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collections of items (not payable in the United States) of interest up the bonds of foreign countries and interest upon the bonds of a dividends from foreign corporations by individuals, corporations, partnerships, undertaking as a matter of business or for profit collection of foreign payments of such interest or dividends by mea of coupons, checks, or bills of exchange.
When necessary to make effective the provisions of this section the name and address of the recipient of income shall be furnished upc demand of the individual, corporation, or partnership paying the incom
The provisions of this section shall apply to the calendar year 191 and each calendar year thereafter, but shall not apply to the paymen of interest on obligations of the United States.
Returns to be Public Records.
Sec. 257. That returns upon which the tax has been determine by the Commissioner shall constitute public records; but they shall open to inspection only upon order of the President and under rule and regulations prescribed by the Secretary and approved by the Presi dent: Provided, That the proper officers of any State imposing an income tax may, upon the request of the governor thereof, have access to the returns of any corporation, or to an abstract thereof showing the name and income of the corporation, at such times and in such manner as the Secretary may prescribe: Provided further, That all bona fide stockholders of record owning 1 per centum or more of the outstanding stock of any corporation shall, upon making request of the Commissioner, be allowed to examine the annual income returns of such corporation and of its subsidiaries. Any stockholder who pursuant to the provisions of this section is allowed to examine the return of any corporation, and who makes known in any manner whatever not provided by law the amount or source of income, profits, losses, expenditures, or any particular thereof, set forth or disclosed in any such return, shall be guilty of a misdemeanor and be punished by a fine not exceeding $1,000, or by imprisonment not exceeding one year, or both.
The Commissioner shall as soon as practicable in each year cause to be prepared and made available to public inspection in such manner as he may determine, in the office of the collector in each internalrevenue district and in such other places as he may determine, lists containing the names and the post-office addresses of all individuals making income-tax returns in such district.
Publication of Statistics.
Sec. 258. That the Commissioner, with the approval of the Secretary, shall prepare and publish annually statistics reasonably available with respect to the operation of the income, war profits and excessprofits tax laws, including classifications of taxpayers and of income,
the amounts allowed as deductions, exemptions, and credits, and any other facts deemed pertinent and valuable.
Collection of Foreign Items.
Sec. 259. That all individuals, corporations, or partnerships undertaking as a matter of business or for profit the collection of foreign payments of interest or dividends by means of coupons, checks, or bills of exchange shall obtain a license from the Commissioner and shall be subject to such regulations enabling the_Government to obtain the information required under this title as the Commissioner, with the approval of the Secretary, shall prescribe; and whoever knowingly undertakes to collect such payments without having obtained a license therefor, or without complying with such regulations, shall be guilty of a misdemeanor and shall be fined not more than $5,000, or imprisoned for not more than one year, or both.
Citizens of United States Possessions.
Sec. 260. That any individual who is a citizen of any possession of the United States (but not otherwise a citizen of the United States) and who is not a resident of the United States, shall be subject to taxation under this title only as to income derived from sources within the United States, and in such case the tax shall be computed and paid in the same manner and subject to the same conditions as in the case of other persons who are taxable only as to income derived from such sources.
Porto Rico and Philippine Islands.
Sec. 261. That in Porto Rico and the Philippine Islands the income tax shall be levied, assessed, collected, and paid in accordance with the provisions of the Revenue Act of 1916 as amended.
Returns shall be made and taxes shall be paid under Title I of such Act in Porto Rico or the Philippine Islands, as the case may be, by (1) every individual who is a citizen or resident of Porto Rico or the Philippine Islands or derives income from sources therein, and (2) every corporation created or organized in Porto Rico or the Philippine Islands or deriving income from sources therein. An individual who is neither a citizen nor a resident of Porto Rico or the Philippine Islands but derives income from sources therein, shall be taxed in Porto Rico or the Philippine Islands as a nonresident alien individual, and a corporation created or organized outside Porto Rico or the Philippine Islands and deriving income from sources therein shall be taxed in Porto Rico or the Philippine Islands as a foreign corporation. For the purposes of section 216 and of paragraph (6) of subdivision (a) of section 234 a tax imposed in Porto Rico or the Philippine Islands upon the net income of a corporation shall not be deemed to be a tax under this title.
of Foreign Items to Obtain
U. S. Posses
Porto Rico and Philip
The Porto Rican or Philippine Legislature shall have power due enactment to amend, alter, modify, or repeal the income tax la in force in Porto Rico or the Philippine Islands, respectively.
TITLE XIII.-GENERAL ADMINISTRATIVE PROVISIONS.
(Relating to the Income Tax.)
(d) (1) There is hereby created a board to be known as the “Ad visory Tax Board," hereinafter called the Board, and to be compose of not to exceed six members to be appointed by the Commissioner wit the approval of the Secretary. The Board shall cease to exist at th expiration of two years after the passage of this Act, or at such earlie time as the Commissioner with the approval of the Secretary ma designate.
(2) The Commissioner may, and on the request of any taxpayer directly interested shall, submit to the Board any question relating to the interpretation or administration of the income, war-profits or excessprofits tax laws, and the Board shall report its findings and recommen dations to the Commissioner.
(3) The Board shall have its office in the Bureau of Internal Revenue in the District of Columbia.
