Tulsa daily world. [volume] (Tulsa, Indian Territory [Okla.]) 1905-1919, 1917-10-17
FULL TEXT OF WAR TAX BILL PASSED BY congress

I'LL InUUIU |
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thereafter, by every corporation. Joint
stock company or association. or In
surance company. subject to the tax
imposed by that subdivision OF that
section. except that II 1t has fixed its
own fiscal year. the tax imposed by
this section for the fiscal year ending
during the calendar year 1917 shall
be levied, assessed, collected and paid
only on that proportion of its income
for such fiscal year which the period
between January 1, 1917. and the end
of such fiscal year bears to the whole
of such fiscal year.
Tho tax imposed by this section
shall be computed, levied, assessed.
collected and paid upon the. same
incomes and in the same manner as
the tax imposed by subdivision (a)
of section 10 Of such act of September
s. 1916, as amended by this act. ex-
cept that for the purpose OF the tax
imposed by this section the income
embraced in return of a corporation,
joint-stock company or association, or
insurance company, shall be credited
with the amount received as Givi-
dends upon the stock or from the
net earnings OF any other corpora
tion. joint-stock company or associa-
ton, or insurance company which is
taxable upon its net income as pro-
vided in this title.
Section o. That the provisions of
this title shall not extend to Porto
Rico or the Philippine Islands, and
the Porto Rican or Philippine legis-
lature shall have power by due enact
ment to amend, alter. modify. or re-
peal the income tax laws in force In
Porto Rico or the Philippine Islands,
respectively.
Title H.-War Excess Profits Tax.
Section 200 That when used in this
title
The term Corporation" includes
joint-stock companies or associations
and insurance companies:
The term domestic" means created
under the law OF the United States.
or of any state, territory. or district
thereof. and the term foreign" means
created under the law OF any other
possession of the United States or of
any foreign country or government;
The term United States" means
only the states, the territories OF
Alaska and Hawaii. and the District
of Columbia;
The term taxable year" means the
twelve months ending December 81,
excepting in the case of a corporation
or partnership which has fixed its
own fiscal year, in which case 1t
means such fiscal year. The first tax
able year shall be the year ending De-
cember 81. 1917, except that in the
case of a corporation or partnership
which has fixed its own fiscal year, 1t
shall be the fiscal year ending during
the calendar year 1917. II a corpora
ton or partnership, prior to March l.
1918. makes return covering its own
fiscal year, and includes therein the
income received during that part of
the fiscal year falling within the cal
endar year 1916. the tax for such tax
able year shall be that proportion of
the tax computed upon the net income
during such full fiscal year which the
time from January !, 1917. to the end
of such fiscal year bears to the full
fiscal year: and
The term "prewar period" means
the calendar years 1911, 1912, and
1913, or, If corporation or partner
ship was not in existence or an in
dividual was not engaged In a trade
or business during the whole OF such
period then as many of such years
during the whole of which the cor
poration or partnership was in exist
ence or the individual was engaged in
the trade or business
The terms trade and business
include professions and occupations.
The term met income" means in
the case OF foreign corporation or
partnership or nonresident alien
/ individual, the net income received
from sources within the United states.
Section POI. That i'm addition to the
taxes under existing law and under
this act there shall be levied. assessed.
collected, and paid for each taxable
year upon the income of every cor
poration. partnership, or individual. a
tax hereinafter in this title referred
to as the taxi equal to the following
percentages of the net income:
Twenty per centum of the amount
of the net income in excess. of the
deduction determined as hereinafter
( provided and not in excess of Is per
centum of the invested capital for the
taxable year;
Twenty-Five per centum of the
amount of the net income In excess
of 10 per centum and not in excess OF
30 per centum of such capital;
/ Thirtyfive per centum of the
amount of the net income in excess
/ of 20 per centum and not in excess OF
! 20 per centum of such capital:
Forty-five per centum of the
| amount of the net income in excess
! of 25 per centum and not in excess OF
! 33 per centum of such capital and
! Sixty per centum of the amount OF
the net income in excess of 33 per
centum of such capital
For the purpose of this title every
! corporation or partnership not exempt
under the provisions of this section
shall be deemed to be engaged in bust
ness, and all the trades and businesses
! In which ii is engaged shall be treated
J as a single trade or business, and al
its income from whatever source de-
rived shall be deemed to be received
from such trade or business.
This title shall apply to all trades
or businesses of whatever description
whether continuously carried on oi
not, except
(a) In the case of officers and EN-.
ployes under the United States oi
any state, territory. or the District o.
| Columbia. or any local subdivision
thereof. the compensation of fees re
ceived by them as such officers or EN-
ployes;
(b) Corporations exempt from Ia,
under the provisions of section II o.
title l Of such act OF September s
1915, as amended by this act, ant