8 CODIFICATION OF INTERNAL REVENUE LAWS (ii) 12 per centum of the dividends received allocated as such to the second division. (iii) 32 per centum of the remainder of the amount allo- cated to the second division, except interest allowed as a credit under section 26 (a). (e) CORPORATIONS IN BANKRUPTCY AND RECEIVERsHIP.- If a domes- tic corporation is for any portion of the taxable year in bankruptcy under the laws of the United States, or insolvent and in receivership in any court of the United States or of any State, Territory, or the District of Columbia, then, when the tax is computed under subsec- tion (c), the tentative tax shall be reduced by 21/2 per centum of the adjusted net income, instead of by 21/2 per centum of the dividends paid credit. (f) JOINT-STOCK LAND BANKS.- In the case of a joint-stock land bank organized under the Federal Farm Loan Act, 39 Stat. 360, 42 Stat. 1454 (U. S . C . Title 12, § 641), as amended, when the tax is computed under subsection (c), the tentative tax shall be reduced by 21/2 per centum of the adjusted net income, instead of by 21/ per centum of the dividends paid credit. (g) RENTAL HOUSING CORPORATIONS. -In the case of a corporation which at the close of the taxable year is regulated or restricted by the Federal Housing Administrator under section 207 (b) (2) of the National Housing Act, as amended, 52 Stat. 17, when the tax is computed under subsection (c), the tentative tax shall be reduced by 21/2 per centum of the adjusted net income, instead of by 21/2 per centum of the dividends paid credit; but only if such Administrator certifies to the Commissioner the fact that such regulation or restric- tion existed at the close of the taxable year. It shall be the duty of such Administrator promptly to make such certification to the Com- missioner after the close of the taxable year of each corporation which is so regulated or restricted by hinm. (h) EXEMPT CORPORATIONS. - For corporations exempt from taxation under this chapter, see section 101. (i) TAX ON PERSONAL HOLDING COMPANIES.- For surtax on personal holding companies, see section 500. (j) IMPROPER ACCUMULATION rF SURPLUS. - For surtax on corporations which acculllllate surplus to avoid surtax on shareholders, see section 102. SEC. 14 . TAX ON SPECIAL CLASSES OF CORPORATIONS. (a) SPECIAL CLASS NET INCOME.- For the purposes of this chapter the term "special class net income" means the adjusted net income minus the credit for dividends received provided in section 26 (b). (b) IMPOSITION OF TAX. - T here shall be levied, collected, and paid for each taxable year upon the special class net income of the follow- ing corporations (in lieu of the tax imposed by section 13) the tax hereinafter in this section specified. (c) CORPORATIONS WITH NET INCOMES OF NOT MORE THAN $25,000. - If the net income of the corporation is not more than $25,000, and if the corporation does not come within one of the classes specified in subsection (d), (e), (f), or (g) of this section, the tax shall be as follows: Upon special class net incomes not in excess of $5,000, 121/2 per centum. $625 upon special class net incomes of $5,000, and upon special class net incomes in excess of $5,000 and not in excess of $20,000, 14 per centum in addition of such excess. $2,725 upon special class net incomes of $20,000, and upon special class net incomes in excess of $20,000, 16 per centum in addition of such excess.