Page:United States Statutes at Large Volume 53 Part 1.djvu/123

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ADDITIONAL INCOME TAXES 11 SEC. 507. MEANING OF TERMS USED. The terms used in this subchapter shall have the same meaning as when used in chapter 1. SEC. 508. ADMINISTRATIVE PROVISIONS. All provisions of law (including penalties) applicable in respect of the taxes imposed by chapter 1, shall insofar as not inconsistent with this subchapter, be applicable in respect of the tax imposed by this subchapter, except that the provisions of section 131 shall not be applicable. SEC. 509. IMPROPER ACCUMULATION OF SURPLUS. For surtax on corporations which accumulate surplus to avoid surtax on shareholders, see section 102. SEC. 510. FOREIGN PERSONAL HOLDING COMPANIES. For provisions relating to foreign personal holding companies and their shareholders, see Supplement P of chapter 1. SEC. 511. PUBLICITY OF RETURNS. For provisions with respect to publicity of returns under this sub- chapter, see subsection (a) (2) of section 55. SUBCHAPTER B-EXCESS-PROFITS TAX SEC. 600. RATE OF TAX. If any corporation is taxable under section 1200 with respect to any year ending June 30, there shall be imposed upon its net income for the income-tax taxable year ending after the close of such year, an excess-profits tax equal to the sum of the following: 6 per centum of such portion of its net income for such income-tax taxable year as is in excess of 10 per centum and not in excess of 15 per centum of the adjusted declared value; 12 per centum of such portion of its net income for such income- tax taxable year as is in excess of 15 per centum of the adjusted declared value. SEC. 601. ADJUSTED DECLARED VALUE. The adjusted declared value shall be determined as provided in section 1202 as of the close of the preceding income-tax taxable year (or as of the date of organization if it had no preceding income- tax taxable year). If the income-tax taxable year in respect of which the tax under section 600 is imposed is a period of less than 12 months, such adjusted declared value shall be reduced to an amount which bears the same ratio thereto as the number of months in the period bears to 12 months. SEC. 602. NET INCOME. For the purposes of this subchapter the net income shall be the same as the net income for income-tax purposes for the year in respect of which the tax under section 600 is imposed, computed without the deduction of the tax imposed by section 600, but with a credit against net income equal to the credit for dividends received provided in section 26 (b) of chapter 1. SEC. 603. OTHER LAWS APPLICABLE. All provisions of law (including penalties) applicable in respect of the taxes imposed by chapter 1, shall, insofar as not inconsistent with this subchapter, be applicable in respect of the tax imposed by section 600, except that the provisions of section 131 of that chapter shall not be applicable. SEC. 604. PUBLICITY OF RETURNS. For provisions with respect to publicity of returns under this sub- chapter, see subsection (a) (2) of section 55.