72d CONGRESS . SESS. I. CH. 209 . JUNE 6, 1932 .
177 $20,600 upon net incomes of $96,000 ; and upon net incomes in Suraz° an Tflivta. excess of $96,000 and not in exce ss of $98,000, 46 per ce ntum uala . in addition of such excess .
RATE S-C ontd . $21,520 upon net incomes of $98,000 ; and upon net incomes in excess of $98,000 and not in excess of $100,000, 47 per centum in addition of such excess . $22 ,460 upon net in comes of $100,000 ; and upon net incomes in excess of $100,000 and not in excess of $150,000, 48 per cen tum in additio n of suc h excess . $46,460 upon net incomes of $150,000 ; and upon net incomes in ex cess of $1 50,00 0 and not in excess of $200,000, 49 per centum in additio n of suc h excess . $70,960 upon net incomes of $200,000 ; and upon net incomes in excess of $200,000 and not in excess of $300,000, 50 per centum in additio n of suc h excess . $120,960 upon net incomes of $300,000 ; and upon net incomes in excess of $300,000 and not in excess of $400,000, 51 per cen tum in addition of such excess. $171,960 upon net incomes of $400,000 ; and upon net incomes in excess of $400,000 and-not in excess of $500,000, 52 per centum in additio n of suc h excess . $223,960 upon net incomes of $500,000 ; and upon net incomes in excess of $500,000 and not in excess of $750,000, 53 per centum in addition of such excess . $356,460 upon net incomes of $750,00 0 ; and upon net in comes i n excess of $750,000 and not in excess of $1,000,000, 54 per centum in additio n of suc h excess . $491,460 upon net incomes of $1,000,000 ; and upon net incomes in excess of $1,000,000, 55 per centum in addition Much excess. (b) SALE OF MINES AND OIL OR GAS ELLS:For limitation of sur- Sale of m ines, etc . tax attributable to sale of mines and oil or gas wells, see section 102 . Post, p . 19 2- (C) CAPITAL NET GAINS AND LOSSES .-For rate and computation of 10 Capital net gains and tax in lieu of normal and surtax in case of net incomes of not less than $16,000, approximately, or in case of net incomes, excluding Post, p .191, items of capital gain, capital loss, and capital deductions, of not less than $16,000, approximately, see section 101.
Evasion by incorpoo- (d) EVASION OF SURTAXES BY INCORPORATION .-For tax on corpo- ration . rations which accumulate surplus to evade surtax on stockholders, Post, p . 195. see section 104 . SEC. 13. TAX ON CORPORATIONS .
Tax on corporations. (a) RATE OF TAx .-There shall be levied, collec ted, and paid for Rate . each taxable year upon the net income of every corporation, a tax of 133/ 4 per cen tum of the amount of the net income in excess of the credit against net income provided in section 26.
Exempt corpora- (b) EXEMPT CORPO RATIONs .-For corporat ions exempt from tax, Lions. see sec tion 103 .
Post, p . 193. Accumulating sur- (c) IMPROPER ACcUMuLATION OF SuRPLIIS .FOr tax on corpora- plus to avoid surtax . tions which accumulate surplus to evade surtax on stockholders, see Poat p . 195. section 104 . Period embracing SEC. 14 . TAX AB LE PERIOD EMBRACING YE ARS WIT H DIFFERENT wears with different LAWS.
aw s. If a taxable period embraces port ions of two cale ndar years for Post, computing rp .t 195. t= which the laws are different, the tax shall be computed as provided in section 105. 3051'- 33-12
