Initiation fees, tax on, 1926 act, sec. 501 (a) (2) Retroactivity, sec. 705.. Under 1926 act, sec. 1208_ Installments, payment of tax by, sec. 56 (b). Overpayment of, sec. 321- Prorating of deficiencies to, sec. 272 (i). Insurance companies, Supplement G.. Affiliation with ordinary corporation not permitted, sec. 141 (e). As corporations, sec. 701 (a) (2)_ Credit for taxes paid to foreign countries and possessions of United Gross income of, sec. 207. Life insurance companies- Definition, sec. 201 (a). Mutual companies other than life, sec. 208- Net losses, sec. 205_- Other than life or mutual, taxation of, sec. 204. Interest: Amounts received as, from building and loan associations, excluded 121, 123 123 From without United States, sec. 119 (c) (1). Bankruptcy and receiverships, sec. 298. Deficiencies, sec. 292, 295- Extension of time for payment of tax, sec. 296. Foreign governments, exemption from tax of interest received by, sec. 116 (c).. Overpayments, sec. 614_. Paid or accrued, deducted in computing net income, sec. 23 (b) Life insurance companies, sec. 203 (a) (8)- Received on obligations of United States, allowed as credit against Corporations, sec. 26 (a). Individuals, sec. 25 (b).... Tax-free, excluded from gross income, sec. 22 (b) (4). Withholding at source, sec. 144_ Inventories: As basis for determining gain or loss, sec. 113 (a) (1) Investment expenses, deduction of, in computing net income of life insur- Investment income, definition of, in the case of insurance companies other 160 159 Life insurance companies, sec. 203 (a) (1). Internal Revenue, creation of general counsel for, act of 1926, sec. 1201. 223 226 114 Interest in case of, sec. 297. 124 Closing of taxable year, by commissioner, when tax is in, sec. 147- 81 Provisions of 1926 act in respect of... 224 Refunds and credits in excess of $75,000 referred to, sec. 710.. 171 Judgments, interest on, sec. 615.. Jurisdiction: Of Board of Tax Appeals in determining deficiencies, sec. 272 (g)---- District, sec. 617.. In review of decision of Board of Tax Appeals, sec. 603-- L Labor organizations, exemption from corporation tax, sec. 103 (1)– Letters, deficiency: In jeopardy assessment cases, sec. 273 (b). Restrictions upon commissioner, in re, sec. 272 (f) – Liberty bond exemptions, consolidation of, act of 1926.. Lien for taxes, sec. 613.. Liens, enforcement of tax, act of 1926__ Life-insurance associations, local benevolent, exemption from income tax, sec. 103 (10) – – Life-insurance companies. (See Insurance companies.) Life interest, skrinkage in, as deduction, sec. 24 (b). Liquidation, distributions by corporations in case of, sec. 115-- Literary organizations, exemption from income tax, sec. 103 (6). Lodges, exemption from income tax, sec. 103 (3). Loss: Basis for determining, sec. 113.. Capital net, sec. 101-- Estates and trusts, sec. 169. Corporation, sec. 23 (f) Individuals, sec. 23 (e). Incurred, defined, sec. 204 (b) (6). Insurance companies, sec. 205_. Net, in general, sec. 117- Nonresident aliens, sec. 213. Sale of stock or securities, sec. 118. M March 1, 1913, profits accrued before, exempt from tax, sec. 115 (b) -- 56 Returns by, sec. 51 (b) - Specific exemption in case of, sec. 25 (c) Meals and lodging, deductibility of, sec. 23 (a). Merchant marine act, 1920, amendment to, in re vessels built prior to 22 30 14 170 Mexico, income tax in case of residents of, sec. 211 (b) Municipalities, income of, excluded from gross income, sec. 116 (d). 58 42 Mutual savings banks, when exempt from income tax, sec. 103 (2) Mutual hail, cyclone, casualty, or fire insurance companies or associa- 42 40 42 National farm loan associations, exempt from income tax, sec. 103 (15).. 43 121 Net gain, capital, sec. 101.. 38 Net income: Income from sources within possessions of the United States, From sources without the United States, sec. 119 (d) Gain or loss in computing, Supplement B. Items not deductible in computing, sec. 24. income from without United States, sec. 116 (a). Normal tax: Citizens and residents of United States, sec. 11. Residents of Canada and Mexico, sec. 211 (b). Residents of noncontiguous countries, sec. 211 (a) 66 45 20 Of insurance companies, other than life or mutual, sec. 204. 