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Banks, interest paid by, on deposits, deductible from their net income:
Betterments, no deduction for from income allowed:
Bonds and stocks, foreign, payments of interest or dividends to be dis-
Bonds containing tax-free covenant, withholding applies to interest ac-
Bonds issued with guarantee of tax-free interest, no deduction allowed
Bonds, mortgages and deeds of trust, all interest payments on must be
Brokers, information by, as to customers and their profits and losses.... 147
Charitable contributions of citizens or residents are deductible from net
Collection of foreign interest and dividend payments, license required for 117
Authority to grant extension of time for filing returns, in case of sick-
Income accruing to political subdivisions of the United States exempted
Organizations and associations exempted.
Credits allowed to income:
Dividends from other corporations, for war income tax.
Information as to dividends paid, and recipients thereof.
Rate of income tax on corporations 2 per cent....
Rate of supplementary war income tax on corporations 4 per cent..
Undistributed profits tax on corporations..
Basis on which levied
Profits actually invested exempt
Profits declared to be invested, but not actually, taxed 15 per cent.. 121
Withholding at source on foreign corporations.
On income from interest on bonds
Credits allowed to net income:
Dividends received from other corporations, for supplementary war
Courts, U. S. district, jurisdiction conferred on.
Credits and deductions allowed only in case a return of all income
War profits taxes, amount of, assessed by United States for same tax-
Date Act is effective.....
Debts, interest on:
Corporations, a proportion of interest paid is deductible from in-
Debts, worthless, are deductible from income of individuals..
Interest paid on indebtedness, a proportion of....
Where debt is secured by collateral subject to sale in ordinary
Losses, depreciation and exhaustion.
Deductions and credits of section 6 allowed to nonresident aliens only
in case complete return is filed
Deeds of trust, all payments of interest on must be disclosed..
May be credited to income of corporations for supplementary war in-
come tax only
May be credited to income of individuals for normal tax only..
Must be included in returns
Payments, corporations must furnish information regarding.
Stock dividends are defined as income...
Effective, date Act becomes
Estates and trusts, income of is taxable
Evasion of tax, profits not distributed for purpose of, is taxable
Gifts and bequests
Exempted associations and corporations
Interest on government obligations
Proceeds of life insurance policies
Extension of time for......
Salaries of certain public officers and employees
Exemption granted to trustees and guardians
Exemption, specific personal, of $3,000 and $4,000 from normal income tax
Expenses of business, deductible from net income:
Failure to make returns or supply information, penalty for..
Fiduciaries, joint, returns by....
Filing of returns:
By whom signed..
Extension of time for......
Receivers, returns by.
Partnership may fix its own.
Fixed and determinable payments in excess of $800 must be disclosed by
Foreign governments, income of, exempted from tax.
Foreign interest and dividend payments, collectors of must have license.. 117
Improvements and betterments, no deduction from income allowed for:
Income shall be credited with excess profits taxes assessed for same
Dividends from other corporations, for supplementary war income
Dividends for normal tax only....
Income and excess profits taxes paid during taxable year not deductible
Income, definition of:
Income exempted from tax:
Interest of obligations of political subdivisions of United States.
Income shall be credited with excess profits tax assessed for same
Income shall be credited with amount on which tax has been with-
Proceeds of life insurance policies, gifts, and bequests.
Income of trusts and estates is taxable................
Income undistributed for purpose of tax evasion is taxable..
Credits allowed to income of....
Dividends for normal tax only.
Income tax has been withheld..
Deductions allowed to income of..
War profits taxes assessed for same taxable year.
Exemption, specific personal, allowed to citizens or residents only
Exemption of $200 for each dependent child...........
Personal exemption of $2,000 from supplementary war income tax
Personal exemption of $4,000 for normal tax of 2%.
Tax rates on.
Normal tax of 2 per cent. on income in excess of $3,000 and $4,000..
Supplementary war surtax rates on income in excess of $5,000
Personal exemption of $1,000 from supplementary war income tax of
Personal exemption of $3,000 from normal tax of 2 per cent..
Applies to interest on securities containing "tax-free" covenant, ac-
Applies to nonresident aliens
Does not apply to dividends