CHAPTER 10 - INCOME TAX

AN ACT TO AMEND CHAPTER 6 OF THE REVISED CODE OF THE STATE OF DELAWARE OF 1935 RELATING TO INCOME TAX.

Be it enacted by the Senate and House of Representatives of the State of Delaware in General Assembly met:

That Section 116 of said Chapter 6 of the Revised Code of Delaware of 1935, being Code Section 150 of said Code be and the same is hereby amended by striking out the third paragraph of Section 116 (g) (4) and substituting in lieu thereof the following:

Section 116 (g) (4) Amounts in lieu of dividends charged by or paid to the lender of stock borrowed to cover short sales of securities shall be deductible in the year in which so charged or paid; provided, however, that such amounts that have not been currently deducted each year prior to January 1, 1937 shall be considered a part of the cost of the transaction when completed.

Approved May 11, 1937.