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Taxable Years

Beginning in 1943

Sec. 102. (d) (1) Section 102

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Sec. 102. (d) (1) Section 102 Sec. 102. (d) (1) Section 102 net income.-The term "section net income.-The term "section net income.-The term "section 102 net income" means the net in- 102 net income" means the net income, computed without the benefit come, computed without the net of the capital loss carry-over pro- operating loss deduction provided vided in section 117 (e) from a tax-in section 23 (s), minus the sum able year which begins after ofDecember 31, 1940, and computed without the net operating loss deduction provided in section 23 (s), minus the sum of

102 net income" means the net income, computed without the benefit of the capital loss carry-over provided in section 117 (e) from a taxable year which begins after December 31, 1940, and computed without the net operating loss deduction provided in section 23 (s), minus the sum of

(A) Taxes.-Federal income, (A) Taxes.-Federal income, (A) TAXES.-Federal income, war-profits, and excess-profits taxes war-profits, and excess-profits taxes war-profits, and excess-profits taxes (other than the tax imposed by (other than the tax imposed by (other than the tax imposed by Subchapter E of Chapter 2 for a Subchapter E of Chapter 2 for a Subchapter E of Chapter 2 for a taxable year beginning after De- taxable year beginning after De- taxable year beginning after December 31, 1940) paid or accrued cember 31, 1940) paid or accrued cember 31, 1940) paid or accrued during the taxable year, to the ex- during the taxable year, to the ex- during the taxable year, to the extent not allowed as a deduction by tent not allowed as a deduction by tent not allowed as a deduction by section 23, but not including the section 23, but not including the section 23, but not including the tax imposed by this section or a tax imposed by this section or a tax imposed by this section or a corresponding section of a prior corresponding section of a prior corresponding section of a prior income-tax law. income-tax law. income-tax law.

(B) Disallowed Charitable, etc., (B) Disallowed Charitable, etc., (B) DISALLOWED CHARITABLE, Contributions.-Contributions or Contributions. — Contributions or ETC., CONTRIBUTIONS.-Contribugifts payment of which is made gifts payment of which is made within the taxable year, not other- within the taxable year, not otherwise allowed as a deduction, to or wise allowed as a deduction, to or for the use of donees described in for the use of donees described in section 23 (o), for the purposes section 23 (o), for the purposes therein specified. therein specified.

(C) Disallowed Losses.-Losses from sales or exchanges of capital assets which are disallowed as a deduction by section 117 (d).

(D) Income Subject to ExcessProfits Tax. The credit for income subject to the tax imposed by Subchapter E of Chapter 2 provided in section 26 (e).

Sec. 102 (d) (1), I. R. C., supra, amended by Sec. 105 (e) (2) (b) and by Sec. 138, R. A. of 1942, to read as above.

Sec. 101 of said Act makes amendments applicable to taxable years beginning after Dec. 31, 1941.

For Sec. 102 (d), I. R. C., supra, before amendment, see 1942 column.

(C) Disallowed Losses.-Losses from sales or exchanges of capital assets which are disallowed as a deduction by section 117 (d).

(D) Income Subject to ExcessProfits Tax.-The credit for income subject to the tax imposed by Subchapter E of Chapter 2 provided in section 26 (e).

Sec. 102 (d) (1), I. R. C., amended by Sec. 138, R. A. of 1942, by adding language in italics in first paragraph.

Sec. 102 (d) (1), I. R. C., supra, again amended by Sec. 105 (e) (2), R. A. of 1942, by adding subparagraph (D), shown in italics.

Sec. 101 of said Act makes amendments applicable to taxable years beginning after Dec. 31, 1941.

For prior amendments of Sec. 102 (d), I. R. C., supra, see 1941 column.

Sec. 102. (d) (2) Undistributed Sec. 102. (d) (2) Undistributed section 102 net income.-The term section 102 net income.-The term "undistributed section 102 net in- "undistributed section 102 net income" means the section 102 net in- come" means the section 102 net income minus the basic surtax credit come minus the basic surtax credit provided in section 27 (b), but the provided in section 27 (b), but the computation of such credit under computation of such credit under section 27 (b) (1) shall be made section 27 (b) (1) shall be made without its reduction by the amount of the credit provided in section 26 (a), relating to interest on certain

without its reduction by the amount
of the credit provided in section 26
(a), relating to interest on certain

tions or gifts payment of which is made within the taxable year, not otherwise allowed as a deduction, to or for the use of donees described in section 23 (o), for the purposes therein specified.

