Page:United States Statutes at Large Volume 43 Part 2.djvu/816

 2124 mnsx. lawns Tax. Tide II, Revenue Ad of 1934- hn Income Taz,Tif1eII, Revenue Ad o]19!4— has _ Coatiaued. nod qontlnuad. of mean rms; "pard' or incu ," gain or oss on sposcd pro aculsgdd or accrued " ,._. 254 quired alter February @{913; ap cation to deductions or credits 254 by trust transfer, same as in "•toch," "shareholder" ... 254 hands of grantorl 253 corporation dividend means any dis- market value, before December 31, tribution from earnings, etc., 1920  258 accumulated dnce February 28, acquired by bequest or transfer in 1913  - ... 254 contemplation of death, at marto insurance raerve fund excepted- 254 kot value  258 accumulations, etc., accrued before acquired u n an exchange, the same March 1, 1913 not taxable; ap- as on me property exchanged--- 258 ion and distribution .. 254 if other property received; excepliq distributions, treated as tions ..._.___ 258 exchange of stock . 255 acquired by reorganisation after Deginorlossdetermincd;taxongain- 255 cember 31, 1917, same as in  liquidation  255 hands of transferor  259 utions not out of profits, etc., after December 31, 1920, by issue _ taxable .. 255 of stock, etc., same as in hands of dmtributeea of earnings from per- transferor 259 sonal service corporations ex- after December 31, 1923, of stock erapt from tax ... 255 distributed to taxpayer 259 stock vidends exempt; proceeds of acquired by involuntary, etc., conredeemed stoek taxable 255 version, same as property conpartial liquidations construed .. 255 verted ... 259 garnorlosdetermincd .. 255 acquiring after December 31, 1920, adjustment for capital expenditures, property identical to stock disetc. 255 posed of, same as that stock 259 on amount received from sales 256 acquired before March 1, 1913, cost extent recognised ... 256 or market value .. 259 installment payments sales 256 for depletion, exhaustion, etc., same entire amount recognised; exceptions 256 as for sale, etc 260 no gain or loss recognised in exchanges mines, oil and gas wells; market of property for similar uses 256 value not exceeding 50 per cent if stock received on reorganization-- 256 of net income. 260 by corporation for stock of party to inventories may be used to determine reorganization 256 income of taxpayer  260 transfers for stock of corporation un- net losses, determination of .. 260 der same control. 256 limitation on deductions; losses not involuntary conversions into similar included with business. 260 property, etc _ 256 capital losses ... 260 no gain from receipt of additional stock, depletion .. 260 etc., on reorganization without corporation dividends. - . 260 surrender of holding ... 256 interest free from tax, etc 260 amount of gain if additional property amount of, in computing income for received on exchange therefor, next taxable year. 260 on which no  recognized--- 257 allowed if exceeding net income for if reorpnixation distribution taxable succeeding taxable year .. - - 260 dividends, on the exchange. 257 application for loss sustained in secon reorganisation exchanges forifrop- ond year; if exceeding net income 261 erty other than stock, dis- for capital gain. 261 tributed no gain recognized 257 application to third year ... 261 if not distributed, gain to be recog- application to losses of income for nised 257 1922 under Act of 1921  261 no loss if other property received be- for 1923 ... 261 sides that on which no gain or if fiscal year of parties differ from loss recognised ._. 257 calendar years _ 261 reorganisation distribution of stock, benefits allowed partners, estates or etc., not a distribution of earn- trusts, and insurance companies- 261 ings, etc., for tax determination- 257 fiscal years retums, determination of corporation acts constituting a reorgan- tax on beginning in one calendar ization ..-..-.-..-.--- 257 year and ending in succeeding-- 261 meaninaoof "s. party to a neorganiza- application to partnerships .- - 262 n"; control of ownerships credit or refund of tax paid under described -.-.---.---. 257 Act of 1921 -.-...--.. 262 gain or loss on disposal of property ac- capital gains and losses described ..-.. 262 quired after February 28, 1913, meaning of terms; "capital gain/’ based on its cost ...-..---.---. 258 _ ‘ capital loss" - --- 262 based on last inventory value --- 258 °‘d0dl.l0tlOIl,” "ordinary dcductions" 262 acquired by gift after December 31, "capital net gains," "capital net 1920, on value in hand of the loss" .-.-...--...-..-.--- 262 donor, etc .-.---.- 258 “0rdinary net income" .---... - 263