Comparison of the Revenue Acts of 1936 and 1938, Volume 36

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Contents

Corporation eredit for dividends paid Corporation dividends paid credit
43
Consent dividends credit
47
PART IIICREDITS AGAINST
51
Taxes of foreign countries and possessions of United States Sec 32 Taxes withheld at source Sec 33 Credit for overpayments PART IVACCOUNTIN...
52
Period for which deductions and credits taken Sec 44 Installment basis
53
Allocation of income and deductions Sec 46 Change of accounting period
55
Returns for a period of less than twelve months
56
Definitions
57
PART VRETURNS AND PAYMENT OF TAX Sec 51 Individual returns
59
Corporation returns
61
Time and place for filing returns
62
Records and special returns
63
Publicity of returns
64
Payment of
65
Examination of return and determination of tax Sec 58 Additions to tax and penalties Sec 59 Administrative proceedings
67
PART VIMISCELLANEOUS PROVISIONS Sec 61 Laws made applicable Sec 62 Rules and regulations Sec 63 Taxes in lieu of taxes under 1934 19...
68
Surtax on corporations improperly accumulating surplus
73
Banks and trust companies Sec 105 Sale of oil or gas properties Sec 106 Claims against United States involving acquisition of property
77
SUPPLEMENT BCOMPUTATION OF NET INCOME Sec 111 Determination of amount of and recognition of gain or loss Sec 112 Recognition of g...
78
Adjusted basis for determining gain or loss
87
Basis for depreciation and depletion
97
Distributions by corporations
100
Exclusions from gross income
104
Capital gains and losses
108
Loss from wash sales of stock or securities
113
Income from sources within United States
114
Unlimited deduction for charitable and other contributions Sec 121 Deduction of dividends paid on certain preferred stock of cer tain corporations
119
SUPPLEMENT CCREDITS AGAINST
120
Taxes of foreign countries and possessions of United States SUPPLEMENT DRETURNS AND PAYMENT OF TAX Sec 141 Consolidated returns of ...
123
Fiduciary returns
127
Withholding of tax at source
128
Payment of corporation income tax at source
132
Penalties
133
Closing by Commissioner of taxable year
134
Information at source
136
Information by corporations
137
Returns of brokers
138
Collection of foreign items Sec 151 Foreign personal holding companies SUPPLEMENT EESTATES AND TRUSTS Sec 161 Imposition of
139
Net income
140
Credits against net income
141
SUPPLEMENT GINSURANCE COMPANIES Sec 201 Tax on life insurance companies
151
Gross income of life insurance companies Sec 203 Net income of life insurance companies
152
Insurance companies other than life or mutual
154
Taxes of foreign countries and possessions of United States Sec 206 Computation of gross income Sec 207 Mutual insurance companies other than life
158
SUPPLEMENT HNONRESIDENT ALIEN INDIVIDUALS Sec 211 Tax on nonresident alien individuals
159
Gross income Sec 213 Deductions
162
Credits against net income Sec 215 Allowance of deductions and credits
163
Credits against tax Sec 217 Returns Sec 218 Payment of
164
Partnerships SUPPLEMENT 1 FOREIGN CORPORATIONS Sec 231 Tax on foreign corporations
165
Deductions Sec 233 Allowance of deductions and credits
166
Credits against tax Sec 235 Returns Sec 236 Payment of
167
Foreign insurance companies Sec 238 Affiliation SUPPLEMENT JPOSSESSIONS OF THE UNITED STATES
168
Income from sources within possessions of United States Sec 252 Citizens of possessions of United States
170
SUPPLEMENT KCHINA TRADE ACT CORPORATIONS Sec 261 Taxation in general Sec 262 Credit against net income
171
Credits against the
172
Affiliation Sec 265 Income of shareholders
173
Jeopardy assessments
178
Bankruptcy and receiverships
180
Period of limitation upon assessment and collection
182
SameExceptions
183
Suspension of running of statute SUPPLEMENT MINTEREST AND ADDITIONS TO THE Tax Sec 291 Failure to file return
184
Interest on deficiencies Sec 293 Additions to the tax in case of deficiency
185
Additions to the tax in case of nonpayment
186
Time extended for payment of tax shown on return Sec 296 Time extended for payment of deficiency
187
Interest in case of jeopardy assessments Sec 298 Bankruptcy and receiverships
188
Removal of property or departure from United States SUPPLEMENT NCLAIMS AGAINST TRANSFEREES AND FIDUCIARIES Sec 311 Transferr...
189
Notice of fiduciary relationship SUPPLEMENT O OVERPAYMENTS
191
Overpayment of installment Sec 322 Refunds and credits
192
SUPPLEMENT PFOREIGN PERSONAL HOLDING COMPANIES Sec 331 Definition of foreign personal holding company Sec 332 Foreign person...
194
Stock ownership
196
Gross income of foreign personal holding companies Sec 335 Undistributed Supplement P net income
199
Supplement P net income
200
Corporation income taxed to United States shareholders
201
Information returns by officers and directors
204
Information returns by shareholders
205
Penalties SUPPLEMENT QMUTUAL INVESTMENT COMPANIES Sec 361 Definition
207
Tax on mutual investment companies SUPPLEMENT REXCHANGES AND DISTRIBUTIONS IN OBEDIENCE TO ORDERS OF THE SECURITIE...
209
Basis for determining gain or loss
213
Definitions
214