(C) DISALLOWED LOSSES.-Losses from sales or exchanges of capital assets which are disallowed as a deduction by section 117 (d).

Sec. 102 (d) (1), I. R. C., supra, amended by Sec. 202 (b), R. A. of 1941, by adding language in italics. Sec. 205 of said Act makes amendment applicable to taxable years beginning after Dec. 31, 1940.

Sec. 102. (d) (2) Undistributed section 102 net income.-The term "undistributed section 102 net income" means the section 102 net income minus the basic surtax credit provided in section 27 (b), but the computation of such credit under section 27 (b) (1) shall be made without its reduction by the amount of the credit provided in section 26 (a), relating to interest on certain

Taxable Years
Beginning in 1940

Taxable Years
Beginning in 1939

Taxable Years Beginning before 1939

Sec 102. (d) (1) Section 102 net

See p. 130, Eighth Edition.

Sec. 102. (d) (1) Section 102 Sec. 102. (d) (1) Section 102 net net income.-The term "section income.-The term "section 102 income. 102 net income" means the net in-net income" means the net income, computed without the net come, computed without the net operating loss deduction provided operating loss deduction provided in section 23 (s), minus the sum in section 23(s), minus the sum ofof

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Taxable Years
Beginning in 1943

obligations of the United States and Government corporations.

Sec. 102. (e) Tax on personal holding companies.

For surtax on personal holding companies, see section 500

Sec. 102. (f) Income not placed on annual basis.-Section 47 (c) shall not apply in the computation of the tax imposed by this section.

Sec. 102 (f), I. R. C., supra, added to I. R. C. by Sec. 135 (b) (1), R. A. of 1942. Sec. 101 of said Act makes amendment applicable to taxable years beginning after Dec. 31, 1941.

Sec. 103. Rates of tax on citizens and corporations of certain foreign countries.

Taxable Years
Beginning in 1942

obligations of the United States
and Government corporations.

Sec. 102. (e) Tax on personal
holding companies.-

For surtax on personal holding companies, see section 500.

Sec. 102. (f) Income not placed on annual basis.-Section 47 (c) shall not apply in the computation of the tax imposed by this section.

Sec. 102 (f), I. R. C., supra, added to I. R. C. by Sec. 135 (b) (1), R. A. of 1942. Sec. 101 of said Act makes amendment applicable to taxable years beginning after Dec. 31, 1941.

Sec. 103. Rates of tax on citizens and corporations of certain foreign countries.

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Sec. 103. Rates of tax on citizens and corporations of certain foreign countries.

Whenever the President finds Whenever the President finds Whenever the President finds that, under the laws of any foreign that, under the laws of any foreign that, under the laws of any foreign country, citizens or corporations of country, citizens or corporations of country, citizens or corporations of the United States are being sub- the United States are being sub- the United States are being subjected to discriminatory or extra-jected to discriminatory or extra- jected to discriminatory or extraterritorial taxes, the President shall territorial taxes, the President shall territorial taxes, the President shall so proclaim and the rates of tax so proclaim and the rates of tax so proclaim and the rates of tax imposed by sections 11, 12, 13, 14, imposed by sections 11, 12, 13, 14, imposed by sections 11, 12, 13, 14, 201 (a), 204 (a), 207, 211 (a), 201 (a) (b), 204 (a), 207, 211 (a), 201 (b), 204 (a), 207, 211 (a), 231 231 (a), 362, and 450 shall, 231 (a), and 362 shall, for the tax- (a), and 362 shall, for the taxable for the taxable year during which able year during which such procla- year during which such proclamasuch proclamation is made and formation is made and for each tion is made and for each taxable each taxable year thereafter, be taxable year thereafter, be doubled year thereafter, be doubled in the doubled in the case of each citizen in the case of each citizen and cor- case of each citizen and corporation and corporation of such foreign poration of such foreign country; of such foreign country; but the country; but the tax at such but the tax at such doubled rate tax at such doubled rate shall be doubled rate shall be considered as shall be considered as imposed by considered as imposed by sections imposed by sections 11, 12, 13, 14, sections 11, 12, 13, 14, 201 (a) (b), 11, 12, 13, 14, 201 (b), 204 (a), 201 (a), 204 (a), 207, 211 (a), 204 (a), 207, 211 (a), 231 (a), or 207, 211 (a), 231 (a), or 362, as 231 (a), 362, and 450, as the case 362, as the case may be. In no case the case may be. In no case shall may be. In no case shall this sec- shall this section operate to in- this section operate to increase the tion operate to increase the taxes crease the taxes imposed by such taxes imposed by such sections imposed by such sections (com-sections (computed without regard (computed without regard to this puted without regard to this sec- to this section) to an amount in ex-section) to an amount in excess of tion) to an amount in excess of 80 cess of 80 per centum of the net 80 per centum of the net income of per centum of the net income of income of the taxpayer. Whenever the taxpayer. Whenever the Presithe taxpayer. Whenever the Presi- the President finds that the laws of dent finds that the laws of any fordent finds that the laws of any any foreign country with respect to eign country with respect to which foreign country with respect to which the President has made a the President has made a proclamawhich the President has made a proclamation under the preceding tion under the preceding provisions proclamation under the preceding provisions of this section have been of this section have been modified provisions of this section have been modified so that discriminatory and so that discriminatory and extramodified so that discriminatory and extraterritorial taxes applicable to territorial taxes applicable to citiextraterritorial taxes applicable to citizens and corporations of the zens and corporations of the United citizens and corporations of the United States have been removed. States have been removed, he shall United States have been removed, he shall so proclaim, and the provi- so proclaim, and the provisions of he shall so proclaim, and the provisions of this section providing for this section providing for doubled sions of this section providing for doubled rates of tax shall not apply rates of tax shall not apply to any doubled rates of tax shall not apply to any citizen or corporation of citizen or corporation of such forto any citizen or corporation of such foreign country with respect eign country with respect to any such foreign country with respect |

