State Of New York et al v. Mnuchin et al

Filing 47

DECLARATION of Owen T. Conroy in Support re: 44 CROSS MOTION for Summary Judgment .. Document filed by State Of Connecticut, State Of New York, State of Maryland, State of New Jersey. (Attachments: # 1 Exhibit 1, # 2 Exhibit 2, # 3 Exhibit 3, # 4 Exhibit 4, # 5 Exhibit 5, # 6 Exhibit 6, # 7 Exhibit 7, # 8 Exhibit 8, # 9 Exhibit 9, # 10 Exhibit 10, # 11 Exhibit 11, # 12 Exhibit 12, # 13 Exhibit 13, # 14 Exhibit 14, # 15 Exhibit 15, # 16 Exhibit 16, # 17 Exhibit 17, # 18 Exhibit 18, # 19 Exhibit 19, # 20 Exhibit 20, # 21 Exhibit 21, # 22 Exhibit 22, # 23 Exhibit 23, # 24 Exhibit 24, # 25 Exhibit 25, # 26 Exhibit 26, # 27 Exhibit 27, # 28 Exhibit 28, # 29 Exhibit 29, # 30 Exhibit 30, # 31 Exhibit 31, # 32 Exhibit 32, # 33 Exhibit 33, # 34 Exhibit 34, # 35 Exhibit 35, # 36 Exhibit 36, # 37 Exhibit 37, # 38 Exhibit 38, # 39 Exhibit 39, # 40 Exhibit 40, # 41 Exhibit 41, # 42 Exhibit 42, # 43 Exhibit 43, # 44 Exhibit 44, # 45 Exhibit 45, # 46 Exhibit 46, # 47 Exhibit 47, # 48 Exhibit 48, # 49 Exhibit 49, # 50 Exhibit 50, # 51 Exhibit 51, # 52 Exhibit 52, # 53 Exhibit 53, # 54 Exhibit 54, # 55 Exhibit 55, # 56 Exhibit 56, # 57 Exhibit 57, # 58 Exhibit 58, # 59 Exhibit 59, # 60 Exhibit 60, # 61 Exhibit 61, # 62 Exhibit 62, # 63 Exhibit 63, # 64 Exhibit 64, # 65 Exhibit 65, # 66 Exhibit 66, # 67 Exhibit 67, # 68 Exhibit 68, # 69 Exhibit 69, # 70 Exhibit 70, # 71 Exhibit 71, # 72 Exhibit 72, # 73 Exhibit 73, # 74 Exhibit 74, # 75 Exhibit 75, # 76 Exhibit 76, # 77 Exhibit 77, # 78 Exhibit 78, # 79 Exhibit 79, # 80 Exhibit 80, # 81 Exhibit 81, # 82 Exhibit 82, # 83 Exhibit 83, # 84 Exhibit 84, # 85 Exhibit 85, # 86 Exhibit 86, # 87 Exhibit 87, # 88 Exhibit 88, # 89 Exhibit 89, # 90 Exhibit 90, # 91 Exhibit 91, # 92 Exhibit 92, # 93 Exhibit 93, # 94 Exhibit 94, # 95 Exhibit 95, # 96 Exhibit 96, # 97 Exhibit 97, # 98 Exhibit 98, # 99 Exhibit 99, # 100 Exhibit 100, # 101 Exhibit 101, # 102 Exhibit 102, # 103 Exhibit 103, # 104 Exhibit 104, # 105 Exhibit 105, # 106 Exhibit 106)(Conroy, Owen)

Exhibit 51

452

PUBLIC LAW 183—OCT. 20, 1951

Public Law 183
„ ,
October 20. W51
|H R
- - "^
i«M*VCQUe

Acl of

|65 STAT.
CHAPTER

521

AN ACT
To provide revenue, and for other purpose*.
Be it enacted by the Senate and House of Representatives of the
United States of America m Congress assembled, That (a) SHORT
TITLE.—This Act, divided into titles and sections according to the
following table of contents, may be cited as the "Revenue Act of 1951":
TABLE OF CONTENTS
TITLE

Pott, p. 4S9.

