Page:United States Statutes at Large Volume 47 Part 1.djvu/212

188 UNCOYS TAX "Fiscal year . " "Paid or incurr ed" and "paid or accrued." Retu rns and pay- ment . Individual returns . Sworn statement of gros s inc ome d educ- tions, and credits . Net income $1,000 or over, if si ngle, etc . Net income $2,500 or over, if married and living with husband or wife . Gross income $5, 000 or over. nucband and wife living together. separate . Joint . Persons under dis- ability . By agent. Fiduciaries . Poet, p. 214 . Corporation returns . Requirement for mak ing . Rec eiver s, tr ustee s, etc. Col lecti on of tax . Consolidated return s . Post, p.213. Time and place for filing returns . Time design ated . Extension granted on application . 72d CONGRESS . SESS. I. CH. 209. JUNE 6, 1932 . (b) FISCAL YEAR .-` Fiscal year" means an accounting period of twelve months ending on the last day of any month other than December. (c) PAM, INCURRED, AccRIIED .-The terms " paid or incurred " and " paid or accrued " shall be construed according to the method of accounting upon the basis of which the net income is computed under this Part . Part V-Re turns and Paym ent of Tax SEC. 51. INDIVIDUAL RETURNS . (a) REQUIREMENT.--The following individuals shall each make under oath a return stating specifically the items of his gross income and the deductions and credits allowed under this title- (1) Every individual having a net income for the taxable year of $1,000 or over, if single, or if married and not living with husband or wife ; (2) Every individual having a net income for the taxable year of $2,500 or over, if married and living with husband or wife ; and (3) Every individual having a gross income for the taxable year of $5,000 or over, regardless of the amount of . his net income . (b) H USBAND AND WIFE .-If a husband and wife living together have an aggregate net income for the taxable year of $2,500 or over, or an aggregate gross income for such year of $5,000 or over- (1) Each shall make such a return, or ( 2 The in come of each sha ll be in cluded in a singl e joint return, in which case the tax shall be computed on the aggregate income . (C) PER SO NS UNDER DISABILITY .-If the taxpayer is unable to make his own return, the return shall be made by a duly authorized agent or by the guardian or other person charged with the care of the person or property of such taxpayer . (d) FIDUCIARIEs .Fo r returns to be made by fiduciaries, see section 142 . SEC. 52. COR PORA TION RET URNS . (a) REQUIREMENT :Every corporation subject to taxation under this title shall make a return, stating specifically the items of its gross income and the deductions and credits allowed by this title . The return shall be sworn to by the president, vice president, or other principal officer and by the treasurer or assistant treasurer . In cases where receivers, trustees in bankruptcy, or assignees are operating the property or business of corporations, such receivers, trustees, or assignees shall make returns for such corporations in the same man- ner and form as corporations are required to make returns . Any tax due on the basis of such returns made by receivers, trustees, or assignees shall be collected in the same manner as if collected from the corporations of whose business or property th ey have custody and control . (b) CONSOLIDATED RETURNS .-For provision as to consolidated ret urns of aff ilia ted cor pora tion s, see sect ion 141 . SEC. 53 . TI ME AND PLACE FOR FILING RETURNS . (a) TIME FOR FILING.- (1) GENERAL RULE.-Returns made on the basis of the calendar year shall be made on or before the 15th day of March „ollowing the close of the calendar year. Retur w made on the basi s of a. fiscal year shall be made on or before the 15th day of the third month following the close of the fiscal year . (2) EXTENSION or TIME : The Commissioner may grant a reason- able exten sion o f tim e for fili ng ret urns, unde r such rule s and