198] TITLE £6.~·-INTER. $4Q`i3p0!1 net incomes cf, $14,000; and upon ict lnéomés in ‘ excess gg $14,000 and mit in excess of $156,000, 2 per éentum msddition of S¤wh`ex¤€SS··0 . . · _ 0 _ n ` _ $m upon net incomes of $16,000; and upbn net inéomes in ’ ewes; of .$16,0(}0~&!1d—B0fiD exqéss of $$,000, 3 peg- 'centum in addition of sich excess, — ·- . . _ · $140 upon znet incomes-of $18,000;` and upounet incomes. in , egggsé bf $18,000 and mt in` éxcess of $20,000, 4 pc1·—fcéntu;i1 _ l ia addition of Such éxéess, ‘ · ` ' ,5229 up01i‘net,i¤£0m&S»>0f $20,000; ahd upon uét incomes in , eiccss Ycf @0,000 smcl not "in extfésé of $22,000, ,5 per ceiitum 0 in mditibn of such éxcgcss, _ _ _ '_ ~ , _·
upon uct- incomes of $22,000; and upqxi net incomes in
pxeesscf $22,000 and not. ih excess of $24,000, 6 . per ceutum in addition of such ,e1ce§S; ' · _ _ * 0 _ ` $440 gpm: act incomes of $24,000; and ui>011‘n¢t’inc0m,és in ‘ pxwss 0} $24,000 mit! iiot iu. excesé 0£—_$28,000, 7 ·pe1? ceutum iu gdditiimpt such excess. — _ _ ~ ·' , j _ ` _$720` upon nét ‘i11c~0mcs.0f $28,000; and upon- net itigqmes in ‘ <·xce=ss of $28,000, and not izi excess of $32,000,- 8 per centijnm ~ jx addititm of such excess. i — . — _ ‘ _ . $1.040. gpm: net_i¤··;0més oi $32,000; anél upon act incomes: in` _ excess of $32,000 amt not Nin excegg o£__§36,000, 0 per ceutmir 1:1 gdditio:1 of such excess. " ·· · ‘ 0 ‘ _. . $1,400 upon nat incomes of $36,000; and upon {net; incomes in* excess of $36,000 and not ih excess of $40,000, 10 cehtixm, in mlditip-n of such extras. . * ‘ _ ·` _ j ,01,800 upon aet incomes ot $40,000; and tipou net lncqmes lg`- * excess of $40,000 dBd.I10t,_i11 excess 5°t*$44,000, `11 per ccxitum` ia addition of stichcxces, , _ — ‘ ,_ W _ 0 ¤ _; _ i $2,240 upon net incomes qt $44,000; and upon nét incomes ip. ex<;<#ss qf_$44,000 and not ix; excesé of $48,000, 12 per pentium , additfo:1 piéucli excess. - _ ·- . ‘ _ ’ -_ f $2,720 upon het incomes ot $48,000 ; and upon net incomes in excsess of, $48,000 dud not in ‘excess·Gf $52.000, 13- per ccntum, in » ; aélditipa of such excess. - _ { ‘ __ _ ° A ‘ $3,240 upctr uét incomes of $52,000: and upmi hat iucomgs j in eycess of $52,909 am} not- in excess of $56,000, 14’[)€v1‘·C€l1|Zlll11` I. in éddition at such excess. . y · ‘ _` “ _ A- _
upén net incomes of $50,000; ahd upqn_—11et incomes ;
iu qxcgss at $50,000qnd not iii excws of $60,000, 15 per centum in addition pt such éxcess. _ ` ` ” » , , .$4.,400_u§0¤ net incomes df $60,000;* and upon net incouxesdn exams #¤1.m,0¤0 and hot in excess of $64,000, 16 per ceritum iugdditiaa G! such exizéss. " _ _ , . _ g izpcm net iucmixcs ot'. $64,000; and upmi ngét incomes in Y excws dt $84,000 and, nctln excms of $70,000, 17, per centum in addltitm of exccsé. 0 . '_ `_·_ » . 0 ‘ - $6.000 upon mt incomes of $70,000; and. upogi net‘i11c0m,es`in excess at $70,000 and not lu excess of $$0,000,18 per cegxtuux 0 in addition at such excess., A __ · j’ , ~_ 0 0 · ${,860 upon net incomm of $$0+000; and upon net incomes in 0 eicess pt $80,000 gud mt in excess ct $100,000, 10 per tcexitum ·j in additkm ct apc}; excess. A * Q · » ‘ - 0 ’ $11,000 apo; net inmmestcf $100,000; m1d`up0u,net ltxcéomes * in excesgs of $100,000, inladditiiim 20per ceutum of gsmich e1;cess.`
(b)° In the case qt a bona, Hde sale of mines, oil at gas wells;
OI any interest therein, where the principal value Of the .pmp— _ érty up been dgmqmtmted by prbwgcting or exploration nad cglisccvery work done by the taxpayeé, tlmlportion oi t.l1é_tax imP0$€€] by this setstioz; attributable to such sale shall not ex- , wed 16 par camum of the selling price of meh property 01* 4 _inte·mst. 20,1926, c.*27, § 211, 44 Stat. 21.) = ‘ p ` See nots at lieglnuling of ltthis chaptér; . ,0 - »— , . n 1 Sectidh 211 of the Revenue Act df 1924 mentioned hexcein is set out in Q 052 at Tttle`26 (Iz~c1·¤m¤;u. Rssimsuz) ot the·‘C¢dc. *Secticm ‘ 210 `hemin. referred td is set put in § 051 of this Supplemental tltle; ‘
