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Section 22(a). Gross income: General definition-Continued:
Page
own capital stock...
22(a)-15. Creation of sinking fund by corporation___.
22(a)-16. Acquisition or disposition by a corporation of its
22(a)-17. Contributions to corporation by shareholders_-_
22(a)-18. Sale and purchase by corporation of its bonds...
22(a)-19. Sale of capital assets by corporation__
22(a)-20. Income to lessor corporation from leased property..
22(a)-21. Gross income of corporation in liquidation_____
Section 22(b). Gross income: Exclusions from gross income..
Article 22(b)-1. Exemptions-Exclusions from gross income..
22(b)(1)−1. Life insurance-Amounts paid by reason of the
death of the insured_ _ _
22(b) (2)-1. Life insurance-Endowment contracts-Amounts
paid other than by reason of the death of the
insured.
22(b) (2)-2. Annuities.
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22(b) (3)-1. Gifts and bequests.
22(b)(4)−1. Interest upon State obligations___
22(b)(4)-2. Dividends and interest from Federal land banks,
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Federal intermediate credit banks, national farm-
loan associations, banks for cooperatives, and
production credit corporations and associations___
22(b)(4)-3. Dividends from Federal reserve banks..
22(b)(4)-4. Interest upon United States obligations_
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22(b)(4)−5. Treasury bond exemption in the case of trusts or
partnerships--
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22(b)(4)−6. Interest upon United States obligations in the case
of nonresident aliens and certain foreign organiza-
tions____
22(c)-4. Inventories at cost or market, whichever is lower__
22(c)-5. Inventories by dealers in securities__
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22(c)-6. Inventories of live stock raisers and other farmers. –
22(c)-7. Inventories of miners and manufacturers _.
22(c)-8. Inventories of retail merchants____
Section 22(d). Gross income: Distribution by corporations..
Section 22(e). Gross income: Determination of gain or loss___
Section 22(f). Gross income: Gross income from sources within
and without United States__
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CHAPTER IV
DEDUCTIONS FROM GROSS INCOME
Section 23(a). Deductions from gross income: Expenses.
Article 23(a)-1. Business expenses--.
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23(a)-2. Traveling expenses_
23(a)-3. Cost of materials_
23(a)-4. Repairs-----
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23(a)-5. Professional expenses---
23(a)-6. Compensation for personal services..
23(a)-7. Treatment of excessive compensation..
23(a)-8. Bonuses to employees---
23(a)-9. Pensions-Compensation for injuries..
23(a)-10. Rentals____.
23(a)-11. Expenses of farmers___
23(a)-12. Depositors' guaranty fund..
Section 23(b). Deductions from gross income: Interest.
Article 23(b)-1. Interest_.
Section 23(c). Deductions from gross income: Taxes generally.
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Section 23(d). Deductions from gross income: Taxes of shareholder
Section 23(e). Deductions from gross income: Losses by individuals.
Article 23(e)-1. Losses by individuals..
Section 23(f). Deductions from gross income: Losses by corpora-
Section 23(g). Deductions from gross income: Wagering losses_-_-
Section 23(h). Deductions from gross income: Basis for deter-
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mining loss__
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Article 23(h)-1. Basis for determining loss_____
Section 23(i). Deductions from gross income: Loss on wash sales
of stock or securities__-
Section 23(j). Deductions from gross income: Capital losses..
Section 23(k). Deductions from gross income: Bad debts..
Article 23(k)-1. Bad debts..
23(k)-2. Examples of bad debts..
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23(k)-3. Uncollectible deficiency upon sale of mortgaged or
pledged property.
23(k)-4. Worthless bonds and similar obligations.
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23(k)-5. Reserve for bad debts-----
Section 23(1). Deductions from gross income: Depreciation
Section 23(1). Deductions from gross income: Depreciation-Con:
Article 23(1)-4. Capital sum recoverable through depreciation allow-
ances--
23(1)-5. Method of computing depreciation allowance__
23(1)-6. Obsolescence...
23(1)-7. Depreciation of patent or copyright_
23(1)-8. Depreciation of drawings and models.
23(1)-9. Records of depreciable property.
23(1)–10. Depreciation in the case of farmers...--
Section 23(m). Deductions from gross income: Depletion....... Section 23(n). Deductions from gross income: Basis for deprecia-
tion and depletion..........
Article 23(m)-1. Depletion of mines, oil and gas wells, other natural
deposits, and timber; depreciation of improve-
ments...
