taxable year beginning after such taxable year beginning after such proclamation is made. proclamation is made. Taxable Years Beginning before 1939 Sec. 104. Banks and trust companies. Sec. 104. (a) Sec. 104. Banks and trust com- Definition.-As Sec. 104. (a) Definition.-As used in this section the term "bank" Sec. 104. (b) Rate of tax.Banks shall be subject to tax under section 13 or section 14 (b). Sec. 104 (b), I. R. C., supra, amended by Sec. 202, R. A. of 1939, to read as above. Sec. 229 of said Act makes amendment applicable to taxable years beginning after Dec. 31, 1939. For Sec. 104 (b), supra, before amendment, see Sec. 104 (b) in 1939 column. Sec. 105. Sale of oil or gas properties. Sec. 104. (b) Rate of tax.Banks shall be taxable under section 14 (d). 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 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 value of the property has been value of the property has been demonstrated by prospecting or ex- demonstrated by prospecting or exploration or discovery work done ploration or discovery work done by by the taxpayer, the portion of the the taxpayer, the portion of the tax tax imposed by section 12 attrib-imposed by section 12 attributable utable to such sale shall not exceed to such sale shall not exceed 30 per 30 per centum of the selling price centum of the selling price of such of such property or interest. property or interest. Sec. 104. Banks and trust companies. Sec. 104. (a) Definition. See p. 136, Eighth Edition. Sec. 104. (b) Rate of tax. See p. 136, Eighth Edition. Sec 105. Sale of oil or gas properties. See p. 138, Eighth Edition. Taxable Years Beginning in 1943 Taxable Years Taxable Years Sec. 106. Claims against United Sec. 106. Claims against United Sec. 106. Claims against United States involving acquisition of States involving acquisition of States involving acquisition of property. property. property. In the case of amounts (other In the case of amounts (other In the case of amounts (other than interest) received by a tax- than interest) received by a tax- than interest) received by a taxpayer from the United States with payer from the United States with respect to a claim against the respect to a claim against the United States involving the acquisi- United States involving the acquisition of property and remaining un- tion of property and remaining unpaid for more than fifteen years, paid for more than fifteen years, the portion of the tax imposed by the portion of the tax imposed by section 12 attributable to such re- section 12 attributable to such receipt shall not exceed 30 per cen- ceipt shall not exceed 30 per centum of the amount (other than tum of the amount (other than interest) so received. interest) so received. Sec. 107. Compensation for services rendered for a period of thirty-six months or more. Sec. 107. Compensation for services rendered for a period of thirty-six months or more. Sec. 107. (a) Personal services. Sec. 107. (a) Personal services. -If at least 80 per centum of the If at least 80 per centum of the total compensation for personal total compensation for personal services covering a period of thirty- services covering a period of thirtysix calendar months or more (from six calendar months or more (from the beginning to the completion of the beginning to the completion of such services) is received or ac- such services) is received or accrued in one taxable year by an individual or crued in one taxable year by an or a partnership, the individual a partnership, the tax attributable to any part thereof tax attributable to any part thereof which is included in the gross in- which is included in the gross in come of any individual shall not come of any individual shall not be greater than the aggregate of be greater than the aggregate of the taxes attributable to such part the taxes attributable to such part had it been included in the gross had it been included in the gross income of such individual ratably income of such individual ratably over that part of the period which over that part of the period which precedes the date of such receipt precedes the date of such receipt or accrual. or accrual. payer from the United States with respect to a claim against the United States involving the acquisition of property and remaining unpaid for more than fifteen years, the portion of the tax imposed by section 12 attributable to such receipt shall not exceed 30 per centum of the amount (other than interest) so received. Sec. 107. Compensation for services rendered for a period of thirty-six months or more. Sec. 107. (a) Personal services. If at least 80 per centum of the total compensation for personal services covering a period of thirtysix calendar months or more (from the beginning to the completion of such services) is received or accrued in one taxable year by an individual or a partnership, the tax attributable to any part thereof which is included in the gross income of any individual shall not be greater than the aggregate of the taxes attributable to such part had it been included in the gross income of such individual ratably over that part of the period which precedes the date of such receipt or accrual. Sec. 107. (b) Patent, copyright, Sec. 107. (b) Patent, copyright, Sec. 107. (b) Patent, copyright, etc. For the purposes of this sub-etc.-For the purposes of this sub- etc.