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PUBLIC LAW 183—OCT. 20, 1951

Public Law 183 October 20, 1951

[H. R. 4473]

[65 STAT. CHAPTER

521

AN ACT To provide revenue, and for other purposes.

Be it enacted by the Senate and House of Representatives of the Revenue Act of jj^fg^ States of AmeHca in Congress assem^led^ 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 1951": TABLE OF CONTENTS TITLE I—INCREASE IN INCOME TAX RATES Poa, p. 459.

PABT I—^INDIVIDUAL INCOME TAXES

Sec. 101. Increase in surtax for 1951, 1952, and 1953. (a) Rates of surtax. (b) Limitation on tax. Sec. 102. Individuals with adjusted gross income of less than $5,000. Sec. 103. Inapplicability of certain penalties and additions to tax. (a) Penalties for failure to file return. (b) Additions to tax. Sec. 104. Computation of tax in case of certain joint returns. Sec. 105. Effective date of Part I. Post, p. 465.

PABT n—CORPORATION INCOME TAXES

Sec. 121. Increase in rate of corporation normal tax. (a) Amendment of section 13. (b) Maximum tax. (c) Mutual insurance companies other than life or marine. (d) Regulated investment companies. (e) Business income of certain section 101 organizations. (f) Amendment of section 15. (g) Technical amendment. Sec. 122. Credits of corporations. (a) Dividends received credit. (b) Credit for dividends paid on certain preferred stock. (c) Western hemisphere trade corporations. Sec. 123. Computation of alternative capital gains tax. Sec. 124. Filing of corporation returns for taxable years ending after March 13, 1951, and before October 1, 1951. Sec. 125. Effective date. Post, p. 471.

PART III—FISCAL TEAR TAXPAYERS

Sec. 131. Fiscal year taxpayers. (a) Amendment of section 108. (b) Computation of excess profits tax. (c) Technical amendments. Post, p. 474.

TITLE II—WITHHOLDING OF TAX AT SOURCE

Sec. 201. Percentage method of withholding. Sec. 202. Wage bracket withholding. Sec. 203. Additional withholding of tax on wages upon agreement by employer and employee. Sec. 204. Effective date. Post, p. 480.

TITLE III—MISCELLANEOUS INCOME TAX AMENDMENTS

Sec. 301. Tax treatment in case of head of household. (a) Surtax in case of head of household. (b) Computation of tax by collector. (c) Effective date. Sec. 302. Payments to beneficiaries of deceased employees. (a) Amendment of section 22(b)(1). (b) Effective date.

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