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Taxable Years
Beginning in 1940

Taxable Years
Beginning in 1939

Taxable Years
Beginning before 1939

Sec. 23. (p) (2) Deductions un

Sec. 23. (p) (2) Deductions under prior income tax acts.-Any der prior income tax acts.-Any deduction allowable under section deduction allowable under section 23 (q) of the Revenue Act of 1928, 23 (q) of the Revenue Act of 1928, 45 Stat. 802, or the Revenue Act 45 Stat. 802, or the Revenue Act of 1932, 47 Stat. 182, or the Rev- of 1932, 47 Stat. 182, or the Revenue Act of 1934, 48 Stat. 691, enue Act of 1934, 48 Stat. 691, under section 23 (p) of the Rev- under section 23 (p) of the Revenue Act of 1936, 49 Stat. 1661, enue Act of 1936, 49 Stat. 1661, or the Revenue Act of 1938, 52 Stat. 464, which under such section was apportioned to any taxable year beginning after December 31, 1937, shall be allowed as a deduction in the years to which so apportioned to the extent allowable under such section if it had remained in force with respect to

such year.

or the Revenue Act of 1938, 52
Stat. 464, which under such sec-
tion was apportioned to any tax-
able year beginning after Decem-
ber 31, 1937, shall be allowed as a
deduction in the years to which so
apportioned to the extent allow-
able under such section if it had
remained in force with respect to
such year.

Sec. 23. (p) (3) Exemption of Sec. 23. (p) (3) Exemption of trusts under section 165.-The trusts under section 165.-The provisions of paragraphs (1) and provisions of paragraphs (1) and (2) of this subsection shall be sub- (2) of this subsection shall be subject to the qualification that the ject to the qualification that the deduction under either paragraph deduction under either paragraph shall be allowable only with re- shall be allowable only with respect to a taxable year (whether spect to a taxable year (whether the year of the transfer or pay- the year of the transfer or payment or a subsequent year) of the ment or a subsequent year) of the employer ending within or with a employer ending within or with a taxable year of the trust with re- taxable year of the trust with respect to which the trust is exempt spect to which the trust is exempt from tax under section 165. from tax under section 165.

Sec. 23. (q) Charitable and Sec. 23. (q) Charitable and other other contributions by corpora- contributions by corporations.tions. In the case of a corporation, In the case of a corporation, concontributions or gifts payment of tributions or gifts payment of which is made within the taxable which is made within the taxable year to or for the use of a corpora- year to or for the use of a domestion, trust, or community chest, tic corporation, or domestic trust, fund, or foundation, created or or- or domestic community chest, fund, ganized in the United States or in or foundation, organized and operany possession thereof or under the ated exclusively for religious, law of the United States, or of any charitable, scientific, literary, or State or Territory, or of the District educational purposes or the preof Columbia, or of any possession of vention of cruelty to children (but the United States, or of any State in the case of contributions or or Territory, or of the District of gifts to a trust, chest, fund, or founColumbia, or of any possession of dation, only if such contributions or the United States, organized and gifts are to be used within the

Sec. 23. (p) (2) Deductions under prior income tax acts.

See p. 50, Eighth Edition.

Sec. 23. (p) (3) Exemption of trusts under section 165.

See p. 50, Eighth Edition.

Sec. 23. (q) Charitable and other contributions by corporations.

See p. 50, Eighth Edition.

Taxable Years
Beginning in 1943

Taxable Years
Beginning in 1942

Taxable Years
Beginning in 1941

the United States or in any posses- the United States or in any posses- for the prevention of cruelty to
sion thereof or under the law of sion thereof or under the law of children (but in the case of contri-
the United States, or of any State the United States, or of any State butions or gifts to a trust, chest,
or Territory, or of the District of or Territory, or of the District of fund, or foundation, only if such
Columbia, or of any possession of Columbia, or of any possession of contributions or gifts are to be
the United States, organized and the United States, organized and used within the United States or
operated exclusively for religious, operated exclusively for religious, any of its possessions exclusively
charitable, scientific, literary, or ed- charitable, scientific, literary, or ed- for such purposes), no part of the
ucational purposes or for the pre-
ucational purposes or for the pre- net earnings of which inures to the
vention of cruelty to children (but vention of cruelty to children (but benefit of any private shareholder
in the case of contributions or gifts in the case of contributions or gifts or individual, and no substantial
to a trust, chest, fund, or founda- to a trust, chest, fund, or founda- part of the activities of which is
tion, payment of which is made tion, payment of which is made carrying on propaganda, or other-
within a taxable year beginning af- within a taxable year beginning af- wise attempting, to influence legis-
ter the date of the cessation of hos-ter the date of the cessation of hos-lation; to an amount which does
tilities in the present war, as pro- not exceed 5 per centum of the tax-
claimed by the President, only if payer's net income as computed
such contributions or gifts are to without the benefit of this subsec-
be used within the United States or tion. Such contributions or gifts
any of its possessions exclusively shall be allowable as deductions
any of its possessions exclusively for such purposes), no part of the only if verified under rules and
for such purposes), no part of the net earnings of which inures to the regulations prescribed by the Com-
net earnings of which inures to the benefit of any private shareholder missioner, with the approval of the
benefit of any private shareholder
or individual, and no substantial Secretary.
or individual, and no substantial part of the activities of which is
part of the activities of which is carrying on propaganda, or other-
carrying on propaganda, or other-wise attempting, to influence legis-
wise attempting, to influence legislation;
lation;

