288 SIXTY-EIGHTH CONGRESS. Sess. I. Ch. 234. 1924. ¤*°°*¤ ni- ordered to be distributed, respectively, to its shareholders during h . ‘ C¤¤¤¤1id¤¢¤<¤¤¤¤¤r¤¤- suc year CONSOLIDATED RETURNS or coxromrions. .M¤“¤*¤d ;;&P°’°· Sec. 240. (a) Corporations which are aiiiliated within the mean-
- »°i»I:¤t?y °' M ing ofdthis sgclpliotn may, for alngltgxaplle ygzar, make separige trlaituarigs
or un er re a ions prescri y e ommissioner wi _ e — rbval of the Secretary, make a consolidated return of net income ibr the purpose of this title, in which case the taxes thereuncger shall be compute and determined upon the basis of such return. I return is made on either of such bases, all returns thereafter made shall be upon the same basis unless permission to change the basis is granted b the Commissioner. _ Ce¤¤¤¢¤**°¤ °'P*°· y(b) In any case in which a tax is assessed upon the basis of a °°m°°°t°°ss°°§m°°tS' consolidated return, the total tax shall be computed in the first instance as a unit and shall then be assessed upon the respective aiiliated corporations in such proportions as may be agreed upon among them, or, in the absence of any such agreement, then on the °*!‘{m0°¤:d SP°°m° basis of the net mcome properly assignable to each. _ There shall be mihai¢,p.v;s¤.' allowed in computing t dt; mcompbgaxfonly onezgspecxfic credit comt d as rovided in sub °vision o section 6. C9f¤<g¤¤i¤¤¤d°°m°d pu(?;) Fel; the purpose of this section two or more domestic corporaaughtgctii ownership- tions shall be deemed to be aiiiliated (1) if one corporation owns at least 95 per centum of the voting stock of the other or others, or (2) if at least 95 per centum of the voting stock of two or more .C¤*¤¤tT_*gh_·¥§°tg‘fP°¤· corporations is owned bg the same interests. A corporation or- °°i?¢iC`Zz,p.w. ganized under the China e Act, 1922, shall not be eemed to be ailil/iated with any other corporation within the meaning of this sec ion. €<>¤¤¤¤¤¤¤<>¤,°*.¤¤j d In any case of two or more related trades or businesses gglgisbiiéaiiess c0ntrdl· wiheiher unincorporated or incorporated and whether organized in M by ‘°“‘° ‘”°°"”"" {Sie United States or not) owned or controlled directly or indirectly b the same interests the Commissioner may and at the request of tlie taxpayer shall, ifinecessary in order to make an accurate distribution or apportionment of gains, profits, mcome, deductions, or capital between or among suc? relatedl trad? or businesses, conso idate the accounts of such re ated tra es or usinesses. ,<`<¤ <>¤**¤¤= *1} e For the purposes of this section a corporation entitled to the $$`»is°°g;£i¤i°ei1°i¤mL gu. beiiedts of section 262 shall be treated as a foreign corporation, C°"'°'“"°“ '°‘““"· wma Ann rnacn ron rinmo conronarn iwronns. 'lm‘f{$‘£li_““‘ Sec. 241. (a) Returns of porporations shall be made at the same time as is provided in subdivision (a) of section 227, except that in the case of foreign corporations not having any office or place of business in the United States returns shall be made at the same time as pro— To www of dm viigg sectionS122§ in thedcase og a iacinresident alien individual. . _ eturns a e ma e to the co ector of the district in whi h tm is located the rinci al lace of business or rinci al office or a ni; P. P P . _ P p se y of the corporation, or, 1f_1t has no principal place of business or MBammm'Md. (prigicii c;1;')a%y m the United States, then to the collector
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["’“'°"°°“”“”“”i°" mxrs on msunancn coiuramrs. $,$.l,,°c,°°mgmm%,]li? iz" SH2; 242. When used in this title the term " life insurance com- ‘ pany means an insurance company engaged in the business of issuing life insurance and annuity contracts (including contracts of combined life, health, and aocident insurance), the reserve funds of which held for the fulfillment of such contracts comprise more than 50 per centum of its total reserve funds.
