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CHAPTER 1. Normal Taxes and Surtaxes—Continued

SUBCHAPTER E. Accounting periods and methods of accounting.
Part I. Accounting periods.

Sec. 441. Period for computation of taxable income....

Sec. 442. Change of annual accounting period.--

Sec. 443. Returns for a period of less than 12 months..

Part II. Methods of accounting.

Subpart A. Methods of accounting in general.

Sec. 446. General rule for methods of accounting -----

Subpart B. Taxable year for which items of gross income

included.

Sec. 451. General rule for taxable year of inclusion...

Sec. 453. Installment method..

Sec. 454. Obligations issued at discount.

Sec. 455. Prepaid subscription income.

Subpart C. Taxable year for which deductions taken.

Sec. 461. General rule for taxable year of deduction...-

Subpart D. Inventories.

Sec. 471. General rule for inventories..

Sec. 472. Last-in, first-out inventories.

Part III. Adjustments.

Sec. 481. Adjustments required by changes in method

of accounting-

Sec. 482. Allocation of income and deductions among

taxpayers---

SUBCHAPTER F. Exempt organizations.

Part I. General rule.

Sec. 501. Exemption from tax on corporations, certain

trusts, etc.--

Sec. 502. Feeder organizations..

Sec. 503. Requirements for exemption...

Sec. 504. Denial of exemption.---

Part II. Taxation of business income of certain exempt organiza-

tions.

Sec. 511. Imposition of tax on unrelated business income

of charitable, etc., organizations.-

Sec. 512. Unrelated business taxable income..

Sec. 513. Unrelated trade or business..

Sec. 514. Business leases.

Sec. 515. Taxes of foreign countries and possessions of

the United States.--

Part III. Farmers' cooperatives.

Sec. 521. Exemption of farmers' cooperatives from tax.

Sec. 522. Tax on farmers' cooperatives.-

Part IV. Shipowners' protection and indemnity associations.

Sec. 526. Shipowners' protection and indemnity associa-

tions..

SUBCHAPTER G. Corporations used to avoid income tax on share-

holders.

Part I. Corporations improperly accumulating surplus.

Sec. 531. Imposition of accumulated earnings tax..---

Sec. 532. Corporations subject to accumulated earnings

tax.

Sec. 533. Evidence of purpose to avoid income tax...

Sec. 534. Burden of proof..

Sec. 535. Accumulated taxable income.

Sec. 536. Income not placed on annual basis.

Sec. 537. Reasonable needs of the business...

Part. II. Personal holding companies.

Sec. 541. Imposition of personal holding company tax.

Sec. 542. Definition of personal holding company-

Sec. 543. Personal holding company income-

Sec. 544. Rules for determining stock ownership----

Sec. 545. Undistributed personal holding company in-

Sec. 546. Income not placed on annual basis.

Sec. 547. Deduction for deficiency dividends.

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CHAPTER 1. Normal Taxes and Surtaxes—Continued
SUBCHAPTER G. Corporations used to avoid income tax on share-

holders—Continued

Part III. Foreign personal holding companies.

Sec. 551. Foreign personal holding company income

taxed to United States shareholders....

Sec. 552. Definition of foreign personal holding com-

pany--

Sec. 553. Foreign personal holding company income.--

Sec. 554. Stock ownership---

Sec. 555. Gross income of foreign personal holding com-

panies---

Sec. 556. Undistributed foreign personal holding com-

pany income..

Sec. 557. Income not placed on annual basis.-

Sec. 558. Returns of officers, directors, and shareholders

of foreign personal holding companies.----

Part IV. Deduction for dividends paid.

Sec. 561. Definition of deduction for dividends paid..--

Sec. 562. Rules applicable in determining dividends

eligible for dividends paid deduction ---

Sec. 563. Rules relating to dividends paid after close of

taxable year..-

Sec. 564. Dividend carryover.

Sec. 565. Consent dividends..

SUBCHAPTER H. Banking institutions.

Part I. Rules of general application to banking institutions.

Sec. 581. Definition of bank...

Sec. 582. Bad debt and loss deduction with respect to

securities held by banks..

Sec. 583. Deductions of dividends paid on certain pre-

ferred stock.

Sec. 584. Common trust funds.

Part II. Mutual savings banks, etc.

Sec. 591. Deduction for dividends paid on deposits---

Sec. 592. Deduction for repayment of certain loans.

Sec. 593. Additions to reserve for bad debts..

Sec. 594. Alternative tax for mutual savings banks con-

ducting life insurance business -

Part III. Bank affiliates.

Sec. 601. Special deduction for bank affiliates.

SUBCHAPTER I. Natural resources.

Part I. Deductions.

Sec. 611. Allowance of deduction for depletion..

