Page:United States Statutes at Large Volume 52.djvu/489

 PUBLIC LAWS-CIL 289-MAY 28, 1938 General provisions, p. 452. Rates of tax, p. 452. Computation of net income, p. 457. Credits against tax, p. 472. Accounting, p. 473. Returns and pay- ment of tax, p. 476. Miscellaneous pro- visions, p. 480. Supplemental pro. visions, p. 480. Rates of tax, p. 480. Computation of net income, p. 484. SUBTITLE B-GENERAL PROVISIONS PART I-RATES OF TAX Sec. 11. Normal tax on individuals. Sec. 12. Surtax on individuals. Sec. 13. Tax on corporations in general. Sec. 14. Tax on special classes of corporations. Sec. 15. Corporate taxes effective for two taxable years. PART II-COMPUTATION OF NET INCOME Sec. 21. Net income. Sec. 22. Gross income. Sec. 23. Deductions from gross income. Sec. 24. Items not deductible. Sec. 25. Credits of individual against net income. Sec. 26. Credits of corporations. Sec. 27. Corporation dividends paid credit. Sec. 28. Consent dividends credit. PART III--CEDITS AGAINST TAX Sec. 31. Taxes of foreign countries and possessions of United States. Sec. 32. Taxes withheld at source. Sec. 33. Credit for overpayments. PART IV-AccouNTING PERIODS AND METHODS OF ACCOUNTING Sec. 41. General rule. Sec. 42. Period in which items of gross income included. Sec. 43. Period for which deductions and credits taken. Sec. 44. Installment basis. Sec. 45. Allocation of income and deductions. Sec. 46. Change of accounting period. Sec. 47. Returns for a period of less than twelve months. Sec. 48. Definitions. PART V-RETURNS AND PAYMENT OF TAX Sec. 51. Individual returns. Sec. 52. Corporation returns. Sec. 53. Time and place for filing returns. Sec. 54. Records and special returns. Sec. 55. Publicity of returns. Sec. 56. Payment of tax. Sec. 57. Examination of return and determination of tax. Sec. 58. Additions to tax and penalties. Sec. 59. Administrative proceedings. I'AT VI--IISCELLANEOUS PROVISIONS Sec. 61. Laws made applicable. Sec. 62. Rules and regulations. Sec. 63. Taxes in lieu of taxes under 1936 Act. SUBTITLE C--SUPPLEMIENTAL PROVISIONS SUPPLEMENT A-RATES OF TAX Sec. 101. Exemptions from tax on corporations. Sec. 102. Surtax on corporations improperly accumulating surplus. Sec. 103. Rates of tax on citizens and corporations of certain foreign countries. Sec. 104. Banks and trust companies. Sec. 105. Sale of oil or gas properties. Sec. 106. Claims against United States involving acquisition of property. SUPPLEMENT B-COMPUTATION OF NET INCOME Sec. 111. Determination of amount of, and recognition of, gain or loss. Sec. 112. Recognition of gain or loss. Sec. 113. Adjusted basis for determining gain or loss. Sec. 114. Basis for depreciation and depletion. Sec. 115. Distributions by corporations. Sec. 116. Exclusions from gross income. Sec. 117. Capital gains and losses. 448 [52 STAT.

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