Sec.  32.  That  there  shall  be  assessed,  levied,  and  collected,  except  as  herein
otherw  se  provided,  a  tax  of  two  per  centum  annually  on  the  net  profits  or  income
above  actual  operating  and  business  expenses,  including  expenses  for  inateriala
purchased  for  manufacture  or  bought  for  resale,  losses,  and  interest  on  bonded  and
other  indebtedness  of  all  banks,  banking  institiitions,  trust  companies,  saving  in-
stitutions, fire,  marine,  life,  and  other  insurance  companies,  railroad,  canal,  turn-
pike, canal  navigation,  slack  water,  telephone,  telegraph,  express,  electric  light,
gas,  water,  street  railway  companies,  and  all  other  corporations,  companies,  or  as-
sociations doing  business  for  profit  in  the  United  States,  no  matter  how  created  and
organized,  but  not  including  partnerships.
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The  net  profits  or  income  of  all  corporations,  companies,  or  associations  sha.l  in-
clude the  amounts  paid  to  shareholders,  or  carried  to  the  account  of  any  fund,  or
used  for  construction,  enlargement  of  plant,  or  any  other  expenditure  or  invest-
ment paid  from  the  net  annual  profits  made  or  acquired  by  said  corporations,  com-
panies, or  a-sociations.