NAL _REV1·JNUl§ §954 _ 953; Net jnconje; computation; change or accounting period [installment sales].·——··(a)_ In the caseof aoindividual the term " net iucome ’,’ means the gross income as dedued in section 213, less the deductions allowed by` sectims'214 and Q, “I ‘ ·(_b) The net income shall be computed upon the basis of the taxpayexdsrannual accolmtiog period (iiseal year or calendar year, as the case maybe) inaceordance with the method of accounting regularly employed in keeping thebooks of such taxpayer; but if no .such__method of accounting has been so employed, or ifthe method v` employed does not clmrly redectthe ihcome, theacomputatiou shall be mode inraceordaoce with such method as in the gpinioh of the commissioner does elearly reflect the income. -If the.;taxpaye1·’s .am1ual, accounting is other ,thau_’a.11scal year as dedned in section 260 oc it the taxpayer has 11o_aunual,_accountipg period or does .110t keep books, the net income shall be computed on the basis of the calendar yea;. (Vc) If a taxpayer changes his accounting period from Escel year to calendar year, from calendar year to dseal year, or from one fiscal year to another, the cet income shell, véitla the approval of thecommissioner, be-computed ou the basis of such new accounting pei·i0d," subject to the provisions of section "(d`) . Under regulations, prescribed by the commissioner with the approval; ot the Secretary; a person who regularly sells · or otherwise disposes of personal property on the iustallmeot plan may return as income 'therefrom fin any taxable gem: that proportion oaf. the installment payments actually received iii th_at?__year which dthe total prodtl realized or to be realized when; the payment _ is completed, beam to the total. contract price; In the case (1) of- a casual sale or other easua1`dis·» position of personal pxjoperty_ for a peice exceeding $1,0@ or (2) of a sale or other disposition of real- property, if ineeither case the initial payments do, not exceed one-foorth of the purchase ,pr§ce,..tl1e income may, under regulations prescribed l by- the commissioner with the_·"approiral of tue Secretary, he returned on the basis and in the manner above prescribed in · thiS•S\}bdi\y'iSi0Il'. As used in subdiy*isiou_ the_·term‘ " initial payments " modus the payments received in cash, or property ._ other than evidences of ciudebtedoess. of the purchaser dating the taxable ‘-period iii which the sale or; otliier disposition is made. _ (Feb. 26, 1926, c. g7,·§_212, 44 Stat. 23.) See note et bogmnihg dif this chapter., . ¥ l _ . - Sections .200, 206, 213,, 214,- and 226,‘meutioned in the text. are set out in §§. 931, 937, 954, 055, and 968, respectively, ot this supplemental title. . _ _. ‘ 953a. · Retx·oactl§e application of section 953; crwits and refunds;-—-The provisions jot subdivision (d). of section 212 shell be retroactively applied in computing income under the (provisioust of the Reveoue 2Act of 1916,* the Revenue Act of 1917, the Revenue Act. of 1918, the Revenue Act of 1921, or the Revenue Act of 1924, or any of such Acts as amended Any tex tlgat has beeepgid undersuch Actsprlor to§tl;c enactment of this `Act, if io. excess of the tex imposed by` such Acts as. retroactively modided by this section, shall, subject to the statutory period of limitations properly applicable thereto, be credited or refu¤ided`°to the taxpayer asprovfded ia section`2S·1. (Feb. 26,1926, e. 27; 5* 1208, 44$St§t; 130.)* . _ · New section. Sections *212 and 284,* mentioned in the text, ere set out in §§ 953’azxd 1065, respectively,. of this supplemental _ x title. The Revenue Act ot 1924, aslmilorly mentioned, is set out in Title 26 (IN*rtmxaL‘Rs$‘¤xds) of the Code. · e ` 954.* Gross iucome;_Lwl1at included; {what not Yincluded.—-—l·‘or tlte [)\11']§QS8Sii”0f this. title, except as otherwise .prov‘ided in _ s—ectiou‘233———~·~ — Y _ . _ - o . ~ · (a) The term "gt+oss income" includes gains, prodts, and income derived·from' salaries, wages, or compensation for personal service-» (including in theeasc of the _President of; the United_StateS, the judges of the Supreme end i.ofel·ior courts
