INDEX. 2801 Income Tax,T1Ztle II, Revenue Act of 1926- Y¤¤¤- Income Tax, Title II, Revenue Act of 1996- P•l•· Continued. Continued. t estates and trusts; computation of in- returns for less · than_ twelve months come if taxable year of benetici- ‘ when accounting period ary and estate driier ..... - ..... 33 » ‘ changes- - - 4 .................. 38 profit sharing trusts for employees computation of tax- - - I ; - - ....... 38 not taxable .... · - - - ............ 33 apphcation to capital gain or loss distributes taxed ‘on amount re- _ and earned income ...... - ..... 38 ceived, or credits allowed ...... 34 computation for parts of the year- 39 income from revocablc trusts in- time for filing, etc., individual, part- · cluded in income of grantor .-.. 34 nership, and fiduciary ..-....... · 39 where trust income may be used for by nonresident aliens-- .-.-...... 39 benentof grantor to be included extensions allowed; limit -.----.- 39 ln computing his income ---..-- 34 to be filed with collector of district, corporations formed· to accumulate V etc .--..------.---....- · ...... 39 ‘ gains, etc., to prevent surtax on - corporations; rate imposed on net in- its shareholders --...- - ...-..-.. 34 comes of - - -· ---. - -1-- - - - --..-.- 39 tax imposed in addition to corpora- organizations exempt· labor, etc- - - 39 tion tax ---.... -·- - - - - - - r.— ...-.. 34 mutual savings .--. - ....... 39 payment, etc., same as for income fraternal beneliciary societies- - - - - 40 tax ---.-.- --- ------.-.---..-- 34 domestic - building · -associatio`ns, evidence of purpose, if a mere holding cooperative banks, etc- - - ...... 40 company-- - 4 .----.-...-.-. - - - 34 mutual cemetery; companies •‘ cor- detailed stiatements of gains, etc., re- 34 poraticns sole y *for burial, pur- 40 uire --------------- - .--.--- poses, -·- - - ---.-.-- -» ..-....-. , meaning of " net irrcome,"i as here community chests, religious, etc., used .--- - - -— -.---.---.--.-.-.. 34 organizations- - - .-.. --»- -’-L - -1 - - 40 tax not applicable tif all shareholders business leagues, etc-- - ssl - - ; .... 40 include in their gross incomes civic ‘ leagues ‘ for social >welfarc, distributive shares of "net income etc.; limitation -.-.l-. ;·.=: - - 1 - - 40 thereof ---. ----· -.---.-....-.- 34 pleasure clubs ---..- --;cL-;L-,-- l 40 payment of tax at source, of nonresident ocal mutual associations of farm- aliens; exceptions--1 ----...-.. 35 ers for insurance, etc - - - - - ;; 1 - - 40 rate imposed ---------.-..---.---. 35 associations for marketing farm interest of unknown owners included - 35 products, etc ..-- i- - l - - - ; - - - - - 40 by corporations guaranteeing interest trustees for exempted organiza- free from tax -.--------.----.. 35 tions etc-- .-................. 41 rate, etc --.. - -------.-- ; - - - - - - - 35 Federal landbanks, farm loan assoe interest, etc., of unknown owners - 35 ciations, , intermediate * ‘¢crcdit exception, if citizen or nonresident banks- 3-- - - 4 - L - - - ; -... - ..-. r l 41 alien filed notice of credits, etc-- 35 net income dehncd; computed ·on lower rate if notice filed with with- same basis asindividuals- -.... ‘-» 41 holding agent that income does foreign corporations, etci, as ·of ‘ not excee $4,000 ....-.- - -.--. 35 nonresident aliens-- .---.- · .------ 41 returns, etc., required; liability in- gross income of domestic, as denned demnification, etc-- .’ ......... 4 36 , for individuals- L ,_- , -·- - -· ....... 41 recipient to make returns of mutual marine — insurance oompa- income- -` -.-. - -.....-.-.----. 36 nies; deductions -... --·.--;--l-- 41 if tax Eaid by recipient not recol- foreign, from United States lecti le from wit holding agent- 36 sources- - -» - - -t- - ; is --,- :7. r 4 .... 41 c credit for- income etc., taxes paid by deductions allowed in Lcomputing, cor- citizens to foreign countries, etc- 36 poration net income; business by residents to United States posses- ‘ expenses;. - - - - - - - - -·- - - - 4 .--·- - - - 41
ions- - -- -.-- - .-..........-.. 36 interest on debts; exceptions-;. ; s - - - 41
by alien , residents, etc., to 'foreign taxes; classes and exceptions specie country -.-- 1; .-.---. i---; .... 36 fied --.--.---- --- ----. , --.. --- 42 by partners, beneficiaries, etc., to not applicable to corporations guar- foreign countries, ctc --.......- 36 · anteeing payments at source--- - 42 exceptions and limitations--- - - - - - 36 paid bn rn erest of stockholders- - - 42 redetermination if tax paid above accrualdate of `estate; etc -....... _ 42 credits claimed, etc.; refund, etc- 36 business losses--i-‘ ...- - -`-~ -.-....... · ‘ 42 if accrued but not paid; bond re- restriction of, on sales of stock, etc- 42 ‘ quired‘-;-;:L- --; --.--.----.-- 37 worthless debts-;-;-- --....-... ·.-- 42 may·be taken in the year tax accrued- 37 dividends from domestic corpora- evidence of foreign income, etc., re- ` tions; foreign, from United quired- - ;- -- 4---' ....-... ‘ -...- 37 - States sources- ..-.. . ...-. - 4 - - 42 returns by individuals-- - - - - - - - - L - - - - 37 allowance for exhaustion of business ‘ ‘ by husband and wife living to- property- - - - - - -:1 -: - -— ---..-. - 42 gether--- --------..----.-.-.- 37 for depletion of mines, oil and gas by agent, guardian, etc --.-- » --.---. 37 wells, timber, etc ------------ - · 42 by partnerships-`. - ; -V-v ------------- 37 application to leases-- - - - - - - - - 1 - - 43 by fiduciaries for designated beneiici- additional, to insurance companies aries, etc-- -‘ ---------.-------- 37 · other than life .---------- - - -’ -- 43 joint iiduciaries -------..-------- 38 mutual marine companie ---.---- 43
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