I—INCREASE IN INCOME TAX RATES

PART I—INDIVIDUAL INCOME TAXES

Sec. 101.
(a)
(b)
Sec. 102.
Sec. 103.
(a)
<b)
Sec. 104.
Sec. 105.

Increase in surtax for 1951,1952, and 1953.
Bates of surtax.
Limitation on tax.
Individuals with adjusted gross income of less than $5,000.
Inapplicability of certain penalties and additions to tax.
Penalties for failure to file return.
Additions to tax.
Computation of tax in case of certain joint returns.
Effective date of Part I.

Pott, p. 465.

PAST II

CORPORATION INCOME TAXES

Sec. 121. Increase in rate of corporation normal tax.
(a) Amendment of section 13.
(b) Maximum tax.
(c) Mutual insurance companies other than life or marine.
(d) Regulated investment companies.
(e) Business income of certain section 101 organizations.
(f) Amendment of section 15.
(g) Technical amendment.
Sec. 122. Credits of corporations.
(a) Dividends received credit.
(b) Credit for dividends paid on certain preferred stock.
(c) Western hemisphere trade corporations.
Sec. 123. Computation of alternative capital gains tax.
Sec. 124. Filing of corporation returns for taxable rears ending nfter March 13,
1951, and before October 1,1951.
See. 125. Effective date.
Pott, p. 471.

PART m—FISCAL TEAR TAXPAYERS

Sec. 131.
(a)
(b)
(c)
Pott, p. 474.

Fiscal year taxpayers.
Amendment of section 108.
Computation of excess profits tax.
Technical amendments.
TITLE

II—WITHHOLDING OF TAX AT SOURCE

Sec. 201. Percentage method of withholding.
Sec. 202. Wage bracket withholding.
Sec 203. Additional withholding of tax on wages upon agreement by employer
and employee.
Sec. 204. Effective date.
Pott, p. 480.

TITLE

Sec. 301.
(a)
(b)
(c)
Sec. 302.
(a)
(b)

III—MISCELLANEOUS INCOME TAX AMENDMENTS

Tax treatment in case of head of household.
Surtax in case of head of household.
Computation of tax by collector.
Effective date.
Payments to beneficiaries of deceased employees.
Amendment of section 22 (b) (1).
Effective date.

65

STAT.1

PUBLIC LAW 183—OCT. 20, 1951

453

TABLE OF CONTENTS—Continued
TITIJ5

III—Mieca^LAwBous INCOME TAX AMENDMENTS—Continued

See. 303. Joint and survivor annuities.
(a) Amendment of section 22 (b) (2).
(b) Amendment of section 113 (a) (5).
(e) Effective dates.
Sec. 304. Income from discharge of Indebtedness.
(a) Amendment of section 22 (b) (9).
(b) Amendment Of section 22 (b) (10).
Sec. 305. Compensation of certain members of the armed forces.
(a) Amendment of section 22 (b) (13).
(h > Definition of service In eomhat zone.
(c) Withholding on wages.
(d) Effective dates.
Sec. 306. Involuntary liquidation and replacement of inventory.
(a) Amendment of section 22 (<1> (6) (F) (iii).
(b) Effective date.
Sec. 307. Medical expenses.
(a) Amendment of section 23 <x),
(h) Effective date.
Sec. 308. Standard deduction.
(a) Method of election.
(b) Change of election.
(c) Effective date.
Sec. 309. Expenditures in the development of mines.
(a) Deduction of expendltures.
(b) Adjusted basis for determining gain or loss upon sale or exchange.
(c) Technical amendment.
(d) Effective date.
Sec. 310. Gross Income of dependent of taxpayer.
{a) Increase in amount of gross income permitted.
(b) Effective date.
Sec. 311. Credit for dividends received.
(a) Dividends from foreign corporation engaged in trade or business In the
United States.
(b) Technical amendment.
<e) Effective date.
Sec. 312. Joint return after filing separate return.
(a) Changeofelectlon.
(b) Effective date.
Sec. 313, Mutual savings bunks, building and loan associations, cooperative banks,
(a) Mutual savings banks.
(b) Building and loan associations and cooperative banks.
(c) Exemptions from excess profits tax.
(d) Federal savings and loan associations.
(e) Bad debt reserves,
(f) Dividends paid to depositors.
<g) Deduction for repayment of certain loans,
(h) Definition of bank.
(1) Definition of domestic building and loan association.
<j> Effective date.
Sec. 314. Income tax treatment of exempt, cooperatives.
(a) Amendment of section 101 (12).
(b) Technical amendments.
(e) Information returns,
(d) Effective date.
Sec, 315. Surtax on corporations Improperly accumulating surplus.
(a) Long-term capital gains.
(b) Effective date.
Sec. 316. Election as to recognition of gain in certain corporate liquidations.
(a) Amendment of section 112 (b) (7).
(b) Basis of property.
(c) Effective date.
See. 317. Certain distributions of stock on reorganization,
(a) Distributions nut in liquidation.
(b) Basis of stock.
(c) Effective date.
Sec. 318. Gain from sale or exchange of taxpayer's residence.
(a) Nonrecognition of gain in certain cases,
(b) Technical amendments.
<c) Effective date.

