Page:United States Statutes at Large Volume 53 Part 2.djvu/630

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PUBLIC LAWS-CH. 367-JULY 26, 1939 DEFINITIONS Definitions. SEC. 43. For the purpose of this title and unless otherwise required by the context- erson." (1) The word "person" means an individual, a trust or estate, a partnership, or a corporation. "Taxpayer." (2) The word "taxpayer" means any person subject to a tax imposed by this title. (3) The word "partnership" includes a syndicate, group, pool, joint adventure, or other unincorporated organization, through or by means of which any business, financial operation, or venture is car- ried on, and which is not, within the meaning of this title, a trust Partner. or estate or a corporation; and the word "partner" includes a member in such a syndicate, group, pool, joint adventure, or organization. "Corporation." (4) The word "corporation" includes associations, joint-stock com- panies, and insurance companies. "Domestic. " (5) The word "domestic" when applied to a corporation other than an association, means created under the law of United States appli- cable to the District of Columbia; and when applied to an association or partnership means having the principal office or place of business within the District of Columbia. "Foreign." (6) The word "foreign" when applied to a corporation or partner- ship means a corporation or partnership which is not domestic. a"Fiduciarm(7) The word "fiduciary" means a guardian, trustee, executor, administrator, receiver, conservator, or any person acting in any fidu- ciary capacity for any person. "Individual." (8) The word "individual" means all natural persons, whether married or unmarried; and also all trusts, estates, and fiduciaries acting for other persons; it does not include corporations or partner- ships acting for or in their own behalf. "Taxable yer." (9) The words "taxable year" mean the calendar year or the fiscal year ending during such calendar year upon the basis of which the net income is computed under this title. The term "taxable year" includes, in the case of a return made for a fractional part of a year under the provisions of this title, the period for which such return is made. "Fiscal year." (10) The words "fiscal year" mean an accounting period of twelve months and ending on the last day of any month other than December. "Paid or ancuru0ed" (11) The words "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 title. nesrade or busl- (12) The words "trade or business" include the engaging in or carrying on of any trade, business, profession, vocation or calling, or commercial activity in the District of Columbia; and include the performance of the functions of a public office. Stock. (13) The word "stock" includes a share in an association, joint- stock company, or insurance company. "Shareholder." (14) The word "shareholder" includes a member in an association, joint-stock company, or insurance company. ted tates. (15) The words "United States" when used in a geographical sense include only the States, the Territories of Alaska and Hawaii, and the District of Columbia. "Dividend (16) The word "dividend" means any distribution made by a corporation out of its earnings or profits to its stockholders or mem- bers whether such distribution be made in cash, or any other prop- erty, other than stock of the same class in the corporation. It includes such portion of the assets of a corporation distributed at the time of dissolution as are in effect a distribution of earnings. [53 STAT.