Same as 1944. Sec. 22. (b) (3) Gifts, bequests, Sec. 22. (b) (3) Gifts, bequests, devises, and inheritances.-The devices, and inheritances. value of property acquired by gift, bequest, devise, or inheritance. There shall not be excluded from gross income under this paragraph, the income from such property, or, in case the gift, bequest, devise, or inheritance is of income from property, the amount of such income. For the purposes of this paragraph, if, under the terms of the gift, bequest, devise or inheritance, payment, crediting, or distribution thereof is to be made at intervals, to the extent that it is paid or credited or to be distributed out of income from property, it shall be considered a gift, bequest, devise, or inheritance of income from property; Sec. 22. (b) (4) Tax-free inter Same as 1944. Sec. 22. (b) (4) Tax-free interest.-Interest upon (A) the obliga- est. tions of a State, Territory, or any political subdivision thereof, or the District of Columbia; or (B) obligations of a corporation organized under Act of Congress, if such corporation is an instrumentality of the United States; or (C) the obligations of the United States or its possessions. Every person owning any of the obligations enumerated in clause (A), (B), or (C) shall, when so required by regulations prescribed by the Commissioner with the approval of the Secretary, submit in the return required by this chapter a statement showing the number and amount of such obligations owned by him and the income received therefrom, in such form and with such information as such regulations may prescribe. In the case of obligations of the United States issued after September 1, 1917 (other than postal savings certificates of deposit to the Taxable Years Beginning in 1946 and 1947 Sec. 22. (b) (3) Gifts, bequests, devices, and inheritances. Same as 1944. Sec. 22. (b) (4) Tax-free interest. Same as 1944. Taxable Years Beginning in 1945 Sec. 22. (b) (3) Gifts, bequests, devices, and inheritances. Same as 1944. Sec. 22. (b) (4) Tax-free interest. Same as 1944. Taxable Years Beginning in 1944 on or after such rights become nonforfeitable shall be included in the income of the employee in the year in which the amount is contributed, which amount together with any amounts contributed by the employee shall constitute the consideration paid for the annuity contract in determining the amount of the annuity required to be included in the income of the employee under subparagraph (A) of this paragraph. Sec. 22. (b) (3) Gifts, bequests, devises, and inheritances.-The value of property acquired by gift, bequest, devise, or inheritance. There shall not be excluded from gross income under this paragraph, the income from such property, or, in case the gift, bequest, devise, or inheritance is of income from property, the amount of such income. For the purposes of this paragraph, if, under the terms of the gift, bequest, devise or inheritance, payment, crediting, or distribution thereof is to be made at intervals, to the extent that it is paid or credited or to be distributed out of income from property, it shall be considered a gift, bequest, devise, or inheritance of income from property; Sec. 22. (b) (4) Tax-free interest.-Interest upon (A) the obligations of a State, Territory, or any political subdivision thereof, or the District of Columbia; or (B) obligations of a corporation organized under Act of Congress, if such corporation is an instrumentality of the United States; or (C) the obligations of the United States or its possessions. Every person owning any of the obligations enumerated in clause (A), (B), or (C) shall, when so required by regulations prescribed by the Commissioner with the approval of the Secretary, submit in the return required by this chapter submi statement showing the number a. amount of such obligations owned by him and the income received therefrom, in such form and with such, information as such regulations may prescribe the Commie eiener may require. In the case of obligations of the United States issued after September 1, 1917 Taxable Years Beginning before 1944 Sec. 22. (b) (3) Gifts, bequests, devices, and inheritances. Section originated 1913 as Second Edition, p. 80, Sec. 22. (b) (4) Tax-free interest. Section originated 1913 as For any amendments prior to Second Edition, p. 82, Taxable Years Beginning in 1949 extent they represent deposits made before March 1, 1941) and in the case of obligations of a corporation organized under Act of Congress, the interest shall be exempt only if and to the extent provided in the respective Acts authorizing the issue thereof as amended and supplemented, and shall be excluded from gross income only if and to the extent it is wholly exempt from the taxes imposed by this chapter; Taxable Years Beginning in 1948 Taxable Years Beginning in 1946 and 1947 Sec. 22. (b) (5) Compensation Sec. 22. (b) (5) Compensation Same as 1944. Sec. 22. (b) (5) Compensation for injuries or sickness. Same as 1944. for injuries or sickness.-Except for injuries or sickness. in the case of amounts attributable to (and not in excess of) deductions allowed under section 23 (x) in any prior taxable year, amounts received, through accident or health insurance or under workman's compensation acts as compensation for personal injuries or sickness, plus the amount of any damages received whether by suit or agreement on account of such injuries or sickness, and amounts received as a pension, annuity, or similar allowance for personal injuries or sickness resulting from active service in the armed forces of any country; (other than postal savings certif- Sec. 22 (b) (4), I. R. C., Taxable Years Beginning before 1944 Sec. 22. (b) (5) Compensation for injuries or sickness. Same as 1944. Sec. 22. (b) (6) Ministers. Section originated 1918 as Second Edition, p. 84, for injuries or sickness.-Except for injuries or sickness. Sec. 22. (b) (7) Income exempt under treaty. Same as 1944. Sec. 22. (b) (7) Income exempt under treaty.-Income of any kind, to the extent required by any treaty obligation of the United States; Sec. 22. (b) (7) Income exempt under treaty. Section originated 1936 as Eighth Edition, p. 30, Taxable Years Beginning in 1949 Sec. 22. (b) (8) Miscellaneous Taxable Years Beginning in 1948 Sec. 22. (b) (8) Miscellaneous items.-The following items; to the items. extent provided in section 116: Earned income from sources without the United States; Salaries of certain Territorial employees; The income of foreign governments; Income of States, municipalities, and other political subdivisions; Recepits of shipowners' mutual protection and indemnity associations; Dividends from China Trade Act corporations; Compensation of employees of foreign governments. Sec. 22. (b) (9) Income from discharge of indebtedness.-In the case of a corporation, the amount of any income of the taxpayer attributable to the discharge, within the taxable year, of any indebtedness of the taxpayer or for which the taxpayer is liable evidenced by a security (as hereinafter in this paragraph defined) if the taxpayer makes and files at the time of filing the return in such manner as the Commissioner, with the approval of the Secretary, by regulations prescribes, its consent to the regulations prescribed under section 113 (b) (3) then in effect. In such case the amount of any income of the taxpayer attributable to any unamortized premium (computed as of the first day of the taxable year in which such discharge occurred) with respect to such indebtedness shall not be included in gross income and the amount of the deduction attributable to any unamortized discount (computed as of the first day of the taxable year in which such discharge occurred) with respect to such indebtedness shall not be allowed as a deduction. As used in this paragraph the term "security" means any bond, debenture, note, or certificate, or other evidence of indebtedness, issued by any corporation. This paragraph shall not apply to any discharge occurring before the date of the enactment of the Revenue Act of 1939, or in a taxable year beginning after December 31, 1949 1950. See note following Sec. 22 (b) (10), post. Same as 1944. Sec. 22. (b) (9) Income from discharge of indebtedness. Same as 1946 and 1947. Taxable Years Beginning in 1946 and 1947 Sec. 22. (b) (8) Miscellaneous items. Same as 1944. Sec. 22. (b) (9) Income from discharge of indebtedness. Same as 1945 except "1946" stricken out and "1947" inserted in lieu thereof by Act of July 31, 1946 (C. 717, 60 Stat. 749) and the Act of June 25, 1947 (C. 143, 61 Stat. 178) struck out "1947" and inserted in lieu thereof "1949." |