Sec. 612. Basis for cost depletion...

Sec. 613. Percentage depletion..

Sec. 614. Definition of property..

Sec. 615. Exploration expenditures

Sec. 616. Development expenditures...

Part II. Exclusions from gross income.

Sec. 621. Payments to encourage exploration, develop-

ment, and mining for defense purposes.----

Part III. Sales and exchanges.

Sec. 631. Gain or loss in the case of timber or coal.---.

Sec. 632. Sale of oil or gas properties.---

SUBCHAPTER J. Estates, trusts, beneficiaries, and decedents.

Part I. Estates, trusts, and beneficiaries.

Subpart A. General rules for taxation of estates and trusts.

Sec. 641. Imposition of tax.

Sec. 642. Special rules for credits and deductions

Sec. 643. Definitions applicable to subparts A, B, C, and

D..

Subpart B. Trusts which distribute current income only.

Sec. 651. Deduction for trusts distributing current in-

come only.---

Sec. 652. Inclusion of amounts in gross income of bene-

ficiaries of trusts distributing current in-

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CHAPTER 1. Normal Taxes and Surtaxes-Continued

SUBCHAPTER J. Estates, trusts, beneficiaries, and decedents-Con.

Part I. Estates, trusts, and beneficiaries--Continued

Subpart C. Estates and trusts which may accumulate income

or which distribute corpus.

Sec. 661. Deductions for estates and trusts accumulating Page

income or distributing corpus..

250

Sec. 662. Inclusion of amounts in gross income of bene-

ficiaries of estates and trusts accumulating

income or distributing corpus..-

250

Sec. 663. Special rules applicable to sections 661 and

662...

252

Subpart D. Treatment of excess distributions by trusts.

Sec. 665. Definitions applicable to subpart D.

253

Sec. 666. Accumulation distribution allocated to 5 pre-

ceding years.

254

Sec. 667. Denial of refund to trusts.

255

Sec. 668. Treatment of amounts deemed distributed in

preceding years.

255

Subpart E. Grantors and others treated as substantial

owners.

Sec. 671. Trust income, deductions, and credits attrib-

utable to grantors and others as substantial

owners

256

Sec. 672. Definitions and rules.

256

Sec. 673. Reversionary interests.

257

Sec. 674. Power to control beneficial enjoyment.

257

Sec. 675. Administrative powers.--

259

Sec. 676. Power to revoke..

260

Sec. 677. Income for benefit of grantor...

260

Sec. 678. Person other than grantor treated as substan-

tial owner.

261

Subpart F. Miscellaneous.

Sec. 681. Limitation on charitable deduction.--.

262

Sec. 682. Income of an estate or trust in case of divorce,

etc.,

264

Sec. 683. Applicability of provisions..

264

Part II. Income in respect of decedents.

Sec. 691. Recipients of income in respect of decedents.. 265

Sec. 692. Income taxes of members of Armed Forces on

death..

268

SUBCHAPTER K. Partners and partnerships.

Part I. Determination of tax liability.

Sec. 701. Partners, not partnership, subject to tax..-. 269

Sec. 702. Income and credits of partner.

269

Sec. 703. Partnership computations.

270

Sec, 704, Partner's distributive share..

270

Sec. 705. Determination of basis of partner's interest. 272

Sec. 706. Taxable years of partner and partnership-- 272

Sec. 707. Transactions between partner and partner-

ship----

273

Sec. 708. Continuation of partnership---

274

Part II. Contributions, distributions, and transfers.

Subpart A. Contributions to a partnership.

Sec. 721. Nonrecognition of gain or loss on contribution. 275

Sec. 722. Basis of contributing partner's interest---- 275

Sec. 723. Basis of property contributed to partnership- 275

Subpart B. Distributions by a partnership.

Sec. 731. Extent of recognition of gain or loss on distri-

bution...

275

Sec. 732. Basis of distributed property other than

money

276

Sec. 733. Basis of distributee partner's interest.-

277

Sec. 734. Optional adjustment to basis of undistributed

partnership property -

277

Sec. 735. Character of gain or loss on disposition of

distributed property--

278
Pago

CHAPTER 1. Normal Taxes and Surtaxes—Continued

SUBCHAPTER K. Partners and partnerships—Continued

Part II. Contributions, distributions, and transfers—Continued

Subpart B. Distributions by a partnership-Continued

Sec. 736. Payments to a retiring partner or a deceased

partner's successor in interest..

Subpart C. Transfers of interests in a partnership.

Sec. 741. Recognition and character of gain or loss on

sale or exchange..

Sec. 742. Basis of transferee partner's interest.

Sec. 743. Optional adjustment to basis of partnership

property--

Subpart D. Provisions common to other subparts.

