42 SIXTY —NINTH CONGRESS. Sass. I. `Cn. 27. 1926. ”‘°°"”*"· mbscribed foraby the t:§payer) the interest upon which is wholly loxempt from taxation u ' erthis title; t f,’;’g°{§},’;,f”* j (3) Taxes pai¢l·oru¤»aecrued-`within the taxable year except (A) Fcmiinmo. .inoome,~war6pm6(s§and’excees-profits taxes imposed by the author- _ ity of the niteda tates, (B).so much of the income, war-profits, — and exoemprofits taxes imposed by the authortg of "anyi
orsspossessionof the United States as is owed as a or `t
’°"°°"‘“’°°°“"· use--eases-eee, »•nd=;(C) taxes assemed against local beneits. of ,,,§,‘f,f,,,,“{,*Q,,°’,Q“§,,‘;§,,,,i,j’ atkind the value of property assew. In 3 1¤=¤¤¤¢ me Mm the lease ofcob_igorslspeciiied in subdivision, b) oi section 221 no ' dedawtion foritheipayme;1t,of the tax sim t ` by this title, or any other tax paid ursuant;t0»·tbe taxrfree covenantclause, shall be u M H is allowed,inor.shel)1,suchstax»be.ineluded in the gross income of the stileiiuco. md by Obi! ,ZI3he,ded¤¢t10¤,•llowed by this paragraph shall be showed in of :taxes,imp0sed.upon ·a shareholder of at corporation , upon his interest as shareholder, which are paid by the corporation witheut miwbureemeht from the shareholder, but in such cases no Mem, · ded¤cti0a¤she1l,beia1lowed the shareholder for the amount of such mm-,,,_ °‘ °'°'°°°’ taxes. For the purpose of this parairaph, estate, inheritance., leg- aizg, and succession taxes accrue on t e due date thereof except as 0 ¤1‘WiS¤ P1‘0Vid¤d-bylaw of the jurisdiction imposing such taxes; L°“°°°· tg? Losses sustained during the taxable year and not compen-
,,§;’ OQ: sa { forby insurance or otherwise; No deduction shall be allowed
a under this paragraph for any loss claimed to have been sustained in any sale or ot er disposition of shares of stock or securities where it appears that within thirty days before or after the date of such sale crother-di1I¢:Eg•;sition the taxpayer has acquired (otherwise than by bequest or ` itance) or has entered into a contract oroption to-acquire substantially identical property, and the propesiily so acquired is held by the taxyflayersfor any after such y _ e or other disposition, unless suc claim is ma e by a dealer in stock or securities and ,w1th respect to a transaction made in the ordinary course of its business. f such acquisition or the contract or option to aoquiretif»_to0;1he extent oft part only offs;ihbstimtiasllly‘;‘lidl¢;6nt;mal propert , en y a propo ionate, art o e oss, is- gngm ’°° °°°°"°’°` allowed? The basis for determining like amount of the deduction ·*’*“·¤·"· for losses sustained shall be the same as is provided in section 204 fgr determining the gain or lowfrom the sale or other disposition o ro erty; ‘“·**’·‘**°•°“· lines ascertained to be wmmes me charged as within the taxa le,year~(or,in_the discretion of the Commissioner, a reasonable addition too reserve for had debts) ; and when satisfied that a debt is recoverable cgly in part, the Commissioner may allow such debt to be charged o IH part; ,,,£{Y‘l,,;°L',$l",,,,%°°' (6) The amount received as dividends,(A) from a domestic cor- , poration other than a corporation entitled to the benefits of section M ‘ mm 262, and than a corpo¢:ation_organieed·under the China Trade Unlteldl el.e»°"|'°.i»¤m. Ast, 1922, ($)hf1?0m any f¤rerg¤_»c0rporatxon_ when it is shown to the satis action of the Commissioner that more than 50 per cem.tu¤;‘of(-other pinooxneeof such foreignvcorpnationutlfcu- the threesysar period the close of its taxab e yeaéu¤p¤ecedig§ the, declarationwf 8\A¢h_.dlv1dends (or for suchygnrt of lgferi as therfdre ycorporation has been inexistenee was deriv from
the United States ae detenninedunder 217 ;
pr§§$*3`:°m' °°°" °' s- ( lm} F¤9¤9§¥§bl° ¤u°W¤¤¤¢ fwetberexhaustlon, wear and hear of _ V property trade or busmessyineluding a reasonable; allow- m...., .¤‘;.,.. .., ‘“‘i'§¥°i;t°’1°°‘°°°°“°°‘i‘ ° .,11 1 st., in ‘ ei I W _ __,_ y _ r ,_c¤.se.o~mmeS, M Wsgasw 0 rna ra m°A“1ie;?;`•°i;;&i:£i¤p;: deposits, xtimber, a' reasonable allowance for depletionand for “' " '° ‘ deprec1at1on».of_1mprovemente, according to the peculiar conditions
