Page:United States Statutes at Large Volume 62 Part 1.djvu/140

 PUBLIC LAWS-CH. 168-APR. 2, 1948 April 2, 1948 [H. R. 47901 [Public Law 471] Revenue Act of 1948. Post, p. 111. Post, p. 112. Post, p. 114. Post, p. 116. Post, p. 125. Post, p. 128. Post, p. 130. Paot, p. 136. [CHAPTER 168] AN ACT To reduce individual income tax payments, and for other purposes. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That this Act, divided into titles and sections according to the following Table of Contents, may be cited as the "Revenue Act of 1948": TABLE OF CONTENTS TITLE I-INCOME TAX REDUCTION Sec. 101. Reduction of normal tax and surtax. Sec. 102. Reduction in Supplement T tax. Sec. 103. Income of husband and wife. Sec. 104. Technical amendments. Sec. 105. Taxable years to which amendments applicable. TITLE II-CREDITS AGAINST NET INCOME FOR NORMAL TAX AND SURTAX Sec. 201. Additional credits against net income for normal tax and surtax. Sec. 202. Technical amendments. See. 203 . Taxable years to which amendments applicable. TITLE III-HUSBAND AND WIFE PART I-INCOME TAX Sec. 301. Splitting of income. Sec. 302. Standard deduction. Sec. 303. Joint returns of husband and wife. Sec. 304. Deduction for medical expenses. Sec. 305. Taxable years to which amendments applicable. PART II-ESTATE TAX SUBPART I-REPEAL OF 1942 COMMUNITY PROPERTY AMENDMENTS Sec. 351. Repeal of community property estate tax amendments. SUBPART 2--MARITAL DEDUCTION FOR BEQUESTS, ETO., TO SPOUSE Sec. 361. Marital deduction. Sec. 362. Property previously taxed. Sec. 363. Credit for gift tax. Sec. 364. Optional valuation. Sec. 365. Liability of life insurance beneficiaries, etc. Sec. 366. Basis of surviving spouse's Interest in community property. PART III--IFT TAX Sec. 371. Gifts of community property. Sec. 372. Marital deduction. Sec. 373. Technical amendment. Sec. 374. Gift of husband or wife to third party. TITLE IV-ADJUSTED GROSS INCOME OF LESS THAN $5,000 Sec. 401. Individuals with adjusted gross incomes of less than $5,000. TtLE V--REDuCTION IN WITHHOLDING OF TAX AT SOURCE ON WAGts Sec. 501. Percentage method. Sec. 502. Wage bracket withholding. Sec. 503. Effective date. TITLE VI-FIscAL YEAR TAXPAYEBi Sec. 601. Fiscal year taxpayers. [62 STAT.

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