CXXJ.V Income Paz, Title 1t R~ue Act oJ 19B8- Continuea. determination of gain or loss on sales of property__ •••.•••• .••••. .• computation of gross income from sources within and without the United States•.• .•• ..• .. __ . __ deductions in computing net income; business expenses, including traveling, etc_ •••• __ _ • L ______ • interest on debts••••••••• ________ _ taxes; exceptions_________________ _ accrual of estate, etc. z tax _______ _ tax of shareholder paia by the cor· poration ____________________ _ losses in trade or business_________ _ not connected with trade or busi· ness ________________________ _ casualty losses not connected with business ____________________ _ losses by corporations ____________ _ basis for determining___________ _ disallowance of loss on sales of securities ___________________ _ net losses for prior years__________ _ worthless debts__________________ _ exhaustion, etc., of business prop- erty; real estate in life tenancy; property in trust_____________ _ depletion in mines, oil and gas wells, timber, etc__________________ _ leases held in life tenancy, prop- erty in trust. ___ ___ ___ ___ ___ _ basis for determining depletion, etc_________________________ _ gifts for public use; corporation, etc., for religious, sClentific, etc., pu~es--------------------- vocatIOnal rehabilitation fund ___ _ War veterans' associations, etc•• _ fraternal lodges, etc_______ • ___ ._ limit, etc.; unlimited deductions__ allowance for reserve for future lia- bilities, etc.; under contract of casual sales of real property__ ._ dividends from corporations, domes- tic___________ •• _____ • __ •• __ _ foreignl condition______________ _ from \.ibiDa Trade corporations, etc., excluded _____________ • __ amount transferred to pension trust byemployer________________ _ items not deductible in computing net income; personal expenses____ _ property betterments; restoring prop- erty___ • ____________________ _ premiums on life insurance for em- ployees _____________________ _ amountsfrom life orterminable inter- ests, acquired by gifts, etc ____ _ tax realized on tax free covenant bonds____________________ • __ _ credits allowed for normal tax of indi- viduals; dividends from domestic corporations_________________ _ foreign corporations havinK.more than fifty per cent from United States sources __________ - _- _-- from China Trade corporations excepted____________________ _ interest on Federal securities __ • __ _ _ personal exemption of $1,500 for a single person _______ . __ _ _ _ __ -- $3,500 for head of a family, hus- band and wife living together__ _ INDEX. 799 799 799 799 799 799 799 800 800 800 800 800 800 800 800 800 800 800 800 800 801 801 801 801 801 801 801 802 802 802 802 802 802 802 802 802 803 803 803 803 Income Taz, Tiae 1, Revenue Act oJ 1988- COntinued. credits allowed for normal tax of indi· viduals; personal exemption of additional $400 each for minora Bta~~ d~rr,!~u.~~-f~;·c~it·of dependent___ • _______________ _ computation on change of taxable year~••• _________________ •• __ allowance for death in taxable year_ credits allowed corporations; interest on Federal securities___ • ____ • __ domestic corporations; specific of $3,000, if net income less than $25,000. ______ . _____________ _ limitation, if exceeding $25,000_ ._ credits against tax__________________ • "earnedjncome" means wages, etc., for personal services; allowed if combined with capital for busi- ness_. ______________________ _ "earned income deductions" means ~educti?ns allowed for comput- Ing net Incomes______________ _ "earned net income" means excess over deductioIl.. ___ ___ __ ___ ___ _ allowance of, for amount of earned income______________________ _ extent of, for taxes of foreign coun- tries,etc____________________ _ taxes withheld at source__________ _ erroneous payments______________ _ for fiscal year beginning in 1927 and ending in 1928_______________ _ accounting period and methods______ _ net income computed on basis of annual accounting period____________ _ on calendar year, if no accounting period ______________________ _ deductions and credits for taxable year in which paid or accrued, or paid orincurred__________________ _ dealers in personal property on install- ments, on payments annually received _____________________ _ returns from casual sales of personalty or of realty__________________ _ computation of income on change to installment basis_____________ _ recognition of gain or loss on dis- posal of installment obligations_ basis of computing_____________ _ allocation of income and deductions, if same interests control one or more businesses ______________ _ on change of accounting period, net income based on new period. __ _ returns for short period when account- ingperiodchanged __ •• __ __ _ • __ . income computed on period of separate returns__________ • __ _ _ computation of taxable income___ _ application of capital gain or loss, onearnedincome. ___ • ___ • ___ _ reduction of personal credits for fractions of a year._. _ __ ••••• __ definition of "taxable year;" first taxable year 1928. ___ . _ ... __ - "paid or incurred," and "paid or accrued" _. ___ ___ ___ ••••• __ _ • returns and payment of tax•• _______ _ individuals to make sworn return of gross income, deductions, and credits______ • _•• _____ • ______ _
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