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INTRODUCTION

TREASURY DEPARTMENT,
OFFICE OF COMMISSIONER OF INTERNAL REVENUE,

Washington, D. C., December 31, 1940. To Officers of Internal Revenue and Others:

The within decisions of the Commissioner of Internal Revenue, published during the calendar years 1939 and 1940, upon the construction to be given to the various acts of Congress relating to the internal revenue, are published for the information and guidance of officers of the internal revenue and others concerned.

This volume contains Treasury decisions numbered 4778 to 5024, inclusive, and embraces rulings of the Treasury Department published during the calendar years 1939 and 1940.

GUY T. HELVERING, Commissioner of Internal Revenue.

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INTERNAL REVENUE

(T. D. 4878) Income, excess-profits, capital stock, estate, gift tax returnsReturns

made under title III, Revenue Act of 1936Returns made under

title IX of the Social Security Act Use of original returns open to inspection in accordance with T. D. 4873—Fur

nisbing of copies of returns-Inspection of returns of corporations by State
officers and shareholders—Inspection of estate and gift tax returns

TREASURY DEPARTMENT,
OFFICE OF COMMISSIONER OF INTERNAL REVENUE,

Washington, D. C. To Collectors of Internal Revenue and Others Concerned:

By Executive Order dated November 12, 1938, the President ordered that income, excess-profits, and capital stock tax returns, estate and gift tax returns made under the Revenue Act of 1932 and filed after June 16, 1933, and returns made under title IX of the Social Security Act, shall be open to inspection in accordance and upon compliance with the rules and regulations promulgated in T. D. 4873 approved by the President on the same date. That Treasury decision deals with the inspection of returns insofar as inspection is permissible only upon order of the President and under regulations approved by the President. Under authority of law, and without action by the President, returns of corporations, except income and excess-profits tax returns and returns for the purpose of surtax on personal holding companies for years beginning after December 31, 1934, are open to inspection by the proper officers of any State; all returns of corporations are open to inspection by bona fide shareholders of record owning one percent or more of the outstanding stock; and all returns under title III of the Revenue Act of 1936 (or copies thereof) are open to inspection by any official, body, or commission, lawfully charged with the administration of any State tax law, if the inspection is for the purpose of such administration or for the purpose of obtaining information to be furnished to local taxing authorities.

Pursuant to sections 62, 409, 601 (e), and 602 (c) of the Revenue Act of 1938, sections 62, 351 (c), and 503 (a) of the Revenue Act of 1936, sections 105 (d) and 106 (c) of the Revenue Act of 1935, sections 62,

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