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parison of the laws in effect during these respective years, both before and after amendment.

Retroactive amendments are shown in italics and underlined italics, except in a few instances where a section has been amended so many times that there are not sufficient kinds of type available to indicate the different amendments. In such cases, it was necessary to carry some of the amendments in footnotes. Deleted language is shown in stricken through type. At the end of each amended section, there is a note explaining the amendment, when it became effective, etc.

In the first part of the volume, there is an Index of the Sections of the Internal Revenue Code amended since February 10, 1939. This index also shows the sections of the amendatory acts and the taxable years to which the amendments are applicable or the effective dates thereof, as the case may be. In the back of the book, a subject Index to the Code will be found.

The extra column on the right side of the odd pages, which is headed, “Taxable Years Beginning before 1939," has been used as a cross reference to the Eighth Edition. In this column, the page of the former edition giving corresponding sections of the income tax provisions of the Revenue Acts of 1926 to 1938 and the estate tax provisions of the Revenue Acts of 1916 to 1938 will be found. Amendments of the Revenue Act of 1938 and former revenue acts are also shown in this column or in the footnotes. Owners of the Eighth Edition and the present edition, therefore, will be able to trace the history of the income tax law from 1926 to the present time—a period of eighteen years, and the history of the estate tax law from 1916 to the present time—a period of twenty-seven years. This should be an advantage,

— especially in connection with excess-profits tax cases, which involve the Revenue Acts of 1936 and 1938, in establishing the base period net income.

Part IV of the present edition includes the sections of the Internal Revenue Code pertaining to The Tax Court of the United States, certain minor taxes, and administrative provisions.

The author desires to renew his thanks to the many users of the previous editions for their encouragement and their suggestions for improvements since the First Edition was published in January, 1922.

WALTER E. BARTON
Attorney and Counsellor at Law

Investment Building

Washington, D. C. Washington, D. C.

January, 1944

SEC.

47. Returns for a period of less than twelve

months.

48. Definitions.

51.

52.

53.

54.

55. Publicity of returns.

Payment of tax.

Examination of return and determination of

56.

57.

58.

58.

59.

61.

62.

63.

64.

PART V-RETURNS AND PAYMENT OF TAX

Individual returns.

Corporation returns.

Time and place for filing returns.

Records and special returns.

59. Payment of estimated tax.

60.

Cross references.

60.

101.

102.

tax.

Additions to tax and penalties.

Declaration of estimated tax by individuals.

Administrative proceedings.

104.

105.

106.

Special rules for application of sections 58

and 59.

PART VI-MISCELLANEOUS PROVISIONS

Laws made applicable.

Rules and regulations.

SUPPLEMENT A-RATES OF TAX

Exemptions from tax on corporations.

Surtax on corporations improperly accumulat-

ing surplus.

103. Rates of tax on citizens and corporations of

Publication of statistics.

Definitions.

Subchapter C-Supplemental Provisions

certain foreign countries.

Banks and trust companies.

Sale of oil or gas properties.

Claims against United States involving acquisi-

tion of property.

107. Compensation for services rendered for a

period of thirty-six months or more.

108. Taxable years beginning in 1941 and ending

after June 30, 1942.

109. Western Hemisphere Trade Corporations.

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etc.

172. Allowance of amortization deduction.

SUPPLEMENT J-POSSESSIONS OF THE UNITED STATES

251. Income from sources within possessions of the

United States.

252. Citizens of possessions of United States.

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CHAPTER 2-ADDITIONAL INCOME TAXES

Declared value.

capital.

715. Definition of invested capital.

716. Average invested capital.

717. Daily invested capital.

718. Equity invested capital.

719. Borrowed invested capital.

720.

Admissible and inadmissible assets.

721. Abnormalities in income in taxable period.

722. General relief-Constructive

average

period net income.

723. Equity invested capital in special cases.

base

SEC.

724. Foreign corporations and corporations en-

titled to benefits of section 251-Invested

capital.

Personal service corporations.

725.

726.

Corporations completing contracts

Merchant Marine Act, 1936.

727. Exempt corporations.

728. Meaning of terms used.

729. Laws applicable.

730.

Consolidated returns.

731. Corporations engaged in mining of strategic

minerals.

732. Review of abnormalities by Board of Tax

Appeals.

733. Capitalization of advertising, etc., expend-

itures.

734. Adjustment in case of position inconsistent

with prior income tax liability.

735. Nontaxable income from certain mining and

timber operations.

under

736. Relief for installment basis taxpayers and

taxpayers with income from long-term con-

tracts.

PART II-RULES IN CONNECTION WITH CERTAIN

EXCHANGES

SUPPLEMENT A-EXCESS PROFITS CREDIT BASED ON

INCOME

740.

Definitions.

741. Election of income credit.

741. Allowance of excess profits credit.

742. Supplement A average base period net income.

743. Net capital changes.

744. Foreign corporations.

750. Definitions.

751.

SUPPLEMENT B-HIGHEST BRACKET AMOUNT AND

INVESTED CAPITAL

Determination of property paid in for stock

and of borrowed capital in connection with

certain exchanges.

752. Computation of highest bracket amount in

connection with exchanges.

SUPPLEMENT

IN

C-INVESTED CAPITAL

WITH CERTAIN EXCHANGES AND LIQUIDATIONS

CONNECTION

760.

Exchanges.

761. Invested capital adjustment at the time of

tax-free intercorporate liquidations.

781.

782.

783. Credit for debt retirement.

PART III-POST-WAR REFUND OF EXCESS PROFITS TAX

780. Post-war refund of excess profits tax.

Special rules for application of section 780.

Regulations.

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