86 SIXTY-NINTH CONGRESS. Sess: I. Cn. 27. 1926. R,{‘,{§°,,f"'g{;; by ._(o)4·E_very person reqnired.-to deduct and withhold any tax under viuirhnlkkiinx new ro this section shallmnke mtum tberepf on or before March 15 of each q on or'beforei’J1me 15 pay the tax to the olicial of the “‘““ ·itSi"“t°°J,°5“¤2*ti?£h° is “’ '3°°i'££§`» E`§°"' pormn is crab · e e su taxon is in omni against the claims and demands of_ any person for the amount of mm W t any dpaixlnents made m accordance with the provisions of this section. tnuwumam. ( come uponwlnch any taxcxs required to be-withheld at the
under th1s_ S80t10D shall be included in the return of the
recipient of such income, but any amount of tax so withheld shall bezcredited against the amount of income tax as computed in such a¤i;°mli°}i»i°K¤arii,ii’§ · Clfpny rexugrcd _u°i1der- this section to be deducted and “°‘ { iu pwd by =t i recipient of the income, it shall not be re- co1lected.·from` the withholding-agent; nor in cases in which the tax Asso-;ps1di¤hal1.anyipenaltylbe imposed upon or collected from the ‘ recipients:} théimcome orthe withholding ageutfor failure to return br pi}? thejsame, such failure was fraudulent and for the pnrposo of ending payment. °‘°‘“°’°'“"°‘°°*°· CREDIT ron_·1·.s.x1:s m casa or morvmuans ’$ii°i"i£°$?°z>z9. h§un¤.b°222.i §w)6dTbo·£tlt;x computédunder Parts I and II of this title . , s 't wi: ’ c · »ri$}£i}i”e?>`B¤°£il&{” (1) In thencaae of a citizen of the United States the amount of ,_ any income, »war·protlts, and excess-prohts taxes paid or accrued — durilng éhe any foreign country or to any possession of t ni _ ¤ _,; · ` ‘ ’ seiiggiipiixgiim (2) 'f»hBl6t88 ot a resident of the United States, the amount of any suchf?1:;e%paid og accrued éluring the taxable year to any pos- smsiono yni ,tates;an ·" ‘ ‘ uggiwwcu BJ? I (8) Tn alieiircsident ofthellnited States, the amount "" ‘°‘“°““· orgy auch tate§‘&a1d»or_¤accmed during the taxable year _te any idreign countryyif __ e foreign country of which such ahem resident is algoitizenpj? ixgpqaing such taxes,_allpws apimilgrndmedit to itizemv ft s" `xu ‘ reaithng' in sue 'coun; b.¥;t‘§E§*.:.“£.;.,t‘;§¤0££i"g.§; on mgeneaasse or mma individual pom ss Emmett er a °°“°"‘°°· ior al bene5ciai*y`of an estate or trust, his proportionate shareof ch of the the estate or trust paid or accru•d_dud1g:the taaab e yeai—‘to‘a»toreiguecoimtry or to any Fxmpmm of United States, as the case may be.; · _ _ Amman gt mm "1fheiaboveeredita*‘shaH_not be allowed in the case of a citizen umm, s en _ to the benedts ofeection 262- and in no other case shall the "°"·** ”· amoi¤t‘of=credit*thken underthia su’bdivision exceed the same pro-
theéttxigmppted on the of the taxpayer’s net
mcomewithout uctxon of ang°income,‘/war-profits, or excess- proitttax-p¤y·ptrt·0£· )vhicl1`n»y~ allowed to him as a credit by this·s•ction‘), sich credit is taken, which the tax- pay@r’s¤net¤inoome (eom<pu¢cd;uwvithou€1the deduction ofany such income; orfteacees-pro§ts¢tax)‘hom·‘sc¤uces without the
to hisehtireinet income (computed without such
,,,,,,3,,. ¤d¤<¤M¥C . . .¤¤r··a '» · ’ i . ‘ · . mmdgua mxmmxg *·(b))If‘ »t1££er_fromiths‘amo1mts claimed °‘°°’ °“*"”°°‘ as·cmditd·by—tlie·-taxpdyer-‘ if a —tqx¤paaa is refunded in whole orint§$art,‘the shall Commissioner, who shall rode ‘ _II1iDQ‘&0»K$mOl1l1¢_Qi¥lHTlf.8X dueimder I and II pr this title for iheyoar or and the Q amount of taxi due upon sacirredeterminatxon, E piaid by the taxpayer *upon notice and demand by the co leetor, crt e amount of tax overpaid,
