` SIXTY-FIFTH CONGRESS. Sess. I. Ch. 63. 1917. 307 or business of Efty per centum or more remains in control of the "” ”x‘,?§,{”°“’“ same persons, corporations, associations, partnerships, or any of them, then in ascertaining the invested capital of the trade or business no asset transferred or received from the prior trade or business shall be allowed a greater value than would have been allowed under this title in computing the invested capital of such prior trade or business if such asset ha not been so transferred or received, unless such asset was paid for specifically as such, in cash or txible property, and tilren not to excegdthtléeaf actual tgash or aizituallp valute of the tangi e roert orat eti.meo suc aymen. _ Sec. 259. g`ha{1'i)1a1ihe case of a trade or business haginag no invested ,,§§“,§”§ht§u°$°;§$:Q‘tE capital or not more than a nominal capital there sh l be levied, °*P*°°'· assessed, collected and paid, in addition to the taxes under existing law and under this Act, in lieu of the tax imposed by section two hundred and one, a tax equivalent to eight per centum of the net Bodum an d income of such trade or business in excess o the following deduc- °" °w° ' tions: In the case of a domestic corporation $3,000, and in the case of a domestic partnership or a citizen or resident of the United States $6,000* in the case of all other trades or business, no deduction. Dad b me Sec. 210. That if the Secretaig of the Treasury is unable in any S,,,,§,°§{°°’ Y case satisfactorily to determine e invested capital, the amormt of , the deduction shall be the sum of (1) an amount equal to the same proportion of the net income of the trade or business received during bmwthe taxable year as the proportion which the average deduction (determined in the same manner as provided in section two hundred and three, without including the $3,000 or $6,000 therein referred to) for the same calendar year of representative corporations, partnerships, and individuals, engaged in a like or similar trade or business, bears to the total net income of the trade or business received by _ such corporations, partnerships, and individuals, plus (2) in the case .;.£,}‘,§,Y‘,;"{‘;’,,"}‘,,§,?,},,'L,‘?°f‘°°*° of a domestic corporation $3,000, and in the case of a domestic partnership or a citizen or resident of the United States $6,000. Rm mt Im _ For the purpose of this section the proportion between the deduc- memes. tion and the net income in each trade or business shall be determined by the Commissioner of Internal Revenue in accordance with re lations prescribed by him, with the approval of the Secretary oguthe Treasury. In the case of a corporation or partnership which has fixed its own fiscal year, the proportion determined for the calendar year ending during such fisca year shall be used. Partnership retums Sec. 211. That every foreign partnership having a net income of ”‘*'“’°"· $3,000 or more for the taxable year, and every domestic partnershi having a net income of $6,000 or more for the taxable year shag render a correct return of the income of the trade or business for the taxable year setting forth specihcally the gross income for such ear, and the deductions allowed in this title. Such returns shah be rendered at the same time and in the same manner as is prescribed vc, ,,9 pp ,6, ,,0 for income-tax retums under Title I of such Act of September eighth, PM?. pit ss}, sat. ` nineteen hundred and sixteen, as amended by this Act. Gam, hm um Sec. 212. That all administrative, special, and general provisions of cable. law, including the laws in relation to the assessment, remission, collection, and refund of internal-revenue taxes not heretofore specifically repealed, and not inconsistent with the provisions of this title are · hereby extended and made applicable to all the provisions of this vai.m,pp.7se.m. title and to the tax herein imposed, and all provisions of Title I of such *‘°”» PP- 3***8- Act of Septembererghth, nineteen hundred and sixteen, as amended by this _Act, rjelating to returns and payment of the tax therein imp0sedS;3dm§1u;l;l§1sgtp<§analties, are here y made applicable to the tax 1111 y it e. giic. 213. That the Commissioner of Internal Revenue, with the b¤%·$gi:umS’ mu to approval of the Secretary of the Treasury, shall make all necessary