P^I P-

**3-

454

PUBLIC LAW 183—OCT. 20, 1951

[65 STAT.

TABLE OF OONTHNT8—Condaned
Pott. p. 4»7.

TTTEB

III—Miscxuuunous INCOME TAX AMENDMENTS—Continued

Sec. 319. Percentage depletion.
(a) Allowance of percentage depletion.
(b) Technical amendment,
(e) Effective date.
Sec. 320. Redemption of stock to pay death taxes.
(a) Amendment of section 115 (g) (3).
<b) Effective date.
Sec. 323. Earned income from sources without the United States.
(a) Exclusion from gross income.
(b) Withholding of tax on wages.
(e) Effective dates.
Sec. 322. Capital gains and losses.
(a) Treatment of long-term capital gains and losses.
(b) Alternative tax.
(c) Technical amendments.
(d) Effective date.
Sec. 323. Sale of land with unharvested crop.
(a) Treatment of gain or loss.
(b> Treatment of deductions.
(c) Effective date.
Sec. 324. Sales of livestock.
Sec. 325. Tax treatment of coal royalties.
(a) Definition of property used In the trade or business.
(b) Gain or loss upon certain disposals of timber or coal.
(c) Clerical amendment
(d) Technical amendment.
(e) Conforming amendments.
(f) Effective date.
Sec. 326. Collapsible corporations.
(a) Definitions with respect to collapsible corporations.
(b) Limitations on application of section 117 (m).
(ej Effective date.
Sec. 327. Dealers in securities—capital gains and ordinary losses.
Sec. 328. Treatment of gain on sales of certain property between spouses and
between an Individual and a controlled corporation.
(a) Disallowance of capital gain treatment
(b) Effective date.
Sec. 329. Receipts of certain termination payments by employee.
(a) Taxability to employee as capital gain.
(b) Effective date.
Sec. 330. Net operating loss carry-over.
(a) Loss for taxable year beginning before 1948.
(b) Allowance of three-year loss carry-over from taxable years 1948-1049.
(c) Effective date.
Sec. 331. Stock options.
(a) Option subject to stockholder approval.
(b) Effective date.
Sec. 332. Credit for taxes of foreign corporations.
(a) Foreign subsidiary of a domestic corporation.
(b) Foreign subsidiary of a foreign corporation.
(c) Clerical amendment.
Sec. 333. Information at source on payments of interest
Sec. 334. Abatement of income tax for certain members of armed forces upon
death.
Sec. 335. Employees' trusts.
(a) Amendment of section 165 (b).
(b) Effective date.
Sec. 336. Life insurance companies.
(a) Tax for 1951.
(b) Adjusted normal-tax net income for 1951.
(c) Technical amendments.
(d) Effective date.
Sec. 337. Tax treatment of certain Investment companies.
(a) Inclusion of certain registered management companies in the definition of regulated Investment company.
(b) Technical amendment.
(c) Effective date.

