Page:United States Statutes at Large Volume 45 Part 1.djvu/846

 SEVENTIETH CONGRESS. SESS. I. CH. 852. 1928 . 795 TITLE I-INCOME TAX SUBTITLE A-INTRODUCTORY PROVISIONS INCOME TAX Introductory provi- sions. SEC. 1 . APPLICATION OF TITLE. Application of title . The provisions of this title shall apply only to the taxable year To 1928, and succeed- mg years. 1928 and succeeding taxable years. Income, war-profits, and excess- Previous years not af- profits taxes for taxable years preceding the taxable year 1928 fec ted. shall not be affected by the provisions of this title, but shall remain subject to the applicable provisions of prior revenue Acts, except as such provisions are modified by Titles III, IV, and V of this Act or by legislation enacted subsequent to this Act. SEC. 2. CROSS REFERENCES. Exce ption s. Cros s ref eren ces. The cross refer ences in thi s titl e to o ther po rtions of th e titl e, Merely for conven . where the word "see " is used, are made only for convenience, and fence. shall be given no legal effect. SEC. 3 . CLASSIFICATION OF PROVISIONS. Clas sific atio n of pro . visions. The provisions of this title are herein classified and designated Desi gnati on. as- Subtitle A-Introductory provisions, Subt itle B -Gener al pro vision s, div ided in to Par ts and secti ons, Sub title C-S upple menta l pr ovisi ons, divi ded i nto S upple ment s and sections. SEC. 4. SPECIAL CLASSES OF TAXPAYERS. The application of the General Provisions and of Supplements Appl icati on A to D, inclusive, to each of the following special classes of tax- piements . payers, shall be su bject to the excep tions a nd add itiona l prov isions found in the Supplement applicable to such class, as follows (a) Estates and trusts and the beneficiaries thereof,-Supple- ment E. (b) Members of partnerships,-Supplement F. (c) Insurance companies,-Supplement G. d) Nonresident alien individuals,-Supplement H . (e) Foreign corporations,-Supplement I . (f) Individual citizens of any possession of the United States who are not otherwise citizens of the United States and who are not residents of the United States,-Supplement J . (g) Individual citizens of the United States or domestic cor- porations, satisfying the conditions of section 251 by reason of deriving a large portion of their gross income from sources within a possession of the United States,-Supplement J . (h) China Trade Act corporations,-Supplement K . SUBTITLE B-GENERAL PROVISIONS Part I-Rates of Tax SEC . 11 . NORMAL TAX ON INDIVIDUALS . There shall be levied, collected, and paid for each taxable year upon the net income of every individual a normal tax equal to the sum of the following (a) 1I/2 per centum of the first $4,000 of the amount of the net income in excess of the credits against net income provided in section 25 ; (b) 3 per centum of the next $4,000 of such excess amount ; and (c) 5 per centum of the remainder of such excess amount. 54535°-29-PT 1-54 Spec ial c lasse s of tax- payers. of Sup- Estates and trusts, p. 838 . Partnerships, p . 840. Insurance com panies, p.842. Nonresident aliens,p . 847 . Fore ign c orpo ratio ns, p.849. Citizens of posses- sions, not citizens of United States, p. 850. Citizens deriving large part of inco me fr om United States possessions, p .85 1. China Trade Act corporations, p. 851 . General provisions. Rates of tax. Normal tax on indi- viduals. Rate on net income.

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