Tulsa daily world. [volume] (Tulsa, Indian Territory [Okla.]) 1905-1919, 1917-10-17
FULL TEXT OF
WAR TAX BILL
CONTINUED FROM PAGE TEN

or detcrtniNdDlc gums pIolltb anu lH
come (other than payments described
In sections 26 and 2D, of $500 or more
In any taxable year. or In the case OF
such payments made by the United
States. the officers or employees OF tho
United states having Information ~
to such payments and required 10
make returns In regard thereto by the
regulations hereinafter provided for,
are hereby authorized aud required 10
render true and accurate return TO
tho commissioner OF Internal rcNcnue,
under such rules and regulations and
in such form and manner as may be
prescribed by him, with the approval !
OF the secretary OF the treasury, ser /
ting forth tho amount OF such gains, |
profits and income, and the name ana |
address Of the recipient OF such pay |
mcut; provided, that returns shall be |
REQUIRED. regardless OF amounts. In the |
case of payments Of interest upon |
bonds and mortgages or deeds or |
trust or other similar obligations or
corporations, Ioint-stock companies. |
associations and insurance com !
panics, and in the case of collections |
of items (not payable in the United |
Statcs) OF interest upon the bonds or |
foreign countries and interest from the
bonds and dividends from the stock
OF foreign corporations by persons |
tons, undertakings as matter OF
business or for profit the collection
OF foreign payments of such interest
or dividends by means Of coupons,
checks or bills OF exchange.
when necessary TO make effective
the provisions OF this section tho !
name and address OF the recipient OF
income shall be furnished upon de
mand Of the person corporation, part
A. fN..,.
Iany paying the income.
"Thc provisions OF this section shall
apply TO the calendar year 1917 and
each calendar year thereafter. but
shall not apply TO the payment OF In
terts on obligations OF tho United
States
section %. That in assessing in
come tax the net income embraced In
tine return shall also : credited with
the amount OF any exc, ss profits tax
imposed by act OF congress and as
sesscd for the same calendar or fiscal
year upon the taxpayer. and, in the
case of a member OF a partnership
with his proportionate share OF such
excess profits tax imposed upon the
partnership.
Section 80 That nothing IN sec
tlon II Of the act approved October
2, 1919, entitled An act to reduce
tariff duties and TO provide revenue
for the government. and for other pur
poses or IN this title, shall be con
strued as taxing the income of for
eign governments received from in
Ncstmcnts IN the United States In
stocks. bonds or other domestic Sc
curities. owned by such foreign gov
ernmcnts. or from interest on de-
posts M banks in tho United States
OF moneys belonging TO foreign gov
ernments.
Section 81 (a) That the term
dividend as used In this title shall
be held To mean any distribution made
or ordered to be made by corpora
ton, Joint-stock company associa-
tion or insurance company out of Its
earnings Or profits accrued since
March ], r9l3, and payable TO its
shareholders. whether in cash or in
stock OF the corporation. joint stock
company, association or insurance
company, which stock dividend shall
he considered income, to the amount
OF the earnings or profits 50 dis
trlbutcd.
"(b) Any distribution made to tha
shareholders or members OF "A corpora
ton, joint-stock company or associa-
ton or insurance company In the year
1917, or subsequent tax years, shall be
deemed to have been made from tho
most recently accumulated undivided
profits or surplus and shall constitute
a part of the annual income OF the
distrbutee for the year In which re-
ceived, and shall be taxed to the dis
tributCe at the rates prescribed by law
for the years in which such profits or
surplus were accumulated by the cor
poration loint-stock company asso-
citation or insurance company. but
nothing herein shall be construed as
taxing any earnings or profits aC-
Crued prior to March /, 1913. but such
earnings or profits may be distributed
in stock dividends or otherwise, eX-
empt from the tax, after the distribu-
tion OF earnings and profits accrued
since March |, 1918, has been made.
This subdivision shall not apply to any
distribution made prior to August 8.
1917, out of earnings or profits aG-
crucd prior 10 March 1, 1913.
Section 80. That premiums paid on
life insurance policies covering the
lives OF officers. employees or those IL
nancially Interested in any trade or
business conducted by an individual.
partnership, corporation, jont-stock
company or association or insurance
company. shall not bc deducted in
computing the net Income OF such in
dlVidual, corporation. JOINT stock com
pany or association or insurance COM
pany or in computing the profits of
such partnership for the purposes OF
subdivision tc) OF section O."
Section 1912. That any amount
heretofore withheld by any withhold
ing agent as required by title OF such
act Of September s. 1916 on account
of the tax imposed upon the income OF
any individual, a citizen or resident
OF the United States. for the calendar
year 1917, except in the cases covered
hp subdivision (cl OF section of such
act as amended by this act. shall be
released and paid over to such indt-
Vidual, and the entire tax upon the
income OF such individual for such
year shall be assessed and collected In
the manner prescribed by such act as
amended by this act.
Title NilI.-Gcneral Provisions.
Section 1900. That II any clause,
sentence. paragraph or part OF this
act shall for any reason be adjudged
by any court OF competent jurisdiction
TO be invalid, such judgment shall not
affect, impair or invslidate the re-
mainder Of said act, but shall be CON
fined In its Operation to the clnuse |