85

STAT]

PUBLIC LAW 183—OCT. 20, 1951

455

TABLE OF CONTENTS—Continued
TITUS

III—MiBCFXtAwuouB INCOME TAX AMENDMENTS—Continued

^>*. P- "JO.

Sec. 338. Exchanges and distributions in obedience to orders of Securities and
Exchange Commission.
(a) Definition of system group.
(b) Effective date.
Sec. 339. Taxation of business Income of State colleges and universities.
(a) Amendment of section 421 (b).
(b) Unrelated trade or business.
(c) Effective date.
Sec. 340. Family partnerships.
(a) Definition of partner.
(b) Allocation of partnership income.
<c) Effective date.
Sec. 341. War losses.
(a) Tax upon war loss recovery.
(b) Basis of recovered property.
(c) Credit for foreign taxes.
(d) Effective dates.
Sec. 342. Deduction of expenditures for mine exploration.
(a) Deduction of mine exploration expenditures.
(b) Adjusted basis for determining gain or loss upon sale or exchange.
(c) Effective date.
Sec. 343. Definition of employee.
(a) Amendment of section 3797 (a).
(b) Effective date.
Sec. 344. Nonbuslneas casualty losses.
(a) Removal of limitation.
(b) Effective date.
See. 345. Abatement of tax on certain trusts for members of armed forces dying
In service.
Sec. 346. Life insurance departments of mutual savings banks.
(a) Computation of tax.
(b) Technical amendment.
(e) Effective date.
Sec. 347. Publishing business carried on by tax-exempt organization.
(a) Treatment as related trade or business.
(b) Effective date.
Sec. 348. Deduction with respect to certain unrelated business net income.
(a) Unrelated business net income.
(b) Effective date.
Sec. 349. Nondistributable income of personal holding companies.
TITLE

IV—EXCISE TAXES

PABT I—TAX ON ADMISSIONS AND CABARETS

Pott, p. 410.

Sec. 401. Removal of tax on free admissions.
Sec. 402. Exemptions from admissions tax.
(a) Reinstatement of prewar exemptions.
(b) Amendment of section 1701 (a) and (b).
(c) Admissions to municipal swimming pools, etc.
Sec. 403. Effective date of amendments relating to admissions.
See. 404. Tax on cabarets, roof gardens, etc.
(a) Ballrooms and dance halls.
(ti) Effective date.
PAST II—TAX ON CIQAEETTES

Sec. 421. Tax on cigarettes.
(a) Increase in rate.
(b) Effective date.
Sec. 422. Floor stocks tax and floor stocks refund on cigarettes.
Sec. 423. Reduction of tax on tobacco and snuff.
(a) Reduction in rate.
(b) Effective date.

fM<> p. 521.

456

PUBLIC LAW 183—OCT. 20, 1951

[65 STAT.

TABLE OF CONTENTS—Continued
TITLE
Pati, p. 523.

IV—EXCISE TAXES—Continued

FAST

Sec. 431.
(a)
(b)
Sec. 432.
P«Jt, P. 623.

in—KETAHJCBS'

EXCISE TAXSB

Retailers' excise tax on toilet preparations.
Baby oils, etc.
Sales to barber shops, etc.
Effective date of Part HI.
PAET IV—DIESEL FUEL

Sec. 441. Diesel fuel used In highway vehicles.
(a) Imposition of tax.
(b) Effective date.
Pott, p. BM.

PAST V—LIQUOB

Sec. 451. Increase In tax on distilled spirits from $9 to $10.50 per gallon.
(a) Distilled spirits generally.
(b) Imported perfumes containing distilled spirits.
(c) Floor stocks tax.
Sec. 452. Wines.
(a) Increase in rate of tax.
(b) Floor stocks.
Sec. 453. Fermented malt liquor.
(a) Increasein tax on fermented malt liquors from $8 to $9 per barrel.
(b) Floor stocks tax.
Sec. 454. Floor stocks refunds.
(a) Amendment of section 1656 (a).
(b) Amendment of section 1656 (b).
Sec. 455. Clerical amendment
Sec. 456. Effective date of Part V.
Pott, p. 528.

