Sec. 702. Basis of property upon sale by estate- Sec. 703. Deduction of estate and inheritance Sec. 704. Taxability of trusts as corporations- Sec. 705. Installment sales-Retroactive. Sec. 706. Contributions to charity-Retroactive. Sec. 707. Income tax on sale of vessels built before 1914. Sec. 708. Definition of the term "motor boat". Sec. 709. Remission or mitigation of forfeitures. Sec. 711. Commissioners of Court of Claims. Sec. 712. Bureau of Internal Revenue-Details to Act of 1926. Act of 1928. SEC. 2. CROSS REFERENCES. The cross references in this title to other portions of the title, where the word "see" is used, are made only for convenience, and shall be given no legal effect. SEC. 3. CLASSIFICATION OF PROVI- The provisions of this title are herein classified and designated as Subtitle A-Introductory provisions. Subtitle B-General provisions, divided into Parts and sections, Subtitle C-Supplemental provisions, divided into Supplements and sections. SEC. 4. SPECIAL CLASSES OF TAX- The application of the General Provisions and of Supplements A to D, inclusive, to each of the following special classes of taxpayers, shall be subject to the exceptions and additional provisions found in the Supplement applicable to such class, as follows: (a) Estates and trusts and the beneficiaries thereof,-Supplement E. (b) Members of partnerships,-Supplement F. (c) Insurance companies,-Supplement G. (d) Nonresident alien individuals,— Supplement H. (e) Foreign corporations,-Supplement I. (f) Individual citizens of any possession of the United States who are not otherwise citizens of the United States and who are not residents of the United States,-Supplement J. (g) Individual citizens of the United States or domestic corporations, satisfying the conditions of section 251 by reason of deriving a large portion of their gross income from sources within a possession of the United States,Supplement J. (h) China Trade Act corporations,Supplement K. Act of 1926. Act of 1928. SUBTITLE B-GENERAL PROVISIONS. Part I-Rates of Tax. SEC. 11. NORMAL TAX ON INDIVIDUALS. There shall be levied, collected, and paid for each taxable year upon the net income of every individual a normal tax equal to the sum of the following: (a) 11⁄2 per centum of the first $4,000 of the amount of the net income in excess of credits against net income provided in section 25; (b) 3 per centum of the next $4,000 of such excess amount; and (c) 5 per centum of the remainder of such excess amount. NOTE. For tax on nonresident aliens, not residents of a contiguous country, see Sec. 211 (a). SEC. 12. SURTAX ON INDIVIDUALS. (a) Rates of surtax.-There shall be levied, collected, and paid for each taxable year upon the net income of every individual a surtax as follows: Upon a net income of $10,000 there shall be no surtax; upon net incomes in excess of $10,000 and not in excess of $14,000, 1 per centum of such excess. $40 upon net incomes of $14,000; and upon net incomes in excess of $14,000 and not in excess of $16,000, 2 per centum in addition of such excess. $80 upon net incomes of $16,000; and upon net incomes in excess of $16.00 and not incess of $18,000, 3 per centum in addition of such excess. $140 upon net incomes of $18,000; and upon net incomes in excess of $18,000 and not in excess of $20,000, 4 per centum in addition of such excess. $220 upon net incomes of $20,000; and upon net incomes in excess of $20,000 and not in excess of $22,000, 5 per centum in addition of such excess. $320 upon net incomes of $22,000; and upon net incomes in excess of $22,000 and not in excess of $24,000, 6 per centum in addition of such excess. SEC. 211. (a) * * * there shall be levied, collected, and paid for each taxable year upon the net income of every individual a surtax as follows: Upon a net income of $10,000 there shall be no surtax; upon net incomes in excess of $10,000 and not in excess of $14,000, 1 per centum of such excess. $40 upon net incomes of $14,000; and upon net incomes in excess of $14,000 and not in excess of $16,000, 2 per centum in addition of such excess. $80 upon net incomes of $16,000; and upon net incomes in excess of $16,000 and not in excess of $18,000, 3 per centum in addition of such excess. $140 upon net incomes of $18,000; and upon net incomes in excess of $18,000 and not in excess of $20,000, 4 per centum in addition of such excess. $220 upon net incomes of $20,000; and upon net incomes in excess of $20,000 and not in excess of $22,000, 5 per centum in addition of such excess. $320 upon net incomes of $22,000; and upon net incomes in excess of $22,000 and not in excess of $24,000, 6 per centum in addition of such excess. |