Page:United States Statutes at Large Volume 56 Part 1.djvu/826

 798 PUBLIC LAWS-CH. 619-OCT. 21, 1942 [56 STAT. [CHAPTER 619] AN ACT October 21, 1942 tH. R. 7378] To provide revenue, and for other purposes. [Public Law 753] Be it enacted by the Senate and House of Representatives of the Revenue Act of194z United States of America in Congress assembled, That (a) SHORT TITLE.- This Act, divided into titles and sections according to the following Table of Contents, may be cited as the "Revenue Act of 1942": TABLE OF CONTENTS [In the following table, a section number following the title of a section of this Act indicates the provision of the Internal Revenue '53 Sta. Part1. Code to which such section of this Act makes the principal amend- c., Supp. I. ment.] Post, p .802. TITLE I-INDIVIDUAL AND CORPORATION INCOME TAXES PART I-AMENDMENTS TO CHAPTER 1 Sec. 101. Taxable years to which amendments applicable. See. 102 . Normal tax on individuals (sec. 11). Sec. 103. Surtax on individuals (sec. 12 (b)). Sec. 104. Optional tax on individuals with gross income from certain sources of $3,000 or less (sec. 400). See. 105. Tax on corporations (see. 15). Sec. 106. Tax on nonresident alien individuals (sec. 211). Sec. 107. Tax on foreign corporations (sec. 231 (a)). Sec. 108. Withholding of tax at source (sees. 143 and 144). See. 109. Treaty obligations. Sec. 110. Transfers of life insurance contracts, etc. (sec. 22 (b) (2)). Sec. 111. Income received from estates, etc., under gifts, bequests, etc. (sec. 22 (b) (3)). Sec. 112. Amendments to conform Internal Revenue Code with Public Debt Act of 1941 (sec. 22 (b) (4)). Sec. 113. Exclusion of pensions, annuities, etc., for disability resulting from mili- tary service (sec. 22 (b) (5)). Sec. 114. Exclusion of income from discharge of indebtedness (sec. 22 (b) (9)). Sec. 115. Improvements by lessee (sec. 22 (b)). Sec. 116. Recovery of bad debts, prior taxes, and delinquency amounts (sec. 22 (b) ). Sec. 117. Additional allowance for military and naval personnel (sec. 22 (b)). Sec. 118. Report requirement In connection with inventory methods (sec. 22 (d) (2)). Sec. 119. Last-in first-out inventory (sec. 22 (d)). Sec. 120. Alimony and separate maintenance payments (sec. 22). Sec. 121. Non-trade or non-business deductions (sec. 23 (a)). Sec. 122. Deduction allowable to purchasers for State and local retail sales taxes (sec. 23 (c)). Sec. 123. Deduction for stock and bond losses on securities in affiliated corpora- tions (sec. 23 (g)). Sec. 124. Deduction for bad debts, etc. (sec. 23 (k)). Sec. 125. Corporate contributions to United States, etc., or for charitable use outside United States deductible (sec. 23 (q)). Sec. 126. Amortizable bond premium (sec. 23). Sec. 127. Deduction for medical, dental, etc., expenses (sec. 23). Sec. 128. Deduction of certain amounts paid to cooperative apartment corpora- tion (sec. 23). Sec. 129. Deduction denied if proceeds used to pay for insurance (sec. 24 (a)). Sec. 130. Taxes and other charges chargeable to capital account not deductible but treated as capital items (sec. 24 (a)). Sec. 131. Reduction of personal exemption and credit for dependents-require- ment for return (sec. 25 (b) (1)). Sec. 132. Computation of net operating loss credit and dividends paid credit (sec. 26 (c) (1)). Sec. 133. Credit for dividends paid on certain preferred stock (sec. 26). See. 134 . Income in respect of decedents (sec. 42 (a)). See. 135 . Returns for a period of less than twelve months (see. 47). Sec. 136. Declaration that return made under penalties for perjury in lieu of oath (sec. 51).

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