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(Figures refer to Section Numbers.)

Accounting methods

"Accrued interest"..16

Accounting period

Basis of return..108

Changes in..111

Fiscal year..107-108


Record on the form..110

Time of return..111

"Accrued interest" accounting for..16
Administrators (see Estates and Trusts)
Advance payment of tax

May be made in installments..148

The penalties for failure to meet installments..148
Advisory Tax Board, power and duties..156

Affiliated corporations..142


May act for non-resident alien..83

May make return..105

Aliens (see Non-resident alien individuals)

Amortization (see Deductions from net income)

Amount of tax paid by citizens or residents, Table No. I, Pages 18-20
Annual return (see Returns)

Assessment and payment of tax (see Returns)

"Average rate of tax"

On incomes up to $100,000, Chart A.. Page 22
On incomes up to $2,000,000, Chart B.. Page 23

Basic tax, explanation of..8

Beneficiaries (see Estates and trusts)

Bequests, exemption of property acquired by..32

Brokers' returns, required by Treasury Department..100

Calendar year (see Accounting period, Returns)

Casualty, losses from, deductible

Certificates of indebtedness of U. S. for payment of tax (see Returns)

Charitable contributions..46

Non-resident alien individual..80
Not allowed to corporations..131




Average tax rates for all taxable incomes, see Pages 22, 23
Children, dependent, personal exemption allowed for..10

Citizens or residents-The provision applying to individuals gener-
ally, apply to citizens or residents of the U. S. Provisions on
which information is desired, should be sought in this index
under the appropriate head applying to individuals.
Claiming benefit of personal exemption..97

Collection of foreign items, license required for..102
Consolidated returns..142

Computing tax, method of, see Example.. Page 21
Consolidations, Mergers, etc. (see Gain or loss)
Constitutionality, question of, taxation of,

Municipal, etc. bond interest..34
Stock dividends..30

Contributions (see Charitable contributions)

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Corporations organized to escape tax

Explanation of..72

Holding companies..74
Members taxable..73


Net income..130

Under previous Laws..117

Cost, basis of determining gain or loss..15
Court Decisions, stock dividends..30

Credits allowable


Non-resident alien individuals..80-1

See Estates and trusts

"Dealer in securities," Commissioner's ruling in regard to..17
Debts, worthless, deductions allowed for..46

"Deduction at the source"

Amount deducted..91

Foreign corporations..93, 139, 143
Non-resident alien partnerships..93
Personal exemption claim for..97
Purpose of..88

Return of withholding agent..96
Under tax-free covenant..90
When corporations decline..95
When owner is not known..92
See Information at the source
See Non-resident alien individual
Deductions from net income

Broadened views..47
Classification of..46

Foreign income taxes..55
Foreign organizations..137

Income tax, not included..54

Losses in trade..48

Non-resident alien individuals. .46, 78-9

See Estates and trusts

Dependents, definition of..12

Dividend records..101


Accumulation of..22

Depends on whether organization is taxable..19
Distributed from earnings and profits. .25

During first 60 days of taxable year. .31

Liable to surtax..20

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Municipal, etc. bond interest..34


Political subdivision..35

Public utility..127

Salary of President, etc., not exempt..33

State, municipal, etc. employees, salary, probably exempt..33
U. S. obligations..37

Exempt organizations (see Corporations)

Exemption, personal (see Personal exemption)

Extension of time to file return..114

Farmers, return by..107

Federal employees, salary of, not exempt..33

Federal Farm Loan bonds exempt..44

Federal obligations (see Exempt income)

Federal reserve banks..123


Payment of tax by..56-8
Returns by..59


See Estates and trusts: In general the same provisions of the
law applies to fiduciaries, estates and trusts as applies to
individuals. Any particular provisions on which information
is required, should be sought under the appropriate heads
of this index.

Filing annual return of income (see Returns)

Fiscal year (see Accounting period and Returns, Partnerships)
Foreign items, license required for collection..102

Foreign corporations

Deduction at the source..139
Deduction from net income..137
Interest on indebtedness..138
Tax-free covenant..140
Tentative return..145

See Corporations, Returns, etc.

Foreign partnerships (see Non-resident alien individuals)
Foreign taxes, allowed non-resident alien. .81

Gain or Loss

Basis of..15

Exchange of property..15
Inventory value..15

Market value or cost..15

On sales by corporation..128

Gift, exemption of property acquired by..32
Gross income



Guardian (see Estates and trusts, Fiduciaries)
"Head of family"


"Holding companies"..74
Husband and wife

Joint returns by..103

See Personal exemption, Returns

Income, exempt (see Exempt income)

Income, gross (see Gross income)

Income, net (see Net income)

Income tax laws, previous..2

Income tax (see note under Tax)

Income tax paid, no longer deductible in computing net income

Corporation. .124

Individual. .46, 54

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