§ 961 `\' s. · “TITLE S6.-··IHT§ pose of the aormal tax, be allowed as credlm, ia to the credits allowed to pim aoder mem: $1, his wwrtiouts T @re of mh amounts l§ed in ssMlvlsio& (n) and (b) ot seetior: W' as are! wéer this seown, req§@ to be i¤· `ohmed in computing his net income. Any m ining portion of suchpaamaais wecihm ia subdivisions (an) and (b) or sectlo:z_957 shallQ for the purpose of the aormal tax, be allowed as` credits to the wtate mj treat. _ , ie) It the taxable year of a beaeéeinry ia didereut from that of we estate or the amount which he is required, under paragraph (2) of subdivision, (b) of this motion; to indude in computing his net income, shall be msed upon the tacoma of the estate or trust forjts taxable year enéug within his taxableyear. T if) A_t1‘t¥St created by an employer as_ a part of a stock bonus or pro§t-@aring plan for the ekéluslve bosom of 'obme of all ot his employees, to which contributions are made by meh employe}, or employees, or bo@, for the pnrpose of dis- ` tributing to such employees the mmiug and priaéipal of the food accuraalated by the _, trust in accordance with such plan, shall not be taxable under this section; bait the amount actually ésrlbuted or made available to any- distributee ahall be taxable to him in the year in which so distributed or made avall~ able to the extent that lt exceeds the amounts paid in by him. Sacli dlatributees shall for the purpose of me normal tax be allowed as »man¤._.méa part ot- the amount so distributed or mde available as re;@¤ts the items speciaea ln subdivi] dom (a) and (la) of gmx 957. ~ · ¤ (g) Where the gantor of a trust has, at any time 'during the mxable year, either alone or in coajunctiou with,.g,ny perg sou not n be¤e§ciary of the trust,‘ the power to revest in himself title to any part of the corpuslof the trust, theu.°the `ineome ot such part of me trust for such taxable year shall be included in` computing the net income of the grantor. (ta) _,Where any part of the income ot °a trust may, in the . Qscrétioa of the gahtom ot the truét, either a.\0ue·_“0r in con- Iuuctloa with' any person not a beoehcigry of the trwt, be ‘dis-
to the graator or E held or ¤c¤ci¤mn1ated~ for mture
Mstribation- to him; or where` apy part ot the riucome oi ft is or may oe 1{pplled to the payment Qot premiums upml poitcia. of on the life of the grantor (except mines ot irrevocably payable for the purpose. and in me magnet wecmed lu_ paragraph _(10) , ot subdivision (no) got motion such part of the; income of the trust shall be laclixded in éomputing the net of the krnutor, {June 2; {01 p, m.,.e. H4, {219, §‘ Stat,275.) . .·i _96i. of qrgtx; of
of gains » and proéts; net imomeQ»&#·- (a) It any éorporation, however izreatod or organizql, is formed or availed oi
{ortho purpose of preventing the imposition the surtax hpozu ‘· its shareholders through `rnemeaium of permitting its gains and pméts to accumulate l¤§end· of helm " divided or distributed, there pshau be levied, colle¢ted,f1u1d`pnid* for each taxable year upor; the net IIXEOIBG of such eorporation a tax equal to percentum of the amount thereof; iyhich éhall be lu addition to the; mx imposed by- segtlm 981 of this tltle and ‘ shall (except `ns provided ta subdivision {Q) ot this gction) be computed, co1lo·oted,.·n¤d paiil upon the same basis and lm " me H maxmer and moject to the name pro~vtsio¤s”o1’ lawi including [penalties, aa that taxi _ · _ _ _ . _ (byime fact that any eorporatlou ·ls a mere holding or lnvestmeptaqommay, or that tw gains or prohts are wrmitted to_ accumulate. beyond the reasppable needs of the buslqesa, `shnll be prima facleevléenco of a purpose to escape the surtax. (c) When- requested by the`_Commlmo¤ér’ of Internal lte·vemia, or aqy oollxtor, every. corporation mall forward to him ·a correct statement of ,8]1t‘h.$‘&lHS.8Bd proéts- and thetnnmea ind addruses of ° the individuals » or- ihareholders who would
{BNIB R$VENUB '~ ‘; x 820- be eatitled to the same if divided or distributed, and ot the
