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Internal Revenue Service-Continued
Income and excess profits taxes regulations (1939 IRC)-Continued
Income tax; taxable years beginning after December 31, 1951, 26 Part 39—Con.
Personal holding companies-Continued
Regulated investment companies, records to be kept by, for deter-

mination as to whether company is personal holding company,

26 $ 39.362–3
Surtax regulations, 26 $$ 39.500–39.511
Deficiency dividends; credits and refunds, 26 $$ 39.506–1–

39.506-7
Determination, assessment, and collection of tax, 26 $ 39.508–2
Net income, 26 $ 39.505-1

Undistributed net income, 26 $$ 39.504-1439.504-6
Return and payment of tax, 26 $ 39.508–1
Stock ownership:

Constructive ownership, 26 $$ 39.503 (a)-1-39.503 (a)-7
Convertible securities, 26 $ 39.503 (b)-1

Requirement, 26 § 39.501-3
Personal service corporations; tax of shareholders, 26 $$ 39.391-

39.396-1
Corporation income taxed to shareholders, 26 $$ 39.394—39.3944
Nonresident alien individuals and foreign corporations, 26 § 39.395
Shareholders' tax paid by corporations, 26 § 39.396–1

Supplements net income, 26 $$ 39.392–1, 39.393–1
Possessions of United States:

Citizens of United States possessions, status of, 26 § 39.252–1
Collection of taxes in Puerto Rico and Virgin Islands, 26 $ 39.3811
Credit for taxes paid to, 26 $ 39.131
Exclusion from gross income of certain income from sources within

Puerto Rico, 26 $$ 39.116 (1), 39.116-6
Income from sources within possessions of United States, received

by citizens and domestic corporations; taxation of, 26

$$ 39.251 (a)-39.252-1
Credits, 26 § 39.251 (f), (g)-1
Credits against tax, 26 $ 39.251 (h)
Deductions, 26 $ 39.251 (e)-1
Employees of United States, 26 § 39.251 (j)

Prisoners of war and internees, 26 8 39.251 (i)
Self-employment tax:

Collection of, in Puerto Rico and Virgin Islands, 26 $ 39.3811

Effective date; Puerto Rico, 26 § 39.3810–1
Puerto Rico:

See also Possessions of United States.
Alien residents in; taxation of, 26 $ 39.220-1
Collection of taxes in, 26 § 39.3811
Exclusion from gross income of certain income from sources within,

26 § 39.116-6
Self-employment tax in; effective date, 26 $ 39.3810
Railroads:
Cancellation of indebtedness; exclusion of income, 26 § 39.22 (b)

(10)-1
Receivership or reorganizations, 26 $$ 39.112 (b) (9)-1, 39.113 (a)

(20)-1, 39.113 (a) (21)-1
Surtax; certain affiliated railroads included in regulations for per-

son holding companies, 26 § 39.500–1
Rates of tax, 26 $$ 39.11—39.15-2, 39.101–39.110-1
Banks and trust companies, etc., tax on, 26 $$ 39.104–1, 39.104–2,

39.110-1
Claims against United States involving acquisition of property;

surtax on certain amounts received, 26 $ 39.106–1
Fiscal-year computation of tax:
Corporations; taxable years beginning before April 1, 1954 and

ending after March 31, 1954, 26 § 39.108–2
Individuals; taxable years beginning in 1953 and ending in

1954, 26 § 39.108–1

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Internal Revenue Service Continued
Income and excess profits taxes regulations (1939 IRC)-Continued
Income tax; taxable years beginning after December 31, 1951, 26 Part 39—Con.
Rates of tax, 26 $$ 39.11-39.15–2, 39.101–39.110–1–Continued

Foreign countries, citizens and corporations of; tax on, 26 § 39.103
Mutual savings banks conducting life insurence business, 26

$ 39.110-1
Nonprofit organizations (charitable, education, religious, scientific,

etc.); taxation of:
Exemption from tax on corporations, 26 $$ 39.101–39.101 (19)

Tax on business income, 26 $$ 39.421—39.421-3
Normal tax and surtax:

See also Surtax.
Corporations, 26 $$ 39.13–39.15–2
Individuals, citizens or residents of United States, 26 $$ 39.11-

