Standard Income Tax Service (Paperback)

Purchase of this book includes free trial access to www.million-books.com where you can read more than a million books for free. This is an OCR edition with typos. Excerpt from book: TEXT OF THE WAR EXCESS PROFITS TAX. (BEING TITLE II. OF THE ACT OF OCTOBER 3, 1917.) TITLE II.?WAR EXCESS PROFITS TAX. Sec. ZOO. 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 erected 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 "pre-war period" means the twelve months ending December thirty- first, excepting in the cte of a corporation or partnership which has fixed its own fiscal year, in which case it means such fiscal year. The first taxable year shall be the year ending December thirty-first, nineteen hundred and seventeen, except that In the cr.se of a corporation or partnership which has fixed its own fiscal year, it shall be the fiscal year ending during the calendar year nineteen hundred and seventeen. If a corporation or partner- ihip, prior to March first, nineteen hundred and eighteen, makes a return covering its own fiscal year, and includes therein the Income received during that part of the fiscal year falling within the calendar year nineteen hundred End sixteen, the tax for such taxable year shall be that proportion of the tax computed upon the net income during such full fiscal year which the time from January first, nineteen hundred and seventeen, to the end of such fiscal year bears to the full fiscal year; and The term "pre-war period" means the calendar years nineteen hundred and eleven, nineteen hundred and twelve, and nineteen hundred ...