t amomte that would be payable te meh. · _ ‘ —
‘ (d) Ae used in this motion the term"“u& im¤vm" means h the net income as dedy in secttea 984, iaerased by the sum or me emma: or the deduction allewed umu- rnnsrdw xm ot subdivision (a) olxsection %,osud the smemt et theinr tereet on obligations 0 the United States titer Septem; ber 1, 1917, which would be subject to tax in whole or iapart in_ the hands of an individual ewuer. (June 2. 1924. 4.01
- p.m.,c.234,I@,43®t. ‘ ’ , »
962. Taxes to be dd irkhhld st »s¤vee;,}etm-¤;,... (a) All persons, in whatever capacity acting, including keeeee; ·e or mcrtgegers of real or personal property, dduciaries, em-
ployers, and all o$cer¤ and empieyees of tk United States
e having the control, receipt, castody, disposal, or payment gf
u interest (except interest on deposim with persons carrying en
‘ the banking business paid to persons riot ”mpged in busieees ~ in the United States and not having an 0Eee er palace et tguei- · ness therein), rent, salaries, wages, premless, armultiu, mm- · ipensations, remuuerations, emolumwts, or mae: Bred, erede-` t teruninable annual or periodical gains, predu, and income. er c any nonresident alien individual, -er ot say partnership rret_ · eugaged ia» trade, or buqinw ’the·United wtes and t not having any office or plaeeof @1% t%ei¤ and com- · posed in whole or in part. of ne»ar@de¤t ¢ , (ether than ' incoxue received as dividends of the dam nllewed as s credit
- by 'subdiyisiou (a) of sectforr 957 of this titie) ual] {exeept
iu the cases provided for i¤’·subdiv1d<m (B) and eiteept as ?» otherwise providél in regulatioas'·presuihed' by the Commis-
- . sje1;er~·ofjl`nterua1 Revenue under aectiem 968) dedmt sad
· witlihold from such emma! er periodhnl _; z pmodts; and in- · a tax equal to' 6 per ceutum : Provided, That the. > saldtcommissiouer may authorize such! tax ite be deduted and withheld trom the interest upon au} dsecmdtia the owners
- of yvhich are not kuown to the agent. u .
· (b) In auyecaée ivbere beads, mortgages, or deeds of trm, or ·· other aimila`? obligations of a corporation ecmtsiu a eoatnct er
- provision by which the obligor agrees to pay any portion of the
r `tax imposed bi this title ·upon_the‘ obligee, orxto rdmburse the
- obligee for any portion of tm tag, or to pay the iuterm without »
‘ 'deduction for any tax which the obligor may bea er ‘ permitted to pay thereon, or to retain -therefr0m_”und~er any hw ~ of the United States, the obligor shall deduct and iithhold a e tax equal to 2 per ceutum of the interest. upon such bends, mert- ’ gages, deeds ot trust, or. other obljgatteus, whether $@11 interest is myable annually or at shorter OT longer periods and whether . i payable to a uoureeldent, alien individual or to aa individual ·. citiaeu or- resident of the United. States er"'to a partnership: Y Provided,. Thatthe commissioner may authorize each tax to be ¤ deducted and withheld in the case of i§ter&t epou any such
- bonds, mortgages, uga; of trust, ori other dhligntieus, the ewa-
· ers otwhich are iaot known to the withholding agent. Such] de- ¤ d ctiou and ivithhoiding shall not be required iutbe ease of a iT ci zep .0r re$dek1t entitled to receive interest, if he mes. > wg}: thefwithholdiug ageutpuor before February I • signed I notice in writing!c1aimiug. the beuedt of the credits proyided in . subdivisions (.c) and (d,) of section ; mr in theease iota I nouraideut eden indiyidual it vso provided for sa regulations Y premribed the eommimioner under subdivisio¤,_(g) of- section )_ ‘ Qc) · Every person required to deduct and withheld any tax I under tfiiv section shallymake return thereof on or before Merch . 15 ot each `repr aud ehaii on or before Juue‘15 pay the tax to — , the of the"Uu1ted States Goverriment Authorised to re- · ceive it. Every such person is made liable f°1T;"sueh;t¤.i and is ‘ { indemnil1ed’ agaiust the claims and demands ofnny person for n the amount of ¤,¤y`myume¤ts made accordance with the pro- L__ Lvmoné ot thb lmction. 2*. ’ · _
