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CONTENTS
PART I
INCOME TAX ON INDIVIDUALS
[The section numbers refer to the statute and the article numbers to the regulations]
Section 210. Normal tax..
Article 1. Income tax on individuals___
2. Normal tax
3. Persons liable to tax.
4. Who is a citizen__
Section 211. Surtax___
Article 11. Surtax_
12. Computation of surtax.
13. Surtax on sale of mineral deposits_
Section 212. Net income of individuals defined__
Article 21. Meaning of net income___
22. Computation of net income.
23. Bases of computation---
24. Methods of accounting-
25. Accounting period
26. Change in accounting period..
Section 213(a). Gross income defined: inclusions.
Article 31. What included in gross income___
32. Compensation for personal services__
33. Compensation paid other than in cash.
34. Compensation paid in notes-
35. Gross income from business_.
36. Long-term contracts
37. State contracts.
Page
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3
6
7
8
9
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44. Sale of real estate involving deferred payments_.
45. Sale of real estate on installment plan..........
19
46. Deferred-payment sales of real estate not on installment
plan_____
Section 213(b). Gross income defined: exclusions___.
Article 71. Exclusions from gross income----
72. Proceeds of insurance Compensation-Pensions_.
73. Gifts and bequests----
74. Interest upon State obligations---
23
25
26
75. Dividends and interest from Federal land banks, Federal
intermediate credit banks, and national farm loan asso-
tions----
76. Dividends from Federal reserve bank...
77. Interest upon United States obligations__.
78. Liberty bond exemptions, as amended and supplemented
by the Revenue Act of 1924__
79. Liberty bond exemption under Second, Third, and Fourth
Liberty Bond Acts__
80. Exemption of Treasury (war) savings certificates__
81. Liberty bond exemption under Supplement to Second
Liberty Bond Act, as amended and supplemented by the
Revenue Act of 1924__
82. Summary of tax exemptions of Liberty bonds, Treasury
bonds, Treasury notes, Treasury certificates of indebt-
edness, and Treasury (war) savings certificates___
83. Liberty bond exemption in the case of trusts or partner-
ships-
84. Liberty bond exemption in the case of nonresident aliens
85. Return for fiscal year ending in 1924___
32
86. Income of foreign governments, ambassadors, and consuls_
87. Income of States___.
33
91. Subtraction for redemption of trading stamps-
Section 213(c). Gross income defined: nonresident alien individual__
Article 92. Gross income of nonresident alien individuals____
93. When the wages of a nonresident alien seaman are de-
rived from sources within the United States...
Section 214(a) (1). Deductions allowed individuals: business ex-
penses
36
37
Section 214(a) (2). Deductions allowed individuals: interest__
Article 121. Interest
44
Section 214(a) (3). Deductions allowed individuals: taxes_
Article 131. Taxes
133. Taxes for local benefits.
132. Federal duties and excise taxes..
134. Federal estate and State inheritance taxes_.
135. Tax on stock____
Section 214(a) (4), (5), and (6). Deductions allowed individuals:
losses
Article 141. Losses
47
142. Voluntary removal of buildings_
143. Loss of useful value___.
144. Shrinkage in value of stocks.
145. Losses of farmers.
146. Losses from the sale and repurchase of securities.
Section 214(a) (7). Deductions allowed individuals: bad debts__.
Article 151. Bad debts____
152. Examples of bad debts__
48
49
50
52
153. Uncollectible deficiency upon sale of mortgaged or
pledged property---
154. Worthless securities_
155. Reserve for bad debts_.
Section 214(a) (8). Deductions allowed individuals: depreciation___
Article 161. Depreciation
162. Depreciable property-.
163. Depreciation of intangible property-.
55
169. Charging off depreciation___.
170. Closing depreciation account_
171. Depreciation in the case of farmers_
Section 214(a) (9). Deductions allowed individuals: depletion_____
Article 201. Depletion of mines, oil and gas wells; depreciation of im-
provements
202. Amount returnable through depletion and depreciation
deductions in the case of an operating owner_.
203. Amount returnable through depletion and depreciation
deductions in the case of lessee____
56
57
204. Amount returnable through depletion and depreciation
in case of lessor___
205. Determination of cost of deposits.
206. Determination of fair market value of mineral property
other than oil and gas---
207. Determination of fair market value of oil and gas prop-
64
67
68
Section 214(a) (9)—Continued.
Article 212. Computation of deduction for depletion of gas wells_‒‒‒‒
213. Gas well pressure records to be kept___
69
214. Computation of allowance where quantity of oil or gas
uncertain____
70
215. Computation of depletion allowance for combined hold-
ings of oil and gas wells___.
216. Depletion-Adjustments of accounts based on bonus or
advanced royalty‒‒‒‒‒
217. Depletion and depreciation accounts on books_.
218. Statement to be attached to return when depletion or de-
preciation of mineral property is claimed__
219. Additional statement to be attached to return where
depletion of oil or gas is claimed.
78
222. Discovery-Proven tract or lease-Value disproportion-
ate to cost____
76
223. Proof of discovery of oil and gas wells_.
224. Allowable capital additions in case of mines____
ཟླཟླ
77
225. Charges to capital and to expense in the case of oil and
gas wells___.
227. Depreciation of improvements in the case of oil and
gas wells_______
80
228. Depletion and depreciation of oil and gas wells in years
before 1916___.
230. Capital recoverable through depletion allowance in the
case of timber________
81
231. Computation of allowance for depletion of timber for
given year__.
232. Revaluation of timber not allowed.
233. Charges to capital and to expenses in the case of timber_
234. Depreciation of improvements in the case of timber___
235. Information to be furnished by taxpayer claiming deple
tion of timber___
238. Aggregating timber and land for purposes of valuation
and accounting_
85
239. Timber depletion and depreciation accounts on books__
Section 214(a) (10). Deductions allowed individuals: contributions
or gifts__
86
Article 251. Contributions or gifts
87
Section 214 (b). Deductions allowed: nonresident alien individual__ Article 271. Deductions allowed nonresident alien individuals_.
Section 215. Items not deductible___.
Article 291. Personal and family expenses.
292. Capital expenditures__.
293. Premiums on business insurance_
294. Life or terminable interests__.
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