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FEDERAL INCOME TAX

INCLUDING TAX ON UNDISTRIBUTED NET
INCOME, CAPITAL STOCK TAX,
WAR EXCESS PROFITS TAX

AND
STAMP TAX

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PREFACE

Since the publication of the first edition of Holmes Income Tax, the Treasury Department has issued a new compilation of rulings, known as Regulation 33, Revised. Several Treasury decisions have also been published amending or repealing former rulings or announcing the construction of the Treasury Department on points which were unsettled at the time of publishing the first edition. The recent rulings and regulations are set forth in this supplement, reference being made to the pages in Holmes Income Tax where may be found statements on the same subjects.

The Treasury Department has also issued a compilation of rulings on the War Excess Profits Tax, which are printed in full herein, together with notes and crossreferences by the author.

A new chapter has been added, dealing with the Stamp Taxes.

The Author's thanks are again extended to The Corporation Trust Company of New York City for the use of its valuable Income Tax Service and War Tax Service in the preparation of this new matter. Their War Tax Service for 1914 and 1915 was of particular value as a source of information regarding the rulings under the Stamp Tax Law of October 22, 1914.

GEORGE E. HOLMES.

SUPPLEMENT

TO

HOLMES INCOME TAX

CHAPTER 1

INTRODUCTION

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[Page 5.]

Retroactive Effect of Rulings. Treasury Department decisions promulgating rulings of the Internal Revenue Bureau become effective upon the date of approval unless otherwise stated therein. Cases previously adjusted in contravention of law as pronounced in such decisions, are subject to readjustment in accordance with the decision. (Reg. 33 Rev., Art. 38.)

[Page 9.]

Record to be kept. Every individual, partnership, corporation, or association liable to any tax imposed under the internal revenue laws of the United States or for the collection thereof shall keep such records and render such statements and return, under oath, as shall be prescribed by the Commissioner of Internal Revenue. (Reg. 33 Rev., Art. 50.)

CHAPTER 3

INDIVIDUALS TO WHOM THE LAW IS APPLICABLE

[Page 25.]

Minors. For income tax purposes majority is attained at 21, unless the statute of the state of residence F.I. Tax Supp.-1

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