Regulations No 41 Relative to the War Excess Profits Tax Imposed By the War Re
Regulations No 41 Relative to the War Excess Profits Tax Imposed By the War Re
United States. Internal Revenue Service
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37. Deduction of contributions for religious, charitable, etc. , purposes. — Contributions or gifts for religious, charitable, etc. , pur- poses allowed as a deduction for purposes of the income tax under paragraph' "Ninth" of subdivision (a) of section 5 of the act of September 8, 1916, as amended, may, subject to the limitations therein contained, be deducted in computing the net income of the trade or business for purposes of the excess profits tax only when it is shown to the satisfaction o...f the Commissioner of Internal Rev- 18 WAR EXCESS PROFITS TAX enue that such contributions or gifts are made by the trade or busi- ness and not by the individual in his personal capacity. Art. 38. Determination of net income for the prewar period where there is invested capital. — The net income which is derived from a trade or business having invested capital (constituting net income of class B as defined in article 14) shall be determined for each of the calendar years 1911, 1912, and 1913 upon the same basis and in the same manner as provided in article 36.
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