Page:United States Statutes at Large Volume 48 Part 1.djvu/726

 700 INCO ME TAX. MISCELLANE- OUS PROVI9 IONS- Contd. Rules and regula- tions to be preseribed. Taxes in lieu of 1932 Act. Short title. "Income Tax Act of 1934 ." SUPPLEMENTAL PROVISIONS. RATES OF TA X. Exemptions from tax on corporations. Labor, agricultural, etc. Mutual savings banks. Frater nal ben eficia ry societies, etc. Domest ic bu ildin g and loan associations. Mutua l cem etery companies. Corporations, com- munity chests, reli- gions foundations, etc. Business leagues, etc. Civic leagues, em- ployees' associations, etc 73d CONGRESS. SESS. II. CIT. 277 . MAY 10, 1934 . SEC. 62. RULES AND RE GULATIONS. The Commissioner, with the approval of the Secretary, shall pre- scribe and publish all needful rules and regulations for the enforce- ment of this title. SEC. 63. TAXES IN LIEU OF TAXES UNDER 1932 ACT. The taxes imposed by this title shall be in lieu of the correspond- ing tax es imposed by the Revenue A ct of 1932. SEC. 64. SHORT TITLE. This title may be cited as the " Income Tax Act of 1934 ." SUBTITLE C-SUPPLEMENTAL PROVISIONS Supplement A--Rates of Tax [Supplementary to Subtitle B, Part I] SEC. 101. EXEMPTIONS FROM TAX ON CORPORATIONS. The following organizations shall be exempt from taxation under this title- (1) Labor, agricultural, or horticultural organizations ; (2) Mutual savings banks not having a capital stock represented by shares ; (3) Fraternal beneficiary societies, orders, or associations, (A) operating under the lodge system or for the exclusive benefit of the members of a fraternity itself operating under the lodge system ; and (B) providing for the payment of life, sick, accident, or other benefits to the members of such society, order, or association or their dependents ; (4) Domestic building and loan associations substantially all the business of which is confined to making loans to members ; and cooperative banks without capital stock organized and oper- ated for mutual purposes and without profit ; ( 5) Cem etery compan ies o wned a nd ope rated exclu sively for the benefit of their members or which are not operated for profit ; and any corporation chartered solely for burial purposes as a cemetery corporation and not permitted by its charter to engage in any business not necessarily incident to that purpose, no part of the net earnings of which inures to the benefit of any private shareholder or individual ; (6) Corporations, and any community chest, fund, or founda- tion, organized and operated exclusively for religious, charitable, scientific, literary, or educational purposes, or for the prevention of cruelty to children or animals, no part of the net earnings of which inures to the benefit of any private shareholder or indi- vidual, and no substantial part of the activities of which is carrying on propaganda, or otherwise attempting, to influence legislation ; (7) Business leagues, chambers of commerce, real-estate boards, or boards of trade, not organized for profit and no part of the net earnings of which inures to the benefit of any private shareholder or individual ; (8) Civic leagues or organizations not organized for profit but operated exclusively for the promotion of social welfare, or local associations of employees, the membership of which is limited to the employees of a designated person or persons in a particular municipality, and the net earnings of which are devoted exclu- sively to charitable, educational, or recreational purposes ;