The Hawaiian gazette. [volume] (Honolulu [Oahu, Hawaii]) 1865-1918, 1917-10-16
Cconcluded from Page u


year means the average invested cap
ital fory tire year, as defined and lin.
tied in this title, averaged monthly. As
used in this, title invested capital does
not include stocks, bonds (Other than
obligations Of the United States), or
other assets, the income from which is
not subject TO the tax imposed by this
title, nor money or other property Dor
rowed, and means, subject to the above
limitationsf" ."4Ha
"(a) In the case Of q corporation OF
partnership (1) Actual cash paid IN,
(2( the actual cash value Of tangible
property paid in other than cash, for
stock or shares in such corporation or
partnership at the time of such pay.
ment, Cbut in case such tangible prop.
erty was paid in prior to January first,
nineteen hundred and fourteen, the act,
ual cash value of such property as of
January first, nineteen hundred and
fourteen, but in no case to exceed the
par value Of the original stock OF shares
specifically issued therefor), and cay
paid in or earned surplus and undivided
profits used or employed In the business
exclusive Of undivided profits earned
during the taxable year; Provided that
(a) the actual cash value of patents
and copyrights paid in for stock or
shares in such corporation or partner.
ship, at the time Of such payment, shall
no included as invested capital, and (b)
the goodwill trade marks, trade
brands. the franchise of corporation
OF partnership, or other intangible
property, shah be included as invested
capital if the corporation or partner,
ship made payment bona fide therefor
specifically as such in cash or tangible
property, the value of such good will,
trademark, trade brand, franchise, or
intangible property, not to exceed the
actual cash or actual cash value of the
tangible property paid therefor at the
time of such payment; but goodwill,
trademarks, trade brands, or franchises
! of corporation or partnership, or
other intangible property, bona fide,
purchased prior to March third, niue
| teen hundred and seventeen, for and
with interests or shares in partner.
! ship or for and with shares in the cap.
ital stock of corporation, ISSUED prior
to March third, nineteen hundred and
seventeen, In an amount not to exceed,
| on March third, nineteen hundred and
seventeen, twenty percentum of the to
tai interests or shares in the partner
ship or Of the total shares of the CAPT
tai stock Of the corporation, shall be in
cluded in invested capital at value
not to exceed the fair cash value at the
time Of such purchase, and in case OF
issue of stock therefor not to exceed the
par value of such stock;
"(b) In the case of an individual
| az actual cash paid into the trade OIL
business, and (2) the actual cash value
of tangible property paid into the trad'
or business, other than cash, at thu
time of such payment (but in ease suel
tangible property was paid in prior q
January firstg nineteen hundred ahC
fourteen, the actual cash value Of sucl
property as of January first, uineteer
hundred and fourteen,9 and (3) the ac
tual cash value of patents, copyrights
good will, trademarks, trade brands
franchises, or other tangible property
paid into the trade or business, ut thu
time of such payment, if payment wa
made therefor specifically in. cash o.
tangible property, not to exceed thu
actual cash or actual cash value of the
tangible property, bona fide, paid there
| for at the time of such payment.