EXCESS PROFITS TAXES Cont. Exchanges, § 760. Determination of basis of property received, § 760 (a) (2). Exchange defined, § 760 (a) (1). Rule, & 760 (b). Transferee defined, § 760 (a) (1). Transferor defined, § 760 (a) (1). Foreign corporations and corporations entitled to Invested capital, § 724. Definition of United States asset, § 724 (c). General rule, § 724 (a). Foreign taxes paid, § 729 (c). General relief, § 722. Application for relief, § 722 (d). Constructive average base period net income, General rule, § 722 (a). Invested capital corporations, § 722 (c). Rules for application of Section 722, § 722 Taxpayers using average earnings method, General rule, § 722 (a). Invested capital corporations, § 722 (c). Mining corporations, § 722 (f). Rules for application of Section 722, § 722 (e). Highest bracket amount and invested capital Daily invested capital of transferor, § 752 (a). Taxable year of exchange involving control, Taxable years after exchange involving con- trol, 752 (c) (2). Taxable years after exchange not involving Taxable years under Sec. 112 (b) (5), § 752 Taxable years under Sec. 112 (b) (6), § 752 Highest bracket amount of transferor, § 752 Taxable year of exchange, § 752 (b) (1). Taxable years after exchange not involving Taxable years under Sec. 115 (b) (5), § 752 Control defined, § 750 (d). Exchange defined, § 750 (a). Exchanges of certain kinds, § 751. Borrowed capital, § 751 (b). Property paid in for stock, § 751 (a). EXCESS PROFITS TAXES Cont. Imposition, § 710 (a). Application of rates in certain exchanges, § 710 Deferment of payment in case of abnormality, § 710 (a) (5). General rule, § 710 (a) (1). Mutual insurance companies, § 710 (a) (4). Installment basis taxpayers' relief, § 736. Adjustment of equity invested capital, § 761 (d). Liquidation extending over long period, § 761 Regulations, § 761 (g) (1). Intercorporate liquidations defined, § 761 (a). Minus adjustment defined, § 761 (b) (2). Plus adjustment defined, § 761 (b) (1). Stock having cost basis, § 761 (c) (1) Equity defined, § 718 (a). Limitations on amount of foreign tax credit, § 729 (d). Long term contract taxpayers' relief, § 736. Mining and timber operations, § 735. Estimated recoverable units defined, § 735 (a) (10). Excess output defined, § 735 (a) (4). Exempt excess output defined, § 735 (a) (11). Rule if income from excess output includes Nontaxable income from excess output, § 735 (b). Rule if income from excess output includes Timber properties, § 735 (b) (3). Producer defined, § 735 (a) (1). Timber block defined, § 735 (a) (8). Timber unit defined, § 735 (a) (3). Unit net income defined, § 735 (a) (12). Navy contracts, §§ 650, 651. Method of collection, § 650. EXCESS PROFITS TAXES Cont. Navy contracts-Cont. Laws applicable, § 651. Personal service corporations, § 725. Election as to taxability, § 725 (b). Post war refund of excess profits tax, § 780. Debt retirement credit results in reduction, Exemption of proceeds from tax, § 780 (d). In general, § 780 (a). Special rules for application of Section 780, § 781. Effect of refunds, § 781 (b). Limitation on amount of refund, § 781 (d). Tax payments after cut off date, § 781 (c). Tax imposed under this subchapter defined, § 780 Terms and maturity of bonds, § 780 (c). Consolidated, § 729 (b) (3). None required, § 729 (b) (2). Review of abnormalities by Tax Court, §§ 722 (d), 732. Deficiency found by Board in case of claims, § 732 Finality of determination, § 732 (c). Review by special division of Board, § 732 (d). Component corporation, definition, § 740 (b). tion, 740 (g). Excess profits credit, § 740 (c). Supplement A net income, § 740 (c). Excess profits credit based on income, §§ 740-744. Base period years, § 740 (e). Election of income credit, § 741. Existence of acquiring corporation, § 740 (f). Not included in term corporation, § 744. not included, § 740 (c). Sole proprietorship, § 740 (h). Supplement A average base period net income, Computation, § 742. Increased earnings in each half of base period, § 742 (h). General rule, § 742 (h) (1). Limitation where taxable years end after May 31, 1940, § 742 (h) (2). Net capital changes, § 743. Taxpayer using Supplement A, § 743 (a). Unused excess profits credit adjustment, § 710 (c). Definition, § 710 (c) (2). Excess profits tax rates, § 710 (a) (2). Transferee defined, § 761 (a) (1). EXCHANGES AND DISTRIBUTIONS UNDER OR- Basis for determining gain or loss, § 372. Exchanges of stock and securities only, § 372 (a) (1). Transfers to corporations, § 372 (b). Transfers within system group, § 372 (d). Definitions, § 373. Associate company, § 373 (b). Holding company system, § 373 (b). Majority owned subsidiary company, § 373 (c). Non-exempt property, § 373 (e). Order of S. E. C., § 373 (a). Registered holding company, § 373 (b). Stock or securities, § 373 (f). System group, § 373 (d). Non-recognition of gain or loss, § 371. Application of section, § 371 (f). Distribution of securities only, § 371 (c). Exchanges and