-For the purposes of this subsection, the term "artistic work or section, the term "artistic work or section, the term "artistic work or invention," in the case of an indi-invention," in the case of an indi- invention," in the case of an individual, means a literary, musical, vidual, means a literary, musical, vidual, means a literary, musical, or artistic composition of such indi- or artistic composition of such indi- or artistic composition of such individual or a patent or copyright cov-vidual or a patent or copyright cov-vidual or a patent or copyright covering an invention of or a literary, ering an invention of or a literary, ering an invention of or a literary, musical, or artistic composition of musical, or artistic composition of musical, or artistic composition of such individual, the work on which such individual, the work on which such individual, the work on which by such individual covered a period by such individual covered a period by such individual covered a period of thirty-six calendar months or of thirty-six calendar months or of thirty-six calendar months or more from the beginning to the more from the beginning to the more from the beginning to the completion of such composition or completion of such composition or completion of such composition or invention. If, in the taxable year, invention. If, in the taxable year, invention. If, in the taxable year, the gross income of any individual the gross income of any individual the gross income of any individual from a particular artistic work or from a particular artistic work or from a particular artistic work or invention by him is not less than invention by him is not less than invention by him is not less than 80 per centum of the gross income 80 per centum of the gross income 80 per centum of the gross income in respect of such artistic work or in respect of such artistic work or in respect of such artistic work or invention in the taxable year plus invention in the taxable year plus invention in the taxable year plus the gross income therefrom in pre- the gross income therefrom in pre- the gross income therefrom in previous taxable years and the twelve vious taxable years and the twelve vious taxable years and the twelve months immediately succeeding the months immediately succeeding the months immediately succeeding the close of the taxable year, the tax close of the taxable year, the tax close of the taxable year, the tax Taxable Years Taxable Years Taxable Years Sec. 106. Claims against United Sec. 106. Claims against United Sec. 106. Claims against United States involving acquisition of States involving acquisition of States involving acquisition of property. property. In the case of amounts (other In the case of amounts (other than interest) received by a tax- than interest) received by a taxpayer from the United States with payer from the United States with respect to a claim against the respect to a claim against the United States involving the acquisition of property and remaining unpaid for more than fifteen years, the portion of the tax imposed by section 12 attributable to such receipt shall not exceed 30 per centum of the amount (other than interest) so received. Sec. 107. Compensation for services rendered for a period of five years or more. United States involving the acquisi- Sec. 107. Compensation for serv- In the case of compensation (a) In the case of compensation (a) received, for personal services ren- received, for personal services rendered by an individual in his dered by an individual in his individual capacity, or as a member individual capacity, or as a member of a partnership, and covering a of a partnership, and covering a period of five calendar years or period of five calendar years or more from the beginning to the more from the beginning to the completion of such services, (b) paid (or not less than 95 per centum of which is paid) only on completion of such services, and (c) required to be included in gross income of such individual for any taxable year beginning after December 31, 1938, the tax attribu- December 31, 1938, the tax attribtable to such compensation shall not be greater than the aggregate of the taxes attributable to such compensation had it been received in equal portions in each of the years included in such period. Sec. 107, I. R. C., supra, was added by Sec. 220 (a), R. A. of 1939. Sec. 220 (b) of said Act makes amendment applicable to taxable years beginning after Dec. 31, 1938. completion of such services, (b) utable to such compensation shall Sec. 107, I. R. C., supra, property. See p. 138, Eighth Edition. Taxable Years Taxable Years Taxable Years attributable to the part of such attributable to the part of such gross income of the taxable year gross income of the taxable year which is not taxable as a gain from which is not taxable as a gain from the sale or exchange of a capital the sale or exchange of a capital asset held for more than 6 months asset held for more than 6 months shall not be greater than the aggre- shall not be greater than the aggregate of the taxes attributable to gate of the taxes attributable to attributable to the part of such gross income of the taxable year which is not taxable as a gain from the sale or exchange of a capital asset held for more than 6 months shall not be greater than the aggregate of the taxes attributable to such part had it been received such part had it