SIXTY-EIGHTH CONGRESS. Sess. I. Ch. 234. 1924. 279 CREDIT ron TAXES IN cnsn or INDIVIDUALS. Cr;g§*{§ftg;€§·pud_ Sec. 222. (a) The tax computed under Parts I and II of this Au°`“‘“°“‘ title shall be credited with: _ _ (1) In the case of a citizen of the United States the amount of m'¥§,,$§,§"§§Su3,€:,§s?‘“ any Income, war-profits and excess—profits taxes paid or accrued dur- . ing the taxable year to any foreign country or to any possession of the United States; and R _ _ (2) In the case of a resident of the United States, the amount of smt°gi>i»I$stgési($¤Iiil1md any such taxes paid or accrued during the taxable year to any possession of the United States; and AH .d (3) I`n the case of an alien resident of the United States, the gomigii1_¤¢i¤°IS¤it;°?1t§i10:vq amount of any such taxes paid or accrued during the taxable year ‘““‘m“*"°"°‘“*· to any foreign country, if the foreign country of which such alien resident is a citizen or subject, in imposing such taxes, allows a similar creegt to citizens of the United States residing in such country· an (4) Iii the case of any such individual who is a member of a te§:iiq'i»i»!i¤¤?i1$i:¤tmrii:Qi partnership or a beneficiary of an estate or trust, his proportionate °°‘m“"“· share of such taxes of the partnership or the estate or trust paid or accrued during the taxable year to a foreign country or to any possession of the United States, as the case may be. E t. (5) The above credits shall not be allowed in the case of a. ahiigiiiiuiiis mum citizen entitled to the benefits of section 262; and in no other case ]%§‘j,"·p_ 2% shall the amount of credit taken under this subdivision exceed the ' same proportion of the tax (computed on the basis of the taxpayers net income without the deduction of any income, war-pro ts, or excess-profits tax any part of which may be allowed to him as a credit by this section), against which such credit is taken, which the taxpayer’s net income (computed without the deduction of any such mcome, war—proiits, or excess-profits tax) from sources without the United States bears to his entire net income (computed without such deduction) for the same taxable year. R,,d°,u,m,m,m H (b) If accrued taxes when paid differ from the amounts claimed ¢¤:djp1¤g1d Mer from as credits by the taxpayer, or if any tax paid is refunded in whole °' ”‘°d‘ or in part, the taxpayer shall notify the Commissioner, who shall redetermine the amount of the tax due under Parts I and II of this title for the year or years affected, and the amount of tax due upon such redetermination, if an , shall be paid by the taxpayer ucpon notice and demand b the collector, or the amount of tax overpai , if — any, shall be credited, or refunded to the taxpayer in accordance with I, mmm, but not the provisions of section 281. In the case of such a tax accrued ¤¤{;d· d but not paid, the Commissioner as a condition precedent to the °° m°k°d' allowance of this credit may r uire the taxpayer to °ve a bond with sureties satisfactory to and tdxlie approved by the Cbmmissioner in such sum as the Commissioner may require, conditioned upon the payment by the taxpayer of any amount of tax found due upon any such redetermination; and the bond herein prescribed shall contain such further conditions as the Commissioner may require. Crum mr fm. (c) The credits provided for in subdivision (a) of this section mes mybezakeunig may, at the option of the taxpayer and irrespective of the method §¥§,,§f’“' "’ www “° of accounting employed in keeping his books, be taken in the year 111 which the taxes of the foreign country or the possession of the United States accrued, subject, however, to the conditions pre- _ SCI‘1bed in subdivision (b) of this section. If the taxpayer elects SugSl§qQ°°§°ysi;§is M to take such credits in the year in which the taxes of the foreign country or the possession of the United States accrued, the credits fo1‘ all subsequent years shall be taken upon the same basis. mm umd M _(d) These credits shall be allowed only if the taxpayer furnishes :¤¤s¢¤$mr°:Q¤¤a evidence satxsfactory to the Commissioner showing the amount of
