CONTENTS

DIVISION I.—INTRODUCTORY PROVISIONS

TITLE I-INCOME TAX

SUBTITLE A-INTRODUCTORY PROVISIONS

[The section numbers refer to the Revenue Act of 1932 and the article numbers to Regulations 77]

12. Normal tax on individual citizens or residents of the

United States___.

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13. Citizens or residents of the United States liable to tax--

14. Who is a citizen___.

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Article 41. Meaning of net income__

Section 22 (a).

Article 51. What included in gross income_.

Gross income: General definition....

52. Compensation for personal services_---

53. Compensation paid other than in cash____

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83. Gifts and bequests..

68. Sale and retirement by corporation of its bonds..

69. Sale of capital assets by corporation_-_-

70. Income to lessor corporation from leased property-

71. Gross income of corporation in liquidation____.

Section 22 (b). Gross income: Exclusions from gross income.

Article 81. Exclusions from gross income.---

82. Proceeds of insurance-Compensation___.

84. Interest upon State obligations_-_.

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85. Dividends and interest from Federal land banks, Federal

intermediate credit banks, and national farm-loan

associations____.

86. Dividends from Federal reserve banks..

87. Interest upon United States obligations_

88. Liberty loan bond exemption in the case of trusts or part-

nerships-----

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89. Interest upon United States obligations in the case of non-

resident aliens and certain foreign organizations_-_-

90. Income accrued prior to March 1, 1913__

104. Inventories at cost or market, whichever is lower___

105. Inventories by dealers in securities_____

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106. Inventories of live stock raisers and other farmers..

107. Inventories of miners and manufacturers..

108. Inventories of retail merchants_.

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Section 22 (d).

Section 22 (e).

Section 22 (f).

Gross income: Distributions by corporations___

Gross income: Determination of gain or loss..

Gross income: Gross income from sources within

and without United States__

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Section 23 (a). Deductions from gross income: Expenses_

Article 121. Business expenses-.

122. Traveling expenses--

123. Cost of materials_.

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Section 23 (a). Deductions from gross income-Continued.

Page

Article 125. Professional expenses--.

126. Compensation for personal services......

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Section 23 (d).

127. Treatment of excessive compensation_.

128. Bonuses to employees___

129. Pensions-Compensation for injuries..

130. Rentals____

131. Expenses of farmers____

132. Depositors' guaranty fund..

Section 23 (b). Deductions from gross income: Interest..

Article 141. Interest____

Section 23 (c). Deductions from gross income: Taxes generally...

Article 151. Taxes___.

152. Federal duties and excise taxes__

153. Taxes for local benefits___.

154. Federal estate and State inheritance taxes____

Deductions from gross income: Taxes of share-

holder paid by corporation..

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Article 161.

Tax on bank or other stock_.

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Section 23 (e).

Deductions from gross income: Losses by indi-

viduals....

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Section 23 (f). Deductions from gross income: Losses by corpora-

tions...

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Section 23 (g). Deductions from gross income: Basis for deter-

mining loss____.

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192. Examples of bad debts_---

Section 23 (h). Deductions from gross income: Loss on wash sales

of stock or securities___.

Section 23 (i). Deductions from gross income: Net losses__

Article 171. Losses--

172. Voluntary removal of buildings__

173. Loss of useful value.‒‒‒‒.

174. Shrinkage in value of stocks_.

175. Losses of farmers____

176. Sale of capital stock and capital assets__

Section 23 (j). Deductions from gross income: Bad debts____

Article 191. Bad debts_

193. Uncollectible deficiency upon sale of mortgaged or pledged

property

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Section 23 (k). Deductions from gross income: Depreciation___