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obligations of the United States and obligations of the United States and Government corporations.

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Government corporations.

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Taxable Years Beginning before 1939

Sec. 102. (e) Tax on personal holding companies.

See p. 134, Eighth Edition.

Sec. 103. Rates of tax on citizens and corporations of certain foreign countries.

Sec. 103. Rates of tax on citizens and corporations of certain foreign countries.

finds

Whenever the President finds Whenever the President that, under the laws of any foreign that, under the laws of any foreign country, citizens or corporations of country, citizens or corporations of the United States are being sub- the United States are being subjected to discriminatory or extra- jected to discriminatory or extraterritorial taxes, the President shall territorial taxes, the President shall so proclaim and the rates of tax so proclaim and the rates of tax imposed by sections 11, 12, 13, 14, imposed by sections 11, 12, 13, 14, 201 (b), 204 (a), 207, 211 (a), 231 201 (b), 204 (a), 207, 211 (a), 231 (a), and 362 shall, for the taxable (a), and 362 shall, for the taxable year during which such proclama- year during which such proclamation is made and for each taxable tion is made and for each taxable year thereafter, be doubled in the year thereafter, be doubled in the case of each citizen and corporation case of each citizen and corporation of such foreign country; but the of such foreign country; but the tax at such doubled rate shall be tax at such doubled rate shall be considered as imposed by sections considered as imposed by sections 11, 12, 13, 14, 201 (b), 204 (a), 11, 12, 13, 14, 201 (b), 204 (a), 207, 211 (a), 231 (a), or 362, as 207, 211 (a), 231 (a), or 362, as the the case may be. In no case shall case may be. In no case shall this this section operate to increase the section operate to increase the taxes taxes imposed by such sections imposed by such sections (com(computed without regard to this puted without regard to this secsection) to an amount in excess of tion) to an amount in excess of 80 80 per centum of the net income of per centum of the net income of the the taxpayer. Whenever the Presi- taxpayer. Whenever the President dent finds that the laws of any for- finds that the laws of any foreign eign country with respect to which country with respect to which the the President has made a proclama- President has made a proclamation tion under the preceding provisions under the preceding provisions of of this section have been modified this section have been modified so so that discriminatory and extra- that discriminatory and extraterritorial taxes applicable to citi- territorial taxes applicable to citizens and corporations of the United zens and corporations of the United States have been removed, he shall States have been removed, he shall so proclaim, and the provisions of so proclaim, and the provisions of this section providing for doubled this section providing for doubled rates of tax shall not apply to any rates of tax shall not apply to any citizen or corporation of such for- citizen or corporation of such foreign country with respect to any eign country with respect to any

Sec. 103. Rates of tax on citizens and corporations of certain foreign countries.

See p. 134, Eighth Edition.

Taxable Years

Beginning in 1943

Taxable Years
Beginning in 1942

Taxable Years
Beginning in 1941

to any taxable year beginning after to any taxable year beginning after taxable year beginning after such such proclamation is made.

Sec. 103, I. R. C., supra, amended by Sec. 172 (c), R. A. of 1942, to read as above. Sec. 172 (g) of said Act makes amendment effective Jan. 1, 1943, and applicable to all wages (as defined in Part II of Subchapter D) paid on or after such date.