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Common terms and phrases

Popular passages

Page 20 - Gross income" includes gains, profits, and income derived from salaries, wages, or compensation for personal service, of whatever kind and in whatever form paid, or from professions, vocations, trades, businesses, commerce, or sales, or dealings in property, whether real or personal, growing out of the ownership or use of or interest in such property; also from interest, rent, dividends, securities, or the transaction of any business carried on for gain or profit, or gains or profits and income derived...
Page 106 - capital assets" means property held by the taxpayer (whether or not connected with his trade or business), but does not include stock in trade of the taxpayer or other property of a kind which would properly be included in the inventory of the taxpayer if on hand at the close of the taxable year, or property held by the taxpayer primarily for sale to customers in the ordinary course of his trade or business...
Page 138 - Income accumulated or held for future distributions under the terms of the will or trust; (2) Income which is to be distributed currently by the fiduciary to the beneficiaries, and income collected by a guardian of an Infant which is to be held or distributed as the court may direct; (3) Income received by estates of deceased persons during the period of administration or settlement of the estate; and (4) Income which, hi the discretion of the fiduciary, may be either distributed to the beneficiaries...
Page 84 - ... to be received without the recognition of gain, but also of other property or money, then the gain, if any, to the recipient shall be recognized, but in an amount not in excess of the sum of such money and the fair market value of such other property.
Page 98 - ... (c) Distributions in liquidation. Amounts distributed in complete liquidation of a corporation shall be treated as in full payment in exchange for the stock, and amounts distributed in partial liquidation of a corporation shall be treated as in part or full payment in exchange for the stock.
Page 83 - If an exchange would be within the provisions of subsection (b) (1), (2), (3), or (5) of this section if it were not for the fact that the property received in exchange consists not only of property permitted by such paragraph to be received without the recognition of gain, but also of other property or money...
Page 148 - That every partnership shall make a return for each taxable year, stating specifically the items of its gross income and the deductions allowed by this title, and shall include in the return the names and addresses of the individuals who would be entitled to share in the net income if distributed and the amount of the distributive share of each individual. The return shall be sworn to by any one of the partners.
Page 51 - BASIS. (a) DEALERS IN PERSONAL PROPERTY. Under regulations prescribed by the Commissioner with the approval of the Secretary, a person who regularly sells or otherwise disposes of personal property on the installment plan may return as income therefrom in any taxable year that proportion of the installment payments actually received in that year which the gross profit realized or to be realized when payment is completed, bears to the total contract price.
Page 330 - partnership" includes a syndicate, group, pool, joint venture, or other unincorporated organization, through or by means of which any business, financial operation, or venture is carried on, and which is not, within the meaning of this title, a trust or estate or a corporation; and the term "partner" includes a member in such a syndicate, group, pool, joint venture, or organization.
Page 29 - A reasonable allowance for the exhaustion, wear and tear of property used in the trade or business, including a reasonable allowance for obsolescence.

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