95 122 100 79 Nonresident citizen of United States, exclusion from gross income of earned 58 7 100 100 Notes, deposit of United States, in lieu of surety, act of 1926. May be administered by officer of United States so authorized, sec. Returns to be made under, secs. 51, 52. Obligations of States and Territories, exclusion from gross income of inter- Obligations of United States, interest upon: Credit against net income- Corporations, sec. 26 (a). Individuals, sec. 25 (b) Exclusion from gross income, sec. 22 (b) (4) Information returns as to payments of, sec. 148. Obsolescence. (See Depreciation.) Officers, salaries of State and municipal, act of 1926, sec. 1211 Officers and employees of Internal Revenue Bureau detailed to Washing- Sale of, surtax in case of, sec. 102- Organizations exempt from corporation tax, sec. 103- Overcollections of tax, act of 1926, sec. 1120__ 216 29, 30 11 23 21 11 83 226 171 17 56 40 40 219 Overpayments of tax, Supplement O.. Credit of- Act of 1926, sec. 1120.. After expiration of period of limitation, sec. 609-- Found by Board of Tax Appeals, amendment to 1926 act, sec. 507__ Interest on, sec. 614... Limitation on claims of, sec. 322 (b). Payment of barred tax considered as, sec. 607_. Refunds, after expiration of period of limitation, sec. 608- Tax withheld at source, sec. 144 (f)- Partnerships, special provisions as to, Supplement F. Foreign partnerships, withholding at source in case of, sec. 144 (b)__ Bond to stay collection of, sec. 273 (f) Voluntary, sec. 56 (d). Capital net gain and loss, sec. 101 (d). Interest in case of, sec. 295_ Absconding persons, sec. 147 (f) Act of 1926, general, sec. 1114. Page 127 219 156 148 148 128 155 155 80 89 79 34 81 115 35 40 35 123 34 34 105 104 83 217 Concealment of persons or property, sec. 147 (f). Criminal, sec. 146. Deficiency in tax, fraudulent or negligent, sec. 293_. 121 Evasion of surtax by accumulation of surplus, sec. 104. 173 200 173 Willful failure, sec. 146_. Failure to pay tax when due, sec. 294. Willful failure, sec. 146. Pension trusts, deduction for, by employers, in computing net income, Pensions, amounts received from, excluded from gross income, sec. 22 Percentage depletion, in case of oil and gas wells, sec. 114 (b) (3). Nonresident aliens, sec. 214.. Personal expenses, not deductible, sec. 24 (a) (1) Personal property, installment sales of, sec. 44_ Personal-service corporations: Act of 1926, sec. 1210.. Distributions by, exempt from tax to distributee, sec. 115 (e).. Personal services, income from: Included in gross income, sec. 22 (a). Treated as earned income, sec. 31 (a) (1). When treated as from sources within United States, sec. 119 (a) (3). Persons under disability, returns for, sec. 51 (c) Petition to Board of Tax Appeals in case of deficiency assessment, sec. 272.. Philippine Islands, income tax, act of 1926, sec. 261. Pistols, excise tax on, act of 1926 sec. 600 (2). Porto Rico, income tax, act of 1926, sec. 261_ Possessions of the United States: Citizen of, income tax of, sec. 252- Income from sources within, sec. 251.. Postmasters, sale of revenue stamps by, sec. 443_ Premiums: Information returns required as to, sec. 148 (a). Premiums paid, not deductible in computing net income, sec. 24 Premiums returned, not included in gross income, sec. 22 (b) (1), (2)– 11 exemption from income tax, sec. 103 (6)-- Prior acts, taxes under, act of 1926, sec. 283- 174 132 Proceedings by taxpayer, limitations upon, act of 1926, sec. 1113_ 217 Produce, tax on sales of, on exchange, act of 1926, sch. A (4). 207 56 Prompt assessment, income tax, request for, sec. 275 (b). 118 Property: Community, act of 1926, sec. 1212.. 226 Concealment of, jeopardy collection in case of, sec. 147. Deduction of future expenses in computing net income, in case of sale of real property, sec. 23 (0) - Gain or loss on sale or exchange of. (See Gain or loss.) 10 Acquired by gift or devise, sec. 22 (b) (3). Removal of, from United States, jeopardy collection in case of, 81 Value of, when acquired by gift, bequest, or devise, excluded from Prosecutions, limitation on, by the United States, act of 1926, sec. 1110_. Real-estate boards, exemption from income tax, sec. 103 (7). 41 Real estate, rental value of, not deductible in computing net income of life 94 Real-estate expenses, deduction in computing net income of life-insurance 94 Real property, gains, profits, and income from sale of, when treated as Reciprocal underwriters, deductions in case of, sec. 208 (b) (3). 100 Authority for, sec. 322. Records, commissioner's authority to require, sec. 54.- Redemption of stock, taxable when equivalent to dividend, sec. 115 (g) - Automobile accessories tax, sec. 424.. |