For Sec. 103, I. R. C., before amendment, see 1942 column. Sec. 101 of said Act makes amendment applicable to taxable years beginning after Dec. 31, 1941.

Sec. 104. Banks and trust companies.

such proclamation is made.

Sec. 103, I. R. C., supra, amended by Sec. 163 (b) (1), R. A. of 1942, by striking out "201 (b)" and substituting "201 (a)" in lieu thereof. Sec. 101 of said Act makes amendment applicable to taxable years beginning after Dec. 31, 1941.

Sec. 104. Banks and trust companies.

Sec. 104. (a) Definition.-As Sec. 104. (a) Definition.-As used in this section the term "bank" used in this section the term "bank" means a bank or trust company in- means a bank or trust company incorporated and doing business un-corporated and doing business under the laws of the United States der the laws of the United States (including laws relating to the Dis- (including laws relating to the District of Columbia), of any State, trict of Columbia), of any State, or of any Territory, a substantial or of any Territory, a substantial part of the business of which con- part of the business of which consists of receiving deposits and mak-sists of receiving deposits and making loans and discounts, or of exer- ing loans and discounts, or of exercising fiduciary powers similar to cising fiduciary powers similar to those permitted to national banks those permitted to national banks under section 11 (k) of the Federal under section 11 (k) of the Federal Reserve Act, 38 Stat. 262 (U. S. Reserve Act, 38 Stat. 262 (U. S. C., Title 12, § 248k), as amended, C., Title 12, § 248k), as amended, and which is subject by law to su- and which is subject by law to supervision and examination by pervision and examination by State, State, Territorial or Federal au- Territorial or Federal authority thority having supervision over having supervision over banking banking institutions.

Sec. 104. (b) Rate of tax.Banks shall be subject to tax under section 13 or section 14 (b), and under section 15.

Sec. 104 (b), I. R. C., supra, amended by Sec. 104 (c), R. A. of 1941, to read as above. Sec. 118 of said Act makes amendment applicable to taxable years beginning after Dec. 31, 1940.

For Sec. 104 (b), I. R. C., before amendment, see 1941 column.

Sec. 105. Sale of oil or gas properties.

institutions.

Sec. 104. (b) Rate of tax.Banks shall be subject to tax under section 13 or section 14 (b), and under section 15.

Sec. 104 (b), I. R. C., supra, amended by Sec. 104 (c), R. A. of 1941, to read as above. Sec. 118 of said Act makes amendment applicable to taxable years beginning after Dec. 31, 1940.

For Sec. 104 (b), I. R. C., before amendment, see 1941 column.

Sec. 105. Sale of oil or gas properties.

proclamation is made.

Sec. 104. Banks and trust companies.

Sec. 104. (a) Definition.-As used in this section the term "bank" means a bank or trust company incorporated and doing business under the laws of the United States (including laws relating to the District of Columbia), of any State, or of any Territory, a substantial part of the business of which consists of receiving deposits and making loans and discounts, or of exercising fiduciary powers similar to those permitted to national banks under section 11 (k) of the Federal Reserve Act, 38 Stat. 262 (U. S. C., Title 12, § 248k), as amended, and which is subject by law to supervision and examination by State, Territorial or Federal authority having supervision over banking institutions.

Sec. 104. (b) Rate of tax.Banks shall be subject to tax under section 13 or section 14 (b),

and under section 15.

Sec. 104 (b), I. R. C., supra, amended by Sec. 104 (c), R. A. of 1941, by adding language in italics and omitting language in stricken through type. Sec. 118 of said Act makes amendment applicable to taxable years beginning after Dec. 31, 1940.

Sec. 105. Sale of oil or gas properties.

In the case of a bona fide sale of In the case of a bona fide sale of In the case of a bona fide sale of any oil or gas property, or any in- any oil or gas property, or any in- any oil or gas property, or any interest therein, where the principal terest therein, where the principal terest therein, where the principal value of the property has been value of the property has been value of the property has been demonstrated by prospecting or ex- demonstrated by prospecting or ex- demonstrated by prospecting or exploration or discovery work done ploration or discovery work done ploration or discovery work done by the taxpayer, the portion of the by the taxpayer, the portion of the by the taxpayer, the portion of the tax imposed by section 12 attrib-tax imposed by section 12 attrib- tax imposed by section 12 attributable to such sale shall not exceed utable to such sale shall not exceed utable to such sale shall not exceed 30 per centum of the selling price 30 per centum of the selling price 30 per centum of the selling price of such property or interest. of such property or interest. of such property or interest.

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