SIXTY-EIGHTH CONGRESS. Sess. I. Ch. 234. 1924. 285 case; such reasonable allowance in all cases to be made under rules ’N°°¤E TAX- and regulations to be prescribed by the Commissioner with the approval of the Secretary. In the case of leases the deductions L°”°S- allowed by this paragraph shall be equitably apportioned between the lessor and lessee; _ (9) In the case of insurance companies (other than life insurance Iu";;;°°‘£?mpm“‘ companies), in addition to the above (unless otherwise allowed): gums, ii); eiiigieidg (A) The net addition required by law to be made within the taxable ‘“S“"*“°°· year to reserve funds (including in the case of assessment insurance companies the actual deposit of sums with State or Territorial officers pursuant to law as additions to guarantee or reserve funds) ; and (B) the sums other than dividends paid within the taxable year _ _ on policy and annuity contracts. This paragraph shall apply only R°S‘“°“°“· to mutual insurance companies other than life insurance companies; Mutuu, uuuuu, uuuu (10) In the case of mutual marine insurance companies, there pagiesiti ml auowed shall be allowed, in addition to the deductions allowed in paragraphs for preiiiium repay- (1) to (9), inclusive, unless otherwise allowed, amounts repaid to ”‘°'“s· policyholders on account of premiums previously paid by them, and interest psiid ugon such amounts between the ascertainment and the a ent thereo ; _ P (fill) In the case of mutual insurance companies (including inter- paging? mum mm insurers and reciprocal underwriters, but not including mutual life m‘,?,$,‘§“j‘{,'§§lmu{§ Qi or mutual marine insurance companies) requiring their members l><>¤i*¤»¤*¢· to make premium deposits to provide for losses and expenses, there shall be allowed, in addition to the deductions allowed in paragraphs (1) to (9), inclusive, unless otherwise allowed, the amount of premium deposits returned to their policyholders and the amount of premium deposits retained for the payment of losses, expenses, and reinsurance reserves. . . (b) In the case of a foreign corporation or of a corporation en- iliiiiiiigiizsmgiiiiilisd titled to the benefits of section 262 the deductions allowed in sub- g}‘§‘{'§'g‘§0.§‘Q§S"_ Umm division (a) shall be allowed only if and to the extent that they are Apporuomm utc connected with income from sources within the United States; and ` the proper apportionment and allocation of the deductions with respect to sources within and without the United States shall be determined as rovided in section 217 under rules and regulations prescribed by the Commissioner with the approval of the Secretary. rrnus Nor DEDUCTIBLE BY CORPORATIONS. n°msn°m°du°ubl°' Src. 235. In computing net income no deduction shall in any case lim? $ii%(iMd°°1S` be allowed in respect of any of the items specified in section 215. _ cnnnrrs Auiowrzn co1‘u>oRA·r1oNs. Umm “u°w°d` Sec. 236. For the purpose only of the tax imposed by section Designation OL 230 there shall be allowed the following credits: Iumustuum Fuuuuu (a) The amount received as interest upon obligations of the United ¤b¤z¤¤<>¤s. States which is included in gross income under section 233; and Dumusuc uuuuuw (b) In the case of a domestic corporation the net income of which um. _ ` is $25,000 or less, a specific credit of $2,000; but if the net income is cr;§€°m° m°°°y more than $25,000 the tax imposed by section 230 shall not exceed the tax which would be payable if the $2,000 credit were allowed, plus the amount of the net income in excess of $25,000. PAYBIENT or conroimrroiw nroomn tux yr SOURCE. mmm at s°°Y°°' Sec. 237. In the case of foreign corporations subject to taxation ¤g;§r¤gifiigi>*u§°Lg!f§ under this title not engaged in trade or business within the United Umm S‘°‘°‘· States and not having any office or place of business therein, there
