the taxable year, deduct return `premium and prcmiuxns pak! torsretnsurance. result so obtains add umrned prmlumsl on outstanding business at the end c the taxable year and @1ned premiums 02 outstandix b attbetwd of the taxableycar; g .· (8) The tem Ylosaes incurred`” means lowes incurred dm lng the taxable yur on lnsuram contracts, computed as fof lows: . 7* `· _ - · ‘i· _ . ` To lo® paid during the mxable year, add salvage. an reinsurance recordable outstandix at the end of the precedin taxable ye•r,f and deduct mlvqe recoverabl outdandiug at the iendot taxable year. _· results obmlned add all `unp¤&d~lo&`outsmnding at the end ot th taxable year and losses outstanding at the en of the precedingtaxablc year; ·· ¤ . ’ · ` _ (7) 'I‘he_ter& “expenses incurred "·_means all expenses show 7 on the annual sta .· me t anprqved by the National Gonventio of Imurance `and shall be computed as tollows ` `TQ CH * M =» DRM d1I.t@ [B8 ¢&X&bI¢’yE§1Y add unpaid at ot deduct expense unpaid at the m of the meeeding taxable year. For th purpose of computiq mt income `. subject"- to the tax in
»by.this;sectioa from expense
`incurred as ®dnod in this paragraph expenses inéurre which are not deductions by section M7.) (Feb. 2t 1926, c. 2I,_jiM6, 44 _$at. $8.) _ . { Y ` See note at beginning ot this chapter, _ . · sections 230 and 2}7, meationed in the text, are not out 1 ji 981-aed 1007, reepecdcely, ot this supplemental titles IW?. net boom: deductions.--(a) `I. _ computing the net lncohc ot an company sublect t _tl:—c'tax” imposed by section 246. that shall be allowed .u deductions} ”_ · ‘ · , ” . - (_ (1) All ordinary and nec@_ry"expenses incurred, as-’pro vided in paragraph (1) of subdivision `(.a) of ¤ec¤o¤‘234: (2) All int% as provided in (2) otsubdivisioa
- (o}o£¤¤c1;i¤d_@4;' _' · - .
(al Taxa as pmwsoqt ln mragranh (3) on subdivision (ni .orsection%4:‘ ‘ 2 ~ * d` ` c (4)_I&l ;-, . _ _ (5) in the otagency balances and bill: receivable to be worthlem and charged ol'! wltbh tbetamb1c1=nr;_ O. “ ‘ _. (8) 1`l¢.8!330\1llC` received as divldends from corporations al orovl&d in (8) of subdivision (a) ofsection 234 (7) The a t ot. interest mrned during the taxable yea: . which under (4) pot subdivision (b) oi section. 212 is exempt trcmtnxatlm und&·—this·title, and the amount o intmm allowedas a crwit under section 236;: " . · (8) A ne¤onable·al1owance {or the exhaustion, wearane tear of- prmrty, as provided fin (7) of subdivisioa (9) In tm case of such a (domestic insurance company; the sa income of- which (computed without the bcnedt of .thi; naragrapb) ts @000 or ·1sts,—tm_¤um of 42,000.; but it the nc ‘ income - is more than @,000 tax iznpmed by section _2¢4 shall not exceed the tax which would be payable it the $,00l credit webs allowed. Plus the amount of the net Wncomeflz excess or - .. _ _· . 1 (b) In the case of a foreign corporation the deductions all Jowed ln this section shall allowed to the extent provided lr subdivision (b) of section 234. I
PERNAL REVENUE l _» §1{)24 is · (c) Nothing in this section or- infséction 246 ghnll be con;
- 8 8¤’¤Bd to permit thejsnme item to be twice- deducted. (Feb.
26,1926,_£27,§24Z,44·$§hiJ 49.) I -· · Z8 .See—¤qte at- beginning kx! th!$_ &abt1:1·.» · _ , » |- Sections 218, 234, 236,; and- 246, mmdoned in the text; are set out in H 954, 986, 988, ud 1906 qt thi¤-su~pp1¤¤e¤¤1 title. `
- » /$AR'I'_ IV.1-=-ADMINISTRAT1VE PROVISIONS ’
dx 1021. Dividend mtqms; coutnts; veriicsdon.-—Evcry écr- ,{ poration subject t0‘·,f.hc taxjmposedi by this title shall, when ¤_ required by thecommissicmer, renda a return, duly
_YB§’in€d UI1d€1‘ oath, ct its payments of dividu1@r stating the
F; name and addrgss of each, shareholder, the xmmmr of shares I- owned by him, and the amount oi dividends pqid to him. (Feb. — 26, 1926, c. 27, {254, 44 Stat. 59.). · d `" See noteit begiduing of this cluptér., .
