PUBLIC LAWS-CH. 289-MAY 28, 1938 "Paid or incurred"; "paid or accrued." "Trade or business." Returns and pay- ment of tax. Individual returns. Requirement. Individual who is single, etc. Net income $1,000 or over. Gross income $5,000 or over. If married and liv- ing with husband or wife. Net income $2,500 or over or gross income of $5,000 or over. If each has a gross income and aggregate net income of two is $2,500 or over. When gross income of both is $5,000 or over. Husband and wife. Nonresident aliens. Persons under dis- ability. Signature presumid correct. Fiduciaries. Post, p. 510. (c) "PAID OR INCURRE", "PAID OF AccRUED". - 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. (d) TRADE OR BusINESs. -T he term "trade or business" includes the performance of the functions of a public office. Part V-Returns and Payment of Tax SEC. 51. INDIVIDUAL RETURNS. (a) REQUIREMENT.-T he 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 and such other information for the purpose of carrying out the provisions of this title as the Commissioner with the approval of the Secretary may by regulations prescribe- (1) Every individual who is single or who is married but not living with husband or wife, if- (A) Having a net income for the taxable year of $1,000 or over, or (B) Having a gross income for the taxable year of $5,000 or over, regardless of the amount of the net income. (2) Every individual who is married and living with husband or wife, if no joint return is made under subsection (b) and if- (A) Such individual has for the taxable year a net income of $2,500 or over or a gross income of $5,000 or over (regard- less of the amount of the net income), and the other spouse has no gross income; or (B) Such individual and his spouse each has for the tax- able year a gross income (regardless of the amount of the net income) and the aggregate net income of the two is $2,500 or over; or (C) Such individual and his spouse each has for the tax- able year a gross income (regardless of the amount of the net income) and the aggregate gross income is $5,000 or over. (b) HUSBAND AND WIFE.-In the case of a husband and wife livin together the income of each (even though one has no gross income may be included in a single return made by them jointly, in whic case the tax shall be computed on the aggregate income, and the liability with respect to the tax shall be joint and several. No joint return may be made if either the husband or wife is a nonresident alien. (c) PERSONS UNDER DISABIITY. -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) SIGNATURE PRESUMED CoRRECT.- The fact that an individual's name is signed to a filed return shall be prima facie evidence for all purposes that the return was actually signed by him. (e) FIDUCIARIE.- For returns to be made by fiduciaries, see section 142. Corporationreturns. SEC. 52 . CORPORATION RETURNS. Requirement for making. 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 and such other informa- tion for the purpose of carrying out the provisions of this title as the Commissioner with the approval of the Secretary may by regula- tions prescribe. The return shall be sworn to by the president, vice 476 [52 STAT.
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