PART VI

Sec. 461.
(a)
(b)
(c)
Sec. 462.
(a)
(b)
Sec. 463.
Sec. 464.
Pott, p. 429.

Dealers in liquors.
Wholesale dealers in liquors.
Retail dealers in llquorB.
Wholesale dealers in malt liquors.
Drawback in the case of distilled spirits used in the manufacture of
certain nonbeverage products.
Drawback.
Effective date.
Tax on coin-operated gaming devices.
Effective date of Part VI.
PART Vn—WAGERIira

Sec. 471.
(a)
(b)
Sec. 472.
Pott, p. 532.

OCCUPATIONAL TAXES

Wagering taxes.
Imposition of taxes.
Technical amendment
Effective date of Part VII.
PART VIII—IIANUFACTDBERS' EXCISE TAXES

Sec. 481. Automobiles, trucks, and parts or accessories.
(a) Increase in tax on trucks.
(b) Increase in tax on passenger automobiles and motorcycles.
(c) Increase In tax on parts or accessories.
(d) Rebuilt parts or accessories.
(e) Technical amendment.
(f) Parts or accessories for farm equipment.
(g) Effective date of subsection (f).
(h) Removal of tax on tires for toys, etc.
Sec. 482. Navigation receivers sold to the United States.
{a) Exemption on sales to United States of certain radio sets.
(b) Tax-free sales of radio parts.
(c) Refund in case of use of parts.
(d) Refund In case of resale to United States.
(e) Use by manufacturer of taxable parts.
(f) Effective dates.

65 STAT.)

PUBLIC LAW 183—OCT. 20, 1951

457

TABLE OF CONTENTS—Continued
TITLK
PAST

IV—EXCISE TAXES—Continued

?m—MANtTACrUBEEs' EXCISE TAZES—Continued

Pott, p. m

Sec. 483. Tax-free sales of refrigerator components to wholesalers for resale
to manufacturers.
Sec. 484. Sporting goods.
Sec. 485. Electric, gas, and oil appliances.
Sec. 486. Adjustments of tax rates on photographic apparatus and film; repeal
of tax on certain items.
(a) Items subject to tax.
(b) Floor stocks refund on bulbs.
Sec. 487. Imposition of tax on mechanical pencils, fountain and ball point pens,
and mechanical lighters for cigarettes, cigars, and pipes.
Sec. 488. Repeal of tax on electrical energy.
(a) Repeal of tax.
<b) Effective date.
Sec. 489. Tax on gasoline.
(a) Increase In rate.
(b) Floor stocks tax and refund.
Sec. 490. Effective date of Part VIII.
PART IX—MrSCELl-ANBOUS EXCISE TAX AMENUMENTB

Sec. 4J>1.
(a)
(b)
(c)
(d)
Sec. 482.
(a)
(b)
Sec. 493.
(a)
(b)
Sec. 494.
(a)
(b)
Sec. 496.
(a)
(b)
Sec. 486.
(a)
(b)
Sec. 497.
(a)
<b)
Sec. 498.
(a)
(b)
(c)
(d)

Poll, p. 538.

