COMMITTEE ON WAYS AND MEANS.

HOUSE OF REPRESENTATIVES.

SEVENTIETH CONGRESS, FIRST SESSION.

WILLIS C. HAWLEY, Oregon, Chairman.
ALLEN T. TREADWAY, Massachusetts. JOHN N. GARNER, Texas.
ISAAC BACHARACH, New Jersey.

JAMES W. COLLIER, Mississippi.
LINDLEY H. HADLEY, Washington.

WILLIAM A. OLDFIELD, Arkansas.
CHARLES B. TIMBERLAKE, Colorado. CHARLES R. CRISP, Georgia.
HENRY W. WATSON, Pennsylvania.

JOHN F. CAREW, New York.
JAMES C. MCLAUGHLIN, Michigan.

WHITMELL P. MARTIN, Louisiana.
CHARLES C. KEARNS, Ohio.

HENRY T. RAINEY, Illinois.
CARL R. CHINDBLOM, Illinois.

CORDELL HULL, Tennessee.
FRANK CROWTHER, New York.

CLEMENT C. DICKINSON, Missouri.
CHARLES L. FAUST, Missouri.

ROBERT L. DOUGHTON, North Carolina.
RICHARD S. ALDRICH, Rhode Island.
HARRY A. ESTEP, Pennsylvania.
O. WILLIAM RAMSEYER, Iowa.
FREDERICK M. DAVENPORT, New York.

CLAYTON F. MOORE, Clerk.
II

CONTENTS

Page

Foreword..

Income Tax (Title I)--

Introductory Provisions (Subtitle A).

General Provisions (Subtitle B).

Rates of Tax (Part I)-

Computation of Net Income (Part II)

Credits Against Tax (Part III)-

Accounting Periods and Methods of Accounting (Part IV).

Returns and Payment of Tax (Part V)-

Miscellaneous Provisions (Part VI)--

Supplemental Provisions (Subtitle C)--

Rates of Tax (Supplement A)--

Computation of Net Income (Supplement B).

Credits Against Tax (Supplement C)-

Returns and Payment of Tax (Supplement D).

Estates and Trusts (Supplement E).

Partnerships (Supplement F).

Insurance Companies (Supplement G)-

Nonresident Alien Individuals (Supplement H).

Foreign Corporations (Supplement I)---

Possessions of the United States (Supplement J)

China Trade Act Corporations (Supplement K).

Assessment and Collection of Deficiencies (Suppl. L).

Interest and Additions to Tax (Supplement M)-

Claims Against Transferees and Fiduciaries (Suppl. N).

Overpayments (Supplement O) ---

Miscellaneous Taxes (Title II)-

Estate Tax (Part I) -

Admissions and Dues Tax (Part II).

Excise Taxes (Part III).

Special Taxes (Part IV)

Stamp Taxes (Part V)--

Liquor Taxes (Part VI).

Amendments to 1926 Income Tax (Title III).

Administrative Provisions (Title IV).

General Provisions (Title V)

Supplement-Provisions of 1926 Act not shown in Comparison..

Alphabetical Index..

10

23

24

29

36

38

38

45

68

73

85

89

92

100

104

106

108

110

120

124

127

130

130

132

135

139

141

142

145

149

165

173

227