39.11-3, 39.12–39.12-4
Oil and gas properties; surtax on amounts received from sale of,

26 $ 39.105-1 Personal services, artistic work or invention for period of thirty-six

months or more); compensation and back pay, 26 $$ 39.107—

39.107–3 Surtax: On amounts received from claims against United States in

volving acquisition of property, 26 § 39.106-1 On amounts received from sale of oil and gas properties, 26

$ 39.105-1 On corporations, 26 $$ 39.14, 39.15–1, 39.15–2, 39.102–39.102-4 Corporations formed to avoid surtax, 26 $$ 39.102–1—

39.102-2 On individuals, 26 $$ 39.12–39.12–4 On personal holding companies. See Personal holding com

panies. Western Hemisphere trade corporations; exemptions, 26 § 39.109–1 Real estate acquired by United States under internal revenue laws, ad

ministration of, 26 $ 39.3795 Refunds:

Authority to make, 26 $ 39.3770

In case of overpayments. See Overpayments.
Regulated investment companies. See Investment companies.
Religious organizations; tax exemption. See Tax-exempt organiza-

tions.
Returns and payment of tax, 26 $$ 39.51—39.60–3, 39.141-39.154-1
Armed forces, members of; abatement of tax, upon death, 26

$ 39.154-1
Consolidated returns of affiliated corporations, 26 § 39.141-1
Corporation returns, 26 $$ 39.52–1, 39.52–2

Receivers, returns by, 26 $ 39.52-2
Estimated tax, 26 $8 39.58 (a)-39.60–3

Farmers, special rules for, 26 $ 39.60-1
Filing of declaration; time and place, 26 § 39.58 (d)-1

Extension of time for filing, 26 § 39.58 (e)-1
Fiscal years; special rules, 26 $ 39.60–3
Form and contents of declaration, 26 $$ 39.58 (b)-39.58 (b)-2
Joint declarations by husband and wife, 26 § 39.58 (c)-1
Payment of estimated tax, 26 $ 39.59-1
Penalties in connection with. See Penalties.
Persons under disability, 26 $ 39.58 (f)
Returns, publicity of, 26 $ 39.58 (h)-1
Short taxable years; special rules, 26 § 39.60–2

Signatures presumed correct, 26 $ 39.58 (g)
Examination of return and determination of tax by Commissioner,

26 $ 39.57-1
Fiduciary returns; by guardian, by receiver, for nonresident alien

beneficiary, etc., 26 $$ 39.142–39.142-6
Filing of returns, time and place for, 26 $$ 39.53–39.53–5

356055456

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Page 591

Internal Revenue Service Continued
Income and excess profits taxes regulations (1939 IRC)-Continued
Income tax; taxable years beginning after December 31, 1951,26 Part 39—Con.
Returns and payment of tax, 26 $$ 39.51–39.60–3, 39.141-39.154_1—

Continued
Foreign corporations, returns of, 26 $$ 39.235–1, 39.235–2

Information returns respecting organization, etc., 26 § 39.3604
Husband and wife, joint returns, 26 § 39.51-1 (b)
Individual returns, 26 $$ 39.51–39.51-5

Husband and wife, joint returns, 26 $ 39.51-1 (b)

Minors, returns of income of, 26 § 39.51-3
Information returns, 26 88 39.147-39.153-4
Attorneys, etc.; information as to returns of foreign corpora-

tions, 26 $ 39.3604
Brokers; information as to customers' profits, losses, etc.,

26 39.149 Corporations; information as to dividends, contemplated dis

solution or liquidation, compensation of officers and em

ployees, etc., 26 $$ 39.148 (a)-39.148 (f)-1
Foreign items, collection of, 26 $ 39.150-1
Foreign personal holding companies, 26 § 39.151
Individuals; information respecting payments of $600 or more

to any person as fixed income, 26 $$ 39.147-39.147-8
Pan-American trade corporations, 26 § 39.152
Tax-exempt organizations and trusts (nonprofit, etc.), 26

$$ 39.153–39.153-4
Minors, returns of, 26 $ 39.51-3
Payment of tax; time for, receipts, etc., 26 $$ 39.56–39.56–4
Penalties; enforceable by suit or prosecution, 26 § 39.145-1
Public inspection of returns, 26 § 39.55-1
Records and forms, 26 § 39.54–1
Taxable period, termination by Commissioner; tax in jeopardy,

etc., 26 § 39.146-1
Verification of returns:

Penalties of perjury, 26 § 39.3809

Verification by declaration in lieu of oath, 26 $ 39.3809
Withholding of tax at source, 26 $$ 39.143–39.144-2

Aliens, nonresident, 26 $$ 39.143 (b), 39.143-1
Foreign corporations, nonresident, 26 $$ 39.144-1, 39.144-2

Tax-free covenant bonds, 26 $ 39.143-1 (b)
Rules and regulations, issuance of, 26 $$ 39.62, 39.3791, 39.4041
Scientific organizations; tax exemption. See Tax-exempt organiza-

tions.
Securities or stock:
Exchanges, sales, etc.; gain or loss, 26 $$ 39.117 (n)-1, 39.118-1,

39.371–39.373-1
Holding companies, stock of. See Personal holding companies.

Stock options, employees', 26 $$ 39.130A-39.130A-5
Securities and Exchange Commission orders, exchanges and distribu-

tions in obedience to; gain or loss, 26 $$ 39.371–39.373-1
Self-employment income, taxation of, 26 $$ 39.480—39.482–1
Correction of errors, in case of self-employment tax and tax on

wages, 26 S$ 39.3812–1, 39.3812-2
Employee and wages, definition of, 26 & 30.481-4
Imposition of tax, 26 $ 39.480-1
Net earnings from self-employment, 26 $ 39.481-1
Definition of, as net earnings from $400 (minimum) to $3,600

(maximum), by individuals, 26 $$ 39.481-2 (a).

39.481-2 (d) Nonresident aliens, 26 $ 39.481-2 (d) Exclusions from net earnings (computation of gross income,

allowable deductions, etc.), 26 39.481-1 (c) Agricultural activity, income from, 26 § 39.481–1 (c) (2) Community income in cases of individuals or partnerships,

26 $ 39.481-1 (c) (6)

Dividends and interest, 26 $ 39.481-1 (c) (3)

Internal Revenue Service-Continued
Income and excess profits taxes regulations (1939 IRC)-Continued
Income tax; taxable years beginning after December 31, 1951, 26 Part 39—Con.
Self-employment income, taxation of, 26 $$ 39.480—39.482-1-Con.
Net earnings from self-employment-Continued
Exclusions from net earnings—Continued
Gain or loss from disposition of property, 26 $ 39.481-1

(c) (4)
Net operating loss deduction, 26 § 39.481-1 (c) (5)
Puerto Rico, residents of, and nonresidents who are citi-

zens of United States, 26 $ 39.481-1 (c) (7) Rentals from real estate, 26 $ 39.481-1 (c) (1) Inclusions in net earnings; gross income and deductions of

individual attributable to trade or business, and distributive share of net income or loss of partnerships,

26 $ 39.481-1 (b) Puerto Rico:

Collection of tax in, 26 $ 39.3811

Effective date, 26 $ 39.3810-1
Returns to be made on Form 1040, by individuals (except non-

resident aliens) with self-employment income of $400 or

more, 26 § 39.482-1
Husband-wife joint returns, 26 § 39.482–1 (b)

Social security account numbers, 26 $ 39.482–1 (c)
Trade or business, activities excluded as, 26 § 39.481-3

Employees, 26 $$ 39.481-3 (c), 39.481–3 (d)
Ministers or members of religious orders, 26 $ 39.481-3 (e)
Newsdealers, certain; exception, 26 $ 39.481-3 (c)
Professions, certain, members of (physicians, lawyers, profes-

sional engineers, etc.), 26 § 39.481-3 (f)
Public office, 26 § 39.481–3 (b)
Railroad Retirement System; individuals as employees or

employee representatives under, 26 $ 39.481-3 (d)
Virgin Islands, collection of tax in, 26 $ 39.3811 (b)
Shipowners' protective and indemnity associations, nonprofit; receipts,

exclusion from gross income, 26 § 39.116 (g)
Statute of limitations. See Limitations.
Stock. See Securities.
Suits by United States, 26 $$ 39.3740-39.3748
Summons, 26 $ 39.3633
Surtax. See Rates of tax.
Tax liability:

Determination, discovery, 26 $$ 39.3604—39.3604–3, 39.3612–39.3617

Enforcement of liability for taxes; collected or withheld, 26 $ 39.3661 Tax-exempt organizations (charitable, educational, religious, scientific,

etc.): Business income of organizations otherwise exempt under Section

101, taxation of, 26 $$ 39.421-39.424
Supplement U lease, 26 § 39.423
Taxes of foreign countries or possessions of United States,

credit for, 26 $ 39.424
Unrelated business net income, 26 $ 39.422
Contributions to; deductibility, 26 $$ 39.3813–39.3813–3
Exemption from tax on corporations:
Denial of exemption to certain organizations:
Organization registered upon order of Subversive Activ-

ities Control Board, 26 $ 39.101
Organizations engaged in prohibited transactions, or

accumulating income, 26 $$ 39.3813–39.3814-1
Proof of exemption, 26 § 39.101-1
Requirements for exemption, 26 § 39.3813
Various types of organizations eligible for exemption, descrip-

tion of, 26 $$ 39.101 (1)-39.101 (19)
Foreign corporations, 26 $$ 39.221, 39.238
Information returns required of, 26 § 39.153

Internal Revenue Service-Continued
Income and excess profits taxes regulations (1939 IRC)-Continued
Income tax; taxable years beginning after December 31, 1951, 26 Part 39—Con.
Transferred assets; claims against transferees and fiduciaries, 26

$$ 39.311-39.313
Treaties, taxation pursuant to:

See also Treaties, below.

Income exempt under, 26 § 39.22 (b) (7)
Trusts. See Estates and trusts.
Veterans and servicemen. See Armed forces.
Virgin Islands:

See also Possessions of United States.
Collection of taxes in; self-employment tax and tax on wages, 26

$ 39.3811 (b)
War, time for performing certain acts postponed by reason of, 26

$ 39.3804 War contracts; mitigation of effect of renegotiation of, or disallowance

of reimbursement, 26 $ 39.3806
War losses, recognition of, 26 $$ 39.127 (a)-39.127 (f)-1
Inspection of tax returns by certain Congressional committees and agencies.

See Administrative provisions, above.
Navy contracts for aircraft or naval vessels; taxation of excess profits in

connection with, 26 Part 17
Railroads:
Carry-overs of net operating losses and unused excess profits credits of

predecessor corporations, available to successor corporations,

26 Part 37
Allowance of carry-overs, 26 $$ 37.1, 37.3
Limitation on effect of carry-overs, 26 $$ 37.2, 37.3
Refunds and deficiencies, extension of period of limitation on, 26

§ 37.4
Two or more predecessors or two or more successors, 26 $ 37.3
Consolidated income tax returns of certain affiliated corporations, 26

Part 24
Excess profits tax regulations. See Excess profits tax.
Income tax regulations, taxable years beginning after December 31,

1951. See Income tax.
Self-employment tax. See Income tax.
Tax Court rules of practice for proceedings involving deficiencies, overpay-

ments, excess profits, etc. See main heading Tax Court of United States. Treaties and tax conventions with various countries respecting taxation of

income. See Treaties and tax conventions, below.
Vessels:
Construction reserve funds, establishment of, 26 Part 32
Administrative jurisdiction; Internal Revenue Commissioner, and

Maritime Commission, 26 $ 32.27
Deficiencies, assessment and collection of, 26 $ 32.23
Definitions, 26 $ 32.1
Deposits:
Earnings and receipts, deposit of, 26 $ 32.14

Tax liability as to earnings deposited, 26 $ 32.16

Time for making deposits, 26 § 32.15
Proceeds of sales or indemnities, deposit of, 26 § 32.13

Time for making de sits, 26 $ 32.15
Time deposits, 26 $ 32.11
Establishment of fund:

Agreement, resolution, etc., 26 § 32.6
Application to establish fund, 26 $ 32.4

Authorization for, tentative, 26 $ 32.5
Gain:

Allocation of, for tax purposes, 26 $ 32.17
Election relative to nonrecognition of gain for income and

excess-profits tax purposes, 26 $ 32.12
Investment of funds in securities, 26 $ 32.8

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