BASIS-Cont.

Depletion, § 114 (b).

Discovery value in case of mines, § 114 (b) (2).
Depreciation, § 114 (a).

Established by Revenue Act of 1932, § 113 (a) (12).
Established by Revenue Act of 1934, § 113 (a) (16).
Exchanges and distributions under orders of S. E. C.,
§ 372.

Gain or loss. See "Gain or Loss."'

Obsolescence, § 114 (a).

Percentage depletion for

Ball and sagger clay, § 114 (b) (4).
Coal mines, § 114 (b) (4).
Fluorspar, § 114 (b) (4).
Metal mines, § 114 (b) (4).

Oil and gas wells, § 114 (b) (3).

Other minerals, § 114 (b) (4).

Rock asphalt, § 114 (b) (4).

Sulphur, § 114 (b) (4).

Property acquired by corporation in certain reorgan-

izations, § 113 (a) (22).

Recovered property on which war losses sustained,

§ 127 (d).

Substituted, § 113 (b) (2).

BAUXITE

Percentage depletion, § 114 (b) (4).

BENEFICIARY

See Estates and Trusts"; "Pension Trusts."'
Employees' trust, § 165 (b), (c).

Estate tax return required of, § 821 (a) (1).
Income taxable to, § 162 (b), (c).

Income for support of, at discretion of trustee, § 167
(c).

Wife, in case of divorce, § 171 (b).

BENEVOLENT LIFE INSURANCE ASSOCIA-
TIONS

Exempt from income tax, § 101 (10).

BOND PREMIUM

Amortization of

Adjustment of credit where interest partially ex-

empt, § 125 (a) (3).

Amount amortizable, § 125 (a) (2).

Amount of bond premium, § 125 (b) (1).

Definition of bond, § 125 (d).

Election and bonds in respect of which election per-

mitted, § 125 (c) (1).

Election on taxable and partially taxable bonds,
§ 125 (c).

General rule, § 125 (a).

Interest wholly exempt, § 125 (a) (2).

Interest wholly or partially exempt, § 125 (a) (1).
Manner and effect of election, § 125 (c) (2).
Method of determination, § 125 (b) (3).

BONDED

Losses of banks, capital gains and losses, § 117 (i).
BONDS

Amortization of bond premium, § 125 (a).
Bank losses on, § 117 (i).
Capital gain or loss, § 117.
Definition, § 125 (a).
Jeopardy assessment of

Estate taxes, § 872 (f).
Gift taxes, § 1013 (f), (g).
Income taxes, § 273 (f).

Tax free covenant, § 143 (a).
BONUS INCOME

Excess profits tax, § 735 (d).

BONUS PLANS

Deductibility of contributions to, § 23 (p).
Exemption of, § 165 (a).

BOOKS AND RECORDS

Examination of, §§ 3614, 3615, 3631.

Failure to produce, § 3616.

Production of, in case of distraint, § 3711.

Summons to produce, § 3615.

BORROWED CAPITAL

Definition, § 719 (a).

BORROWED INVESTED CAPITAL

Borrowed capital, § 719 (a).

Defined, § 719 (a).

Contract with foreign government, § 719 (a) (2).
Equal to one-half of borrowed capital, § 719 (b).
Insurance company, § 719 (a) (3).

Life insurance company, § 719 (a) (4).

BRIDGES

Acquired by state or political subdivision, § 116 (e).

BROKERS

Returns of information by, § 149.

BUILDING AND LOAN ASSOCIATIONS

Exempt from income tax, § 101 (4).

BURDEN OF PROOF

See "Tax Court of United States''; 'Shift of
Burden of Proof."

CAPITAL DISTRIBUTIONS

Other than in liquidation, § 115 (d).
CAPITAL EXPENDITURES

Added to leases, § 113 (b).
Not deductible, § 24 (a) (2).
CAPITAL GAINS AND LOSSES
Alternative taxes, § 117 (c).
Corporations, § 117 (c) (1).
Other taxpayers, § 117 (c) (2).
Bonded, etc., losses of banks, § 117 (i).
Capital assets defined, § 117 (a) (1).
Capital loss carry-over, § 117 (e).

Method of computation, § 117 (e) (1).

Rule for capital loss carry-over from 1941, § 117
(e) (2).

Definition, 117 (a).

Determination of period for which held, § 117 (h).
Gains and losses from short sales, etc., § 117 (g).

General rule, § 117 (j) (2).

Involuntary conversions, § 117 (j).

Limitation on capital losses, § 117 (d).

Corporations, § 117 (d) (1).

Other taxpayers, § 117 (d) (2).

Long-term capital gain defined, § 117 (a) (4).
Long-term capital loss defined, § 117 (a) (5).
Net capital gain defined, § 117 (a) (10).
Net capital loss defined, § 117 (a) (11).
Net long-term capital gain defined, § 117 (a) (8).
Net long-term capital loss defined, § 117 (a) (9).
Net short-term capital gain defined, § 117 (a) (6).
Net short-term capital loss defined, § 117 (a) (7).
Partnerships, § 183 (b) (1).

