New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1921-08-16

thereof the words Income, war profits
and excess profits taxes"
See. ZIG. Paragraph I'D of subdi-
vision (a) OF Section 214 of the reve.
nue. act OF 1918 is amended to read as
follows:
"lll) Contributions or riffs under
within the taxable year to or for the
use OF FA) The United Stutas, and state,
territory, Or any political subdivision
thereof, or the District Of Columbia, for
exclusively public purposes; OBJ any
corporation or community chest, fund,
or foundation, organized and operated
exclusively for religious, charitable, sci
entlfic, literary or educa tional purposes,
or for the prevention of cruelty to chill
dren or animals, no. part OF the net
earnings of which inures TO the benefit
of any private stakeholder or individual
or @ the special fund for vocational
rehabilitation authorized by Section of
the vocational rehabilitation act; to an
amount which in all of the above cases
combined does not exceed Is per
centum of the taxpayers net income as
computed without the benefit of this
paragraph. In case OF nonresident
ellen, individual or foreign trader this
deduction shall be allowed only as to
contributions or gifts made to domestic
corporations, or to trusts created in the
United States, or to such vocational re-
mobilization fund Such contributions
or gifts shall be allowable as deduc-
lions only if verified under rules and
regulations prescribed by the Commits
sioner, with the approval of the Secre-
tary."
Sec. PIT Subdivision (a) of Section
ia of the Revenue Act of 1918 is
amended by adding thereto new para
graph to read as follows:
(l3) II property is compulsorily or
lnvoluntarily converted into cash or its
equivalent as result of 1) its de-
structlon IN whole or in part: CD theft
or seizure, or CD an exercise OF the
power OF requisition or condemnation.
or the threat of imminence thereof;
and ii the taxpayer proceeds forthwith
IN good faith, under regulations nre-
scrlbed by the commissioner with the
approval of the secretary, to expend
the proceeds of such conversion in the
acquisition, directly or through the
purchase of stock, of other property
OF character similar or related in
service, or use to the property so con-
verified, or in the establishment of
replacement fund; then there shall be
allowed as deduction so much of the
gain derived as the portion of the pro
ceeds so expended bears to the entire
proceeds"
NONRESIDENT Aliens
Sec. 218. Subdivision OBJ of section
PA of the revenue act of 1918 IS
amended to read as follows:
"tb) In the case of a nonresident
alien individual or foreign trader the
deductions allowed in subdivision ta)
Except those allowed in par re ohs
(5), 60 and (1Dl shall be allowed
only if and to the extent that they are
connected with income from sources
within the United States; and the prop
er apportlonment and ALLEGATION of the
deductions with respect to sources of
income within and without the United
States shall be determined as provided
IN section 217 under rules and regula-
tlons prescribed by the commissioner
with the approval of the Secretary,
winch determination shall be final"
Act of 1918 is amended by adding at
the end of such section Z new subdjyi-
sion to read as follows:
le) Amounts paid under the laws
of any state, territory, District of Co.
lumb la, possession of the United States
or foreign country as income to the
holder of "a life or term ;nable interest
acquired by gift, bequest, devise or in
heritance shall not be reduced or di-
minished by any deduction for shrink
age (by whatever name called) in the
value of such interest due to the lapse
of time, nor by any deduction allowed
by this act for the purpose of comput-
ing the net income of an estate of
trust, but not allowed under the laws
Of such state, territory, District of
Columbia, possession Of the United
States or foreign country for the pur-
pose of computing the income 70 which
such holder is entitled" ~ 'Tr'fHi
Sec. 220. Subdivision (a) Of Section
ZIG of the revenue act of 1918 j
amended to read as follows:
"(a) The amount of dividends inciud-
ed in the gross income"
Individual Exemptions
Sec. 221. Subdivisions (c). (d) and
(e) of section PIG of the revenue act
of 1918 are amended to read as fol-
lows:
"(c) In the case of a single person, a
personal exemption of 81 900; or in the
case of the head of family or a mar