SIXTY-EIGHTH CONGRESS. Sess. I. Ch. 234. 1924. 295 c As used in this section the term " possession of the United ,.¤i¤<>¤¤ MK- Staiteis " does not include the Virgin Islands of the United States. iuiiiiriiii. Islands not CHINA TRADE Aer CORPORATIONS. pogggas '1`r¤<¤¤ <`¤r- Sec. 263. (a) For the purpose only of the tax imposed by section 0,‘{;$,‘;§f,;°}r§LQPg',§§‘;Q 230 there shall be allowed, in the case of a corporation organized svnuq-gbe¤q¤;§>h§h¤r¤¤ under the China Trade Act, 1922, a credit of an amount equal to the °'iz°$i,i°§t;i'§55. °°` proportion of the net income derived from sources within China "°"·¥’·”"°· (determined in a similar manner to that provided in section 217) which the par value of the shares of stock of the corporation owned on the last day of the taxable year by individual citizens of the United States or China, resident in China, bears to the par value of the whole number of shares of stock of the corporation outstandin on such date: Provided, That in no case shall the amount by whic}§ fglighou the tax imposed by section 230 is diminished by reason of such credit ` eicieed tge amount of the special dividend certified under subdivision , o t is section. (b) Such credit shall not be allowed unless the Secretary of Com- °°“di"°°’· merce has certified to the Commissioner- _ (1) The amount which, during the year ending on the date fixed ,pg§,§i°‘°di$}’,{Z,l§°d§ {3 by law for filing the return, the corporation has distributed as a ¤=¤i¤°¤*“¤°¤*¤°· special dividend to or for the beneht of such individuals as on the last day of the taxable year were citizens of the United States or , China, resident in China, and owned shares of stock of the corporation; .. (2) That such special dividend was in addition to all other a£§igx¤t£l`°l °° mm amounts, payable or to be payable to such individuals or for their benefit, by reason of their interest in the corporation; and { me _ (I?) That such distribution has been made to or for the benefit of t|;g:qs:y?n1gviiligg?r. suc individuals in proportion to the par value of the shares of stock of the corporation owned by each; except that if the corporation has more than one class of stock, the certificate shall contain a statement that the articles of incorporation provide a method for the a portionment of such special dividend among such individuals, and) that the amount certified has been distributed in accordance with the method so provided. _ _ Ovnenhlp exam. • (c) For the purposes of this section shares of stock of a corporation shall be considered to be owned by the person in whom the equitable right to the income from such shares is in good faith veste . (d) As used in this section the term “China ” shall have the same M°‘°m'°‘"CM” meaning as when used in the China Trade Act, 1922. Pam- V.——·Parm;mr·r, Couipnorron, Arm Rnmnn or Tax arm .i;°ym°°t°°°"°H°x' Naurms. DATE on wmcu Tax sramm. an ram. D°“ °‘¥’““‘°"‘· Sm. 270. (a) Except as provided in subdivisions (b), Sp), and Tum d°°`°°°°°d` élcpuotfe thisdsection the total amount of tax imposed by t is title a pai — _ ($11) In the case of a tax ayer, other than a nonresident alien ;i§§riii,x.'i'i°L°ii’a°iiii°i in `vidual, and other than a ijorei corporation not having an office °“°‘“· °‘°· or place of business in the Unite§1States, on or before the fifteenth day of March following the close of the calendar year, or, if the return should be made on the basis of a fiscal year, then on or before the fifteeéith day of the third month following the close of the Escal year; an