tilities in the present war, as proclaimed by the President, only if such contributions or gifts are to be used within the United States or

to an amount which does not exceed to an amount which does not exceed 5 per centum of the taxpayer's net 5 per centum of the taxpayer's net income as computed without the income as computed without the benefits of this subsection. Such benefits of this subsection. Such contributions or gifts shall be alcontributions or gifts shall be allowable as deductions only if verilowable as deductions only if veri- fied under rules and regulations prefied under rules and regulations pre-scribed by the Commissioner, with scribed by the Commissioner, with the approval of the Secretary. the approval of the Secretary.

Sec. 23 (q), I. R. C., supra, amended by Sec. 125, R. A. of 1942, to read as above. Sec. 101 of said Act makes amendment applicable to taxable years beginning after Dec. 31, 1941.

For Sec. 23 (q) before amendment, see 1942 col

umn.

Sec. 23. (r) Dividends paid by banking corporations.

For deduction of dividends paid by certain banking corsection porations see 121.

The first sentence of Sec. 23 (q), I. R. C., supra, amended by Sec. 125, R. A. of 1942, to read as above in italics. Sec. 101 of said Act makes amendment applicable to taxable years beginning after Dec. 31, 1941. For Sec. 23 (q) before amendment, see Sec. 23 (q) in 1941 column.

Sec. 23. (r) Dividends paid by banking corporations.-

For deduction of dividends paid by certain banking corporations see section 121.

Sec. 23. (s) Net operating loss Sec. 23. (s) Net operating loss deduction. For any taxable year deduction. For any taxable year beginning after December 31, 1939, beginning after December 31, 1939, the net operating loss deduction the net operating loss deduction computed under section 122. computed under section 122.

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Sec. 23 (q), I. R. C., supra, amended by Sec. 224 (b), 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. 23 (q) before amendment, see Sec. 23 (q) in 1939 column.

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operated exclusively for religious, United States exclusively for such charitable, scientific, literary, or purposes), no part of the net earneducational purposes or for the pre-ings of which inures to the benefit vention of cruelty to children (but of any private shareholder or inin the case of contributions or dividual, and no substantial part gifts to a trust, chest, fund, or foun- of the activities of which is carrydation, only if such contributions ing on propaganda, or otherwise or gifts are to be used within the attempting, to influence legislaUnited States or any of its posses- tion; to an amount which does not sions exclusively for such pur- exceed 5 per centum of the taxposes), no part of the net earn-payer's net income as computed ings of which inures to the benefit without the benefit of this subof any private shareholder or in- section. Such contributions or dividual, and no substantial part gifts shall be allowable as deducof the activities of which is carry- tions only if verified under rules ing on propaganda, or otherwise and regulations prescribed by the attempting, to influence legisla- Commissioner, with the approval of tion; to an amount which does not the Secretary.

exceed 5 per centum of the taxpayer's net income as computed without the benefit of this subsection. Such contributions or gifts shall be allowable as deductions only if verified under rules and regulations prescribed by the Commissioner, with the approval of the Secretary.

Sec. 23 (q), I. R. C., supra, amended by Sec. 224 (b), 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. 23 (q) before amendment see Sec. 23 (q) in 1939 column.

Taxable Years

Beginning before 1939

Sec. 23. (r) Dividends paid by banking corporations.—

For deduction of dividends paid by certain banking corporations, see section 121.

Sec. 23. (r) Dividends paid by banking corporations.—

For deduction of dividends paid by certain banking corporations, see section 121.

Sec. 23. (s) Net operating loss Sec. 23. (s) Net operating loss deduction. For any taxable year deduction.-For any taxable year beginning after December 31, 1939, beginning after December 31, 1939, the net operating loss deduction the net operating loss deduction computed under section 122.

Sec. 23, I. R. C., amended by Sec. 211 (a), R. A. of 1939, approved June 29, 1939, by adding paragraph (s), supra.

computed under section 122.

Sec. 23, I. R. C., amended by Sec. 211 (a), R. A. of 1939, approved June 29, 1939, by adding paragraph (s), supra.

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Sec. 23. (t) Amortization deduc- Sec. 23. (t) Amortization deduction.-The deduction for amortiza- tion.-The deduction for amortization provided in section 124. tion provided in section 124.

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Taxable Years Beginning in 1940

Sec. 23. (t) Amortization deduction.-The deduction for amortization provided in section 124.

Sec. 23 (t), I. R. C., supra,
added to I. R. C. by Sec. 301,
Second R. A. of 1940, approved
Oct. 8, 1940.

Taxable Years Beginning in 1939

Taxable Years

Beginning before 1939

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