23(m)-2. Computation of depletion of mines, oil and gas wells,
and other natural deposits without reference to
discovery value or percentage depletion_-_-_
23(m)-3. Computation of depletion of mines (other than
metal, coal, or sulphur mines) on the basis of
discovery value____
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23(m)-4. Computation of depletion based on a percentage of
income in the case of oil and gas wells..
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23(m)-5. Computation of depletion based on a percentage of
income in the case of coal mines, metal mines, and
sulphur mines or deposits_ --
23(m)-6. Determination of cost of deposits _ _ _
23(m)-7. Determination of fair market value of mineral prop-
erties, including oil and gas properties_
23(m)-8. Revaluation of mineral deposits not allowed__.
23(m)-9. Determination of mineral contents of mines and of
oil or gas wells___.
23(m)-10. Depletion-Adjustments of accounts based on bonus
or advanced royalty-.
23(m)-11. Depletion and depreciation accounts on books...
23(m)-12. Statement to be attached to return when valuation,
depletion, or depreciation of mineral property is
claimed..
23(m)-13. Statement to be attached to return when depletion
is claimed on percentage basis. - -
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23(m)-14. Discovery of mines other than coal, metal, or sulphur
mines___
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23(m)-15. Allowable capital additions in case of mines___.
23(m)-16. Charges to capital and to expense in the case of oil
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and gas wells...
23(m)-17. Depreciation in the case of mines_ - .
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23(m)-18. Depreciation of improvements in the case of oil and
gas wells...--
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23(m)-19. Depletion and depreciation of oil and gas wells in
years before 1916___
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23(m)-20. Capital recoverable through depletion allowance in
the case of timber_.
Section 23 (m). Deductions from gross income: Depletion—Con. Page
Article 23(m)-21. Computation of allowance for depletion of timber
for given year..
23(m)-22. Revaluation of timber not allowed__
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23(m)-23. Depreciation of improvements in the case of timber. 95
23(m)-24. Information to be furnished by taxpayer claiming
depletion of timber___
23(m)-25. Determination of fair market value of timber___
23(m)-26. Determination of quantity of timber...---
23(m)-27. Aggregating timber and land for purposes of valua-
tion and accounting-----
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23(m)-28. Timber depletion and depreciation accounts on
books___.
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Article 23(q)-1. Contributions or gifts by corporations..
Section 23(o). Deductions from gross income: Charitable and other contributions_.
Article 23(0)-1. Contributions or gifts by individuals__
Section 23(p). Deductions from gross income: Pension trusts.......
Article 23(p)-1. Payments to employees' pension trusts---
Section 23 (q). Deductions from gross income: Charitable and
other contributions by corporations.
Section 24. Items not deductible__
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24-4. Amounts allocable to exempt income, other than
interest.
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24-5. Losses from sales between members of family and
between individuals and corporations..
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24-6. Life or terminable interests..
CHAPTER V
CREDITS AGAINST INCOME
Section 25. Credits of individual against net income..
Article 25-1. Credits of individual against net income.-
25-2. Earned income credit____
Article 26-1. Credit of corporation for interest on obligations of the
Section 27(a). Corporation credit for dividends paid: Dividends
paid credit in general..
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Article 27(a)-1. Dividends paid credit in general---
Section 27(b). Corporation credit for dividends paid: Dividend
carry-over___
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Article 27(b)-1. Dividend carry-over...
Section 27(c). Corporation credit for dividends paid: Dividends in
kind__
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Article 27(c)-1. Dividends in kind..
Section 27(d). Corporation credit for dividends paid: Dividends in
obligations of the corporation.............
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dividends..
Article 27(d)-1. Dividends in obligations of the corporation_-_-
Section 27(e). Corporation credit for dividends paid: Taxable stock
Article 27(e)-1. Taxable stock dividends____.
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Section 27(f). Corporation credit for dividends paid: Distributions
in liquidation....
Article 27(f)-1. Dividends paid credit for distributions in liquidation_
Section 27(g). Corporation credit for dividends paid: Preferential
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Article 27(g)-1. Preferential distributions_
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Section 27(h). Corporation credit for dividends paid: Nontaxable
distributions....
Article 27(h)-1. Nontaxable distributions..
CHAPTER VI
CREDITS AGAINST TAX
Part III-Credits Against Tax
Section 31. Taxes of foreign countries and possessions of United
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41-2. Bases of computation and changes in accounting meth-
Section 42. Period in which items of gross income included.
Article 42-1. When included in gross income..
42-5. Subtraction for redemption of trading stamps..
Section 43. Period for which deductions and credits taken.
Article 43-1. "Paid or incurred" and "paid or accrued".
43-2. When charges deductible_-
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