Taxable Years Beginning in 1949 duction and the unused excess profits credit adjustment, and the effect of such deduction or adjustment, to the extent that such deduction or adjustment is affected by a carry-back which was not in issue in such proceeding. Taxable Years Beginning in 1948 Taxable Years Beginning in 1946 and 1947 Supplement P-Foreign Personal Supplement P-Foreign Personal Holding Companies Secs. 331-340, See post. following Sec. 421. Holding Companies Secs. 331-340, see post. following Sec. 421. Supplement P-Foreign Personal Holding Companies Secs. 331-340, see post following Sec. 421. Taxable Years Beginning in 1945 duction and the unused excess profits credit adjustment, and the effect of such deduction or adjustment, to the extent that such deduction or adjustment is affected by a carry-back which was not in issue in such proceeding. Sec. 322 (g), I. R. C., supra, added to I. R. C. by Sec. 5 (d), T. A. A. of 1945. Taxable Years Beginning in 1944 Taxable Years Beginning before 1944 Retroactivity Sec. 5 (f) of said Act makes amendment applicable to taxable years beginning after Dec. 31, 1940, except that said amendment shall not be applicable to any taxable year with respect to which the taxpayer and the Commissioner have entered into a closing agreement under the provisions of section 3760, prior to July 31, 1945, in any case in which it is expressly provided in such closing agreement that the tax liability for such taxable year is not to be affected by a net operating loss carry-back or by an unused excess profits credit carry-back. Taxable Years Beginning in 1949 Sec. 400. Imposition of tax. In lieu of the taxes imposed by sections 11 and 12, there shall be levied, collected, and paid for each taxable year upon the net income of each individual whose adjusted gross income for such year is less than $5,000, and who has elected to pay the tax imposed by this supplement for such year, a tax as follows: [See Table in fn. 14.] Taxable Years Beginning in 1948 Sec. 400. Imposition of tax. In lieu of the taxes imposed by sections 11 and 12, there shall be levied, collected, and paid for each taxable year upon the net income of each individual whose adjusted gross income for such year is less than $5,000, and who has elected to pay the tax imposed by this supplement for such year, a tax as follows: [See Table in fn. 14.] Sec. 400, I. R. C., amended to read as above by Sec. 401 (a), R. A. of 1948. The Tax Table shown in fn. 13 was also amended to read as shown in fn. 14. Sec. 401 (b) of said Act makes amendment of text above and amendment of Tax Table shown in fn. 14 applicable to taxable years beginning after Dec. 31, 1947. Taxable Years Beginning in 1946 and 1947 Sec. 400. Imposition of tax. Text same as 1944, but the Tax Table shown in fn. 12, amended by Sec. 103 (a), R. A. of 1945, to read as shown in fn. 13. Sec. 103 (b) of said Act makes amendment applicable to taxable years beginning after Dec. 31, 1945. Sec. 401. Definition of "exemption."-As used in the table in section 400, the term "number of exemptions" means the number of the exemptions allowed under section 25 (b) as credits against net income for the purpose of the normal tax and the surtax imposed by sections 11 and 12. Sec. 402. Manner and effect of election. The election referred to in section 400 shall be exercised in the manner provided in regulations prescribed by the Commissioner with the approval of the Secretary. For cases in which election to take the standard deduction also constitutes an election to pay the tax imposed by this supplement, see section 23 (aa) (3) (D). For cases in which election to file a return without showing tax thereon constitutes an election to pay the tax imposed by this supplement, see section 51 (f). Sec. 401. Definition of exemption. Same as 1946 and 1947. Sec. 402. Manner and effect of election. Same as 1944. Sec. 401. Definition of “surtax exemption."