om Text of Income Tax Lap Revenue Act of 1918 itle 1-General Definitions ........................... itle 11—Income Tax ............... : ......... ..... Part 1-General Provisions efinitions ................................. ividends defined What dividends are taxable. asis of determining gain or loss. ...... Iventories ......... et Losses ............................................ iscal year with different rates..... arts of income subject to rates for different years........ Part 11—Regarding Individuals. ates of normal tax......... ......... 'ates of surtax. lates of tax for 1919.......... ..... let income defined ......... iross income defined........ ncome exempt from tax. Deductions from net income. tems not deductible............ Credits allowed in calculating normal tax............ Personal exemption ........ .................. Non-resident aliens—allowance of deduction and credits.. 107 Personal exemption. ...................... 107 Profits of corporations taxable to stockholders............ Deduction at the source..... .............. 1 Amounts deductible. ......... 1 Returns--individual, parnership, fiduciary ................. 1 Changes in accounting period. ....... ] Time and place for filing returns.... ....... Understatements ............ ............ Part III-Regarding Corporations Domestic corporations. Foreign organizations. ......... Domestic corporations ...... ................ 122 Time and place of filing returns.......................... 123 123 Part IV-Administrative Provisions ...... Overstatement, If fraudulent, When tax is overdue. ............ ...................... ........ ......... ........ Title XIII—General Administrative Provisions ....... 130 Powers and duties. Legislative Drafting Service. ............ 130 Other administrative provisions made part of this act.... 131 Commissioner of Internal Revenue, Powers of............ 131 May examine books, papers, etc. May take testimony, etc., as to correctness of return. Fractional part of a cent (less than one-half) disregarded.. 131 Other means. Commissioner authorized to refund tax........ ........ 132 Duty of collector to file statement of violation............ 133 Collector may administer oath. Duty of every person, corporation, etc., to make returns. Collector to make returns in certain cases. District Court to have jurisdiction......... ......... Acts of 1916 and 1917 and parts of acts repealed.......... 137 1916 Act as amended in force for Porto Rico and the Philip- Short titles of Acts of 1916, 1917 and 1918............. 138 Information concerning and copies of government contracts 138 To be filed with the Commissioner on request. Penalties for failure to file such copies. Commissioner shall have access to such data. General effective date of act.......... ............ 138 Collection districts with names and addresses of collectors of internal revenue.............. e.................................. 139 Index of Analysis and Comment................ .......... 143 Table No. 1, pages 18-20, shows the Rates and Amounts of Tax to be paid by individuals, citizens or residents, on incomes from $2,000 to $10,000,000. An adjustment of the Table for non-resident alien individuals is also given. An Example of a Method of Computing the Income Tax is included on page 21. The graphic charts on pages 22-23 give the Average Tax on Net Income from $2,000 to $2,000,000 for the tax laws passed in the years 1913,1916,1917, and 1918 showing the great increase in 1918. Table No. II on pages 24-27 gives the Comparative Values of Taxable and Tax-free Securities. |