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INTRODUCTORY

These regulations deal with the tax imposed on income by the Revenue Act of 1934.

Since these regulations deal only with the tax on income, certain parts of the Act, which are general in their nature, or which do not relate directly to the imposing and collecting of the tax, have not been printed in the body of these regulations, but have been inserted in the Appendix, where they are grouped and classified under proper headings.' Thus, for example, certain of the sections from 501 to 520, inclusive, constituting Title III of the Act, have been placed in the Appendix. For this reason the main body of these regulations deals 'only with Titles I, IA, and VI of the Act. Treasury Decision 4469, approved September 6, 1934, relating to the excessprofits tax imposed under Title V of the Act, has been printed in its entirety in the Appendix.

The numbering of the respective articles in the body of the regulations is new. The plan has been adopted of using the numbers of the sections of the Act as key numbers, followed by a dash (-), with the number of the article placed after the dash. By this means anyone who desires to learn how a given section or subsection of the Act has been interpreted by the Bureau can readily and quickly find that interpretation by using the key number. Thus, if one desires to learn what interpretation has been placed on section 26 of the Act, he should turn to article 26-1 of the regulations. In some cases several articles are necessary in the interpretation of different phases of one section or subsection or paragraph of the Act. For example, section 23(m), dealing with “Depletion,” requires many articles. Each of them, bowever, is designated by the key 23(m); for example, article 23(m)-1, article 23(m)-2. It is believed that by thus keying the numbers of the articles to the sections, subsections, and paragraphs of the Act, the material in the regulations is made more readily available. The index has been enlarged and supplied with abundant cross-references that will be of assistance to anyone consulting the regulations. .

The regulations proper have been divided into chapters. The material to be found in each respective chapter is shown in the “Contents.The classification of the material by chapters follows the arrangement of the corresponding sections of the Act.

III

Certain important provisions of prior Revenue Acts from 1924 to date, together with important sections of the Revised Statutes relating to income tax, will be found in the Appendix, classified and grouped under the proper headings. The material in the Appendix has also been made readily available by means of the General Index. This indexing of the material in the Appendix along with the material in the body of the regulations obviates the necessity of consulting two indexes.

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