CHAPTER I SCOPE OF REGULATIONS Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That this Act, divided into titles and sections according to the following Table of Contents, may be cited as the "Revenue Act of 1934": Title I-Income Tax, Subtitle A-Introductory Provisions SEC. 1. APPLICATION OF TITLE. The provisions of this title shall apply only to taxable years beginning after December 31, 1933. Income, war-profits, and excess-profits taxes for taxable years beginning prior to January 1, 1934, shall not be affected by the provisions of this title, but shall remain subject to the applicable provisions of prior revenue Acts, except as such provisions are modified by Title III of this Act or by legislation enacted subsequent to this Act. ARTICLE 1-1. Scope of regulations.-These regulations deal with the tax upon net income imposed by Title I of the Revenue Act of 1934, the tax imposed by section 102 of Title I of that Act upon the adjusted net income of certain corporations, and the tax imposed by Title IA of that Act upon the undistributed adjusted net income of personal holding companies (see section 351). The articles of these regulations have been given key numbers corresponding to the numbers of the sections, subsections, or paragraphs of the Act. For example, articles 23 (a)−1 to 23 (a)–12, relating to deduction for expenses, bear the key number 23 (a), which corresponds to subsection 23(a) of the Act. The articles bearing a given key number are the regulations promulgated with respect to the corresponding section, subsection, or paragraph of the Act; and the section, subsection, or paragraph of the Act shall be considered as a part of the respective articles to which it corresponds. SEC. 2. CROSS REFERENCES. 66 The cross references in this title to other portions of the title, where the word see " is used, are made only for convenience, and shall be given no legal effect. SEC. 3. CLASSIFICATION OF PROVISIONS. The provisions of this title are herein classified and designated as Subtitle B-General provisions, divided into Parts and sections, ART. 3-1. Division of regulations. These regulations have been divided into 35 chapters. Chapter I relates to Introductory Provisions, Subtitle A of Title I. Chapters II to IX relate to General Provisions, Subtitle B of Title I. Chapters X to XXII relate to Supplements A to D of Supplemental Provisions, Subtitle C of Title I. Chapters XXIII to XXIX relate to Supplements E to K of Supplemental Provisions, Subtitle C of Title I. Chapters XXX to XXXIII relate to Supplements L to O of Supplemental Provisions, Subtitle C of Title I. Chapter XXXIV relates to Title IA, Surtax on Personal Holding Companies. Chapter XXXV relates to Title VI, General Provisions of the Act. SEC. 4. SPECIAL CLASSES OF TAXPAYERS. The application of the General Provisions and of Supplements (a) Estates and trusts and the beneficiaries thereof,-Supplement E. (c) Insurance companies,-Supplement G. (d) Nonresident alien individuals,-Supplement H. (e) Foreign corporations,-Supplement I. (f) Individual citizens of any possession of the United States who are not otherwise citizens of the United States and who are not residents of the United States,-Supplement J. (g) Individual citizens of the United States or domestic corporations, satisfying the conditions of section 251 by reason of deriving a large portion of their gross income from sources within a possession of the United States,-Supplement J. (h) China Trade Act corporations,-Supplement K. ART. 4-1. Application of regulations to special classes of taxpayers.— With respect to certain classes of taxpayers, the application of the provisions of Chapters II to XXII is subject to certain exceptions and additional provisions, which are discussed in Chapters XXIII to XXIX, as follows: Chapter XXIII-Estates and trusts. Chapter Chapter Chapter XXIV-Partnerships. XXV-Insurance companies. XXVI-Nonresident alien individuals. Chapter XXVII-Foreign corporations. Chapter XXVIII-Income from sources in possessions of the Chapter XXIX-China Trade Act corporations. For provisions interpretative of section 351, surtax on personal holding companies, see articles 351-1 to 351-9, inclusive. For provisions relative to surtax on corporations improperly accumulating surplus, see articles 102-1 to 102-6. |