sales of property by corporations, § 371 (b). Exchanges not solely in kind, § 371 (e). Exchanges of stock or securities only, § 371 (a). EXCHANGES NOT SOLELY IN KIND EXCHANGES SOLELY IN KIND Exchanges and distributions under orders of S. E. Loss not recognized on certain railroad reorganiza- Property held for productive use or investment, EXCHANGES SOLELY IN KIND-Cont. Property received by corporation on complete Stock for stock of same corporation, § 112 (b) (2). Transfer to corporation controlled by transferor, EXCLUSIONS Gift taxes, § 1003 (b). EXCLUSIONS FROM GROSS INCOME Additional allowance for military and naval per- sonnel, § 22 (b) (13). Annuities, § 22 (b) (2). Bad debts recovered, § 22 (b) (12). Bridges to be acquired by state or political subdivi- Compensation for injuries or sickness, § 22 (b) (5). Certificate by Secretary of State, § 116 (h) (2). Dividend from China Trade Act corporation, § 116 Earned income from sources without United States, § 116 (a). Foreign resident for entire taxable year, § 116 Taxable year of change of residence to United Gifts, § 22 (b) (3). Improvements by lessee on lessor's property, § 22 Income exempt under treaty, § 22 (b) (7). Income from discharge of indebtedness, § 22 (b) Income from discharge of indebtedness of railroad Income of foreign governments, § 116 (c). Income of states, municipalities, etc., § 116 (d). Life insurance, § 22 (b) (1). Ministers, rental value of dwelling house, § 22 (b) Miscellaneous items, § 22 (b) (8). Prior taxes recovered, § 22 (b) (12). Ship owners' protection and indemnity associations, EXEMPT CORPORATIONS Cont. Benevolent life insurance associations, § 101 (10). Capital stock tax, § 1201. Civic leagues, § 101 (8). Co-operative telephone companies, § 101 (10). Corporate instrumentalities of the United States, Domestic building and loan associations, § 101 (4). Excess profits tax, § 727. Farmers' associations, § 101 (12), (13). Mutual ditch companies, § 101 (10). Prevention of cruelty to children or animals, § 101 Real estate boards, § 101 (7). Religious, § 101 (6). Religious associations engaging in business, § 101 Advertising, § 23 (a) (1). Decedents, deductible by, § 126 (b) (1). Deductibility from gross estate, §§ 861 (a) (1), Deductibility from gross income, § 23 (a). Deductibility from victory tax gross income, § 451 Good will, § 23 (a) (1). Unpaid, § 24 (c). EXPENSES INCURRED Insurance companies other than life or mutual, § 204 EXPIRATION DATE EXTENSION OF TIME Definition, § 119 (f). FABRICATED Definition, § 119 (f). FAILURE F Collect income tax, § 145 (b). File income tax return, penalty, § 145 (a). Furnish receipt of victory tax, § 470 (a). Pay income tax when due, § 294 (a). FINANCE COMMITTEE Inspection of income tax returns, § 55 (d) (1). FINES Suits by United States for, § 3745. FISCAL YEAR Change to or from, § 46. FLUORSPAR Percentage depletion, § 114 (b) (4). FOREIGN Definition, § 3797 (a) (5). FOREIGN CORPORATIONS Affiliation, § 238. Allowance of deductions and credits, § 233. Classified as to source of business, § 231. Requirement for allowance of, § 233. Charitable, etc., contributions, § 232 (b). Requirement for allowance of, § 233. Excess profits tax. See "Excess Profits Taxes." changes, § 112 (i). Gross income, § 231 (c). Income tax. See "Income Tax." Insurance companies. See "Foreign Insurance Com- panies.'' Invested capital, § 724. Nonresident corporations, § 231 (a). Imposition of tax, §§ 231 (a) (1), 231 (b). Payment of income tax, § 236. Time of payment, § 236 (a). Payment of tax at source, § 144. Reciprocal tax, § 103. Resident corporations, § 231 (b). Exemption from requirement, § 235 (b). Returns as to formation of, § 3604. Ships under foreign flag, § 231 (d). FOREIGN GOVERNMENTS Income of, § 116 (c). FOREIGN INSURANCE COMPANIES Mutual, § 207 (a) (5). Other than life or mutual, § 204 (a). FOREIGN ITEMS Collection of, § 150. Rents, § 332 (g). Royalties, § 332 (a). Gross income, § 334. Additions to, § 334 (b), (c). Defined, § 334 (a). Gross income requirement, § 331 (a) (1). Information returns by officers and directors, § 338. Annual returns, § 338 (b). Monthly returns, § 338 (a). Penalty for failure to file, § 340. Information returns by shareholders, § 339. Annual returns, § 339 (b). Monthly returns, § 339 (a). Penalties for failure to file, § 340. Limitations where distributive share omitted from Net income not placed on annual basis, § 336 (d). Constructive ownership, § 333 (a). Application of family-partnership and option Constructive ownership as actual ownership, Convertible securities, § 333 (b). Option rule in lieu of family and partnership Options, § 333 (a) (3). Partnership ownership, § 333 (a) (2). Stock not owned by individual, § 333 (a) (1). Contributions or gifts, § 336 (a) (2). Income, war and excess-profits taxes, § 336 (a) FRUIT GROWERS' ASSOCIATIONS Exempt from income tax, § 101 (12), (13). Deductibility from gross estate, § 812 (b) (1). Foreign personal holding company income, § 332 (c). |