Percentage taken into account, § 117 (b).

Property used in the trade or business defined, § 117
(j) (1).

Retirement of bonds, etc., § 117 (f).

Sale or exchange of property used in trade or busi-

ness, § 117 (j).

Short-term capital gain defined, § 117 (a) (2).

Short-term capital loss defined, § 117 (a) (3).

CAPITAL LOSS CARRY-OVER

Method of computation, § 117 (e) (1).

Rule for capital loss carry-over from 1941, § 117 (e)
(2).

CAPITAL LOSSES

See "Capital Gains and Losses."

Deductibility from gross income, § 23 (g).

Mutual insurance companies other than life or mu-
tual, § 207 (b) (4) (F).

Insurance companies, § 1201 (a) (2).

Foreign corporations, § 1200 (b).
Payment of tax, § 1205.

Extension of time, § 1205 (b).

Penalty for delinquency, § 1206.
Time of payment, § 1205 (a).
Returns, § 1203.

Place for filing, § 1203 (c).
Publicity of returns, § 1204.
Requirement, § 1203 (a).

Time for filing, § 1203 (b).

Extension of time, § 1203 (b) (2).
General rule, § 1203 (b) (1).

CAPITALIZATION OF ADVERTISING, ETC.
Deductibility, § 23 (a) (1) (C).

Election to charge to capital account, § 733 (a).
Effect of election, § 733 (b).

CAPITAL STRUCTURE

Adjustment prior to September 22, 1938, § 113 (b)
(4).

CARRY-BACK AND CARRY-OVER

Capital gains and losses, § 117 (e).
Dividend carry-over, § 27 (c).

Excess profits credit, §§ 710 (b) (3), 710 (c) (2).
Interest on claims based on, § 3771 (e).

Net operating loss carry-back, §§ 23 (s), 122 (b) (1),
276 (d), 292 (c).

Net operating loss carry-over, §§ 23 (s), 122 (b) (2).
None prior to 1941, § 122 (e).

Refunds and credits, §§ 322 (b) (6), 322 (g).

CARRYING CHARGES

Adjustment for, § 113 (b) (1).
Nondeductibility, § 24 (a) (7).

CEMETERY COMPANIES

Exempt from income tax, § 101 (5).
CHAMBERS OF COMMERCE

Exempt from income tax, § 101 (7).
CHANGE

Accounting method, § 44 (c).
Accounting period, § 46.

Inventory method, § 22 (d).

Status as affecting personal exemption, § 25 (b) (3).
Withholding exemption certificates, § 1622 (h).

CHARITABLE, ETC., CONTRIBUTIONS

Corporations, § 23 (a), (q).
Deductibility from

Gross estate, §§ 812 (d), 861 (a) (3).

Gross gifts, §§ 1004 (a) (2), 1004 (b) (1)–(6).
Gross income, § 23 (q), (o).

Estates and trusts, § 162 (a).
Foreign corporations, § 232 (b).
Individuals, § 23 (o).

Nonresident aliens, § 213 (c).

Partnerships, § 183 (c).

United nations, § 23 (o) (6).
Unlimited deductions, § 120.

CHARITABLE ORGANIZATIONS

Exempt from income tax, § 101 (6).

CHILD

Taxability of amounts received for services, § 12 (m).

CHINA

Citizens with estates in, §§ 851, 920, 921.
Definition, § 262 (d).

CHINA CLAY

Percentage depletion, § 114 (b) (4).

CHINA TRADE ACT CORPORATIONS

Affiliation, § 264.

Credit for capital stock taxes, § 1202 (d).

Credits against income tax, § 263.

Credits against net income, § 262.

Allowance of credit, § 262 (a).

Definition of China', § 262 (d).

Ownership of stock, § 262 (c).

Special dividend, § 262 (b).

Dividends from, § 116 (f).

Income tax due dates postponed in case of, § 3805.
Taxation in general, § 261.

Corporation tax, § 261 (a).

CITIZENS

Closing of taxable year, § 146 (d).

Credits for foreign taxes, § 131 (a) (1).

Credits for taxes of possessions of United States, § 131

(a) (1).

Estate tax, § 810.

Estates in China, §§ 851, 920, 921.
Possessions of United States, § 252.

CIVIC LEAGUES

Exempt from income tax, § 101 (8).

CLAIMS AGAINST ESTATE

Deductibility from gross estate, § 812 (b) (3).

CLAIMS AGAINST UNITED STATES
Involving acquisition of property, § 106.
CLAIMS FOR REFUND OR CREDIT

See Refunds and Credits"; "Refunds and
Credits of Gift Taxes," etc.

CLAIMS IN ABATEMENT

Estate taxes, § 873.

Gift taxes, § 1014.

Income taxes, § 273 (j).

CLAY

Ball and sagger, percentage depletion for, § 114 (b)
(4).

CLERGYMEN

Rental value of dwelling, § 22 (b) (6).

Withholding tax, § 1621 (a).

CLOSING AGREEMENTS

Authorization, § 3760 (a).

Finality, § 3760 (b).

Penalties, § 3762.