-As used in the table in section 400, the term "number of surtax exemptions" means the number of the exemptions allowed under section 25 (b) as credits against net income for the purpose of the normal tax and the surtax imposed by sections 11 and 12. Sec. 401, I. R. C., supra, amended by Sec. 102 (b) (10), R. A. of 1945 by striking out the word "surtax" and adding language in italics. Sec. 102 (c) of said Act makes amendment applicable to taxable years beginning after Dec. 31, 1945. Sec. 402. Manner and effect of election. Same as 1944. Taxable Years Beginning in 1945 Sec. 400. Imposition of tax Same as 1944. Taxable Years Beginning in 1944 Sec. 400. Imposition of tax. In lieu of the taxes imposed by sections 11 and 12, there shall be levied, collected, and paid for each taxable year upon the net income of each individual whose adjusted gross income for such year is less than $5,000, and who has elected to pay the tax imposed by this supplement for such year, the tax shown in the following table: [See Table in fn. 12.] "Supplement T" heading and Sec. 400, I. R. C., supra amended by Sec. 5 (a), I. I. T. A. of 1944, to read as above and as shown in table in fn. 12. Sec. 2 of said Act makes amendment applicable to taxable years beginning after Dec. 31, 1943. Prior amendment Sec. 400, I. R. C., was amended by Sec. 102, R. A. of 1943, but inasmuch as that amendment was superseded by the amendment shown above it is not included. Sec. 401. Definition of "surtax exemption." Same as 1944. Sec. 402. Manner and effect of election. Same as 1944. Sec. 401. Definition of “surtax exemption." As used in the table in section 400, the term "number of surtax exemptions" means the number of the exemptions allowed under section 25 (b) as credits against net income for the purpose of the surtax imposed by section 12. Sec. 402. Manner and effect of election. The election referred to in section 400 shall be exercised in the manner provided in regulations prescribed by the Commissioner with the approval of the Secretary. For cases in which election to take the standard deduction also constitutes an election to pay the tax imposed by this supplement, see section 23 (aa) (3) (D). For cases in which election to file a return without showing tax thereon conIstitutes an election to pay the tax imposed by this supplement, see section 51 (f). Sec. 401. Rules for application of section 400. Sec. 401 (a) Definitions Section originated 1941 as Sec. 401 (a), I. R. C. For any amendments prior to 1944, see Ninth Edition, p. 652. Sec. 401. (b) Married and not living with husband or wife. Section originated 1941 as Sec. 401 (d), I. R. C. For any amendments prior to 1944, see Ninth Edition, p. 654. Sec. 402. Manner of election. 1941 as Section originated Second Edition, p. 0 2,325 2,350 369 2 2,375 2,400 379 2 69 48 269 169 $0 $2,300 $2,325| $364 $264] $164 $64| $47 $47 $47] 300 6 2,550 2,575 415 200 100 52 205 105 53 310 210 110 54 315 215 115 54 7 2,575 2,600 421 8 321 221 121 55 226 231 131 56 236 136 57 435 335 235 214 114 1,600 1,625 219 119 1,625 1,650 224 124 1,650 1,675 229 129 1,675 1,700 234 134 1,700 1,725 239 139 1,725 1,750 245 145 1,750 1,775 250 150 1,775 1,800 255 155 1,800 1,825 260 160 1,825 1,850 265 165 1,850 1,875 271 171 31 1,875 1,900 276 176 1,900 1,925 281 181 1,925 1,950 286 186 1,950 1,975 291 191 1,975 2,000 296 196 2,000 2,025 302 202 102 2,025 2,050 307 207 107 112 117 133 30 3,850 3,900 707 597 487 387 287 498 397 297 2,200 2,225 343 243 2,225 2,250 348 248 2,250 2,275 353 253 2,275 2,300 359 259 106 107 109 110 111 113 114 115 117 118 844 734 624 515 119 45 46 47 26 3,550 3,600 639 529 425 325 225 27 3,600 3,650 651 541 $47 49 50 Normal tax exemption in case of husband and wife: If the return includes gross income of both husband and wife, the tax shall be that determined under the table, reduced by 3 per centum of the smaller adjusted gross income, but not by more than $15.00. In the Individual Income Tax Act of 1944, the figure in the third column opposite $1,075 in the first column was "100." This was corrected to read "110" by H. R. 4837, approved June 30, 1944. |