Sec. 751. Unrealized receivables and inventory items...

Sec. 752. Treatment of certain liabilities...

Sec. 753. Partner receiving income in respect of de-

cedent.

Sec. 754. Manner of electing optional adjustment to

basis of partnership property-

Sec. 755. Rules for allocation of basis..

Part III. Definitions.

Sec. 761. Terms defined.----

Part IV. Effective date for subchapter.

Sec. 771. Effective date..

SUBCHAPTER L. Insurance companies.

Part I. Life insurance companies.

Subpart A. Definition; tax imposed.

Sec. 801. Definition of life insurance company--

Sec. 802. Tax imposed..

Subpart B. Investment income.

Sec. 804. Taxable investment income.

Sec. 805. Policy and other contract liability require

ments...

Sec. 806. Certain changes in reserves and assets...

Subpart C. Gain and loss from operations.

Sec. 809. In general.---

Sec. 810. Rules for certain reserves.

Sec. 811. Dividends to policyholders.

Sec. 812. Operations loss deduction..

Subpart D. Distributions to shareholders.

Sec. 815. Distributions to shareholders.

Subpart E. Miscellaneous provisions.

Sec. 817. Rules relating to certain gains and losses..-

Sec. 818. Accounting provisions.-

Sec. 819. Foreign life insurance companies.--

Sec. 820. Optional treatment of policies reinsured under

modified coinsurance contracts..

Part II. Mutual insurance companies (other than life or marine

or fire insurance companies issuing perpetual policies).

Sec. 821. Tax on mutual insurance companies (other

than life or marine or fire insurance com-

panies issuing perpetual policies).

Sec. 822. Determination of mutual insurance company

taxable income..

Sec. 823. Other definitions..

Part III. Other insurance companies.

Sec. 831. Tax on insurance companies (other than life

or mutual), mutual ma ne insurance com-

panies, and mutual fire insurance companies

issuing perpetual policies--

Sec. 832. Insurance company taxable income..

Part IV. Provisions of general application.

Sec. 841. Credit for foreign taxes...

Sec. 842. Computation of gross income..

Sec. 843. Annual accounting period..

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CHAPTER 1. Normal Taxes and Surtaxes-Continued

SUBCHAPTER M. Regulated investment companies and real estate

investment trusts.

Part I. Regulated Investment Companies.

Sec. 851. Definition of regulated investment company...

Sec. 852. Taxation of regulated investment companies

and their shareholders..

Sec. 853. Foreign tax credit allowed to shareholders...

Sec. 854. Limitations applicable to dividends received

from regulated investment company -

Sec. 855. Dividends paid by regulated investment

company after close of taxable year..

Part II. Real Estate Investment Trusts.

Sec. 856. Definition of real estate investment trust....

Sec. 857. Taxation of real estate investment trusts and

their beneficiaries ---

Sec. 858. Dividends paid by real estate investment trust

after close of taxable year.--

SUBCHAPTER N. Tax based on income from sources within or without

the United States.

Part I. Determination of sources of income.

Sec. 861. Income from sources within the United States,

Sec. 862. Income from sources without the United

States.--

Sec. 863. Items not specified in section 861 or 862..

Sec. 864. Definitions -

Part II. Nonresident aliens and foreign corporations.

Subpart A. Nonresident alien individuals.

Sec. 871. Tax on nonresident alien individuals.

Sec. 872. Gross income..

Sec. 873. Deductions..

Sec. 874. Allowance of deductions and credits.

Sec. 875. Partnerships ...

Sec. 876. Alien residents of Puerto Rico.

Sec. 877. Foreign educational, charitable, and certain

other exempt organizations.--

Subpart B. Foreign corporations.

Sec. 881. Tax on foreign corporations not engaged in

business in United States..

Sec. 882. Tax on resident foreign corporations.

Sec. 883. Exclusions from gross income..

Sec. 884. Cross references.

Subpart C. Miscellaneous provisions.

Sec. 891. Doubling of rates of tax on citizens and cor-

porations of certain foreign countries.---

Sec. 892. Income of foreign governments and of inter-

national organizations.-

Sec. 893. Compensation of employees of foreign govern-

ments or international organizations..

Sec. 894. Income exempt under treaty.

Part III. Income from sources without the United States.

Subpart A. Foreign tax credit.

Sec. 901. Taxes of foreign countries and of possessions of

United States.-

Sec. 902. Credit for corporate stockholder in foreign

corporation

Sec. 903. Credit for taxes in lieu of income, etc., taxes--

Sec. 904. Limitation on credit..

Sec. 905. Applicable rules --

Subpart B. Earned income of citizens of United States.

Sec. 911. Earned income from sources without the

United States.---

Sec. 912. Exemption for certain allowances -

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