Page:United States Statutes at Large Volume 44 Part 2.djvu/63

 SLXTY—NIN'I?H CONGRESS; Sass.: I; C11. 27. 1920; 23 $11,660 uggn net incomeseof»$100,000; and upon net incomes in ”’°°*'”**· excess of $1 ,000, in addition 20 percentum or such eicesa. .¤ wm., qu 0, ,.. (b) In the caeeof a bona tide sa1e~ofmines,uoil,or gas wells, or "°“'· any interest therein, where ·theprincipa.l ivaluesof theeproperty has ugfggwlgw gg been demonstrated by prqspectingor exploration anddiscovery work umm. done by the taxpzgcr, the portioniof the tax imposed byxthxs mtion attribgfubsulghwsm  ng; exceed 16 per centum of the selling price propewyorm .:     - » A Nm meow: or 1NDIVID`UALS.DEl'INED‘ V. . N§;_‘{"*"“** °°* *°‘ Sm. 212. (a) In the case of an individualtbe tem +‘ mt income ’? md, ¤,g=*·>¤,· ,*,¤,,<·,¤¤, nheansedthlp gross income asddggicned in section 213, less the deductions gi? aow— se¢tions.214an s.; ’ 4   ~,u (b) Ibid not income shall be computed upon the   of the $gf‘,§,‘,$?‘;’,¥?“’*· taxpayer’s annual accounting  (fiscal, year or calendar year, as the case may be) in woo e ance withithemethod of accounting regularlly eu;pl)<?cdf in keeping tlésbohoalzs of! such paxpgyer; gut'; rs: suc me o accouni nsorem 0 i0I=¤l e method loyed doesgnot ciieirly srelisct   compu- tation ehiligie madein accordanee withsuch method as initheopimon of the Conunissioner doesclearlylreiiectltherincome. - If the tax· payer’s annual accounting period IS otherthan a fiscal yearas defined in section 200 or if thetaxpayer has noannnal accountin period or doeg-iilotclszeepd books, the neteincoamepshall be computegou the basiso t e ee aryear. . 3  .w   e, tg   V c) If a-taxpayer changes `his-accounting periodoefroms decal "“‘,,§’,‘¥’°‘ °"f°"‘ yesir to calendar year, fromcalendar year to iiscal year, srrrmm mm Umvd one fiscal year to another,<$he;net income shall with theappreval of the Comnxizsgonexi; sbeéocorgputed on tbef thesis woém such new accountin eri ,su ject t e provisionso section i e » i (d) Un€1di· re lations prescribed by the Commissioner with the ,,,L°‘§‘,,,'E‘,§°,{',°,{,,°{’,}T approval ofthecdcretary, a person whoereiinlerly sells or otherwise '°*“*¤°¤*P**¤· drsposes of personal [property on the insta lment plan may return as income t erefrom in any taxable year that proportion of the installment payments actually —reoeived· iu that year ‘ which the total profit realized orto be realized when the ayment is completed, Cmd { bears to the totaloontractfprice. i In the case F1) of a casual saleor m,¤,.,,§i'°,,.{.’,,..k'°,$f , or o asaeor 1 3. ~o ,1 §Y‘§50°”$““€2d“¥°""i“ ° »§`£`§$*s§¤’§l£.’§l’ i"L§iP"”p$§°°’i‘“,§ either,case the  payments, do not exceed 01lG?;;)0\LlTi§1¤’Gf>&0 purchase price, the income may, under regulations prescribed bg V, . the Commissioner with thoeapproval of the Secretary, be·“retume on theibasismndiin the manner aboveprescribed in this subdivision. As used in thissubdivision the term. " initial payments?’ meansethe pa ents received   or prcpertyé other than evidences of 1 s of the purchaser. during t A taxable period. in which the sale or other disposition is made. »   ‘ 3 e », cross moons murximn -i v A $0'i°?°4ai?%. Sm. 213. For thgpurposes of this title, except as otherwise pro- “°‘”°°•‘¤°‘¤•*°d *¤· vided in section 23 . (a) The term " gross income ’? includes gains, fprofits,and income ,,,,"f‘§i’,‘_ "°’°°’“° *3* derived from salaries, wages, or compensation or personal service F, _ (including in they case of the President of the»United States, ,,m°,§’d°Y“1 °m°m“ “" the judges of the Supreme and inferior courts of the United States, and all other oflicers and emp&§yees, whether eleéted or a pointed, of the United States, Alaska, awaii, or any political suhdivision