g.· "Thjs tit.le," herein referred to, constitutes c. 19 of this suple _' plexpentq title. _ t - _ l -
,6 ‘ _' 1022. Bruker? rgturns; contents: veri§cgtiq¤.—-—Every person · Q doing business as a broker shgllg when required by the ,_c0m- d missiogerg render a C0l‘1'€(!t*_l;€m1'D` duly keriiied jhdcr bath, under such rules and regulaticng as the commissioner, with B fthérhapprbvdl of-; the Secretary, ·m¤Ly· prescribé, showi¤~g_. the ¤_ names of customers for whom person has transacted any-
- _ business, with such détails as to the pmms, lcqsesg crcther
,, intormatiém which the commimoner may require, as tp each ,8 gt such. customers, as ‘-will enable-_ the commissioner to detert mine whether all income tai due on prbhts or gains nf such ,. customers paid. (Feb. .28, 1926,, c.~ 27,- { 255, 44 ,g:_.Stnt.50.)‘ `" .— _( .`_ » ` (yn _ -_ See uofekt beginning or this chaptér. L 1023. ‘Re&§rns by ¢mp1pycrsQ'·§d¤¢isrieu, lessees, mortgagars, epi.; snount; contents.-··Al°I persons, in whatever mpgdty act-
ing. including lesém qr mortpgcrs ot real? or pérsmial prop-
9 larry, Hducinries, emxoyerq making Nrmént tc! another mmm, ¤f lntérest, rent. m1•,rie¤.".w¤sw.. pwnéicms. Ywnuiéés; ¤ compeuqatiqns, rem¤.nu·aticné,, amcmments, ·ci· other Exed sq: 9 dcherminélplc gains, prmu; and meme (éther than psyméts S described in section; 54 and 55), M $1,560 as more in my taxéblc °ycar, ct, in the Qcase of such payugmts made by ··· Uniteil Stéges, tbmomcirs or- emmcyws of the United Stam hgving information asm §s¤éh_p¢@m gm mquirm to make
- 1 `retumsin regard therein by the ;-egulatious meiuafter prog
vided tor, shall render s me and 'accmatz retum to the ‘ ) ¢0mmmi¤ner, qg1éet such regulations snd‘ in smh {arm and mmm: and to meh extent as may be prwcrimd by him wm? ‘ the ·§ aimrwyai of the Seémtarlk Setting forth the amount of 8, smh gains, pl‘0§tS, and income, andthe nameéndj address of ¤ the rwpicnt of such pxvmwli .` .. . · . _
Such rétuxns may be required, regardless of amounts, (1)¤
Q in the camlbf payménts of interest upon bonds; mortgaga, § deeds bf tinist, or other Similar obligations ot corporations, and r (2j in `the case of c0lb•% ng qt items, §¤ot.pgyab1e in the 3‘ United States) of Yintengest `u` _`the bonds pt foreign countries .— I and interest upon the boxids <it‘an} d-dix-_i¢1e¤ds from ,fnreig.m corporations by persons undertaking as `sn `mattei ot business 1 `or foz·'p1·0H_t the collection of forcigz1`·paym€·ut8' af smh iutéreét 5 or dividends by means of cinipcns, checks, or bills of vxvlnaxnge. When neecessmry to make egivctive the provisiqns of this B` ti021_ the name! and udthsess of the re<:ip?exxt ot mconw shalt be 2 .furnished'up0u demand of the personlparying t)1e·im·m~m·. _ ii ~ The proviéioné of this section shalt not apply to the puyxuent 3: .0f interest; on obligations of the United States. el—`··l>.`§26, J 1928, c. 27, § 258; 44-Stat,50.) __ 1 '/ ‘ I · See mite at- bcginniigg of thing <·1mp;te·1·. . _ _ _ x Scction¤,254 a~md‘255, m<·ntion¢·d in Aho t<=xt.Tax·¢· M1 out in _ is 1021 and 10:22 :%p¢···r_1_g-e1>·,»¤: um »y;.p1.·m.·¤1¤q _»m1.·. 6 . 1 1024. Inspectiom Hstshf persons making returns.~—» fia`) Returhs; upon; xvhich, the tux jms .be~e·n ¢l¢·te·x·h1im.·d hy_.th,ee coun- _
