SIXTY-EIGHTH CONGRESS. Sess. I. Ch. 234. 1924. _ 277 section, but the amount actually distributed or made available to Diétggygggimo any distributee shall be taxable to him in the year in which so dis- amount meme. n tri uted or made available to the extent that it exceeds the amounts paid in by him. Such distributees shall for the purpose of the nor- Credits ¤¤<>w¤d- mal tax be allowed as credits such part of the amount so distributed or)mad1e (aggailpble as represents the items specified in subdivisions a an 0 section 216. · ( (g) Where the grantor of a trust has, at any time during the tax- ,ruI§§°,*;*g,u•g{e§¤L°¢g;>;g able year, either alone or in conjunction with any person not a bene- ozsmuwr. ficiary of the trust, the power to revest in himsel title to any part of the corpus of the trust, then the income of such part of the trust for such taxable year shall be included in computing the net income of the grantor. (h) Where any part of the income of a trust may, in the discretion of the grantor of the trust, either alone or in conjimction with any gc-.i¤}cl¤dodi¤i¤c¤m6 person not a beneficiary of the trust, be distributed to the grantor °r°°` or be held or accumulated for future distribution to him, or where any part of the income of a trust is or may be applied to the payment of premiums upon policies of insurance on the life of the grantor (except policies of insurance irrevocably payable for the purposes and in the manner specified in paragraph (10) of subdivision (a) of section 214) , such part of the income of the trust shall be included in computing the net income of the grantor. Evasion or smrraxns BY INCORPORATION. i; °° Sm. 220. (a) If any co oration, however created or organized, is s.E§.”§,i'2{,',,‘"'?,°°’§‘,fm§l formed or availed of forrillie purpose of preventing the imposition °f,*;· ig of the snutax upon its shareholders through the medium of permit- ¤¤¤r¤¤¤1d¤rs. ting its gains and profits to acciunulate instead of being divided or distributed, there shall be levied, collected, and paid for each taxable year upon the net income of such corporation a tax equal to 50 per Mmm ml centum of the amount thereof, which shall be in addition to the tax mma?. °° °°"°°` imposed by section 230 of this title and shall Sexcefit as (provided in P¤•¢.1>-281 subdivision (di of this section) be compute , co ecte , and paid upon the same asis and in the same manner and subject to the same provisions of law, including penalties, as that tax. mlm I (b) The fact that any corporation is a mere holding or investment orwrpasiieg. °°'°°°° company, or that the gains or profits are permitted to accumulate beyond the reasonable needs of the business, shall be prima facie evidence of a purpose to escape the surtax. (c) When reguested by the Commissioner, or any collector, every m§§§°§}“§§,f,,,§,‘§,mlQ,f coxélporation sha 1 forward to him a correct statement of such gains °*°· an proiits and the names and addresses of the individuals or shareholders who would be entitled to the same if divided or distributed, and of the amounts that would be payable to each. M ,,_ t _ (d) As used in this section the term “ net income " means the net mmgiiggugd, °° m` income as deiined in section 232, increased by the sum of the amount of the deduction allowed under paragraph (6) of subdivision (a) of section 234, and the amount of the interest on obligations of the United States issued after September 1, 1917, which would be subject to ta in whole or in part in the hands of an individual owner. rarmnxzr or iivnivmnaifs mx AT somzoi:. ,-,,,,¥,°§°°”° °‘ m °° . Src. 221. (a) All persons, in whatever capacity acting, including ,,gl‘&',§’§°§;;B°§‘s §.£y'§$i§ lessees or mortgagors of real or personal property, iiduciaries, em- ““"°°”· ployers, and all officers and employees of the United States having the control, receipt, custody, disposal, or payment of interest (ex~ cept interest on deposits with persons carrying on the banking busi-
