Section 7
SEC. 7. Section ten (a) of the same Act is hereby amended to read as follows: "SEC. 10. (a) There shall be levied, assessed, collected, and paid annually upon the total net income received in the preceding calendar year from alll sources by every corporation, joint-stock company, partnership, joint-account (cuenta en participacion), association, or insurance company, organized in the Philippine Islands, no matter how created or organized, but not including duly registered general co-partnerships (companias colectivas), a tax of three per centum upon such income; and a like tax shall be levied, assessed, collected, and paid annually upon the total net income received in the preceding calendar year from all sources within the Philippine Islands by every corporation, joint-stock company, partnership, joint-account (cuenta en participacion),association, or insurance company, organized, authorized, or existing under the laws of any foreign country, including interest on bonds, notes, or other interest bearing obligations of residents, corporate or otherwise, and including the income derived from dividends or net profits subject to the tax established in this subsection. The gain derived or loss sustained from the sale or other disposition by a corporation, joint-stock company, partnership, joint-account (cuenta en participacion), association, or insurance company, of property, real, personal, or mixed, shall be ascertained in accordance with subsections (c) and (d) of section two of Act Number Twenty-eight hundred and thirty-three, as amended by this Act. "The foregoing tax rate shall apply to the net income received by every taxable corporation, joint-stock company, partnership, joint-account (cuenta en participacion), association, or insurance company, in the calendar year nineteen hundred and twenty, and in each year thereafter."