Reduction of tax on telegraph dispatches.
Reduction of tax.
Effective date.
Amounts paid pursuant to bills rendered.
Rate reduction date.
Exemption of certain overseas telephone calls from the tax on telephone
facilities.
Telephone calls from members of armed forces in combat zopes.
Effective date.
Exemption of fishing trips from tax on transportation.
Exemption.
Effective date.
Tax on transportation of persons.
Exemption of certain foreign travel.
Effective date.
Transportation of material excavated in the course of construction
work.
Amendment of section 3475.
Effective date.
Articles from foreign trade zones.
Imported articles.
Previously tax-paid articles.
Refunds on articles from foreign trade zones.
Imported articles.
Previously tax-paid articles.
Tax refunds on spirits lost in floods of 1951.
Authorization.
Destruction of spirits.
Credit.
Regulations.
TITLE

V—EXCESS PROFITS TAX

Sec. 601. Maximum tax for new corporations.
Sec. 602. Payments from foreign sources for technical assistance, etc.
(a) Amendment of section 433 (a) (1).
(b) Amendment of section 433 (b).
Sec. 603. Average base period net income In case of certain fiscal year taxpayers.
Sec. 604. Average base period net income—alternative based on growth in case
of new corporations.
(a) General rule.
(b) Amendment of Part II.
Sec. 506. Average base period net Income—alternative based on growth.
Sec. 508. Adjustments for changes in inadmissible assets in case of banks.
(a) Amendment of section 435 (g).
(b) Amendment of section 438.
(c) Amendment of section 435 (f).
(d) Effective date of subsection (c) (3).

Pot, p. MI.

458

PUBLIC LAW 183—OCT. 20, 1951

[65 STAT.

TABLE OF CONTENTS—Continued
Po*, P- «?.

Tmjs V—EXCESS PROFITS TAX—Continued
Sec. GOT. Decrease in inadmissible assets.
Sec. 508. Election with respect to certain inadmissible assets.
(a) Amendment of section 440.
(b) Amendment of section 433 (a) (1).

(c) Amendment of section 433 (b).
Sec. 500. Alternative average base period net income.
(a) Amendment of section 442.
Sec.
Sec.
Sec.
Sec.
Sec.
Sec.
Sec.
Sec.
Sec.
Sec.
Sec.
Sec.

(b)
510.
511.
512.
513.
514.
515.
510.
(a)
<b)
517.
518.
519.
520.
521.

Technical amendments.
Definition of total assets for purposes of sections 442-446.
Average base period net income—-change in products or services.
Average base period net income—new corporation.
Excess profits credit—regulated public utilities.
Consolidated returns of regulated public utilities.
Nontaxable income from certain mining properties.
Transition from war production and increase In peacetime capacity.
In general.
Technical amendments.
Base period catastrophe.
Consolidation of newspapers.
Television broadcasting companies.
Increase in capacity for production or operation.
Excess profits credit based on income in connection with certain taxable acquisitions.

(a) General rule.
(b) Technical amendments.
Sec. 522. Strategic minerals.
Sec. 523. Effective date of title V.
P"t> P- is*2-

TITLE

VI—MISCELLANEOUS PROVISIONS AND AMENDMENTS

Sec. 601. Exemption of certain organizations from Income tax for prior taxable
years.
Sec. 002. Excess profits credit based on income.

(a) Percentage of average base period net Income taken into account.
(b) Effective date.
Sec. 603. Foreign estate tax credit.
(a) Credit against basic estate tax.
(b) Credit against additional estate tax.
(c) Reversionary or remainder interest.
(d) Extension of period of limitations, etc., in case of recovery of taxes
claimed as credit.

(e) Effective date.
Sec. 604. Estate and gift tax treatment of United States bonds held by certain
nonresident aliens.
(a) Estate tax.
(b) Gift tax.
Sec. 605. Estate tax exemption for works of art loaned by nonresident aliens.

(a) Amendment of section 863 (c).
(b) Effective date.
Sec. 606. Exemption from additional estate tax of members of armed forces upon
death.
Sec. 607. Transfers conditioned upon survivorship.
Sec. 608. Transfers with Income reserved.
Sec. 600. Transfers taking effect at death.
Sec. 610. Reversionary interests In case of life insurance.
Sec. 611. Income pursuant to award of Interstate Commerce Commission.
Sec. 612. Credit in prior taxable years for dividends received on preferred stock
of a public utility.
Sec. 613. Consolidated returns—includible corporations.
Sec. 614. Time for performing certain acts postponed in case of China Trade
Act corporations.
Sec. 615. Treaty obligations.
Sec. 616. Reorganization Plan Numbered 26 of 1050.
Sec. 617. Claims under the Renegotiation Act
Sec. 618. Prohibition upon denial of Social Security Act funds.
Sec. 619. Removal of tax exemption from expense allowances of the President,
the Vice President, the Speaker and Members of Congress.
(a) Expense allowance of the President.
(b) Expense allowance of the Vice President
(c) Expense allowance of the Speaker of the House of Representatives.