(4) The Board shall have the power to summon witnesses, taka testimony, administer oaths and to require any person to produce books, papers, documents, or other data relating to any matter under investigation by the Board. Any member of the Board may sign subpoenas and members and employees of the Bureau of Internal Revenue designated to assist the Board, when authorized by the Board, may administer oaths, examine witnesses, take testimony and receive evidence.
Sec. 1303. (a) That there is hereby created a Legislative Drafting Service under the direction of two draftsmen, one of whom shall be appointed by the President of the Senate, and one by the Speaker of the House of Representatives, without reference to political affiliations and solely on the ground of fitness to perform the duties of the office.
(b) The Drafting Service shall aid in drafting public bills and resolutions or amendments thereto on the request of any committee of either House of Congress, but the Library Committee of the Senate and the Library Committee of the House of Representatives, respectively, may determine the preference, if any, to be given to such requests of the committees of either House, respectively. The draftsmen shall, from time to time, prescribe rules and regulations for the conduct of the work of the service for the committees of each House, subject to the approval of the Library Committee of each House, respectively.
Sec. 1305. That all administrative, special, or stamp provisions of w, including the law relating to the assessment of taxes, so far as oplicable, are hereby extended to and made a part of this Act, and very person liable to any tax imposed by this Act, or for the collection hereof, shall keep such records and render, under oath, such statelents and returns, and shall comply with such regulations as the Comissioner, with the approval of the Secretary, may from time to time rescribe.
Whenever in the judgment of the Commissioner necessary he may equire any person, by notice served upon him, to make a return or uch statements as he deems sufficient to show whether or not such erson is liable to tax.
The Commissioner, for the purpose of ascertaining the correctness of ny return or for the purpose of making a return where none has been nade, is hereby authorized, by any revenue agent or inspector desigiated by him for that purpose, to examine any books, papers, records or memoranda bearing upon the matters required to be included in the return, and may require the attendance of the person rendering the return or of any officer or employee of such person, or the attendance of any other person having knowledge in the premises, and may take his testimony with reference to the matter required by law to be included in such return, with power to administer oaths to such person or persons.
Sec. 1307. That in all cases where the method of collecting the tax imposed by this Act is not specifically provided in this Act, the tax shall be collected in such manner as the Commissioner, with the approval of the Secretary, may prescribe.
Sec. 1309. That the Commissioner, with the approval of the Secretary, is hereby authorized to make all needful rules and regulations for the enforcement of the provisions of this Act.
Sec. 1313. That in the payment of any tax under this Act not payable by stamp a fractional part of a cent shall be disregarded unless it amounts to one-half cent or more, in which case it shall be increased to 1 cent.
Sec. 1314. That collectors may receive, at par with an adjustment for accrued interest, certificates of indebtedness issued by the United States and uncertified checks in payment of income, war-profits and excess-profits taxes and any other taxes payable other than by stamp, during such time and under such regulations as the Commissioner, with the approval of the Secretary, shall prescribe; but if a check so received
tive Provisions Made
is not paid by the bank on which it is drawn the person by whom suc check has been tendered shall remain liable for the payment of the ta and for all legal penalties and additions the same as if such check ha not been tendered.
Sec. 1316. (a) That section 3220 of the Revised Statutes is hereb amended to read as follows:
"Sec. 3220. The Commissioner of Internal Revenue, subject to regu lations prescribed by the Secretary of the Treasury, is authorized t remit, refund, and pay back all taxes erroneously or illegally assesse or collected, all penalties collected without authority, and all taxes tha appear to be unjustly assessed or excessive in amount, or in any manne wrongfully collected; also to repay to any collector or deputy collecto the full amount of such sums of money as may be recovered against him in any court, for any internal revenue taxes collected by him, with the cost and expenses of suit; also all damages and costs recovered against any assessor, assistant assessor, collector, deputy collector, agent, or inspector, in any suit brought against him by reason of anything done in the due performance of his official duty, and shall make report to Congress at the beginning of each regular session of Congress of all transactions under this section."
(b) Section 3225 of the Revised Statutes of the United States is hereby amended to read as follows:
"Sec. 3225. When a second assessment is made in case of any list, statement, or return, which in the opinion of the collector or deputy collector was false or fraudulent, or contained any understatement or undervaluation, such assessment shall not be remitted, nor shall taxes collected under such assessment be refunded, or paid back, or recovered by any suit, unless it is proved that such list, statement, or return was not wilfully false or fraudulent and did not contain any willful understatement, or undervaluation."
(c) That the paragraph of section 3689 of the Revised Statutes, as amended, reading as follows:
"Refunding taxes illegally collected (internal revenue): To refund and pay back duties erroneously or illegally assessed or collected under the internal-revenue laws" is repealed from and after June 30, 1920; and the Secretary of the Treasury shall submit for the fiscal year 1921, and annually thereafter, an estimate of appropriations to refund and pay back duties or taxes erroneously or illegally assessed or collected under the internal-revenue laws, and to pay judgments, including interest and costs, rendered for taxes or penalties erroneously or illegally assessed or collected under the internal-revenue laws.
Sec. 1317. That sections 3164, 3165, 3167, 3172, 3173, and 3176 of the Revised Statutes as amended are hereby amended to read as follows: