Includes, sec. 701 (b).

Incurred, sec. 48 (c).

Insurance company as corporation, sec. 701 (a) (2).
Initial payments, installment sales, sec. 44 (b).
Investment income, sec. 204 (b) (3).

Joint-stock companies as corporations, sec. 701 (a) (2).
Life insurance company, sec. 201 (a).

Losses incurred, sec. 204 (b) (6).

Net income, sec. 21, 104 (c), 204 (b) (2).

Net losses, sec. 117 (a).

Ordinary net income, sec. 101 (c) (7).

Ordinary deductions, sec. 101 (c) (4).

Paid or incurred; accrued, sec. 48 (c).

Partial liquidation, sec. 115 (h).

Party to a reorganization, sec. 112 (i) (2)

Person, secs. 146 (c), 701 (a).

Possession of the United States, sec. 251 (c).
Premiums earned, sec. 204 (b) (5)-

In payment of tax, penalty for, sec. 294.

Delinquency, additions to tax in case of, sec. 294.

Departure from United States, determination of taxable year in case of,
sec. 147

Dependents, credit for, in case of income tax, sec. 25 (d).

29

165

10

92, 95

Basis for allowance, sec. 23 (m), 114 (b) – –

Adjustment of basis in computing gain or loss, sec. 111 (b).

Limitation on allowance in computing net loss, sec. 117 (a) (3).

Deposits, special, act of 1926, sec. 1128_

61

Depreciation:

Allowance for, in case of income tax, sec. 23 (k).

Basis for determining, sec. 23 (m), 114 (a)....

Adjustment of basis in computing gain or loss, sec. 111 (b)..

In case of insurance companies other than life or mutual, sec. 204
(c) (9)_.

Life insurance companies, sec. 203 (a) (7) -

Devises:

Page

17

18, 55

Income from, included in gross income, sec. 22 (b) (3)----
Value of property acquired by, not included in gross income, sec.
22 (b) (3)--

Discovery value as basis for depletion in case of mines, sec. 114 (b) (2).
Distilled spirits, tax on, act of 1926, sec. 900..

Distillers, tax on, act of 1926, sec. 701-.

Distraint, date on which begun, act of 1926, sec. 1130__

Distribution by corporations, sec. 115 (see also Dividends)

Dividends:

Corporation to make information returns of payments of, sec. 149.--
Deduction of, in computing net income of life insurance companies,
sec. 203 (a) (3).

Definition of, sec. 115 (a) -

Distributions by corporations, sec. 115.-

March 1, 1913, profits accrued before, exempt from income tax,
sec. 115 (b)---

Received by corporation-

Deducted in computing net income, sec. 23 (p).

Not allowed as deduction in computing net loss, sec. 117 (a) (4)–
Received from China trade act corporations, when not included in
gross income, sec. 116 (f) _ _ _ _

Received from corporations, allowed as credit against net income,
sec. 25___

Domestic:

From within United States, sec. 119 (a) (2).
From without United States, sec. 119 (c) (2)

Redemption of stock taxable when equivalent to dividend, sec. 115 (g) -
Stock dividend not subject to tax, sec. 115 (f)_ _
Tax-free dividends to reduce basis of stock, sec. 115 (b)..
When treated as income-

66

Building and loan associations, exemption of, from income tax, sec.
103 (4)

Dividends received from, excluded from gross income, sec. 22
(b) (7).

Corporations-

Credit for taxes paid to foreign countries and possessions of.
United States, sec. 131 (a) (1).

Definitions of, sec. 701 (a) (3)

Specific credit of, against net income, sec. 26 (b)

Dues tax, amendments to, sec. 413..

Returns, sec. 414...

Earned income:

Credit for, sec. 31 (b).

In case of partners, sec. 185_

Definition of, sec. 31 (a)

E

In case of return for less than 12 months, sec. 47 (d)--

Received from sources without United States, excluded from gross
income of citizen, secs. 22 (b) (9), 116 (a).

Earnings and profits:

Accrued prior to March, 1, 1913, exempt from tax, sec. 115 (b)..........
Distribution deemed made out of profits accumulated after February

28, 1913, sec. 115 (a)__

Educational organizations, exemption of, from income tax, sec. 103 (6).
Effective date of Act, sec. 716_.

Income tax title, sec. 65--

Employees, associations of, exemption from income tax, sec. 103 (8), (16)__
Employees' trusts, how taxed, sec. 165.-

Employers, to file information returns of wages paid, etc., sec. 149...

68

165

23

133

134

24

91

23

28

13, 58

56

56

41

172

38

41, 43

88

84

Endowment contracts, amounts received from excluded from gross income,

sec. 22 (b) (2)___.

Erroneous:

Page

11

Credits, sec. 609

156

Refunds, sec. 610_.

156

Estate and inheritance taxes, deduction of, retroactive, sec. 703-
Estate tax, act of 1926, as amended__

167

177

Amendments:

Deductions in case of nonresident decedents, sec. 401..
Suspension of running of statute of limitations where deficiency
notice is mailed, sec. 402_.

130

130

Suspension of running of statute of limitations in transferee
cases, sec. 403..

131

Estates, tax on income of, sec. 161..

85

Administration of, request for prompt assessment, sec. 275 (b).
Basis for determining gain or loss, sec. 113 (a) (5)

Taxable year of beneficiary different from estate, sec. 164.

87

Taxes paid to foreign countries and possessions of United States, credit
for, against tax, sec. 131 (a) (4)-

69

Evasion of income tax, allocation of income of two or more related trades
or businesses to prevent, sec. 45.-

27

Evasion of surtaxes by accumulation of surplus, sec. 104..

Refund of, to manufacturer, producer, or importer, sec. 422_
Refund of, to vendee, sec. 423-

Future, casual sales of real property, deduction for, sec. 23 (0).
Prorated, net income from sources in United States, sec. 119 (b).

13

19

65

155

155

31

113

145

123

35

123

219

F

False return, period of limitation for assessment in case of, sec. 276__
Family expenses, not deductible, sec. 24 (a) (1)___
Farmers':

Cooperative Associations, exempt from tax, sec. 103 (12), (13).
Insurance companies, exempt from tax, sec. 103 (11)..
Federal farm loan act, securities issued exempt from tax, sec. 22 (b) (4)__
Federal intermediate credit banks, exempt from income tax, sec. 103 (15).
1739-28-16

119

20

42

42

11

43

Federal land banks, exempt from income tax, sec. 103 (15) __
Fiduciary (see also Estates and Trusts):

Page

43

Applicability of income-tax title to, sec. 143 (c).

Claims against, sec. 311..

124

Defined, sec. 701 (a) (5).

165

Interest, for period estate held, sec. 294 (c)--

123

Liability of, in case of transferred assets, sec. 311 (a) (2)
Relationship, notice of, sec. 312...

125

127

Suits to restrain enforcement of liability of, sec. 604.
Fires, loss from, deduction, sec. 23 (e) (3).

Embracing period with different laws, sec. 105.

153

Net loss, how computed in case of, sec. 117 (f).

Foreign-built boats:

Repeal of tax on use of, sec. 431.

139

Definition of "motor boat," sec. 708-

170

83

105

Credits, secs. 233-234.

Deductions, sec. 232..

Defined, sec. 701 (a) (4)

104-105

104

165

Gross income of, sec. 231.

Income tax on, sec. 13-

Payment of tax, sec. 236.

Withholding of tax on, at source, sec. 144.

104

9

105

80

Foreign life insurance companies:

Foreign governments, income of, excluded from gross income, sec. 116 (c)..
Foreign items, collection of, sec. 151..

Other than life or mutual, deductions, sec. 204 (d)
Treatment of, in arriving at net income, sec. 203 (c).

58

85

Forfeitures, remission or mitigation of, under customs laws, sec. 709-
Fractional parts of cent, sec. 56 (g).

Fraternal beneficiary societies, orders, or associations, exemption from
income tax, sec. 103 (3).

Fraud, additions to tax in case of, where deficiency is found, sec. 293 (b) -
Frauds on purchasers, act of 1926--

Fruit growers' cooperative association, exemptions, from income tax, sec.
103 (12)--

42

Future expenses, deduction for, in computing net income, sec. 23 (0) ----

19

G

Gain or loss:

Basis for determining, sec. 113--

In case of depletion and depreciation, sec. 114.
In case of installment sales, sec. 44 (d).
Sale by estate, sec. 702-.

Capital gain or loss. (See Capital gain.)
Determination of amount of, sec. 111..
Recognition of, in what cases, sec. 112.

Distribution in liquidation, sec. 115 (c)
Gains, capital. (See Capital gains and losses.)
Gas wells:

Depletion deduction, sec. 23 (1), 114 (b) (3)
Limitation of surtax on sales of, sec. 102..

Gift tax:

Act of 1926, as amended, sec. 324.
Credit of, sec. 404.-

Grantor:

Income for benefit of, taxability, sec. 167.

In case of revocable trust, sec. 166--

Grape brandy used in fortifying, reduction of tax on, sec. 452-

Partners. (See Partnerships.)

Sources within possessions of United States, Supplement J...

106

Sources within United States, sec. 119..

64

Period in which items included, sec. 42.

25

Guardian:

30

Returns by, for persons under disability, sec. 51 (c)___
(See also Estates and trusts.)

H

Hail insurance companies, mutual, exemption from income tax, sec. 103
(11)__

Hawaii, teachers in, when compensation excluded from gross income, sec.
116 (b)

Heads of families:

Exemption of, in case of income tax, sec. 25 (c)
Nonresident alien individual, sec. 214.

Horticultural organizations, exemption from income tax, sec. 103 (1).
Husband and wife, returns by, sec. 51 (b).

Income:-

I

For benefit of grantor, taxability of, sec. 167.

From sources within possessions of United States, sec. 251.

106

From sources within and without United States, sec. 119..
Gross. (See Gross income.)

88888

64

Against net income, sec. 25.

Against tax, Part IÍI..

Deductions from gross income in computing net income, sec. 23.

Corporations, of gains, profits, dividends, etc., sec. 149.

Persons making payments to others of $1,500 or more, sec. 148.
Persons undertaking collection of foreign items, sec. 151.--

Inheritance taxes:

Deductibility, income tax, sec. 23 (c)

Amendment to 1926 act, sec. 703.

(See also Estate tax.)