sixrr-FIFTH CONGRESS. sms. 1. cn. es. 1917. 333 of the tax imposed by this title upon the obligee or to reimburse the ¤'°°*¤u$jN¥ts{¤¤N** obligee for any portion of the tax or to pay the interest without deduction for any tax which the obligor maiy be reqluired or permitted to pay thereon or to retain therefrom un er any aw of the United States) whether payable annually or at shorter or loniglpr periods and whether such interest is payable to a non—resident `en individual or to an individual citizen or resident of the United States, subject to the provisions of the foregoing subdivision (b) of this section requiring the tax to be withheld at the source and deducted from Um _ annual income and returned and paid to the Government, unless the ¤¤ac,,°§i.,d_ °‘°m""°° person entitled to receive such interest shall file with the withholding ·‘””· P- {glagent, on or before February first, a signed notice in writing clai the benefit of an exemption imder section seven of this Tit e. Li { umm " (f) All persons, co rations, partnerships, or associations, under- r¤m?i°5`u§E§°§, ae. E taking as a matter ofrbiisiness or for profit the collection of foreign a,,Ye‘,§,&°d{’*°· P- "65· a ents of interest or dividends by means of cougms, checks, or
of exchange shall obtain a license from the mmissioner of
Internal Revenue, and shall be subject to such regulations enabling the Government to obtain the information required under this title, as the Commissioner of Internal Revenue, with the approval of the Secretary of the Treas1u·y, shall prescribe; and whoever knowingly ,,,,,];,,,“’§“,‘,},?}‘,‘f§,‘,§,{}",,,,§,¥’,}; undertakes to collect such payments as aforesaid without having •¢¢· obtained a license therefor, or without complying with such r?ulations, shall be deemed guilty of a misdemeanor and for each o ense be fined in a sum not exceeding $5,000, or imprisoned for a term not exceeding one year, or both, in the discretion of the court. " (g) The tax herein imposed upon gains, rofits, and incomes not ,,,},°°°§’,‘,}‘c§'m8'§Y“”’ °' falling under the fo oing and not returned) and 5-laid by virtue of V¤1·39»1>·76·‘$- the fol§01lI.`lg or asldisiervvise provided by law sh be assessed by pgison return under rules and regulatiom to be prescribed by the mmissioner of Internal Revenue and approved by the Secret No mms Rahim of the Treasury. The intent and p1u·pose of this title is thatam crcwnemisasai. Y gains, profits, and income of a taxable class, as defined by this title shall be charged and assessed with the corresponding tax, normal and additiona , prescribed by this title, and said tax shall he paid by the owner o such income, or the pro er representative having the receim, custody, control, or disposal oi, the same. For the {pur- m3,§',§°”“*’ dm" pose of t `s_ title ownership or liability shall be determined as o the yearrfpr which a retqrnhis required to be renggred. ( I Ramona on do. e provisions o t 's section, exceptau ivision c) reat' to ,,, _ the deduction and payment of the taxlat the source of iiicomeilgall mmm mmm only ap ly to the normal tax hereinbefore imposed upon nonresident alien individuals? _ (2) Subdivisions (d) and (e) of section nine of such Act of Sep- ,,§{§‘Z' *"°‘l“°‘“ '°° tember eighth, nineteen hundred and sixteen, are hereby repealed. V0!-¥’·°·v¤· 7% 765- Sec. 1206. (1) That the first pa aph of section ten of such Act $‘§}’°’§§,{°‘“,,_ 7,,,, of September eighth, nineteen hundiiggrand sixteen, is hereby amended =¤¤¤¤d¤d· to read as follows: _ "Ssc. 10. (a) That there shall be levied, assessed, collected, and c,,’,}‘,§"°"“"°”“°‘i“` paid annually upon the total net income received in the precedi D<>¤=¤S¤¤- calendar year from all sources by every corporation, joint»stob1§ compang or association, or insurance company, organized in the United tates, no matter how created or organized, but not includ- F tm U ud mgupartnerships, a tax of two per centum upon such income; and smigiitléwsii m a e tax shall be levied, assessed, collected, and paid annually upon the total net income received in the preceding calendar year from all sources within the United States by every corporation, joint-stock company or association, or insurance company, organized, authorized, or existing under the laws of any foreign country, includ- , ing interest on bonds, notes, or other interest-bearing obligations of
