Viewing page 116 of 127

This transcription has been completed. Contact us with corrections.

- 32 - 

deducted, shall be made, without interest in such manner and at such times as may be prescribed by regulations made under this subchapter. 
"SECTION 1552. NON-DEDUCTIBILITY OF TAX FROM NET INCOME.
"For the purposes of the income tax imposed by chapter 1 or by any Act of Congress in substitution therefor, the tax imposed by section 1550 shall not be allowed as a deduction to the taxpayer in computing his net income for the year in which such tax is deducted from his compensation.
"SECTION 1552. RECEIPTS FOR PILOTS.
*(a) REQUIREMENT.--- Every employer shall furnish to each pilot employed by him a written statement or statements, in a form suitable for retention by the pilot, showing the compensation paid by him to the pilot after December 31, 1947. Each statement shall cover a calendar year, or one, two, three, or four calendar quarters, whether or not within the same calendar year, and shall show the name of the employer, the name of the pilot, the period covered by the statement, the total amount of compensation paid within such period, and the amount of tax imposed by section 1550 with respect to such compensation. Each statement shall be furnished to the pilot not later than the last day of the second calendar month following the period covered by the statement, except that, if the pilot leaves the employ of the employer, the final statement shall be furnished on the day on which the last payment of compensation is made to the pilot. The employer may, at his option, furnish such a statement to any pilot at the time of each payment of compensation to the pilot during any calendar quarter, in lieu of a statement covering such quarter; and, in such case, the statement may show the date of payment of the compensation, in lieu of the period covered by the statement.