Concealment of property, § 3762 (a).

Withholding, falsifying and destroying records,
§ 3762 (b).

Unjust enrichment tax, § 705.

CLOSING OF TAXABLE YEAR

Addition to tax, § 146 (f).

Aliens, departure of, § 146 (e).

By commissioner, § 146.

Citizens, § 146 (d).

Security for payment, § 146 (b).

Tax in jeopardy, § 146 (a).

Corporation in liquidation, § 146 (a) (2).

Departure of taxpayer, § 146 (a) (1).

Removal of property from United States, § 146

indebtedness, § 3657.

Prohibition of suits to restrain, § 3653.

Receipts for taxes, § 3659.

Regulation establishing mode or time of, § 3652.
Stay. See "Statute of Limitations."

COLLECTION AT SOURCE

See "'Income Taxes Collected at Source on
Wages," "Withholding of Tax at Source."

COLLECTOR OF INTERNAL REVENUE
Appointment, etc., §§ 3941-3945.

Definition, §§ 930 (d), 3797 (a) (13).
Tax computed by, § 51 (f).

COMMISSIONER OF INTERNAL REVENUE

Administrative review of decisions, § 3790.
Appointment, § 3900.

COMMISSIONER OF INTERNAL REVENUE

Cont.

Assistant to, §§ 3905, 3906.

Definition, § 3797 (a) (12).

Delegation of authority to make assessment, § 3647.
Deputy commissioner, §§ 3915, 3916.
Personnel, § 3901 (b).

Powers and duties, § 3901.

Special deputy commissioner, §§ 3910, 3911.
COMMISSIONERS

Tax Court, § 1114 (b).

COMMITTEES OF CONGRESS

Inspection of income tax returns by, § 55 (d).
COMMODITIES

Gains personal holding company income, § 502 (c).
COMMODITY CREDIT LOANS

Election of taxpayer as to, § 123.

COMMON TRUST FUNDS

Admission, § 169 (e).

Computation of income of, § 169 (d).

Definition, § 169 (a).

Different taxable years, § 169 (g).

Income of participants, § 169 (c).

Credit for partially-exempt interest, § 169 (c) (2).

Inclusion in net income, § 169 (c) (1).
Returns by banks, § 169 (f).

Taxation of, § 169 (b).

Withdrawal, § 169 (e).

COMMONWEALTH OF PHILIPPINES
Compensation of employees of, § 116 (h).

COMMUNITY PROPERTY

Estate tax, §§ 811 (d) (5), 811 (e).
Gift tax, § 1000 (d).

COMPENSATION

Copyrights, § 107 (b).

Employees of Commonwealth of Philippines, § 116 (h).
Employees of foreign governments, § 116 (h).
Information as to amount paid, § 147 (a).

COMPROMISES

Authorization, § 3761 (a).

Penalties, § 3762.

Concealment of property, § 3762 (a).
Withholding,

falsifying or destroying records,

§ 3762 (b).

Record of, § 3761 (b).

CONSENT DISTRIBUTION

As part of entire distribution, § 28 (e).
Definition, § 28 (a) (4).

Taxability of amounts specified in consents, § 28 (f).

CONSENT DIVIDENDS CREDIT

Allowance of, § 28 (c).

Amount not included in shareholder's return, § 28 (j).

Basis of stock in hands of shareholders, § 28 (h).
Consent distribution, § 28 (e).

Definition, § 28 (a) (4).

Taxability of, § 28 (f).

Corporation, § 28.

Corporation is entitled to, § 28 (e).

Effect on capital account of corporation, § 28 (i).
General, § 28.

Shareholders' consents, § 28 (d).

CONSENT DIVIDENDS DAY
Definition, § 28 (a) (3).

CONSENT STOCK

Definition, § 28 (a) (1).

CONSOLIDATED RETURNS

Excess profits taxes, §§ 729, 730.

Affiliated group defined, § 730 (d).

Computation and payment of tax, § 730 (c).
Includible corporation defined, § 730 (e).
Includible insurance companies, § 730 (f).
Privilege to file, §§ 141 (e) (7), 730 (a).
Regulations, § 730 (b).

Subsidiary formed to comply with foreign law, § 730

(g).

Suspension of statute of limitations, § 730 (h).
Income taxes, § 141.

Affiliated group defined, § 141 (d).

Allocation of income and deductions, § 141 (i).

Computation and payment of tax, § 141 (c).

Includible corporation defined, § 141 (e).
Includible insurance companies, § 141 (f).

Privilege to file, § 141 (a).

Regulations, § 141 (b).

Subsidiary formed to comply with foreign law,
§ 141 (g).

Suspension of statute of limitations, § 141 (h).

CONSTRUCTIVE DIVIDENDS

Limitations where omitted from return, § 275 (d).

CONSTRUCTIVE OWNERSHIP

Definition, § 24 (b) (2).

Stock of foreign personal holding company, § 333
(a).

Stock of personal holding company, § 503 (a) (5).
CONTEMPLATION OF DEATH TRANSFERS
Gross estate, §§ 811 (c), (d), (f), 862 (b).