been received such part had it been received ratably over that part of the period ratably over that part of the period ratably over that part of the period preceding the close of the taxable preceding the close of the taxable preceding the close of the taxable year but not more than thirty-six year but not more than thirty-six year but not more than thirty-six calendar months. calendar months. calendar months. Sec. 107. (c) Fractional parts of a month. For the purposes of this section a fractional part of a month shall be disregarded unless it amounts to more than half a month in which case it shall be considered as a month. Sec. 107 I. R. C., supra, amended to read as above by Sec. 139 (a), R. A. of 1942. Sec. 139 (b) of said Act makes amendment applicable to taxable years beginning after December 31, 1940; but with respect to a taxable year beginning after December 31, 1940, and not beginning after December 31, 1941, the period specified in Sec. 107, I. R. C., supra, shall be sixty months and the percentage specified in lieu of thirty-six months, in Sec. 107, I. R. C., supra, shall be 75 per centum in lieu of 80 per centum. Sec. 108. Taxable years beginning in 1941 and ending after June 30, 1942. Sec. 108. (a) General rule.-In the case of a taxable year beginning in 1941 and ending after June 30, 1942, the tax imposed by sections 11, 12, 13, 14, and 15 shall be Sec. 107. (c) Fractional parts of a month.-For the purposes of his section a fractional part of month shall be disregarded unless it amounts to more than half a month in which case it shall be considered as a month. Sec. 107 I. R. C., supra, amended to read as above by Sec. 139 (a), R. A. of 1942. Sec. 139 (b) of said Act makes amendment applicable to taxable years beginning after December 31, 1940; but with respect to a taxable year beginning afer December 31, 1940, and not beginning after December 31, 1941, the period specified in Sec. 107, I. R. C., supra, shall be sixty months in lieu of thirty-six months, and the percentage specified in Sec. 107, I. R. C., supra, shall be 75 per centum in lieu of 80 per centum. Sec. 108. Taxable years beginning in 1941 and ending after June 30, 1942. Sec. 108. (a) General rule.-In the case of a taxable year beginning in 1941 and ending after June 30, 1942, the tax imposed by sections 11, 12, 13, 14, and 15 shall be Sec. 107. (c) Fractional parts of a month. For the purposes of this section a fractional part of a month shall be disregarded unless it amounts to more than half a month in which case it shall be considered as a month. Sec. 107 I. R. C., supra, amended to read as above by Sec. 139 (a), R. A. of 1942. Sec. 139 (b) of said Act makes amendment applicable to taxable years beginning after December 31, 1940; but with respect to a taxable year beginning after December 31, 1940, and not beginning after December 31, 1941, the period specified in Sec. 107, I. R. C., supra, shall be sixty months in lieu of thirty-six months, and the percentage specified in Sec. 107, I. R. C., supra, shall be 75 per centum in lieu of 80 per centum. Sec. 108. Taxable years beginning in 1941 and ending after June 30, 1942. Sec. 108. (a) General rule.—In the case of a taxable year beginning in 1941 and ending after June 30, 1942, the tax imposed by sections 11, 12, 13, 14, and 15 shall be Sec. 108. (a) (1) Corporations. an-In the case of a corporation an amount equal to the sum of— Sec. 108. (a) (1) Corporations. Sec. 108. (a) (1) Corporations. -In the case of a corporation an-In the case of a corporation amount equal to the sum of— amount equal to the sum of— (A) that portion of a tentative tax, computed without regard to section 140 of the Revenue Act of 1942, which the number of days in such taxable year before July 1, 1942, bears to the total number of days in such taxable year, plus (A) that portion of a tentative tax, computed without regard to section 140 of the Revenue Act of 1942, which the number of days in uch taxable year before July 1, 1942, bears to the total number of days in such taxable year, plus (A) that portion of a tentative tax, computed without regard to section 140 of the Revenue Act of 1942, which the number of days in such taxable year before July 1, 1942, bears to the total number of days in such taxable year, plus (B) that portion of a tentative (B) that portion of a tentative (B) that portion of a tentative tax, computed as if the amend- tax, computed as if the amend- tax, computed as if the amendments ments made by section 105 (a) and ments made by section 105 (a) and made by section 105 (a) and the the amendments made by sections the amendments made by sections amendments made by sections 105 105 (b) (other than those relating 105 (b) (other than those relating to (b) (other than those relating to to dividends on the preferred stock dividends on the preferred stock of dividends on the preferred stock of of public utilities) (c), (d), and public utilities) (c), (d), and (e) public utilities) (c), (d), and (e) (e) (1) of the Revenue Act of 1942 (1) of the Revenue Act of 1942 (1) of the Revenue Act of 1942 were applicable to such taxable were applicable to such taxable were applicable to such taxable year, which the number of days in year, which the number of days in year, which the number of days in such taxable year after June 30, such taxable year after June 30, such taxable year after June 30, |