Page:United States Statutes at Large Volume 53 Part 2.djvu/611

 53 STAT.] 76TH CONG. , 1IT SESS.-CH. 367-JULY 26, 1939 1087 Sec. 27. Tax a personal debt. Sec. 28. Information from Bureau of Internal Revenue. Sec. 29. Assessor to administer. (a) Duties of the assessor. (b) Records, statements, and special returns. (c) Examination of books and witnesses. (d) Return by assessor. Sec. 80. Assessment and collection of deficiencies. Sec. 31. Determination and assessment of deficiencies. Sec. 32. Jeopardy assessments. (a) Authority for making. (b) Bond to stay collection. Sec. 33. Period of limitation upon assessment and collection. (a) General rule. (b) False return. (c) Waiver. (d) Collection after assessment. Sec. 34. Refunds. Sec. 35. Closing agreements. Sec. 36. Compromises. (a) Authority to make. (b) Concealment of assets. (c) Of penalties. Sec. 37. Failure to file return. Sec. 38. Interest on deficiencies. Sec. 39. Additions to tax in case of deficiency. (a) Negligence. (b) Fraud. Sec. 40. Additions to tax in case of nonpayment. (a) Tax shown on return. (b) Deficiency. (c) Fiduciaries. Sec. 41. Time extended for payment of tax shown on return. Sec. 42. Penalties. (a) Negligence. (b) Willful violation. (c) Definition of "person." (d) No fraud penalty if full disclosure made. Sec. 43. Definitions. APPLICATION OF TITLE SECTION 1. The provisions of this title shall apply to the taxable Taxable year 1939 year 1939 and succeeding taxable years except that in the case of a thi .n .. taxable year beginning in 1938 and ending in 1939 the income tax- able under this title shall be that fraction of the income for the entire fiscal year equal to the number of days remaining in the fiscal year after January 1, 1939, divided by three hundred and sixty-five: Provided, however, That if the taxpayer's records properly reflect proio. the income for that part of the fiscal year falling in the calendar y^enar ts' f9sca year 1939, then the portion of the fiscal year's income taxable here- under shall be the portion received or accrued during the calendar year 1939. IMPOSITION OF TAX SEC. 2. (a) TAX ON INDIVIDUALS. -There is hereby levied for each Individuals doml- taxable year upon the taxable income of every individual domiciled c e n in the District of Columbia on the last day of the taxable year a tax at the following rates: Rates. One per centum on the first $5,000 of taxable income. One and one-half per centum on the next $5,000 of taxable income. Two per centum on the next $5,000 of taxable income. Two and one-half per centum on the next $5,000 of taxable income. Three per centum on the taxable income in excess of $20,000. (b) TAX ON CORPORATIONS. -There is hereby levied for each tax- Corporations. able year upon the taxable income from District of Columbia sources of every corporation, whether domestic or foreign (except those organizations expressly exempt under paragraph (d) of this section), a tax at the rate of 5 per centum thereof.

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