74TH CONGRESS . SESS. II. CH. 690. J UNE 22, 1936 .
1721 method fo r the appo rtionment of such s pecial di vidend amo ng such persons, and that the amount certified has been distributed in accordance w ith the method so provided . (c) OWNERSHIP OF STOCK .-For the purposes of this section shares Sto ck ownership co n- of stock of a corporation shall be considered to be owned by the st rued . person in whom the equitable right to the income from such shares is in good faith vested . (d) DEFIN ITION OF CHINA .-AS used in this section the te rm "China" defined . "China " shall h ave the sa me meanin g as when used in th e China vol .42, p .849. Trade Act, 1922 . SEC. 263. CREDITS AGAINST THE TAX.
Credits against tax . A corporation organized under the China Trade Act, 1922, s ha ll No allowance fcr, of foreign countries . not be allowed the credits against the tax for taxes of foreign coun- Ante, p . 1696. tries and possessions of the United States allowed by section 131 . SEC. 264. AFFILIATION. A corporation organized under the China Trade Act, 1922, shall Affiliation. not be deemed to be affiliated with any other corporation within the meaning o f section 141 . SEC. 265. INCOME OF SHAREHOLDERS . For exclusi on of dividends f rom gross income, see section 116 . Supplement L-Assessment and Collection of Deficiencies SEC. 271 . DEFINITION OF DEFICIENCY. As used in this title in respect of a tax imposed by this title "deficiency" means- (a) The amount by which the tax imposed by this title exceeds the amount shown as the tax by the taxpayer upon his return ; but the amount so shown on the return shall first be increased by the amoun ts previously ass essed (or collect ed without assess ment) as a deficiency, and decreased by the amounts previously abated, credited, refunded, or otherwise repaid in respect of such tax
- or
(b) If no amount is shown as the tax by the taxpayer upon his return, or if no return is made by the taxpayer, then the amount by which the tax exceeds the amounts previously assessed (or collected without assessment) as a deficiency ; but such amounts previously as sesse d, or colle cted withou t ass essme nt, s hall f irst be de crease d by the amounts previously abated, credited, refunded, or otherwise repaid in respect of such tax . SEC. 272. PROCEDURE IN GENERAL . (a) PETITION TO BOARD OF TAx APPEALS :If in the case of any taxpayer, the Commissioner determines that there is a deficiency in respect of the tax imposed by this title, the Commissioner is author- ized to send notice of such deficiency to the taxpayer by registered mail . Within ninety days after such notice is mailed (not counting Sunda y or a legal holi day in the Distri ct of Columbia as the nine- tieth day), the taxpay er may file a pet ition with the Bo ard of Tax Appeals for a redetermination of the deficiency . No assessment of a deficiency in respect of the tax imposed by this title and no dis- tr aint or pro ceedi ng in court for its c ollec tion s hall be ma de, be gun, or prosecuted until such notice has been mailed to the taxpayer, nor until the expiration o f such ninety-day period, nor, if a petition has b een filed with th e Board, until th e decision of the Board has Income of share- holders . Exclusion fro m gro ss income, p. 1689 . Assessment and col- lection of deficiencies . "Deficiency"
de- fined . Pro cedur e in gener al . Notice of deficiency to taxpayer. Petition to Board of Tax Appeals for rede- termination. No assessment until notice mailed to tax- payer . If p etition filed .
