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REGISTER

FEDERAL
VOLUME I

1934

NUMBER 92

Washington, Tuesday, July 21, 1936
Bureau of Internal Revenue.

TREASURY DEPARTMENT.
Bureau of Customs.

T. D. 4666

T. D. 48438

E xcess - P r o fits T ax
C ustom s R egulations I nvoicing S eeds
REGULATIONS RELATING TO THE EXCESS-PROFITS TAX IMPOSED BY
SECTION 106 OF THE REVENUE ACT OF 1935, AS AMENDED BY THE
REVENUE ACT OF 1936 T. D. 4618 REVOKED

TREASURY DECISION 47251, AMENDING ARTICLE 294 B 11 A
OF THE CUSTOMS REGULATIONS OF 1931 BY RESTRICTING THE
REQUIREMENT, OF CONSULAR INVOICES TO CERTAIN SEEDS, AMENDED

To Collectors of Internal Revenue and Others Concerned P aragraph. A. Section 402 Title I I Capital Stock and Excess-profits Tax of the Revenue Act of 1936 provides:

To Collectors of Customs and Others Concerned:
Pursuant to the provisions of Section 484 b of the Tariff S ec . 402. Excess-Profits Tax.
Act of 1930, the instructions issued to collectors of customs a Section 106 b of th e Revenue Act of 1935 is am ended by in the penultimate paragraph of Treasury Decision 47251 striking o u t except th a t th ere shall be deducted th e am ount of income tax imposed for such year by section 13 of th e Revenue are amended to read as follows:
Im porters should be required by collectors of custom s to fu rn ish satisfactory evidence th a t th e seeds are n o t im parted for seeding purposes, w hen such claim is made th e basis for exem ption from th e necessity of producing a consular invoice. W hen such evi dence is n o t furnished a t th e tim e of entry and a bond is given for th e production of a consular invoice, th e required evidence may be accepted in satisfaction of th e bond obligation if produced w ithin th e period prescribed in Section 484 b of th e Tariff Act of 1930.
seal !

W illia m R . J oh nson ,
Acting Commissioner of Customs.
Approved, July 15, 1936.
W ayne C. T aylor ,
Acting Secretary of the Treasury.
F. R. Doc. 1329Filed, July 18, 1936; 12:571 p. m.

T. D. 48440
A irport of E n try ROUSES POINT SEAPLANE BASE, ROUSES POINT, NEW YORK, REDESIG
NATED AS AN AIRPORT OF ENTRY FOR A PERIOD OF ONE YEAR

To Collectors of Customs and Others Concerned:
Under the authority of Section 7 b of the Air Commerce Act of 1926 49 U. S. C., 1934 ed., 177 b , the Rouses Point Seaplane Base, Rouses Point, New York, is hereby redesig nated as an Airport of Entry for the landing of aircraft from foreign countries for a period of one year from July 14, 1936.
seal
J. H. M oy le , Commissioner of Customs.
Approved, July 15, 1936.
W ayne C. T aylor ,
Acting Secretary of the Treasury.
IF. R. Doc 1330Filed, July 18, 1936; 12:57 p. m.

Act of 1934, as am ended and inserting in lieu thereof com pu ted w ith o u t th e deduction of th e tax imposed by th is sec tion, b u t w ith a credit against n e t income equal to th e credit for dividends received provided in section 26 b of th e Revenue Act of 1936.
b The am endm ent made by subsection a shall n o t apply to an incom e-tax taxable year beginning before January 1, 1936.
P ar. B. Section 106 Title I of the Revenue Act of 1935, as amended by section 402 of the Revenue Act of 1936, provides:
S ec . 106. Excess-Profits Tax.

a There is hereby imposed upon th e n et income of every corporation for each incom e-tax taxable year ending after th e close of th e first year in respect of which it is taxable under section 105, an excess-profits tax equal to th e sum of th e following:
6 per centum of such portion of its n et income for such incom e-tax taxable year as is in excess of 10 per centum and n o t in excess of 15 per centum of th e adjusted declared value;
12 per centum of such portion of its n e t income for such incom e-tax taxable year as is in excess of 15 per centum of th e adjusted declared value.
b The ad ju sted declared value shall be determ ined as provided in section 105 as of th e close of th e preceding incom e-tax ta x
able year or as of th e d ate of organization if it h ad no preced ing incom e-tax taxable y ear. If th e incom e-tax taxable year in respect of w hich th e tax under th is section is imposed is a period of less th a n 12 m onths, such adjusted declared value shall be reduced to an am o u n t w hich bears th e same ratio thereto as th e num ber of m onths in th e period bears to 12 m onths. For th e purposes of th is section th e n e t income shall be th e same as th e n e t income for income tax purposes for th e year in respect of w hich th e tax under th is section is imposed, com puted w ithout th e deduction of th e tax imposed by th is section, b u t w ith a cred it against n e t income equal to th e credit for dividends received provided in section 26 b of th e Revenue Act of 1936.
c All provisions of law including penalties applicable in respect of th e taxes imposed by T itle I of th e Revenue Act of 1934, as amended, shall, insofar as n o t inconsistent w ith th is section, be applicable in respect of th e tax imposed by th is sec tion, except th a t th e provisions of section 131 of th a t title shall n o t be applicable.
d T he excess-profits tax imposed by section 702 of th e Reve n u e Act of 1934 shall n o t apply to any taxpayer w ith respect to any incom e-tax taxable year ending after Ju n e 30, 1936.

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