SIXTY—NIN'FH CONGRESS. Sue. I.) Cu. 27. 1926. 29 (b) Amounts paid under the laws of any State, Territory, Dis- ¤•°°“ ng; m_ triot of Columbia, possession . of the Umted States, or oreign ¤¤e»¤•»¤. country as income to the holder of a life or terminable interest §Z°"°’ l’°°“°””’ acquired by gift, beznégst, or inheritance shall not be reduced or diminished by any uction for shrinkage (by whatever name called) in the value of such interest due to the apse of time, nor bg any deduction allowed by this Act for the purpose of comlputing t e net income of an estate or trust but not allowed un er the laws of such State, Territory, District of Columbia, possmsion of the United States, or foreigncountry for the purpose of computing the income to which such holder is entitled. r cunrrs snmwmn nmrvmuans ;‘}°;;';d· Src. 216.. For the urpose of the normal tax onl there shall , I‘°§,';f°‘°°""""" be allowed the, followliig credits: y (a) The zamount received as dividends (1) from a domestic ,,,1§§{,‘{,§'f°‘ “°“‘ °°" corporation other than a corporation entitled to the benents of ”<>¤¤*¤¤¤· section 262 and other than a corporation organized under the China Trade Act, 1922 or (2) from a foreign coiéploration when 8g{,'§°l,$,‘Q,;{,'§;'}‘U“’“° it is shown to the satisflaction of the Commissioner at more than 50 per centum of the gross income of such foreign corporation for the three-year ending withtheclow of its taxable year pre- cedigg the dec aration of such dividends.(0m for such (part ofsuch peri asthe corlporation has been in existence); was erivod from sources within t e United States as determined under the pro- .visionsofssction,217;· . ‘ · M . In F (lb). The amount received. as interest; upon obligations of the media"}? °° °d°”° United States which is includedgin grossYincoxne,un er section 213; P _ (c) In the case. of a singxiperson, .1 tion of °”°°‘1 °”m"°i°“‘ $1,500; or in the case of the of a rfa _ gore a msrrig. person Hum d d if living with husband. or wife,$a personal exemption of; $3,500. A uvi¤g¤¤§`em&i° " ° husband and wiferliving together shall. receive but oneypersonal exemption. €l`he,amount ofsuch Ipersonal exemption shall »be¤$3,500. _ If suchahusband and wife ma ei separate .i·e¢ur¤¤,...the.pe¤¤¤¤»1 F‘”"°"‘”‘°’°‘“"”· exem tionrmayqbe taken,,b5· either.or;divided..between.them. » (dl) $400 foreach I n (other than husband or wife,),dependent ,,,§2§§',‘§{‘°° '°' "°‘ upon a,nd,receiving.%le§(;hie;t support from the taxpayer if such dependent person is under eighteen yearsuof. age eras incapable of·self·sup rt, because mental y or physically de ectivea, »_ "2l;..i“ ii; ‘2°““*"°“*tt“°§ *""""*‘l‘.1i" °' °* ‘“ °‘% N°"`"°`“"“““` enti _, .to _e. ne o section2 t eperso exemption e be only $1,500. The credit provided, in subdivision usd) shall not ¤g°’ii§liiZ§°¤§u§I be allowed in tliecaseof a nonresident alien individ he is §;‘,§{,,;j °°°“¥°°“¤ aresident of s.’contiguousu,coun•g,, nor in the case of a citizen entitledtothe benefits of section 2. . _ _ ._ S, , 2 , Sm of tu (i), (1) ,TheInredits alloweclgby. subdivisions (d) (e) of1¢»p.$Z¤li¤.di;'Z?”” this section shall be._detqrmined‘by the statusof the taxpayer on thelastdayofliistaxableiear. _, » y _ » > . hmm { (2) The credit allowed y subdivision _(c) eofthis section shall, ou ¤¤.¤g¤°§?°€l°x°.‘t’}§ in case the status of thetaxpayer during his taxable year, ’°"· be._the sum of (A) an.amount,wln ._¤bears.the same-ratio to $1,500. as lite number, of mouths dur which the taxglagler was singleibears to twelve months, plus an amount w__ ' bears the same ratio to $3,500 as the number of, months during which the taxpayexywas a married person living with husband or wife or was the head of a family bears to twelve months. For the purposes of this paragraph a fractional part ofa month shall be disregarded unless it amounts tomore than half a month, in which case it shall be considered as a month.
