(Figures refer to Section Numbers.) Accounting methods "Accrued interest"..16 Accounting period Basis of return..108 Changes in..111 Fiscal year..107-108 Partnership..68 Record on the form..110 Time of return..111 "Accrued interest" accounting for..16 May be made in installments..148 The penalties for failure to meet installments..148 Affiliated corporations..142 Agents May act for non-resident alien..83 May make return..105 Aliens (see Non-resident alien individuals) Amortization (see Deductions from net income) Amount of tax paid by citizens or residents, Table No. I, Pages 18-20 Assessment and payment of tax (see Returns) "Average rate of tax" On incomes up to $100,000, Chart A.. Page 22 Basic tax, explanation of..8 Beneficiaries (see Estates and trusts) Bequests, exemption of property acquired by..32 Brokers' returns, required by Treasury Department..100 Calendar year (see Accounting period, Returns) Casualty, losses from, deductible Certificates of indebtedness of U. S. for payment of tax (see Returns) Charitable contributions..46 Non-resident alien individual..80 M M Charts Average tax rates for all taxable incomes, see Pages 22, 23 Citizens or residents-The provision applying to individuals gener- Collection of foreign items, license required for..102 Computing tax, method of, see Example.. Page 21 Municipal, etc. bond interest..34 Contributions (see Charitable contributions) Corporations organized to escape tax Explanation of..72 Holding companies..74 Corporations Net income..130 Under previous Laws..117 Cost, basis of determining gain or loss..15 Credits allowable Corporations..132 Non-resident alien individuals..80-1 See Estates and trusts "Dealer in securities," Commissioner's ruling in regard to..17 "Deduction at the source" Amount deducted..91 Foreign corporations..93, 139, 143 Return of withholding agent..96 Broadened views..47 Foreign income taxes..55 Income tax, not included..54 Losses in trade..48 Non-resident alien individuals. .46, 78-9 See Estates and trusts Dependents, definition of..12 Dividend records..101 Dividends Accumulation of..22 Depends on whether organization is taxable..19 During first 60 days of taxable year. .31 Liable to surtax..20 Municipal, etc. bond interest..34 Partnerships..66-7 Political subdivision..35 Public utility..127 Salary of President, etc., not exempt..33 State, municipal, etc. employees, salary, probably exempt..33 Exempt organizations (see Corporations) Exemption, personal (see Personal exemption) Extension of time to file return..114 Farmers, return by..107 Federal employees, salary of, not exempt..33 Federal Farm Loan bonds exempt..44 Federal obligations (see Exempt income) Federal reserve banks..123 Fiduciaries Payment of tax by..56-8 2 See Estates and trusts: In general the same provisions of the Filing annual return of income (see Returns) Fiscal year (see Accounting period and Returns, Partnerships) Foreign corporations Deduction at the source..139 See Corporations, Returns, etc. Foreign partnerships (see Non-resident alien individuals) Gain or Loss Basis of..15 Exchange of property..15 Market value or cost..15 On sales by corporation..128 Gift, exemption of property acquired by..32 Corporations..139 Definition..14 Guardian (see Estates and trusts, Fiduciaries) Definition..11 "Holding companies"..74 Joint returns by..103 See Personal exemption, Returns Income, exempt (see Exempt income) Income, gross (see Gross income) Income, net (see Net income) Income tax laws, previous..2 Income tax (see note under Tax) Income tax paid, no longer deductible in computing net income Corporation. .124 Individual. .46, 54 |