(d) Expense allowances of Members of Congress.
(e) Effective dates.

65 STAT.]

PUBLIC LAW 183—OCT. 20, 1951

459

(b) ACT AMENDATORY OF INTERNAL REVENUE CODE.—Except as
otherwise expressly; provided, wherever in this Act an amendment or
repeal is expressed in terms of an amendment to or repeal of a chapter,
subchapter, title, supplement, section, subsection, subdivision, paragraph, subparagraph, or clause, the reference shall be considered to
be made to a provision of the Internal Revenue Code.
(c) MEANING OF TERMS USED.—Except as otherwise expressly provided, terms used in this Act shall have the same meaning as when
used in the Internal Revenue Code.

TITLE I—INCREASE IN INCOME TAX RATES
PART I—INDIVIDUAL INCOME TAXES
SEC. 101. INCREASE IN SURTAX FOR 1951,1952, AND 1953.
(a) Rates of Surtax.—Section 12 (b) (relating to rates of surtax)
is hereby amended to read as follows:
"(b) RATES or SUHTAX.—
"(1) CALENDAB YEAH i95i.—In the case of a taxable year
beginning on January 1, 1951, and ending on December 31,1951,
there shall be levied, collected, and paid for such taxable year
upon the surtax net income of every individual the surtax shown
in the following table:
"If the surtax net income is:
Not over $2,000
Over 52.000 but not over $4,000
Over $4,000 bat not over $6,000
Over $6,000 but not over $8,000
Over $8,000 but not over $10,000
Over $10,000 but not over $12,000

The surtax shall be:
17.4% of the surtax net income.
$348, plus 19.4% of excess over $2,000.
$736, plus 24% of excess over $4,000.
$1,216. plus 27% of excess over $6,000.
$1,756, plus 32% of excess over $8,000.
$2,396, plus 36% of excess over
$10,000.
Over $12,000 but not over $14,000
$3,11(1, plus 40% of excess over
$12,000.
Over $14,000 but not over $16,000
$3,016, plus 46% of excess over $14,000.
Over $18,000 but not over $18,000
$4,816, plus 48% of excess over $16,000.
Over $18,000 but not over $20,000
$5,776, plus 51% of excess over $18,000.
Over $20,000 but not over $22,000
$6,796, plus 54% of excess over $20,000.
Over $22,000 bat not over $26,000
$7,876, plus 57% of excess over $22,000.
Over $26,000 but not over $32,000
$10,156, plus 00% of excess over
$26,000.
Over $32,000 but not over $38,000
$13,756, plus 63% of excess over
$32,000.
Over $88,000 but not over $44,000
$17,536, plus 66% of excess over
$38,000.
Over $44,000 but not over $50,000
$21,496, plus 70% of excess over
$44,000.
Over $50,000 but not over $60,000
$25,696, plus 72% of excess over
$50,000.
Over $60,000 but not over $70,000
$32,896, plus 75% of excess over
$60,000.
Over $70,000 but not over $80,000
$40,396, plus 79% of excess over
$70,000.
Over $80,000 but not over $90,000
$48,296, plus 81% of excess over
$80,000.
Over $90,000 but not over $100,000._
$56,396, plus 84% of excess over
$90,000.
Over $100,000 but not over $150,000.. $64,796, plus 86% of excess over
$100,000.
Over $150,000 but not over $200,000—
$107,796, plus 87% of excess over
$150,000.
Over $200,000
$151,296, plus 88% of excess over
$200,000.

63 Stat. 5.
M U. 8. O. 112 (b).